Crypto Is On Fire

PayPal Crypto Merchants, Goldman Sachs & Fidelity Bitcoin ETF, Fei Protocol Launch

Apr 05, 2021

After a couple months away from writing (mostly to track, trade, and claim airdrops), The DeFi Bridge is back! The layout will stay the same for the time being and I will gladly take suggestions on how to improve moving forward. So let’s jump into the past week or two in crypto!

To start things off I wanted to introduce Index Coop. Index Coop is the project behind $DPI (DeFi Pulse Index) which trades on all major decentralized exchanges like Uniswap, Sushi Swap, and 1inch. $DPI is a token that tracks the top DeFi projects on Ethereum and gives any passive investor an easy way to get price exposure without needing to stay up to date on the latest DeFi developments. The best part is you can use $DPI in a couple different ways besides just holding. The first being through opening a LP position on any DEX with a liquid pair. The other being in PoolTogether’s Community Pool, where ticket holders have a chance to win a weekly prize of Index Coop’s native INDEX Governance token. While $DPI has been a huge success, Index Coop isn’t planning on slowing down development. Just the other week Index Coop announced a new token called $FLI which is a 2x leveraged Ethereum token using Compound ETH and a short position on USDC. You can find more information about the $FLI token on the Index Coop Website.

Last Week In Crypto

Coolest thing I did in crypto last week was participate in Fei Protocol’s Genesis Launch by depositing Ether into the protocol smart contract giving me a claim at Fei USD from a bonding curve and $TRIBE airdrop. I was able to then decide how much of the Fei USD I wanted to convert to Fei Protocol’s governance token $TRIBE, in my case I chose to pre-swap 54% of the ETH I committed. The genesis launch took place from March 31st to April 3rd and raised over 639k Ether while staking LP FEI/TRIBE rewards go live today on April 5 at 12PM Pacific Time. Since the launch a bot has secured 645 ETH profit from being the first trade after pool creation and the Fei USD token has struggled to keep its peg- currently trading around $0.95. Not to worry, MakerDAO’s DAI had some early issues keeping its peg as well. It’ll be up to a few reweights and TRIBE holders to decide how to best proceed.

Fei Protocol: https://app.fei.money/

Cool Crypto Websites

Market Update (Monday 9:30 AM ET)

Percent Change (Rounded) Based on Last Monday (9:30 AM ET)

Bitcoin- $57,874 (+2%)

Ether- $2,058 (+7%)

DeFi Pulse Index- $453 (+14%)

Gold- $1,730 (UNCH)

S&P500- 4,034 (+2%)

DJI- 33,489 (+1%)

NASDAQ- 13,595 (+4%)

NYSE- 15,882 (+2%)

Visa Trials USDC Payment Service With Crypto.com and Anchorage, CoinDesk
Fidelity Wants To Launch Bitcoin ETF, Decrypt
Goldman Sachs Applies For Bitcoin-Related Investment Product, Decrypt
PoolTogether Integrates Polygon (Matic) For Layer 2 Scaling, PoolTogether
Optimism (Ethereum Scaling Project) Delays Launch To July 2021, CoinDesk
Chainalysis Raises $100M For Blockchain Surveillance, CoinDesk
Fei Protocol Genesis Launch March 31 - April 3: Here’s What To Know, Fei Blog
Element Finance Raises $4.4M To Bring Liquidity To FRI Markets, Element Blog
Index Coop Creates 2x Leveraged ETH Token, CoinDesk
Coinbase Receives Go-Ahead For NASDAQ Listing On April 14, Coinbase
Coinbase @coinbase
We’re happy to announce that earlier today, the SEC declared our S-1 registration statement effective and that we expect our direct listing to occur on April 14, 2021, with our Class A common stock trading on the @Nasdaq under the ticker symbol COIN. blog.coinbase.com/coinbase-annou…
8:07 PM ∙ Apr 1, 2021
9,120Likes2,501Retweets

Industry Insights

This Week On-Chain (Week 13, 2021), Glassnode Insights
Our Network: Solana, Celo, Bitcoin, Ethereum, Spencer Noon
The DEX To Rule Them All, Parsec Research
The Original Sin, Placeholder VC
Gitcoin Grants Round 9: The Next Phase Of Growth, Vitalik Buterin
Gitcoin Grants Round 9 Governance Brief, Gitcoin Blog
Ethereum’s GPU Mining Landscape Is Bracing For Change, Decrypt
The $4B Indian Unicorn You Don’t Know But Need To Hear About, A. Vir
Mark Cuban Believes Ethereum To Be Crypto Closest To Currency, CNBC
Grayscale’s GBTC Discount
Mike Novogratz @novogratz
Lots of talk about $GBTC trading at a discount. My thoughts. 1) it’s a perpetual security and it charges 2% mgt fee per year. So if duration is 7-10 years, a 15-20 percent discount to NAV makes sense. That’s also where many closed end funds trade.
11:36 AM ∙ Mar 27, 2021
799Likes86Retweets

NFT Craze

Blockchain Governance

Should MakerDAO Burn Admin Keys?, MakerDAO Forum
Tornado Cash Merkle Tree Update, Torando.cash Forum
PoolTogether To Increase Reserve Rates In Governed Pools, PoolTogether Forum
Compound Governor Bravo Contract Is Live, Compound Proposal

Ethereum Improvement Proposals

Blockchain Education

Dylan Rhodes: How To Mint NFTs On Rarible

DeFi Dad: How To Open Loan Using Aave & Polygon (Layer 2 Ethereum)

DeFi Dad ⟠ defidad.eth @DeFi_Dad

🤯 Wow. I opened a loan on @AaveAave's new @0xPolygon market in less than 2 mins for a few pennies in gas. 👻 @AaveAave on Polygon is easy. 👇 See for yourself.

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Elon Musk @elonmusk

You can now buy a Tesla with Bitcoin

Blockchain Jobs

Want to list your company’s open positions? Send an email to defibridge@gmail.com

Earn Opportunity

One project I’ve been following for the past year or so is Brian Flynn’s RabbitHole. This site shows new DeFi users how to use certain dApps like ENS, Uniswap, Aave, Compound and several others. When a user connects their wallet to the RabbitHole site, the site determines whether or not the crypto user completed his/her quest which helps rack up points on the site. Every once and awhile Rabbithole and a DeFi project sponsor a special quest where a user can receive a gas rebate for using the smart contract!

The DeFi Bridge