DeFi Weekly｜YFI chips: a total of 30,000, nearly one-third in YDAO

DeFi Weekly is a weekly summary column in the DeFi field launched by Jinse Finance, covering important DeFi data, DeFi project trends, etc. this week.

1. The total market capitalization of DeFi exceeds 11.5 billion US dollars, YFI soared 133% this week

The prices of the top ten coins by market capitalization and their rise and fall this week, data source: CoinGecko

2. The 24-hour trading volume of the decentralized exchange: 730 million US dollars

Data source of top ten DEXs by trading volume: Debank

3. DeFi lending platform total borrowings: 1.6 billion US dollars

The total lock-up volume of the DeFi protocol reached 73.11 billion US dollars, up 1.5% within 24 hours: Jinse Finance reported that according to DefiLlama data, the total lock-up volume (TVL) of the DeFi protocol reached 73.11 billion US dollars, an increase of 1.57% in 24 hours. The top five in TVL are MakerDAO ($7.79 billion), AAVE ($5.64 billion), Curve ($5.08 billion), Lido ($4.82 billion), and Uniswap ($4.75 billion). [2022/6/21 4:42:12]

Borrowing ratio of each DeFi lending platform Data source: Debank

4. Assets locked in DeFi: total value of $8.95 billion

CFTC Commissioner Dan Berkovitz, who has criticized DeFi, will leave next month: Jinse Finance reported that US Commodity Futures Commission (CFTC) Commissioner Dan Berkovitz said on Thursday that he will leave next month. Previously, he had said that permissionless decentralized finance (DeFi) markets could be illegal in the United States. According to Berkovitz, DeFi derivatives markets, such as futures contracts, may not be legal under commodity exchange laws. [2021/9/10 23:13:59]

DeFi's top ten locked positions Data source: DeFi Pluse

1. The YFII community initiated Proposal No. 5, proposing to distribute 5% of the profit of the machine gun pool to miners to start circular mining

On August 30, the DFI.Money (YFII) community initiated a new proposal, proposing to allocate 5% of the income from the machine gun pool to the YFII reward pool. When the reward pool reaches USD 1 million locked up, the one-week liquidity mining will be restarted regularly. Guarantee regular high APY farming on YFII. The new distribution decision is: 1) 1% harvesting fee (remains unchanged from before); 2) 1% insurance (remains unchanged from before); 3) 5% YFII reward pool (from 3% destroyed to 5% regular Re-mining); 4) 3% community fund (from 5% to 3%).

OKEx DeFi broadcast: The total market value of DeFi is 15.69 billion US dollars, led by OKEx platform JST: According to OKEx statistics, the current total market value of DeFi projects is 15.69 billion US dollars, and the total lock-up volume is 17.67 billion US dollars;

In terms of market conditions, DeFi tokens are generally rising today, and the top three DeFi tokens on the OKEx platform are JST, SUSHI, and SUN;

As of 17:00, the popular DeFi currencies on the OKEx platform are as follows: [2020/12/1 22:44:21]

2. Analysis of YFI chips: a total of 30,000, nearly one-third of which are in YDAO

Weibo big V "Super Bitcoin" analyzed the DeFi token YFI, the details are as follows: Analysis of YFI chips: a total of 30,000. 1. Nearly one-third is in YDAO, participating in governance, with an annualized rate of return of 4%; quite touching, this is a very low rate of return. It seems that the "benefits first" rule fails here. 2. Aave has 3,300 mortgage loans, which is touching. Many people mortgage USDT to buy YFI. 3. Binance, 2621, fighting. 4. Participate in more than 500 YFV mining. 5. There are more than 500 mechanism pools of YFI, mining in ice cream.

Leo: Oracles can enhance the ability of DeFi products to resist market fluctuations: On August 19th, Leo, a partner of FBGOne, mentioned in the HyperPay focus column: Decentralized lending and market making require an accurate market for custody assets Price, the oracle plays a very important role here. Reliable and stable price input can make DeFi products more resistant to market fluctuations, so as to avoid unnecessary loss of principal. [2020/8/19]

3. The developer launched the front-end yearn Recycler for the "yearn recycle" contract

The developer x48 announced on GitHub the front-end yearn Recycler created for the "yearn recycle" contract, which can deposit DAI, USDC, USDT, TUSD, and yCRV into yVault at one time. GitHub information shows that Recycler supports users to deposit stablecoins into the yearn yCrv vault through a single transaction. This is the UI for the "yearn-recycle" contract created by Curve developer Banteg.

