👩🌾️ Farm triple-digit APRs with EUR on Angle Protocol and Curve Finance!
Also, read about the escalation of the Curve Wars + DeFi governance updates!
Welcome to DeFi Pulse Farmer - your guide to staying up on the latest and best trends in yield farming and beyond.
In this newsletter, we break down top stories, developments, and trends from the past week in tandem with two key farming opportunities to keep an eye on.
If you want to access the full DeFi Pulse Farmer experience to receive emerging Yield Farming opportunities sent to you throughout the week as part of our Alpha Tractor Series, or the DeFi Pulse Farmer Protocol Express, which consists of a weekly recap of APYs and new pools on major protocols and a highlight of an emerging opportunity, subscribe today.
📈 DeFi TVL climbs to new ATHs — Ethereum DeFi continues to rise to new heights, as the total value locked in the ecosystem climbed from $106.5B to a new record of $~112B on the week. At the rate things have been going lately, it wouldn’t be totally surprising to see a ~$150B TVL by year’s end! 🤯
🔥 Curve Wars catch fire — Governance tensions among multiple DeFi protocols saw the ongoing “Curve Wars” escalate to new heights. The situation is complex and involves many parts and players, but here’s a tl;dr:
Curve is currently the largest DEX with a TVL of ~$17B; in extension, the protocol’s ongoing CRV token emissions have become pivotal revenue avenues for many DeFi projects.
Meme project Mochi Inu pulled some sketchy maneuvers on its end to boost its CRV rewards via Convex Finance.
A group known as the Curve Emergency DAO (9 people with basic multisig control over CRV emissions) killed Mochi’s CRV rewards on the grounds that a governance attack had occurred.
The move generated mixed reactions in the DeFi community; for some the gauge ax was a strike against the permissionless values that make DeFi special, while for others the Emergency DAO’s actions were a reasonable mitigation in a unique case.
In the meantime, it’ll be interesting to see where the Curve Wars go from here...
💸 This week’s best-performing assets — Since last weekend, we’ve seen notable runs from the following top DeFi tokens:
📈 KP3R (+275%)
📈 LRC (+173%)
📈 LQTY (+64%)
📈 LDO (+59%)
📈 UMA (+39%)
👛 The $DPI pulse — The DeFi Pulse Index ($DPI) is presently trading at $392.54, up 7.44% on the week!
Thank you to our sponsor DEXTF, an asset management protocol that makes managing and investing assets easier.
Accumulate and bundle yield generating assets with your favorite longs on DEXTF today.
🌾 Farm 3-digit APRs by backing or holding Angle’s agEUR!
Angle Protocol is a capital-efficient, overcollateralized stablecoin project.
The U.S. dollar is extremely popular, to be sure, yet DeFi has an international community of users. More than a few of these users would like to denominate their portfolios in reliable non-USD stablecoins.
This is where Angle Protocol comes in!
Simply put, Angle is decentralized infrastructure for issuing stable assets, starting with its flagship agEUR stable euro product. The project’s isolated collateral pools ensure users can always swap 1 agEUR for 1 euro worth of collateral, e.g. ETH, and vice versa.
📌 Don’t miss DeFi Pulse’s previous Angle guide:
Not an Alpha Tractor subscriber? Become a premium subscriber and get access to:
Alpha Tractor Series: giving you intel into the freshest yield for the most honest farmers only.
The Protocol Express: a weekly recap of APYs and new pools on major protocols and a highlight of an emerging opportunity.
Access to the Alpha Tractor Premium Discord channel.
A quick guide to Angle staking
Angle Protocol just kicked off a liquidity mining campaign that’s currently generating triple-digit APRs for depositors courtesy of ANGLE rewards.
The staking opportunities available at the moment are as follows:
Let’s break these opportunities down some. The first pool is an agEUR staking pool, i.e. you can mint agEUR or buy some on a DEX and then stake them here for what’s presently shaping up to be +115% APR.
