StakerDAO DeFi Ecosystem Update #10

Jun 18, 2022 | DeFi Updates

Algorand Highlight

AlgoLaunch Announces Details of Genesis NFT Sale

Sale Details
  • Number of issued NFTs for this sale: 1,100 NFTs (1,000 for sale, 100 for airdrop)
  • Mint price: 500 ALGO / 1 NFT (1 NFT per wallet)
  • Minting-enabled wallets: My Algo Wallet, Pera Wallet
Why participate in the NFT sale?
Holders of NFT will be able to collect rewards on the alpha version of the Web 3.0 forum. The aim for the forum and incentives is to encourage the community to actively share opinions and create a flourishing community. By implementing Write 2 Earn (W2E) features AlgoLaunch allows anyone from the community to generate profit by sharing their views.
AlgoLaunch NFT holders can earn $INK, a forum token. NFT can be improved via activities and spending $INK tokens, which will increase the efficiency of collecting additional $INK. You can also upgrade your NFT to increase your chances in the IDO lottery.
Sale Procedure
  1. Register / Opt-in period: 00:00 UTC, 15th June ~ 08:59 UTC, 16th June
  2. Whitelist sales period: 12:00 UTC, 16th June ~ 11:59 UTC, 17th June (600 NFTs)
  3. Public sale period: 12:00 UTC, 17th June ~ 11:59 UTC, 19th June

Polkadot Highlight

Liquid Staking on Polkadot
The launch of Lido on Polkadot allows DOT holders to stake their assets while maintaining access to the liquidity of that staked position and contributing to the security and stability of Polkadot.
When staking DOT with Lido, users will receive a staked DOT (stDOT) token in return. stDOT is a rebasable token similar to stETH with rewards reflected through a daily balance increase. Your stDOT represents your staked tokens, accruing rewards without bonding delay, and can be sold without waiting an unbinding period while having the reduced risk of slashing events. Rewards are maximized through dynamic reallocation to the most profitable DOT validator nodes.
These stDOT tokens can then be used to earn additional yield by leveraging the Moonbeam DeFi space (e.g. use staked DOT as collateral in stablepools on Curve). Once deposited on Moonbeam, your xcDOT (cross-chain DOT) and stDOT are XC-20 tokens, which act as ERC-20s but include native cross-chain capabilities. They can be used in applications on Moonbeam, as well as all applications on parachains connected to Polkadot. Unlike DOT, xcDOT can be held in your MetaMask wallet using new or existing Ethereum addresses.
Lido on Polkadot works on Moonbeam, a Polkadot smart contract platform. Moonbeam is quickly becoming the top destination for multi-chain DApps, allowing these applications to take full advantage of cross-chain interoperability within and outside of Polkadot. This starts with Moonbeam’s full Ethereum compatibility, which makes it easy for new users to use familiar wallets (MetaMask and more) with their existing Ethereum addresses to easily access multi-chain applications like Lido.
stDOT Launch Phases
1. Phase One
In this first phase of stDOT (3-4 weeks from launch), there will be a stake cap of 500,000 DOT (approximately $5m), with six reward oracles run by the MixBytes team. This phase will also include the launch of a Curve stableswap pool for stDOT/xcDOT.
2. Phase Two
Once Lido on Polkadot is live for approximately one month, the cap will be removed for DOT staking. By this time, additional DeFi protocols will have released support for stDOT. We will also see the launch of new decentralized reward oracles and multisigs that help decentralize decision-making on smart contract approvals.
stDOT APR Formula
The staking APR is calculated dynamically and fluctuates based on the node APY and the individual node fee. The formula is as follows:
Staking APR * (1- node fee) * (1- Lido fee)
The Lido fee is set at 10% of net staker rewards. The node APY and the node fee change from node to node. There will be 10-10.000 active validator nodes in the system and the node fee may differ between each of these.
Assuming a 16.5% staking APR, a 2% node reward fee and a 10% Lido fee, the final APR will be 14.55%.
16.5% * (1-2%) * (1-10%) = 14.55% APR
Fee Simulation
Comparing fees and rewards for regular staking versus Lido DOT staking, we ultimately see a higher net reward for users staking with Lido due to the dynamic reallocation towards the most profitable validator nodes. See the calculation below for more information.
Simulation parameters
With Lido staking:
  • Lido protocol fee is 10% of net staker rewards.
  • A stake allocated per node is 2,000,000 DOT (~20,000,000 USD).
  • Overall stake in the Lido protocol is 50,000,000 DOT (~500,000,000 USD).
  • # of Validator nodes selected by Lido protocol is 25.
With regular staking:
  • A stake of 50,000,000 DOT equal to Lido simulation is allocated to all validator nodes in the active set excluding nodes with a 100% fee (114 nodes).
Simulation results
500,000 DOT total stake (test cap):
  • Lido APR — 16.5%
  • Regular staking APR — 11.64%
50,000,000 DOT total stake:
  • Lido APR — 15.8%
  • Regular staking APR — 11.64%
by Nikki

