Curve Founder Proposes Venus Protocol Deployment on Ethereum Mainnet

Curve Finance founder Michael Egorov has put forth a proposal to deploy the Venus Protocol on the Ethereum Mainnet, signaling a strategic expansion in the decentralized finance (DeFi) sector. This proposition, aimed at tapping into Ethereum’s substantial liquidity, also includes the integration of Curve’s native tokens crvUSD and CRV as collateral options, paired with a mutually beneficial rewards system.

Ethereum, recognized for its significant liquidity and the volume of on-chain transactions, presents a ripe environment for DeFi protocols. Curve, holding a pivotal position with a Total Value Locked (TVL) of $1.8 billion and a widely used stablecoin (crvUSD) with a supply of $130 million, is set to extend its influence by supporting pools with Venus assets on the Ethereum Mainnet.

The proposed deployment is poised to deliver several advantages: Enhanced visibility and brand recognition for Venus on a premier blockchain network. Additional adoption and utility for Curve’s crvUSD as a stablecoin within lending protocols. The establishment of liquidity pools that further integrate the offerings of both Venus and Curve.

Egorov details the potential for creating core and isolated pools on Venus, presenting specific supply and borrow caps to align with risk-managed approaches. A notable feature is the proposed liquidity mining incentive, which could see an injection of 500,000 CRV tokens to stimulate supply-side participation, with the aspiration of achieving a 10% Annual Percentage Rate (APR) over a span of 120 days.

The response within the community forum has been overwhelmingly positive, with leaders and members expressing strong support for the deployment. The enthusiasm underscores the community’s eagerness for cross-chain collaboration, acknowledging Ethereum’s high gas fees but valuing its considerable volume of transactions.

A gauge system within Curve’s DAO is highlighted as a mechanism to distribute rewards, emphasizing decentralized decision-making. Successful implementation hinges on community votes, with historical precedence showing favorable outcomes for such gauges.

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Decentralized Exchange dYdX Proposes $20M Incentive Program for v4 Launch

dYdX is moving forward with a proposal for a $20M Launch Incentives Program by Chaos Labs to facilitate a smooth migration to its version 4 (v4) platform. The fund, sourced from the dYdX Chain Community Treasury upon its deployment on the mainnet, is earmarked for a six-month duration to motivate the seamless transfer of users and trading volumes to the dYdX Chain. This proposition aims to gather community endorsement and is subject to a governance proposal on the dYdX Chain.

The dYdX Grants team hired Chaos Labs as a service provider for a number of tasks, such as creating portals for market maker risk, LP reward reporting and analysis, and new asset listing. In order to provide permissionless market listings on dYdX v4, they also participated in research with an emphasis on risk reduction, improving user experience, and liquidity provisioning incentivization.

The primary challenge as dYdX nears the v4 launch is migrating and expanding its existing user base. The necessity to secure liquidity and incentivize user migration to the new dYdX Chain is considered pivotal for the success of dYdX v4. Historical data underscores the effectiveness of Liquidity Mining or token reward programs in boosting protocol growth and trading volumes across the DeFi space. The Launch Incentives Program aims to replicate this success by encouraging a swift transition to v4.

The program is structured in two main phases, pre-launch and post-launch, detailed as follows:


Trading Reward Genesis Research: A preliminary phase focused on crafting reward distribution methodologies to promote desired user behaviors within the dYdX Chain ecosystem, including deposits, trading, staking, and governance participation.

v4 Analytics and Risk Portal: Designed to offer transparency and enable verification of reward recipients’ activity by the dYdX community. This portal will serve as a data hub, providing insights into user and market-specific activity.

v4 Reward Leaderboard Portal: This will display user engagements and accumulated rewards transparently, fostering healthy competition and community engagement.


Trading Seasons: The incentive program will be divided into several trading seasons. The initial season is shorter to allow fine-tuning of the reward strategy and improve wash trading detection. Subsequent seasons will be determined randomly to introduce unpredictability, thereby reducing potential manipulation.

Trading Season Analysis: Post each trading season, analysis reports will be generated to highlight market dynamics, user behavior patterns, and overall protocol efficacy. These insights are crucial for shaping future reward allocation decisions.

The distribution of DYDX rewards will be governed by dYdX Chain community proposals at the end of each trading season. Chaos Labs will abstain from voting in any dYdX governance votes concerning reward distributions under the Launch Incentives Program to maintain an unbiased and transparent decision-making process.

