Today in DeFi - Pickle Protected, ETH2 Go for Takeoff, and More

Nov 24, 2020

Follow @todayindefi to keep up with the latest DeFi news on Twitter.

Pickle Protected

Cover Protocol's first claim on pickle.finance was validated by the community & also by the CVC members. Total turnaround: 5 days. This will be a 100% payout (282,035 DAI), which goes to all pickle.finance Nonce 0 - CLAIM token holders. coverprotocol.medium.com/11-21-20-claim…

Cover Protocol, a permissionless insurance platform, has validated its first claim since its inception — just four days ago. COVER community members as well as the Claim Validation Commitee approved the claim.

An onchain tx then turned COVER_PICKLE_2021_02_28_DAI_0_CLAIM tokens into 1 DAI of value, while the corresponding NOCLAIM tokens for the same expiry were made worthless. Read more about the outcome in the Medium Article.

A new balancer pool has also been created, allowing users to still protect their pickles

ETH2 Phase 0 Go for Takeoff

Deposits to ETH 2’s phase 0 deposit contract have filled the quota, allowing Phase 0 to launch at “minimum genesis”. That means Phase 0 will be able to launch as soon as possible - Dec 1st.

0xNick @0xEther

I expect this will shoot from ~30% to 100% in the days leading up to genesis. ETH 2 returns are extremely competitive but having $ETH sit idle is unnecessary when genesis can't start until December 1st. Don't be alarmed! 🚨

Eth 2.0 Deposit Contract - Progress Meter Bot @DepositEth

48,864 ETH has been staked in the Eth2 deposit contract. 475,424 more ETH is needed to launch Eth2. █░░░░░░░░░░░░░░░░░░░ 9.3%

If you’re wondering why deposits spiked in the last few days and hours, DeFi is to “blame”. High returns on ETH incentivized people to farm until the last possible moment. However, since early ETH 2 stakers will earn more yield than later ones, it also made financial sense for people to deposit in the contract early.

Just be aware - this is a one way bridge, and ETH sent to the deposit contract will be illiquid until later phases - which may take quite a while!

Nascent

Nascent 🌱 @nascentxyz

1/ We couldn’t be more thrilled to introduce Nascent 🌱 to the world today. At the highest level, Nascent is a multi-strategy investment firm that pursues compelling opportunities in crypto, DeFi, and the open economies they enable. medium.com/nascent-xyz/a-…

medium.comA New Chapter for FinanceWe are witnessing the early days of the emergence of a global, open financial system, the impact of which will rival that of the internet itself. Its growth will redistribute existing assets, create…

A new DeFi-focused fund has formed called Nascent. Partners include Dan Elitzer, formerly of IDEOVC, Josh Felker, founder of HFT firm Vigilant Global, and Sid Ramesh of Dharma.

FlashBots

Philip Daian @phildaian

or see our technical call to action, system description, and research roadmap on ethresearch: ethresear.ch/t/flashbots-fr… ... which summarizes the above and more. I can't wait to see where the MEV journey takes this community!

ethresear.chFlashbots: Frontrunning the MEV crisisIncredibly interesting and relevant presentaion! And insightful statistics! I have a question: whats going to happen when more money goes to #DeFi? Does it mean, there may be a point when more money per block will be made using front running than actually mining?

Philip Daian, author of Flash boys 2.0, a seminal paper on Miners profitably front-running on the Ethereum network(something now known as Miner Extractable Value or MEV), has announced Flash Bots. Flash Bots is a R&D organization which aims to support public infrastructure and research to democratize MEV, and mitigate the negative externalities of MEV.