L2 Optimism highlight

TrueFi launches on Optimism, expanding access to on-chain credit 

Unsecured lending protocol TrueFi has become the latest project to launch on Optimism, Ethereum’s popular layer-2 scaling solution, in a move that’s expected to boost demand from non-institutional lenders.
By launching on Optimism, TrueFi’s lender community will have access to a faster and cheaper user experience, as well as gain exposure to a wider pool of retail lenders. “TrueFi users can now lend, borrow and launch portfolios on Optimism to enjoy dramatically reduced transaction costs and network speeds,” Rafael Cosman, co-founder of TrustToken, told Cointelegraph in a written statement. He further explained:
“Since Optimism transactions are on average 77x cheaper than Ethereum, we expect greater adoption from non-institutional lenders, hopefully increasing global access to TrueFi’s financial opportunities.”
TrueFi was built by stablecoin operator TrustToken and shipped to institutional clients in November 2020. In February, TrustToken launched a new lending marketplace on TrueFi designed to allow financial institutions to design and launch their own financial products.

Cosmos Ecosystem Update

Maximize LP Yield through veTokens with 4T2

4T2 has just landed on Evmos, and it’s here to help you get the most out of yield and veToken farming as you navigate the many DEXs in the Evmos ecosystem.
4T2 offers two main products: yield aggregation (available now), and veToken aggregation (coming soon). Together, they’ll allow you to get the highest possible APY returns on your assets while keeping your tokens liquid and unlocked. In short, using 4T2 gives you access to maximum reward rates and liquidity that you wouldn’t be able to get otherwise.
But how does 4T2 work?
When Evmosians stake tokens in the liquidity pools of Evmos DEXs like Diffusion, Cronus, and Saddle (among others!) they receive LP tokens. You could then stake these tokens yourself to receive unboosted $DEX tokens (the native governance token of the DEX your LP tokens were from), but if you use 4T2 to stake them on your behalf, you’ll get boosted returns, because 4T2 will have already accumulated their own vote-locked DEX tokens. This means that 4T2 allows users to increase their farming APYs.
You can then opt to lock these $DEX tokens in return for their illiquid “vote escrow” counterparts, veDEX tokens. Normally, locking these $DEX tokens means you can’t move or sell them anymore, but with 4T2 you’ll get an equivalent amount of the 4T2 $ftDEX tokens — which you can continue to use however you like (e.g., swapping or selling them). At the same time, using 4T2 will get you higher rewards and more veDEX tokens than without using 4T2. The veToken aggregation feature will be available in the future on Evmos DEXs.
In addition, by using 4T2 you can earn its native governance token, $FT, which you can sell or stake in liquidity pools, delegate, and use to vote on governance. Learn more about the FT token here.
A chart representing how this all works for Convex and Curve Finance. 4T2 is similar but works with multiple DEXs on Evmos.
Although the internal workings may seem complicated, luckily, you don’t need to know the nitty-gritty to use 4T2 to maximize your profits. They’ll do all that work for you — just visit their website to get started. (But if you do enjoy learning about how it all works, here are the docs.)
About 4T2
4T2 is a yield and veToken aggregator on Evmos, Cosmos, and Beyond. We aggregate yields from a number of different DEXs and allow LPs to stake their single tokens or LP tokens into our protocol. These stakers are rewarded boosted governance tokens, 4T2 native tokens, and all the underlying DEX rewards (airdrops, additional incentives etc.).
Users can also lock their underlying DEX governance tokens with us. These DEX governance stakers earn a percentage of our platform fees and our native governance token. The 4T2 native token is a meta governance token that will allow users to have votes in multiple underlying protocols.
The 4T2 team that has worked at Binance Labs, launched successful DeFi protocols such as Yeti, received degrees in computer sciences at top universities, and are inherent DeFi degens. We get out of bed to innovate and explore in the realm of what is possible in DeFi. We see the innovations behind us and stand on the shoulders of these giants to continue innovating the way forward.
By: Wilmina Dela Pena

Tezos News

A pared-down Art Basel in Hong Kong is saved by remote sales and a heightened focus on Asian art

Travel restrictions continue to prevent the physical presence of many international exhibitors at the fair, with 75 galleries opting for satellite booths.
At the two-day preview of this year’s Art Basel in Hong Kong (until 29 May), remote sales and an Asian art focus kept the fair buoyant—though not necessarily future proof—despite the reduced physical size and visitor numbers, and international exhibitors.
Held at the Hong Kong Convention and Exhibition Centre in Wan Chai, the number of exhibitors has increased substantially from last year’s 104 to 130 this year. However, 75 regional and international galleries opted for satellite booths, despite easing travel restrictions: the mandatory quarantine period for inbound overseas travelers to the Chinese special administrative region has been reduced from 21 to seven days. According to sources on the ground, there seemed to be few international visitors, including an absence of well-known collectors from mainland China.
Fair visitors such as the Hong Kong-based consultant Leslie Tsang noted the small size of this year’s edition. “I suspect because of the pandemic and the quarantine situation here in Hong Kong, a lot of international gallerists and buyers were not able to come to Hong Kong, so we only saw art filling up one floor of the space compared to two or three floors in the convention center in early years,” she says.


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