This proposal, slated between September 28, 2023, and October 2, 2023, is a community temperature check before the final governance proposals, which will be created on the dYdX Chain post each trading season. With a near-unanimous community backing of 99.08% votes in favor, and a total of 15M DYDX votes supporting the proposal, it reflects a strong community endorsement for the Launch Incentives Program.

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izumi Finance Raises $2.1M to Innovate Liquidity Mining with Uniswap V3 LP Tokens

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izumi Finance, a protocol providing liquidity as a service on Uniswap V3, has raised a total of $2.1M from a number of DeFi and crypto investors.

izumi Finance extends concentrated liquidity service for the multi-chain ecosystem

The round was led by Mirana Ventures, with Everest Ventures Group, Youbi Capital, LucidBlue Ventures, Puzzle Ventures, WolfEdge, ICG, Adaptive Lab, Nothing Research and Tess Ventures backing the startup in its fundraising efforts.

The izumi protocol aims to simultaneously solve a pain point introduced with Uniswap V3 and its concentrated liquidity pools, while further innovating liquidity mining initiatives over classical Uniswap V2-style pools. The key mechanism behind izumi is the ability to provide non-homogenous liquidity incentives applied to specific price ranges of a Uniswap V3 pool. This allows projects to effectively fine tune their rewards to reach  better outcomes. For example, izumi solves the so-called “Pool2 dilemma,” or the excessive dilution of a project’s token in the efforts of bootstrapping its liquidity.

By using izumi and specifying only specific price ranges where incentives are delivered, projects can use Uniswap V3 for their farming incentives, while simultaneously not overpaying for unnecessary liquidity. Users will earn the most liquidity mining rewards if they can provide liquidity same as the specific price range on Uni V3. This means that projects will have a more concentrated liquidity and higher capital efficiency while launching the liquidity mining program on izumi.

Since its launch, Uniswap V3 has attracted few high quality liquidity mining schemes, owing at least in part to the complexity of its special NFT-based positions. The izumi project solves this market need and takes full advantage of the flexibility provided by Uniswap V3 to create even better incentive structures than classic Uniswap V2 pools.

Jimmy Yin, Founder of izumi Finance, said:

“We are excited to build Uniswap V3 LP Staking protocols to provide non-homogenous incentives in different price ranges. This will improve the efficiency of incentive distribution for reward providers and enhance the earnings of liquidity providers as well. With izumi, Uniswap V3 will become strong competitors with Curve in the stablecoin trading market and attract more potential projects who previously planned to launch farming pools in SushiSwap. We are going to unleash the potential of financial NFTs in Uniswap V3 and extend service to the multi-chain world in the future.”

izumi Finance is the platform providing liquidity as a service with Uniswap V3 and extends concentrated liquidity service for the multi-chain ecosystem. It proposes “non-homogenous” liquidity mining protocols to provide Uniswap V3 LP token staking rewards non-homogeneously in different price ranges, which could improve the efficiency of incentive distribution for reward providers and enhance the earnings of liquidity providers in Uniswap V3. In addition, izumi established a C-AMM bridge to link Uniswap V3 with other chains and extend concentrated liquidity service to more users.

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Sushi Launches $12.6M Liquidity Mining Program on Celo

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Leading decentralized exchange Sushi has announced a joint liquidity mining program on the Celo network, with $12.6 million worth of CELO and SUSHI to be distributed as rewards. 

Sushi Partners With Celo 

Sushi is expanding its multi-chain presence with another DeFi partnership.

The exchange announced that it would be teaming up with Celo’s “DeFi for the people” initiative Wednesday, with the pair providing $12.6 million in rewards. Users can earn both CELO and SUSHI tokens when providing liquidity to the exchange on the Celo network. 

The program is set to go live Oct. 14 at 21:00 UTC, with the WETH/CELO, WETH/cUSD, WETH/cEUR, and cUSD/cEUR trading pairs eligible for rewards. Sushi has confirmed that this list is not exhaustive, stating that the exchange will add more trading pairs soon. 

Users looking to take advantage of the liquidity mining program on Celo can use the recently launched Optics bridge to move tokens between Polygon to Celo without having to route back through the Ethereum mainnet. 

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Discussing the launch, Sushi CTO Joseph Delong commented: 

“We are excited about our Celo deployment because Celo offers BLS-precompiles, as well as permissionless Optics bridges to move assets across easily. The Sushi AMM, Kashi lending, and other BentoBox products provide the necessary primitives that users around the world need in order to be connected to a global and permissionless financial system.”

