A summary of recent developments in several DeFi OG projects
Recent developments in DeFi OG projects summarized
Author: Blockworks Research, Translation: LianGuaixiaozou
Recently, the token prices of several DeFi OG projects have skyrocketed. Let’s take a closer look at the new developments of these protocols and see what outstanding performances they have.
1. Aave – GHO Mainnet Release
On July 14th, the proposal to deploy Aave stablecoin GHO on the Ethereum mainnet was approved. The initial debt limit is 100 million GHO with a borrowing interest rate of 1.5%.
- ETHGlobal LianGuairis 2023 Hackathon Winning Projects List
- Review of Governance Progress of Established DeFi Projects Aave, Ba...
- Is the Solana ecosystem entering a new era of 2.0? This article sum...
The release of GHO is driven by two main factors:
– Aave V3 Ethereum Pool – Allows depositors to borrow GHO against their collateral.
– FlashMinter – Supports free flash loans of GHO to protect its stablecoin peg.
2. Balancer – Adjusting Protocol Fee Distribution
This proposal aims to adjust the fee distribution parameters for core and non-core pools to foster a growth-oriented path. Currently, 65% of the fees are allocated to veBAL voting incentives, while the remaining 35% are reserved for the treasury. However, due to a large amount of stablecoin reserves in the treasury, there is a proposal to reduce the treasury fee for the pool to 17.5%. The purpose is to redirect funds towards supporting voting incentives and passive veBAL fees.
In addition, Balancer is actively exploring a governance strategy that leverages treasury funds as incentives for deploying Balancer on non-Ethereum networks. This step is crucial for gaining a competitive foothold on other chains.
The voting deadline for this proposal is July 24th. Currently, the proposal has received approximately 6,100 votes in favor, accounting for 99.9% of the total votes. The quorum is set at 2 million votes.
BlockTower Andromeda upgrade, deployment of the smart burn engine, scope parameter updates, execution of the SLianGuairk protocol proxy spell, and more.
This proposal was approved on July 16th and has triggered several updates, including:
– Introduction of a multi-swap router, supporting the selection of the Peg Stability module for trades.
– Deployment of a new smart burn engine.
– Reduction of the Dai savings rate by 0.30%, from 3.49% to 3.19%.
– Reduction of stability fees and liquidation ratios for several ETH, wstETH, rETH, and wBTC vaults.
– Deprecation of the CRVV1ETHSTETH-A vault.
– Freezing of the sDAI market under the SLianGuairk protocol.
4. Ribbon Finance – Merger with Aevo
This positive proposal aims to integrate Ribbon Finance into Aevo by merging the product supply with the exchange, positioning Aevo as the integrated brand.
In addition, the native token RBN will be reduced, and token holders will migrate to the new token AEVO on the Ethereum mainnet at a 1:1 ratio. AEVO will be the governance token for the AEVO protocol and rollup. Major investors and the team will undergo a one-year token reallocation.
The voting will end on July 25th. Currently, the proposal has received approximately 13 million votes in favor, accounting for about 99.9% of the total votes.
In addition, if you really want to learn more, you can check out GovHub. All important DeFi proposals are listed here, and Blockworks analysts have provided comments on their impact.