1confirmation Portfolio Product Update (Q3 2019)
dYdX launched v2 of their margin trading platform in April 2019, which allows users to long/short and lend/borrow ETH, DAI, and USDC. Since then, dYdX has seen growth in total value locked in their smart contracts.
dYdX also launched their own native market for the ETH-DAI trading pair in addition to sourcing liquidity as before from Eth2Dai and Radar Relay. After implementing limit orders recently, dYdX plans to implement stop loss orders and support more assets, such as popular ERC-20s, for margin trading.
MakerDAO has proved that a crypto-collateralized stablecoin works in practice. Since launch in January 2018 at the peak of the cryptocurrency bubble, the price of Dai has kept its peg to $1 and active Dai usage continues to grow.
The two major upgrades in the upcoming MakerDAO v2 are Multi-Collateral Dai (MCD) and Dai Savings Rate (DSR). Multi-Collateral Dai will support seven assets for collateral in CDPs — REP, BAT, DGD, ETH, GNT, OMG, and ZRX. For the Dai Savings Rate, users will be able to lock up Dai to earn interest, similar to how Compound and dYdX currently offer money market accounts. The purpose of the DSR is to affect the demand for Dai to maintain its peg to $1. Currently the peg is only maintained through adjusting the stability fee to affect the supply of Dai, and thus the DSR will be an additional tool for MakerDAO governance members to keep Dai stable.
OpenSea partnered with Formula 1 and sold a digital racecar for 415.9 ETH, the second highest NFT sale on record. They also auctioned 3–6 character ENS (Ethereum Name Service) names and had over 123.6 ETH in bids in under a week. After launching ERC-1155 support, they unlocked a host of new Enjin games that are leveraging OpenSea for their marketplaces.
The NFT space is under the radar right now but is poised to break out in the next year. If it does explode, OpenSea is well-positioned as the leading marketplace for NFTs in the world.
Other teams we’ve backed to date are still pre-product, but you should expect to hear more soon from Forte, Polkadot, Nervos, and more. The future is bright for use cases of blockchains beyond speculation.
Published at Mon, 30 Sep 2019 17:43:37 +0000
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