{"id":27590,"date":"2020-08-22T19:21:02","date_gmt":"2020-08-22T16:21:02","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=27590"},"modified":"2025-08-26T21:54:15","modified_gmt":"2025-08-26T18:54:15","slug":"defi-bulletin-uniswap-tops-gas-usage-while-1inch-attracts-investment","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/defi-bulletin-uniswap-tops-gas-usage-while-1inch-attracts-investment\/","title":{"rendered":"DeFi Bulletin: Uniswap tops gas usage, while 1inch attracts investment"},"content":{"rendered":"

The decentralized finance (DeFi) sector continues to grow apace. Read about the most important events of the past weeks in ForkLog’s special report.<\/p>\n

Market capitalisation, DEX volumes and value of frozen assets<\/h2>\n

According to DeFiMarketCap<\/a>, at the time of writing the market capitalisation of DeFi tokens stood at $12.272 billion. Over the last three weeks this figure has risen by almost $5 billion.<\/p>\n

\\\"DeFi<\/p>\n

Following other valuation metrics CoinGecko<\/a> shows the market capitalisation of the 100 largest DeFi tokens at $14.295 billion, which is $6 billion higher than three weeks ago.<\/p>\n

\n \\\"DeFi<\/p>\n

Data: defipulse.com<\/a><\/p>\n<\/div>\n

As of writing, Maker accounts for $1.42 billion of all funds in DeFi protocols. In this metric, Aave and Curve Finance followed closely with $1.34 billion and $1.11 billion respectively. Three weeks ago Aave and Curve Finance were in 4th and 5th places, overtaking Compound and Synthetix.<\/p>\n

\\\"DeFi<\/p>\n

Latest News<\/h2>\n

The yearn.finance token has risen above Bitcoin<\/strong><\/p>\n

The yearn.finance token (YFI) over the month since launch has shown dizzying growth, outpaced<\/a> Bitcoin in value this week. One catalyst for the rise was the listing<\/a> of the asset on Binance in early August.<\/p>\n

Yearn Finance has no development fund or venture investors backing the project. The project did not conduct a presale, and its governance is run by YFI holders who receive tokens in exchange for providing liquidity on the yearn platform. According to the project’s creator, Andre Cronje, YFI has no intrinsic value.<\/p>\n

On Thursday, August 20, the token price rose to around $16,000. At the time of publication YFI was trading near $14,000.<\/p>\n

\n \\\"DeFi<\/p>\n

Data: CoinGecko<\/a><\/p>\n<\/div>\n

Andr\u00e9 Cronje also announced a new project \u2013 yinsure.finance, which will become \u201cthe prototype of a new kind of tokenized insurance.\u201d Its launch is expected in the coming weeks. The service will be built on decentralized mechanisms, where insurers are liquidity providers, and users will pay a percentage of their assets for the service provided. The first asset to be insured will be the USDC stablecoin.<\/p>\n

Uniswap tops gas usage<\/strong><\/p>\n

One of the platforms playing a central role in the DeFi boom is the decentralised exchange Uniswap. According to EthGasStation<\/a>, over the past 30 days Uniswap accounted for the largest share of gas spent on the Ethereum network. In total users spent 17,700 ETH ($6.99 million) to transact on Uniswap.<\/p>\n

The second place in this list is held by Tether (USDT) \u2013 16,100 ETH ($6.39 million). Third is the project SmartWay Forsage, which exhibits signs of being a scam.<\/p>\n

\\\"DeFi<\/p>\n

Popularity of Uniswap is also evident from the fact that appear<\/a> on the network as fake clone sites of the exchange, through which attackers steal users’ funds.<\/p>\n

The exchange itself, as it turned out<\/a> earlier this month, had already attracted $11 million in funding back in June.<\/p>\n

The Compound platform launched a cryptocurrency price oracle<\/strong><\/p>\n

The decentralized finance protocol Compound expanded<\/a> with its own price oracle for cryptocurrencies. The new option was added as part of the transition to Open Price Feed, a price-streaming channel with open access.<\/p>\n

Data from the aggregator<\/a>, which lets users obtain price information, is available directly from each issuer via API and does not depend on the protocol’s infrastructure, developers emphasised.<\/p>\n

For auditing the price feed, developers engaged OpenZeppelin, and for verifying contracts \u2014 Certora representatives.<\/p>\n

1inch launches Mooniswap, an automated market maker<\/strong><\/p>\n

The liquidity aggregator developers from the decentralised exchanges 1inch presented<\/a> their own automated market maker (AMM) algorithm named Mooniswap. Users can now access liquidity from platforms such as Balancer, Bancor, Kyber Network and Uniswap, and swiftly swap tokens while bypassing centralised exchanges.<\/p>\n

Mooniswap draws on an idea voiced by Vitalik Buterin in 2016. According to 1inch, early AMMs suffered from flaws, such as large slippage on large trades. They claim their AMM model will deliver liquidity providers 50-200% more earnings than Uniswap v2.<\/p>\n

Concurrently, the 1inch team announced<\/a> successful completion of a financing round of $2.8 million. Led by Binance Labs; other participants included Galaxy Digital, Greenfield One, Libertus Capital, Dragonfly Capital, FTX, IOSG, LAUNCHub Ventures, Divergence Ventures, founder of Kyber Network Loi Luu and Near Protocol co-founder Illia Polosukhin.<\/p>\n

The funding will help the team expand the list of products. Among the upcoming products are:<\/p>\n

    \n
  • a new API algorithm;<\/li>\n
  • a native token;<\/li>\n
  • a yield-farming solution.<\/li>\n<\/ul>\n

    In July the number of daily active wallets on 1inch reached 1,200, and their total surpassed 17,700.<\/p>\n

    Liquidity on 1inch for the ETH\/USDC pair was also comparable to that on centralised exchanges.<\/p>\n

    \n

    An investor compared the liquidity of the ETH\/USD pair on centralised and decentralised exchanges<\/a><\/p>\n<\/blockquote>\n