February 10, 2021: Unit Protocol 🦆💵 and Fighting Fake News 🗞️

The Recap

Here are today’s trends to watch from Curve Market Cap

Introducing USDP: a Unit Protocol metapool now live on Curve!

Curve Finance @CurveFinance

$USDP pool is up curve.fi/usdp

Unit Protocol is a decentralized borrowing protocol that allows you to mint the USDP dollarcoin using 72 different tokens (and counting) as collateral. Different forms of collateral carry different rates, so visit their homepage for current numbers.

DefiLlama.com @DefiLlama

.@unitprotocol lets you mint $USDP with a number of DeFi tokens like $CRV, $STAKE, $KP3R, $UNI, $AAVE and many more. You can now track their TVL on DefiLlama, let's see how quickly they can get to $100m with this new @CurveFinance pool. defillama.com

The USDP contract is just over two months old, in that time $1MM has already been borrowed with $4.5MM in total value locked. Plus their mascot is a duck, and that’s awesome for our work from home era because ducks don’t wear pants.

Unit protocol @unitprotocol

Note that this pool’s launch is an authentic Curve announcement from their official channel. With Curve’s growing cred in #DeFi, every new project wants a nothing more than a big bear hug from the team. Remember that it’s only official when it’s burned into the blockchain.

Curve Finance @CurveFinance

Here, we refuse to acknowledge any partnerships before things are used in production. Integrating with our contracts wouldn't count as partnership.

In a recent kerfuffle, a lot of news headlines overstated the degree of a partnership between Curve and Equilibrium, requiring teams to clarify the nuances of the relationship:

Equilibrium @EquilibriumDeFi

Precisely: according to our agreement with @CurveFinance, we are developing the technology while the @CurveFinance team is supervising the development and will be running the application on our @Polkadot parachain then. Our development is supported by the @web3foundation grant

Curve Finance @CurveFinance

This needs clarifying. @EquilibriumDeFi wanted to port Curve algorithm to Substrate with Polkadot support, and we were ok with that. The headline makes it sound more than it is. https://t.co/HNMscKFYfw

These provisos aside, we’re quite excited about Polkadot, so we’re naturally interested in any way that Curve finds its way onto the substrate, whether through Equilibrium or any other group.

Of course, exciting news, even if inaccurate, tends to spread a lot faster and wider than boring things like corrections. It’s a trick exploited often by schlocky PR people. In the end the flashy headline is all people remember.

In a similar phenomenon, recent DeFi hacks got a ton of attention because they got everybody’s sulfolipids flowing and riled up into a state of fear. The responsible resolution of funds triggered no such emotional chemistry, even though a successful recovery (unhack?) of Yearn is arguably the more impressive feat.

banteg @bantg

Crypto publications love to prey on the hack news, very few follow up on a successful recovery. Cointelegraph appears to be the only one which has covered it.

Cointelegraph @Cointelegraph

Yearn has restored a previously hacked DeFi vault. The attack caused a loss of $11 million but confidence in Yearn appears to remain high. https://t.co/6ZaXsxIK0v

Don’t trust anybody and do your own research! Heck, don’t even trust that advice. So, uh, maybe don’t do your own research if you don’t want?

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