Thread by @ethereumintern_

the defi protocol gigathread, covering 47 protocols.

uniswap, maker, aave, frax, liquity, chainlink, uma, balancer, lido, eigenlayer, rocketpool, pendle, curve, convex, morpho, tornado cash, karak, spark, renzo, reflexer, gearbox...

one post each, basic summary. let's go. 1/49

...velodrome, beefy, ENS, yearn, 1inch, layerzero, across, gains network, gammaswap, safe global, synthetix, TLX, stargate, tokemak, euler, stakeDAO, kelpDAO, altlayer, cowswap, flat money, f(x), dhedge, GMX, kwenta, hai, sablier.

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uniswap: the top DEX on almost every major EVM chain. you don't fuck with @Uniswap. it's an automated market maker that allows people to trade their tokens against a liquidity pool, and allows people to provide liquidity to earn fees.

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maker: the ones behind DAI, the decentralized stablecoin. "central bank of defi". very complex. the MCD core creates a soft peg by having people lock up collateral to take out DAI loans. now it's far more than just that. @MakerDAO

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aave: lending platform. you can take out overcollateralized loans against your coins, or lend out your own coins. liquidates loans if they reach a maximum loan-to-value ratio to ensure lenders are protected. @aave

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frax: whole suite of protocols. FRAX (USD stable), frxETH (liquid staking) and FPI (CPI stable), fraxswap, which allows conducting large trades over lots of time at low slippage (time-weighted AMM) and fraxlend, an isolated market lending platform @FraxFinance

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liquity: immutable, decentralized stablecoin with no governance. you can borrow LUSD at 0% interest with 110% minimum collateral ratio (price ceiling) and redeem LUSD for 1$ worth of ETH (price floor). peg is usually volatile (1$-1.10$). @LiquityProtocol

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chainlink: an oracle that feeds real-time prices and other data to a lot of defi protocols. the data providers are a trusted multisig and as such it has some centralization controversies. @chainlink

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UMA: the optimistic oracle allows anyone to post a bond to submit data, wait a dispute period before confirming, and if disputed it goes to a vote of UMA token hodlers and the loser loses their bond. used by @polymarket to resolve their markets. @UMAprotocol

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balancer: a DEX like uniswap that allows providing liquidity in different ratios. when uniswap requires a 50/50 split, balancer lets you use different ratios and more than 2 tokens, letting you have a rebalancing portfolio, provide liquidity and earn fees. @Balancer

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lido: one of the biggest liquid staking protocols around. you can stake any amount of ETH, aggregated across node operators, and then use the stETH tokens in defi. controversial for refusing to self-limit its growth. @LidoFinance

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eigenlayer: restaking ethereum. now validators can secure multiple systems at once, taking on more slashing risk but getting paid for it. chains no longer need to bootstrap validator sets and pay billions in capital costs wen they could pay marginal costs only @eigenlayer

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rocketpool: decentralized liquid staking. node operators can stake in smol 8 ETH increments while having rewards smoothed and earning commissions, rETH holders also receive rewards. more ethereum-aligned compared to lido. @Rocket_Pool

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pendle: interest rate swaps for defi. splits up a yield source into a fixed-yield zero-coupon bond (PT) and the floating yield token (YT). think yield will go up (and want some nice points)? buy YT. want fixed yield? buy PT. @pendle_fi

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curve: the DEX for stablecoins (and more) with a capital-efficient AMM formula. gives CRV incentives to pools, voted on by veCRV lockers (lockers also get an incentives boost). expanding into the stablecoin and lending market with crvUSD. @curvefinance

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convex: a liquid locker and yield boosting protocol built on curve (+ others, but mainly curve). veCRV lockers can lock their CRV on convex, giving them cvxCRV. liquidity providers can boost their yields with the group boost from the protocol's veCRV. @convexfinance

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morpho: a permissionless lending platform allowing anyone to create a market, lending & borrowing optimizer which lets you get the best rates with high liquidity, and lending vaults with different risk profiles that spread across pools. @morpholabs

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tornado cash: the king of the privacy protocols. sanctioned in 2022 by OFAC and its developers charged with money laundering, the contracts still shield billions of dollars from prying eyes.

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karak: a multichain restaking protocol supporting multiple assets, letting protocols tap into existing trust networks without needing to pay high capital costs to bootstrap a validator set, just like eigenlayer. @karak_network

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spark: an allocator subDAO of @MakerDAO building a DAI-centric money market that allows people to earn the DAI Savings Rate directly from maker as well as spark conduits that allow other maker subDAOs to provide liquidity to protocols. @sparkdotfi

(blocks vpns, ngmi)

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renzo: a liquid restaking protocol built on top of eigenlayer and symbiotic, allowing people to get restaking yields without having to run a restaked node. it currently secures 12 protocols and chains. @RenzoProtocol

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reflexer: an unpegged stablecoin controlled by a smart contract "central bank" which adjusts the redemption rate. it is as governance-minimized as possible and similar to nikolai's vision of DAI. ETH is the only supported collateral. @reflexerfinance

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gearbox: an onchain defi leverage platform. lets you trade, provide liquidity, and many more with leverage. lenders can make passive yield, degens can earn (or lose) big. it has integrations with many defi protocols such as yearn and uniswap. @gearboxprotocol