Data: The total market value of DeFi tokens exceeds 19 billion U.S. dollars: DeFiMarketCap data shows that at present, the total market value of decentralized finance (DeFi) tokens exceeds 19 billion U.S. dollars, and it is currently reported at approximately 19.068 billion U.S. dollars. Previously, on August 11, the total market value of DeFi tokens was 10.214 billion US dollars. [2020/8/17]

4. Yfv Finance announced the completion of the audit of the YFV protocol: no key issues were found

Yfv Finance announced that The Arcadia Group has completed the audit of the YFV protocol within the estimated time. The audit was conducted by Minh Khai Do, an engineer at Arcadia, and the summary was conducted by Rasikh Morani and Joel Farris. The assessment identified a small number of low-severity issues related to code quality and health. No high-severity or critical issues were found. On August 25th, the yfv Finance team announced that the team discovered a loophole in the YFV Staking pool yesterday, through which malicious participants can individually reset the YFV timer in the pledge. Currently, a malicious actor is trying to blackmail the team. In this regard, Yfv Finance has decided: 1. Notify the staking users to stop staking YFV in the current staking pool, and withdraw funds as soon as the timer allows. 2. Destroy the current YFV staking pool in the next epoch. This will equate to a 15% supply burn. If the community wants a new staking pool, the team will make a new migration plan as soon as possible. 3. The team has formulated a rescue plan for the funds currently trapped in the pool, but will not disclose them for safety reasons. 4. The development fund (about 300,000 YFV) will be used to compensate users affected by the timer reset attack.

5. Curve launched a new proposal CIP#6 of "adding an idle pool"

The Curve Governance Forum, a stablecoin exchange platform, initiated the proposal CIP#6 on "Adding an Idle Pool to Curve". Specifically, the proposal proposes adding idleDAI/idleUSDC/idleUSDT (and idleUSDT?) pools. The Idle platform optimizes the lending function, can lend to multiple platforms, distributes basic governance tokens (COMP) to users, and has its own governance tokens to distribute to users. Note: Idle has been audited by QuantStamp several times, most recently in August 2020.

6. Aggregation protocol DFI.Money (YFII) lock-up volume exceeded 119 million US dollars

On August 30, the locked-up volume of the DeFi aggregation mining project DFI.Money exceeded 119 million US dollars, reaching 119,845,525.94 US dollars, of which Pool1 and Pool2 totaled 72 million US dollars; the Vault machine gun pool totaled 46 million US dollars. It is reported that 38,750 tokens of the DFI.Money project YFII have been distributed through mining, leaving 1,250 tokens.

7. Compound’s proposal to reduce the issuance speed of COMP by 20% has been passed

Compound Labs just tweeted that Proposal 21 was approved and can be implemented after a 2-day waiting period. It is reported that Proposal 21 was proposed by Gauntlet to reduce the issuance speed of COMP by 20%.

8. Founder of yearn.finance: Delegated Funding DAO Vaults has been developed

According to official news, on August 29, Andre Cronje, the founder of yearn.finance, issued a document stating that he developed Delegated Funding DAO Vaults inspired by fair start-up funds. He stated that this is based on the organic governance of yearn.finance, especially around gov.yearn.finance, combined with delegated credit established using Aave and yVaults. The concept is that backers provide YFI to a fair launch vault. This works just like a normal delegated vault, earning LP shares based on contributions.

9. The total lock-up volume in the current Ethereum DeFi protocol exceeds 9 billion US dollars

Jinse Finance reported that on August 29, according to DeBank data, the total locked-up volume of the Ethereum DeFi protocol exceeded the US$9 billion mark, reaching US$9.224 billion. Specifically, Aave ranked first with US$1.5 billion, and Maker locked assets. The total value of US$1.4 billion temporarily ranks second, and the total value of locked assets of Curve ranks third with US$1.3 billion. Synthetix and yearn ranked fourth and fifth with USD 945 million and USD 853 million respectively. Note: The total lock-up volume (TVL) is the most important indicator when measuring the scale of a DeFi project, by calculating the sum of the total value (USD) of all ETH and various ERC-20 tokens locked in the smart contract of the project And get.

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