👨🌾️ Farm +200% APR via EnterDAO & try Aave’s Balancer Boosted Pools!
Also, read about Twitter’s new NFT support + more DeFi governance updates!
Welcome to DeFi Pulse Farmer - your guide to staying up on the latest and best trends in yield farming and beyond!
If you want to access the full DeFi Pulse Farmer experience to receive emerging yield farming opportunities sent to you throughout the week, subscribe today!
📉 DeFi TVL holds ground — Amid acute selloffs across the cryptoeconomy, BTC, ETH, and many other cryptocurrencies shed over 10% of their spot prices this week. The downward swing didn’t bowl DeFi over though; since last Saturday, the total value locked (TVL) in Ethereum DeFi only declined $4B in a 7-day slide from $96B to $92B.
🐤 Driving crypto news this week — Twitter adds NFT support
On Thursday, social media giant Twitter rolled out support for NFT profile picture verifications via Ethereum wallet connections. It’s one of the most high-profile mainstream embraces of cryptoeconomy tech that we’ve seen to date.
Moreover, Twitter’s new NFT support comes as other major social media platforms like Meta and Instagram are reportedly exploring similar integrations and marketplace functionalities.
This is big news, partly because this growing support for Ethereum wallets will put these huge companies within direct reach of everything Web3 has to offer, including the range of DeFi services. Will they launch their own tokens? Social tokens? DeFi dapps? Only time will tell, but it seems likelier than ever now.
💸 This week’s best-performing assets — Since last weekend, we’ve seen runs from the following top DeFi tokens:
📈 XYZ (+61%)
📈 BETA (+37%)
📈 LOOKS (+13.4%)
👛 The $DPI pulse — The DeFi Pulse Index ($DPI) is presently trading at $190.69, down 24% on the week.
Related resources:
🌾 Farm +200% APR via EnterDAO LP token staking!
Brought to you by some of the same minds behind BarnBridge and Universe.xyz, EnterDAO is a decentralized collective centered around building Web3 solutions for metaverse economies.
Out of the gate, the group has focused on building two core products: LandWorks, a metaverse land renting marketplace that just launched on Ethereum, and MetaPortal, an in-progress Web-3 powered desktop app for accessing metaverse games.
As for where the project goes from here, that will be determined through decentralized governance via holders of the ENTR token.
How to farm ENTR
So far, the primary way to acquire ENTR has been EnterDAO’s Yield Farming Pools hub. These opportunities are based on BarnBridge-style staking contracts and epochs, i.e. weeklong periods.
That said, the project’s initial farms supported single-sided staking for XYZ, AXS, SAND, MANA, ILV, BOND, LEAG, and SUSHI tokens. These opps are nearly on their final 20th epoch, so their yields are about to dry up.
For today, then, we’ll be focusing on EnterDAO’s incentivized USDC-ENTR Sushi LP token staking farm, as it’s currently only on its 17th of 100 epochs, meaning there’s still over 80 weeks of yield here. It’s also yielding over 200% APR in ENTR rewards right now, so there’s that!
If you’re interested in joining, you could follow these steps:
First you’ll need to get USDC-ENTR LP tokens from Sushi. Acquire ENTR if you need to and then supply USDC and ENTR to Sushi at a 1:1 value ratio, i.e. “50/50” style.
Once your deposit transaction is done and you’ve received your LP tokens, head over to the USDC-ENTR LP page of the Yield Farming Pools dashboard and connect your wallet.
Input how many LP tokens you want to stake; then complete the approval transaction to let EnterDAO use your funds.
Once that’s done, complete the final staking transaction and you’ll automatically start farming ENTR!
You can withdraw and claim your rewards through this same UI too; just keep in mind that this farm works per an epoch-based system, so rewards are distributed on a weekly basis. Also, when you stake or unstake during an epoch will affect how many rewards you receive for that period.
This project has been built by a public team, and its staking system is based on BarnBridge’s proven staking smart contracts. However, by joining this yield farm you do take on market risk (i.e. the ENTR price going down) and impermanent loss risk (i.e. losing money by LPing). Please farm responsibly, and never do so with money you can’t afford to lose!
The Year in Ethereum 2021
TLDR: Ethereum experts Josh Stark and Evan Van Ness publish a recap of the leading smart contract platform’s achievements last year. Their take? “Ethereum is the foundation for a digital nation.”Exchange voting is live
TLDR: The Tokemak project releases a UI update that activated pre-liquidity deployment “Token Reactor” exchange voting.Critical vulnerability for 6 tokens
TLDR: Multichain, formerly Anyswap, announces that users who interacted with tokens via its router need to revoke token approvals due to the discovery of a critical vulnerability.VSTA treasury bootstrapping event
TLDR: Arbitrum-focused lending protocol Vesta Finance announces the details of its VSTA liquidity bootstrapping pool (LBP) event.EIP-1559 upgrades are going live on Polygon
TLDR: The Polygon project rolls out the EIP-1559 fee system, which Ethereum pioneered last year, on its proof-of-stake (PoS) sidechain.
🚜 Farm 8% APR on stables with Aave’s Balancer Boosted Pools!
In Dec. 2021, the Balancer project unveiled Boosted Pools.
Most liquidity pools use less than 10% of their liquidity to facilitate trades. What Boosted Pools do is take that remaining unused liquidity for depositing into DeFi lending protocols, thus earning more yield for LPs!
The first iteration of this system is the Aave Boosted Pools deployment. In other words, you can deposit DAI, USDC, or USDT into Balancer here, after which the exchange will take unused liquidity and deploy it to Aave to further optimize yields.
Don’t sleep on this opp, then, as it’s currently yielding depositors +8% APR on stables via Aave boosted APR and BAL liquidity mining. Boom!
Balancer’s infrastructure is battle-tested and proven in DeFi at this point. However, never throw caution to the wind in DeFi. Only yield farm with money you can afford to lose!
Aave discusses the development of an Aave Governance V3 system.
Convex Finance votes on adding a gauge to Curve’s BADGER/WBTC factory pool.
GnosisDAO votes on entering a partnership with Balancer DAO.
Maker considers replacing MKR voting with “governance boosted” gbMKR voting.
Fei DAO proposes transitioning its FEI-ETH liquidity over to Balancer.
Gem is your new shopping cart solution for easily buying across NFT marketplaces! Additionally, Gem’s efficient design means it can offer users gas savings of nearly 40% compared to shopping from a platform like OpenSea directly!
Are we entering a crypto bear market? 🤔
It’s too early to tell if we’re decisively entering a bear market. Yet even if we are, “the next bear” will be nothing like what we saw in crypto’s 2018-2020 cycle. And that’s because the cryptoeconomy has real use cases now, large communities of users, and compelling yields. DeFi and NFTs are definitely here to stay!
All info in this newsletter is purely educational and should only be used to inform your own research. We're not offering investment advice, endorsement of any project or approach, or promise of any outcome. This is prepared using public information and couldn't possibly account for anyone's specific goals or financial situation. Be careful and keep up the honest work!