Today in DeFi - Optimistic DAI Bridge, USDT Insurance, and more
MakerDAO Optimistic DAI Bridge
MakerDAO is introducing the Optimism DAI Bridge, an innovative use of the MakerDAO protocol which aims to allow for quick L2->L1 withdrawals from Optimism.
Optimistic rollups’ biggest drawback is a 1week withdrawal time from L2 to L1. The Optimism DAI Bridge solves this by allowing users to deposit their DAI from L2 and lock it up for the withdrawal window, then take a loan out against it on L1.
This “Fast withdawal” feature consists of two parts: The Optimism DAI Bridge allows users to transfer L1 DAI to L2 oDAI, or back again - though with the regular 1 week wait for L2-L1. This is expected to come soon.
The Fast Withdrawal functionality described earlier will come in Q3/Q4
Today in DeFi is sponsored by Aave.
Aave is a decentralised, open-source, and non-custodial liquidity protocol for earning interest on deposits and borrowing assets. It tokenizes deposits as aTokens, which accrue interest in real time. Aave also features access to Flash Loans and Credit Delegation as uncollateralised loan options.
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USDT Insurance
Unslashed Finance is offering an insurance policy on USDT de-pegging more than 5% over 15 days or more.
NXM Bonding Curve Improves
NXM’s bonding curve has been improved to use less gas and have better calculations.
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Disclaimer: Projects or tokens mentioned in this newsletter are often experimental or unaudited. Do your own diligence before using or buying anything mentioned