The Celo network is a Layer 1 blockchain optimized for use on mobile devices. Through the “DeFi for the people” initiative, it’s aiming to make DeFi more accessible to over six billion mobile phone users around the world. 

Sushi has expanded across multiple Layer 1 and Layer 2 chains this year, launching several liquidity mining programs. In May, Polygon became the first to partner with the exchange for a liquidity mining program, allowing users to earn SUSHI and MATIC rewards for providing liquidity. Since then, it’s launched similar programs on Harmony and Avalanche to help boost liquidity.  

Disclaimer: At the time of writing this feature, the author owned SUSHI, ETH, and several other cryptocurrencies. 

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Fantom Jumps 36% on Geist Finance DeFi Launch

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The FTM token has put in double-digit gains following the launch of the DeFi protocol Geist Finance. 

Geist Finance Launch Boosts Fantom 

Fantom has surprised traders with another parabolic rally.

The FTM token is up over 36% Thursday following the successful launch of the lending and borrowing protocol Geist Finance yesterday afternoon. 

Fantom Price Chart (Source: CoinGecko)

According to the Geist Finance website, the protocol has already amassed $3.8 billion in total value locked (TVL) within 24 hours of going live. Users appear to be exchanging and moving funds onto the Fantom network to interact with the new protocol, thus driving up the price. 

Geist allows users to lend and borrow various crypto assets within the Fantom ecosystem. It functions similarly to the DeFi blue chip Aave, which is currently the second-largest blockchain dApp with over $15.7 billion TVL across Ethereum, Polygon, and Avalanche.  

The biggest factor attracting users to Geist is the generous GEIST token rewards distributed to lenders and borrowers through its liquidity mining program. Currently, users can earn GEIST tokens for taking out loans through the protocol, making them essentially free. 40% of the GEIST supply is allocated for distribution this way, with early adopters standing to earn the lion’s share of the rewards. 

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Additionally, Geist has announced a token airdrop to holders of Aave and stkAave, drawing more users to the protocol. Michael Chen, the former CMO of the Fantom Foundation, has also committed FTM incentives to Geist, allowing users to earn FTM for staking their GEIST on the protocol. 

Using token incentives has proven to be an effective method to bootstrap liquidity for DeFi protocols. Earlier this year, Ethereum scaling solution Polygon announced a joint liquidity mining program with Aave, distributing $40 million of MATIC tokens to borrowers and lenders. The move helped Polygon’s TVL grow to over $10 billion in June.

Disclaimer: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies. 

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Kyber expands to Polygon, announces $30M ‘Rainmaker’ liquidity mining program

Decentralized finance (DeFi) liquidity hub Kyber Network (KNC) is set to become the next DeFi protocol to enter the expanding Polygon (MATIC) ecosystem.

In a statement issued on Wednesday, Kyber announced the launch of Rainmaker — a liquidity mining program on the platform’s Dynamic Market Maker protocol that will commence on June 30 to mark Kyber’s expansion to Polygon.

According to the announcement, the Rainmaker program will distribute $30 million in rewards to liquidity providers on the Kyber DMM across both Polygon and Ethereum.

Of the total reward pool, 12.6 million KNC tokens (about $25 million) will be distributed to liquidity providers on selected Ethereum-based amplified pools. The remaining 2.52 million KNC ($5 million) will be for LPs on Polygon-based amplified pools.

These rewards be will in the form of KNC and MATIC tokens which can also be staked to provide liquidity on KNC and MATIC pools to compound reward earnings. Rainmaker reward earners that receive KNC can also stake some on the KyberDAO to participate in governance activities thereby earning additional voting rewards.

According to the announcement, the Polygon phase of the Rainmaker liquidity mining program will run for two months while that for Ethereum will take place over three months beginning from June 30 for both.

Apart from the $5 million worth of KNC tokens, Kyber is also contributing $500,000 in MATIC “coins” for the Rainmaker liquidity mining program.

For Kyber, Rainmaker will help to further expand Polygon’s growing liquidity. Indeed, DeFi projects continue to establish a presence on Polygon amid a broader push for multichain strategies and greater overall scalability.

Related: DeFi projects launch on Polygon, usage skyrockets

Polygon usage continues to skyrocket triggering significant integration efforts by DeFi primitives. Back in May, 0x — a liquidity bridge for decentralized exchanges — announced an API tool for Ethereum-based DEX like SushiSwap, mStable and Dfyn to interact with the Polygon ecosystem.

Ren — a cross-chain liquidity protocol — has also created a bridge to allow porting of Ren-based wrapped tokens to the Polygon network.