We missed a lot over the holiday break. Fortunately, it’s easy to get back up to speed, because all our favorite protocols around the flywheel rang in the New Year with year end recaps.
Today, we offer a recap of the recaps…
PRISMA
Yesterday’s article showed off Curve at its fourth anniversary.
It points to a protocol which by all metrics should check all the boxes for what VCs might desire in an investible startup. Except that it shunned VCs!
It’s not the only protocol in the Curve ecosystem that’s doing numbers that might make VCs salivate…
Prisma within its first year is on track for nearly $20MM in annual fees!
The team posted a great year-end review thread covering their busy launch over the past four months:
The thread teases what we can expect in the upcoming year, including the introduction of a yield-bearing $smkUSD, representing deposits into the liquidity pool. Interesting!
Redacted
Joining the Prisma governance game is Redacted, which has already accumulated over $24K worth of Hidden Hand incentives:
Redacted has been as busy as always. In December the team announced the first stage of their much anticipated Dinero launch roadmap, the release of $pxETH. They ring in the New Year deploying $pxETH everywhere…
To learn more about pxETH, we recommend this thread by DeFi Voyager
Silo
Joining the protocols boasting healthy revenue numbers is Silo Finance, which is both printing money and growing.
Much of the growth of Silo comes from their crvUSD markets, which have become a major liquidity sink for the new stablecoin.
Recap the recent Silo progress via their end of the year thread
Or catch Aiham on Defi Dad’s podcast
Aladdin DAO
Unsurprisingly, the Aladdin team had a lot to celebrate in 2023. The launch of Protocol f(x) was naturally a highlight, as was growth in CLever and Concentrator.
The full thread…
Plus resolutions for the new year…
Qi DAO
Qi DAO had a stressful 2023, as their $MAI stablecoin depegged on several chains. Yet the team has always insisted that the $MAI tokenomics is resilient, and the token’s incentives are sufficient as to permit a repeg.
Heading into the New Year, we’re thrilled to see such a recovery happening.
The unique architecture is chain-dependent, so the aggregate price here doesn’t tell the full story. For example, repeg on mainnet has been much smoother:
On New Years Day, the team announced a new PSM (peg stability module)
For more, check the year-end $MAI review
Gearbox
Gearbox has been as industrious as one might expect. Late in the holiday season they announced Gearbox PURE to leverage trade DEXes…
They’ve already crossed $1MM in open interest. They announced ambitious plans for 2024…
Palomabot
Toward the end of the year, Palomabot announced their Curve leverage lending bot.
Heavily fueled by exposure to Curve, Palomabot rang in the end of the year with nearly $10MM in volume through their bots. They’ve announced their plans to own the new year…
The Llamas
Last but certainly not least, the Llamas remain more than just your grandparents’ NFT collection. 2023 was just the first leg… let’s hope they’ve got more than three more to go?
LlamaQuest NFT recap:
Wen Llama writeup:
Did we miss any recaps! Drop them in the comments! Disclaimers…