Today in DeFi - tBTC Re-launches, Set Adds ETH-USD, SnowSwap Adds Stables

tBTC Re-launches

tBTC_project @tBTC_project

Bitcoin, welcome to DeFi. #bitcoin #ethereum

blog.keep.networktBTC, the Safe Way To Use Bitcoin in DeFi, Is Live on tbtc.networkLaunched with unprecedented security measures in place and ready to be used at tbtc.network, tBTC is fully audited and open-source.

tBTC, a trust-minimized tokenized BTC project, has just re-launched on Ethereum mainnet.

tBTC has been in development for well over a year. It uses bonded validators to securely mint tBTC on Ethereum from Bitcoin deposited into a multisig wallet. You can find the basics about it in this DeFiPulse article.

Matt Luongo @mhluongo

We've just published an extensive incident analysis of the tBTC pause on May 18th, including a response timeline, bug fix, and process improvements. Thanks to @lightfiend @_prestwich @SloanThompson @LauraWallendal and others for getting this out. blog.keep.network/details-of-the…

Matt Luongo @mhluongo

tBTC lasted on mainnet two days. Alas, it was born before it's time. Goodnight, sweet prince🌹 We've pulled the red lever, pausing deposits for the next 10 days, and are helping users drain funds. We'll publish a full post-mortem when confirmed... and we will rise again.

While the idea is cool, tBTC’s initial launch in May lasted two days before a vulnerability was found. Since then, the team has been working on improving the system’s safety and reliability, including getting a Bitcoin audit in August.

This time, the relaunch is occurring in an incremental, guarded launch style in case issues arise.

Set Protocol Adds ETH-USD

Set ⚖️ @SetProtocol

1/ The ETH USD Yield Farm uses our new NAV Issuance mechanism which enables deposits / withdrawals using a single asset (ETH, DAI) To determine the spot price when entering, the Set uses on-chain oracles (@MakerDAO, @chainlink) which may differ slightly from market price... 👇

Set Protocol, a tokenized ETF project, has just added a novel set. The ETH USD yield farm is not a simple token but rather a tokenized ETH-USD position which also farms and reinvests UNI. This is possible because ETH-USD is an incentivized Uniswap pool.

Set ⚖️ @SetProtocol

1/ Today, Set Protocol and @defipulse are extremely excited to announce the launch of the DeFi Pulse Index Set (DPI) on @tokensets! The DPI is built on Set's new v2 infrastructure & consists of 10 DeFi tokens available on Ethereum. Learn more: medium.com/set-protocol/i…

ETH-USD is Set Protocol’s latest Set. It recently also added The DeFi Pulse Index set. This Set offers exposure to a basket of some of the top DeFi projects.

SnowSwap Adds Stables

SnowSwap ❄️ @snow_swap

Drum roll, please! 🥁 SnowSwap Product update: You can now deposit vanilla stablecoins: $DAI, $USDT, $USDC or $TUSD directly into the @iearnfinance yVault USD pool and into @snow_swap via unselecting ‘Deposit wrapped’ in the top right corner. : @bluekirbyfi But who cares? ❄️

SnowSwap, a project that allows users to swap yield-bearing stablecoins from Yearn Finance, has now added a new feature which allows you to add stablecoins directly into the yCRV Vault(yUSD).

This allows users to easily access Yearn Finance vaults without having to perform the multiple steps of going to Curve Finance, depositing stablecoins into the Y pool, then depositing yCRV tokens into the yCRV Vault.

Check it out at Snowswap.org.

Disclaimer: Projects or tokens mentioned in this newsletter are often in experimental or even unaudited state. Do your own diligence before using or buying anything mentioned.