Teller is a Polygon-based decentralized lending protocol with a buy now, pay later feature for blue chip NFTs. Ape Now, Pay Later will support 10 notable NFT projects at launch. Buyers will have to make a down payment of up to 50% of the NFT's value. NFTs will be held in an escrow wallet and released if all payments are made on time.
Celsius reclaimed $440 million of collateral after paying off a loan on Maker. The crypto lender repaid the remaining $41.2 million on Thursday, which prompted the Maker protocol to release 21,962 wrapped bitcoins. The debt repayment will give Celsius a big liquidity boost and help the lender meet creditor demands and customer withdrawals. CEL tokens spiked 10% after the repayment data became public.
Aave has created a new proposal for a decentralized, collateral-backed stablecoin called GHO. GHO will be over-collateralized by multiple types of assets on the Aave protocol that continue to earn yield. It will be governed by the Aave community. Users will be able to generate GHO by supplying collateral. The token is burned when users reclaim collateral. A link to the full proposal is available in the thread.
Reddit is launching an NFT-based avatar marketplace that allows users to purchase blockchain-based profile pictures for fixed rates. Users will be able to purchase the NFTs using their credit or debit cards and they can store the NFTs in a Reddit wallet. NFT holders will have licensing rights to use the NFTs on and off Reddit as an avatar. The NFT avatars will be available to members of an invite-only subreddit today. A wider release is planned for the coming weeks.
This article discusses principles for protocol designers looking to create sustainable token economic models. Tokenomics is the distribution of token-based incentives. Tokenomics should coordinate common goods and channel value towards those who create that value. Builders and participants should look for designs that clearly create and distribute fundamental value.
Stablecoins are one of the best use cases for crypto and there will likely be trillions of dollars of them on-chain in the future. Stablecoins like USDC or USDT are impossible to invest in, but there are many other stablecoins that people can still invest in. This Twitter thread presents a list of stablecoins that anyone can invest in. The tokens include BUSD, DAI, FRAX, and USDN.
Sovereign rollup chains are rollup chains that are defined by the rollup sub-network, similar to an independent layer 1. They have similar properties to deploying a new sovereign layer 1 chain but without the overhead of deploying a new consensus network. Sovereign rollups make the process of deploying a new sovereign chain as easy as deploying a server on the cloud. They can be upgraded via hard forks without hard forking the settlement layer or using upgrade multisigs.
This Twitter thread looks at the sustainability of the Frax Price Index (FPI). The FPI is a protocol in the FRAX ecosystem that centers around FPI, a stablecoin pegged to the Consumer Price Index (CPI) rate, and FPIS, a governance token. FPI adjusts its price monthly according to an on-chain CPI oracle so that it increases in accordance with the reported CPI increase. Its value is supported by the yield earned on underlying treasury assets.
The Cosmostation Extension Wallet supports over 40 sovereign Cosmos networks, Ethereum, and Ethereum Virtual Machine-compatible layer 1s and layer 2s right out of the box.