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This Week In DeFi – March 1

This Week In DeFi – March 1

Alex Miguel
March 01, 2024

Happy Friday, DeFi readers!

This week…

Uniswap launches browser extension + limit orders
Blast L2 surpasses $2B TVL, launches mainnet
Arbitrum partners with Robinhood, receives LINK staking
EtherFi raises $27M Series A

Uniswap launches browser extension + limit orders

Uniswap has introduced three new tools to simplify transactions for its users: A browser extension called Uniswap Extension, limit orders, and data and insight pages.

The limit order engine and data pages are available already, while access to the Uniswap Extension requires joining a waitlist and is expected within four to six weeks.

The new features are a part of Uniswap's effort to enhance its user experience and provide a more comprehensive platform for trading.

Uniswap also recently proposed rewarding UNI token holders who are "active, engaged, and thoughtful" in governance, resulting in a surge in UNI price.

Say hello to the most expansive Limit Order offering in DeFi
Buy and sell any token at your price, on your terms, without having to watch the market
Now LIVE in the Uniswap web app 🦄 twitter.com/i/web/status/1…
— Uniswap Labs 🦄 (@Uniswap)
Feb 28, 2024

Blast L2 surpasses $2B TVL, launches mainnet

Ethereum Layer 2 network Blast has officially launched its mainnet, enabling over 180,000 early access users to withdraw their funds from a total value locked (TVL) exceeding $2.3 billion.

The launch positions Blast among leading Layer 2 platforms, backed by a unique yield model for ether and stablecoins.

SynFutures, a decentralized exchange specializing in crypto perpetual futures, has already debuted its V3 platform on Blast and introduced a new points rewards program, Oyster Odyssey.

The Blast Mainnet is NOW LIVE
Early Access users can bridge to Mainnet and use Blast-native Dapps that don’t exist anywhere else👇
— Blast (@Blast_L2)
Feb 29, 2024

Arbitrum partners with Robinhood, receives LINK staking

Renowned trading platform Robinhood announced at ETHDenver that its Robinhood Wallet users will soon be able to perform swaps on leading Ethereum Layer 2 platform, Arbitrum.

The collaboration aims to facilitate cross-chain swaps and enhance Web3 accessibility for Robinhood Wallet users over the coming months.

Arbitrum also saw the launch of Chainlink staking protocol, State.link on its platform this week, enabling users to participate in the Chainlink ecosystem without Ethereum’s high gas fees – as well as secure the network’s ETH-USD price feed.

We’re very excited to announce a long-term collaboration with @RobinhoodApp that will encompass features dedicated to lowering the barrier for onboarding new users into Web3 through #RobinhoodWallet 💙🧡🪶
— Arbitrum (💙,🧡) (@arbitrum)
Feb 29, 2024

EtherFi raises $27M Series A

Liquid staking protocol EtherFi has successfully closed a $27 million investment round led by Bullish and CoinFund, with contributions from a diverse group of venture firms and investors. The funding includes a mix of a Simple Agreement for Future Equity (SAFE) finalized in late 2023 and a Series A round, aimed at strengthening EtherFi's position in the crypto world.

With nearly $1.7 billion in total value locked, EtherFi stands as the leading platform for Ethereum liquid restaking, powered by the restaking protocol EigenLayer.

We’ve raised $27M led by @Bullish and @coinfund_io!
Crypto is back baby!
We had a huge number of amazing investors participate in this round and now have 95+ investors backing ether.fi
@ambergroup_io
@BanklessVC
@OKX_Ventures
@Consensys
@SeliniCapital… twitter.com/i/web/status/1…
— ether.fi (@ether_fi)
Feb 28, 2024

Uniswap’s new features: A closer look

With some quite major updates to Uniswap’s user experience, let’s dive into these new features and what they’ll look like to the end-user.

Uni.eth addresses

Uni.eth addresses are readable usernames/addresses that are designed to do away with the standard 0x address format.

To claim a uni.eth username, users need to open the latest version of the Uniswap mobile app, select “Claim now” and choose their desired username.

Users can also add an avatar, bio and link to social media on their uni.eth profile.

Sidebar browser extension

Uniswap’s browser extension opts to exist as a browser side bar, rather than a pop-up window. It contains Swap, Buy, Send and Receive functions at the top, as well as tabs for tokens, NFTs, pools and activity.

Rather than visit Uniswap’s web app, users can quickly swap tokens within the sidebar.

The waitlist for the browser extension is already open, and users with uni.eth usernames will obtain early access.

Users can claim their usernames in the Uniswap mobile app.

Limit orders

Limit orders on Uniswap have been somewhat possible using convoluted work-arounds for a while now, with some dApps even existing to facilitate this purpose.

At last, Uniswap users can simply set limit orders within the Uniswap web app user interface, with no complicated process.

To set a limit order, a user simply must select the “Limit” tab, choose their input and output tokens, set an exchange rate and duration for the order to remain open, and submit.

The order will execute automatically if the market hits your limit order price and the UniswapX filler picks up the swap. If the order isn’t filled within your assigned time limit, it will expire.

Perhaps the best part of it all is that limit orders on Uniswap will cost zero gas and can be placed for any trade size, with no minimum limit.

Explore Tab

Finally, Uniswap has integrated a new explore tab in its web app.

This is designed to provide real-time data and insights into its markets, including the pool balance, total value locked (TVL), 24 hour volume, 24 hour fees, recent transactions and more.

The explore tab can be toggled to markets on Ethereum, Arbitrum, Polygon, Optimism, Base, Avalanche, and BNB Chain.

Coupled with a shot at a revenue share to UNI stakers and delegators, it looks like Uniswap its trying to re-cement its place as DeFi’s leading DEX – with a few competitors keeping them on their toes.

Good moves by Uniswap, or are they simply playing catch-up with newer protocols?