🧘♂️Hot New DeFi
Market Meditations | March 31, 2022
Osmosis is a DEX built specifically for Cosmos, originally tasked with capturing swaps and liquidity-provision rewards in the IBC ecosystem. Today, we will explore Osmosis’ growth and how users tend to interact with it.
- Osmosis 101
- MetaMask Adds Apple Pay Support
- Visa Launches NFT Program
⏰ Top Headlines
- 35 NFTs including Bored Apes stolen via phishing attack in the last week alone
- DeFi Portal 1inch Launches Wallet App on Android
- Binance becomes official crypto exchange partner of 64th Grammy Awards
- BNY Mellon to Custody Assets Backing Circle’s USDC Stablecoin
? The Big O
Osmosis has steadily climbed upward to compete with some recognizable DEXs. According to TVL amongst popular protocols, it sits ahead of Trader Joe running on Avalanche, even though Avalanche’s market cap is $190 million larger than Cosmos’s.
Osmosis (OSMO) has a strong foothold in the space with its native token setting a new ATH earlier this month … and there’s still plenty of room to grow.
The Osmosis team now features other networks like Terra as part of its mission to cultivate an interoperable cross-chain experience.
- Popular Pairings – Osmosis offers plenty of pools of coins coupled with the native $OSMO, but there are also some heavy-hitter pairings like CRO/ATOM and LUNA/UST with very competitive APR’s.
- Luna Compatibility – One of the biggest additions to the Osmosis ecosystem has been the Terra network. Both UST and LUNA are supported by the Keplr wallet and can be deposited with no wrapping or bridging necessary.
- Superfluid Staking – Normally, once liquidity is provided to a pool, it’s locked until withdrawn. With Osmosis’s superfluid staking feature, certain pools enable users to deposit LP AND still reap staking tokens for underlying assets. Currently, the only pool offering superfluid staking is AOM/OSMO, with more to be announced.
Using Osmosis is intuitive. New users follow a few simple steps to get involved.
- Osmosis supports Keplr wallet. Set-up is easy and Keplr wallet features a plethora of networks built in the Cosmos ecosystem.
- After wallet set up is complete, and funds have been deposited into Keplr, going to Osmosis’ website displays the DEXs landing page. The Assets link on the left of the screen is how investors deposit and withdraw funds to and from Osmosis.
Once funds have been deposited to the Osmosis platform, liquidity can be provided.
- Clicking “Pools” will display the selection of liquidity pools available for deposit. The APR and current liquidity amounts are displayed. Clicking any pool will provide more detail, like bonding terms for the pool.
- After adding liquidity, assets must then be bonded for a day, a week, or a fortnight to earn yield. If you’ve chosen a pool featuring Superfluid Staking, bonding your LP tokens will automatically stake any available tokens received as a reward for bonding.
Rewards are automatically distributed to participants’ Keplr wallets every day at 5:30PM and are denominated in OSMO.
TVL – Total Value Locked in a protocol or network.
DEX – Decentralized Exchange. These are decentralized versions of the big boys, like FTX or Crypto.com, with some pretty major differences.
Liquidity Pool – A pool of assets purposed for facilitating the swapping of tokens.
IBC – Inter-Blockchain Compatibility protocol; the backbone of the Cosmos ecosystem.
Decentralized finance is alive and thriving throughout the cryptocurrency sector. The overall TVL is rising while institutions adopt and governments approach regulation. Osmosis’s success is a result of high demand.
Osmosis published a thorough guide to participation on their Medium.
? MetaMask Adds Apple Pay Support!
MetaMask is the most popular decentralised crypto wallet with over 5 million monthly users according to Consensys. On 29th March 2022, MetaMask announced some crucial updates to its mobile version 4.3.1.
- Apple Pay integration is the most significant update allowing users to buy crypto with their debit or credit card.
- This will eliminate the need to send ETH to the MetaMask app in advance which will reduce friction for new users.
- Wyre is being used to facilitate transactions as Apple does not directly support crypto payments through its platform. Apple Pay users can deposit a daily maximum of $400 to their wallet using their debit or credit card.
- In addition, MetaMask has added support for gasless transactions where relevant, more transparency when interacting with Dapps and support for a dark mode feature.
- Always take caution when interacting with web3 and NEVER share your secret recovery phrase with anyone as you could compromise your MetaMask wallet.
For more tips on protecting yourself and your crypto check out our Crypto Security Guide.
? Visa Launches NFT Program
Back in October, Visa announced that they would be starting an NFT program. This program would help creators dive into the world of NFTs. Visa has now officially launched this program in order to help creators grow their businesses with NFTs.
- The program will include artists, musicians, fashion designers, and filmmakers. While they have not disclosed the number of participants, they said that they wanted a small cohort to maximize community and mentorship.
- This will be a one-year program that provides a one-time [undisclosed] stipend.
- This program was developed with professional baseball player turned NFT artist – Micah Johnson (creator of Aku).
- Visa’s head of Crypto, Cuy Sheffield, said that the company hopes to be able to understand “opportunities and pain points” that current creators currently face.
- Sheffield says that Visa understands that NFTs are the future and that they are “continually developing new products and solutions at Visa for [their] clients.”
- Visa wants to be in a position to bring other products and services using NFTs and this program is a step in the right direction.
While Visa is offering an opportunity to creators in the NFT space, they are also eagerly interested in this space and are looking to get more involved.
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