This week, the Uniswap Treasury is being tapped to create a fund of UNI tokens worth $30 million to be spent on political groups and lobbying in support of sensible DeFi and crypto policy. The proposal has not been without detractors, and only passed with a 65/35 margin, but it represents one of the first large scale uses of a DeFi treasury with an eye towards affecting real world political outcomes. As UNI and other DeFi tokens become more valuable, the impact of funds and initiatives like this will only grow larger.
👀 New Uniswap governance proposal from @HarvardLawBFI
“We should create and fund with 1-1.5M UNI a community-overseen organization that would finance existing and new political groups engaged in crypto policy/lobbying”https://t.co/8wrg8xTC4J pic.twitter.com/u4WsIn9Nh8
— Hayden Adams 🦄 (@haydenzadams) May 27, 2021
Total value locked in Polygon continues to increase, with both Quickswap and Sushiswap’s L2 implementation crossing the $1 billion TVL threshold. As the ‘sidechain vs. layer 2’ debate rages, Polygon is making off with more and more of the DeFi pie as other contenders continue prepping their offerings.
The Sushi Anons are really liking $SUSHI on Polygon, huh?
— SushiChef (@SushiSwap) June 3, 2021
Set Labs, creators of decentralized asset management platform TokenSets and the popular DeFi Pulse Index, raised $14 million in a funding round led by 1kx and Hashed. The funds will be used to further decentralize the Token Sets framework, designing and launching new indexed products, and moving activity onto L2 networks.
This is a huge step forward in our mission to accelerate the adoption of DeFi Asset Management.https://t.co/gjUZCJy6UT
— Set ⚖️ (@SetProtocol) May 28, 2021
And DeFi chain contender Avalanche inked new partnerships this week, integrating renVM and Chainlink price oracles into the AVA ecosystem. Still in the early stages of adoption and developer interest, the partnerships should bring additional attention to one of the more ‘heads down’ DeFi projects of the last 12 months.
.@avalancheavax has integrated #Chainlink Price Feeds on testnet as its go-to oracle solution for obtaining seamless access to high-quality price data. #AVAX devs can leverage Chainlink to build scalable on-chain financial products with sub-second finality.https://t.co/jLGqfk4QBj
— Chainlink – Official Channel (@chainlink) June 3, 2021
Consolidation phases are some of the most uncertain times in the crypto universe, when the pain of a drawdown is fresh in the memory of holders around the world. But there are silver linings to cloudy times — Ethereum gas fees are as low as they’ve been in many months, and the increased attention around L2s like Polygon doesn’t seem to be slowing down.
It’s not just a market consolidation, but also a time to clean up assets scattered across wallets or farming protocols, and an opportunity to reckon honestly with what projects are creating real value for users to have staying power long-term. Animal and vegetable coins can be frustrating, but they’re the hallmark of unprecedented experimentation and innovation among DeFi developers, whether it’s Ethereum, BSC, or any other emerging competitor.
So enjoy the cheap gas while it lasts, and get your ducks in a row — this bull market still has room to run, and you won’t want to wait to spend the ETH when things are running hot again.
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0x steps into the Polygon realm.
Sherlock raises $1.5 million pre-seed funding.
DeFi oracle competition keeps heating up.
Composable raises $7 million for cross-chain DeFi.
Matcha upgrades with new ways to pay and more.
Total Value Locked: $66.77B (up 3.26% since last week)
DeFi Market Cap: $93.27B (down -0.76%)
DEX Weekly Volume: $18.4B (down -47.13%)
Total DeFi Users: 2,673,200 (up 3.87%)
[Owen Fernau – The Defiant] – Proposal to Build Sushichain Catches Eyeballs, Raises Eyebrows
[Anthony Sassano – The Daily Gwei] – DeFi vs the World – The Daily Gwei #259
[Ryan Adams – Bankless] – How to use perpetuals for non-speculators
[Fabian Klauder – DeFi Times] – Three Reasons Why Gas Prices Are Low
[Chris Powers – Dose of DeFi] – Hola de Miami
Alex is a Content Writer at Circle, with previous experience at tech startups, Fortune 500 corporations, and as a freelance writer and analyst. Interests include cutting-edge technologies in blockchain, energy, supply chains, transportation, urban living, and more and he has been in the crypto community since 2014.