Today in DeFi - ShapeShift Decentralizing, BasketDAO BMI, and More...

ShapeShift Decentralizing

Erik Voorhees @ErikVoorhees

Today, we announced that ShapeShift is decentralizing. Unorthodox, but it is the only way to maintain fidelity to the most important principles of crypto; specifically, self-sovereignty over money. Without that principle upheld, we’re all just LARP’ing. A thread…

Asset swapping service ShapeShift is decentralizing into a DAO and airdropping FOX tokens to users who have interacted with its app.

Sushiswap

Today in DeFi is sponsored by Sushiswap.

Sushiswap is a DeFi-Native DEX on Ethereum, Polygon, and Fantom, which features the best liquidity across many DeFi pairs such as YFI, SNX, and AAVE.

Besides its multi-chain Dex, Sushiswap also has Kashi gas-efficient lending markets for long-tail assets like UMA, Rune, or Chainlink.

Check out Sushiswap at Sushi.com, or try Kashi here.

BasketDAO BMI

BasketDAO @BasketDAOOrg

$BMI is now live at basketdao.org Low-gas entry via $USDC, first batch soon. Staking rewards begin in 4 days. @impossiblefi is our first Treasury Partner with lifetime fee exemption. Treasuries can now reach out and apply. Docs:

basketdao.medium.comBasketDAO Money Market IndexIt’s an index of interest-bearing USD stablecoin exposure, initially made up of yVault tokens from Yearn. Given Yearn’s solid track record and our existing revenue-sharing partnership, it made sense…

Index protocol BasketDAO launched a new Money Market Index, an index of interest-bearing USD stablecoin exposure, initially made up of yVault tokens from Yearn.

Ribbon yvUSDC ETH Put Selling Vault

Ribbon Finance @ribbonfinance

Today, we are extremely excited to announce our latest product, the yvUSDC ETH Put Selling Vault! This new product lets users to stack @iearnfinance and Ribbon yield by using Yearn Vault tokens as collateral for option writing. Here's how it works 👇

Ribbon launched a new option vault, allowing users to deposit USDC and earn a high yield on USDC through a put selling strategy while earning yield on the same USDC through Yearn.

Idle Nexus Mutual Covered Yield Token

Idle DAO @idlefinance

Protect your assets with the new @NexusMutual Yield Token Cover on idleTokens! 🛡️ Premium: 2.6% Capacity: 7.5m $DAI With 6-month APYs equal to 9.6% on $DAI and 11.4% on $USDT, that's a small yield deduction to cover your assets 🏰 idlefinance.medium.com/covered-yield-…

Idle Finance partnered up with Nexus Mutual to launch Yield Token coverages on DAI and USDT pools.

Coinbase Wallet Supports Polygon

Coinbase Wallet @CoinbaseWallet

We’re excited to announce support for @0xPolygon network on the Coinbase Wallet mobile app and extension, with more scaling solutions to come soon. blog.coinbase.com/connect-to-dap…

Coinbase wallet adds Polygon network support to its mobile app and web extension, with plans to support more L2s in the coming months.

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Disclaimer: Projects or tokens mentioned in this newsletter are often experimental or unaudited. Do your own diligence before using or buying anything mentioned.