Next are the sanToken staking pools. These tokens are Angle’s LP tokens, so for these farms you have to start by supplying collateral to the project’s DAI/EUR or USDC/EUR pools. Thanks to Angle’s design, you do so with just DAI or just USDC. Then you can stake your sanTokens for ~80% APR at the moment.
Lastly, Angle has two external incentivized opportunities right now: the Sushi agEUR/ANGLE pool and the Gelato Uniswap V3 agEUR/USDC pool. The gist is the same for these, you supply liquidity and then stake your LP tokens on Angle Protocol. These farms are currently fetching depositors +880% APR and +110% APR respectively!
Angle Protocol is a new DeFi project so approach it with caution. Never deposit more money into a yield farm than you can afford to lose!
Matter Labs Announces $50M in New Funding for zkSync
TLDR: The team behind the promising zkSync scaling solution raise a new war chest to help further their L2 development efforts.
Statement on DeFi Risks, Regulations, and Opportunities
TLDR: SEC Commissioner Caroline Crenshaw publishes an essay noting among other things that some DeFi projects “may struggle to comply with the [SEC’s] rules as currently applied.”
Uniswap Brand Update
TLDR: Uniswap Labs proposes new branding for both their team and the Uniswap protocol.
Across Protocol Is Live
TLDR: New L2-to-L1 bridge project Across Protocol announces its arrival on mainnet.
Wormhole Is Coming to Polygon
TLDR: Polygon joins other networks like Ethereum, BSC, Solana, and Terra as a protocol supported by the Wormhole bridging solution.
CVX Wars: The Phantom MOCHI
TLDR: Catch up on all the details of this week’s Curve War escalations with this awesome write-up.
💪 DeFi Pulse Power Tool: Yield Farming and fixed-rate lending/borrowing on Notional Finance 💪
Thinking about diversifying into some stables and doing some yield farming? Or even running a more conservative strategy with fixed lending/borrowing rates? Notional Finance is the place to go!
Notional is running a liquidity mining campaign that will reward 20M of the planned 100M NOTE supply over the next year to LPs who help bootstrap the protocol in its earliest days.
Unlike many other fixed rate protocols, Notional serves both lenders *and* borrowers. It helps borrowers securely access fixed-rate loans and in the process helps Notional lenders securely access optimized fixed-rate yields. Head over to Notional to start taking advantage of DeFi fixed rates today!
Disclosure: This section is part of our paid promotional Partners Program; We’ve partnered with Notional Finance to help educate and inform the community about it. As always, we’re committed to providing the entire community with quality, objective information, and any opinions we express are our own.
🚜 Farm 3-digit APRs via Curve’s EUR pools
We’ve already talked about Angle Protocol and some staking opportunities centered around agEUR, so let’s keep the euro theme going strong by taking a look at Curve’s newly-incentivized EUR/USD pools!
Specifically, we’re zooming in on the eurtusd (EURT/3Crv) pool and the eursusd (USDC/EURs) pool. The former is offering up to 234% APY via boosted CRV rewards, while the latter’s possible APY is almost up to 40% right now.
Once you’ve made deposits in your euro pool of choice, you can also consider staking your new LP tokens over at Convex Finance, a platform for boosting CRV rewards. Convex eurtusd stakers are earning +620% APR right now, while eursusd stakers are earning +32% APR!
Curve is as solid and credible as projects come in DeFi. Still, yield farm responsibly by making sure to never deposit more money into any opportunity than you can afford to lose. Also, make sure you have a good handle on how Convex Finance works before attempting to use the protocol.
Tally is your one-stop “governance vibes” hub for DeFi and NFT projects. With Tally’s voting dashboard and additional specialized resources, you never have to fall behind on governance again!
What do the intensification of the Curve Wars forebode? 🤔
My takeaway this week? Things can, and will, get messy at times in this young and wide open DeFi ecosystem.
That’s par for the course in our grand “bazaar,” in which everyone’s building out in the open alongside each other but toward their own micro and macro ends.
Friction happens, fights break out. Yet keep in mind that DeFi’s not even 5 years old yet. We’ve come very far very fast, but there’s still tons of evolving to do. Growing pains are to be expected, right!
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!