22/49

velodrome: a ve(3, 3) AMM DEX, and a very successful one at that located on the optimism superchain. LPs get paid in VELO emissions and veVELO voters get the fees from the pools they vote for. @VelodromeFi

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beefy: a yield autocompounder for hundreds of protocols, taking the yield earned and converting it into more shares. although it may be simple, it is an important tool in the arsenal of a yield farmer. @beefyfinance

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ENS: the ethereum name service. like a DNS equivalent but onchain, it maps human-readable names such as "vitalik.eth" to an underlying ethereum address. try sending money to an ENS address on metamask! @ensdomains

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yearn: one of the OG yield optimizers. but unlike beefy, which is solely an autocompounder, it can manage multiple strategies in one vault. @yearnfi

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1inch: a DEX that aggregates other DEXs, providing the best price for a given trade. it also offers gas-abstracted swaps ("Fusion") and limit orders, which could be useful if you're an onchain defi trader. @1inch

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layerzero: a bridging protocol that allows messages to be passed crosschain quickly and easily, assuming that the relayer (relays transaction proofs) and the oracle (relays block headers) do not collude. it supports over 70 chains! @layerzero_labs

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across: a token bridge offering really quick bridging at low cost making use of UMA. when you bridge, the relayer pays you first then states "this bridge tx happened" on UMA. once the dispute period passes, the relayer is compensated. @AcrossProtocol

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gains network: decentralized leverage trading platform with over 170 assets, including crypto, forex or commodity. it provides zero slippage orders and high leverage based on synthetic liquidity. @gainsnetwork_io

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gammaswap: onchain perpetual options. hedge your LP positions with a straddle, go long with leverage, or provide liquidity on gammaswap. it allows AMM liquidity to be used as perpetual options liquidity too. @gammaswaplabs

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safe: formerly known as gnosis safe, it is a protocol for smart wallets on ethereum and several other chains. known for its ease of use in creating multisig wallets, but it is so much more. through modules and apps, it can be extended to do anything! @safe

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synthetix: an onchain defi protocol for trading "synthetic assets", which track asset prices to make synthetic derivatives. it is the backbone of many onchain perpetual futures markets and derivatives markets, providing deep liquidity. @synthetix_io

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TLX: a leverage platform built on top of synthetix. creates leveraged indexes that auto-rebalance to avoid liquidations and maintain constant leverage. "comfy in spot" ngmi, because you can be comfy in leverage now. @TLX_FI

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stargate: a bridging dapp built on layerzero that transfers native assets crosschain with large liquidity pools on a lot of blockchains. you can also supply liquidity and get rewarded. @StargateFinance

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tokemak: autonomous LP optimization protocol that allows you to earn long-term high yields on your tokens by allocating them to different liquidity pools and protocols and autocompounding them. not launched yet. @tokemakxyz

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euler: pronounced 'yuler' (obviously), a permissionless modular lending platform that is about to relaunch. it will allow other vaults to be used as collateral using the ethereum vault connector standard, meaning you can borrow against and lend anything! @eulerfinance

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stakeDAO: a liquid locker protocol similar to convex, boosting yields for liquidity providers, optimizing bribe yields for lockers, and allowing those locked governance tokens to be traded. it supports many ve-protocols across many chains. @StakeDAO

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kelpDAO: a liquid restaking protocol like renzo, built on eigenlayer, that allows people to get exposure to restaking yields without having to run a restaked node. it's currently validating 9 protocols. @KelpDAO

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altlayer: a protocol built on eigenlayer that allows rollups to be sequenced by existing eigenlayer validators ("restaked rollups"), providing fast finality and fast interop for rollups. also provides a rollup-as-a-service product. @altlayer

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cowswap: a DEX that makes solvers bid to get you more tokens, giving users the best price with zero MEV and, as it's offchain, it can match trades together in batches for more efficiency. @CoWSwap

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flat money: a maximally resilient low-volatility coin backed by rocketpool staked ETH, designed to outpace inflation by dampening ETH's volatility while earning fees by serving as the LP counterparty to perpetual futures traders. @0xflatmoney

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f(x): a protocol that splits up ETH into volatility-dampened (f) and volatility-amplified (x) tokens with no funding fees. it also has stablecoins (cvxUSD, btcUSD...) that earn their collateral's yield. only on mainnet. @protocol_fx

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dHedge: a protocol for creating and managing tokenized vaults. create a trading strategy, deposit into someone else's, or just go for an existing automated vault like ETHBULL2X to get an auto-rebalancing leveraged index like TLX. @dhedgeorg

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GMX: a perpetuals DEX built on avalanche and arbitrum with up to 100x leverage, powered by an average of chainlink price feeds to prevent scam wicks. you can also become a liquidity provider with GLP or GM, becoming a counterparty to traders. @gmx_io

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kwenta: a perpetuals DEX with CEX-like UX powered by synthetix. it offers deep liquidity, up to 50x leverage, and many different pairs in crypto, commodities, and forex. available on base, arbitrum and optimism. @Kwenta_io

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hai: a friendly fork of reflexer. it is an unpegged stablecoin controlled by a smart contract "central bank" which adjusts the redemption rate and is available on optimism. it's backed by different types of collateral such as LSTs and defi coins. @letsgethai

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sablier: the payment streaming protocol. born back in the ancient days of 2018, you can use sablier to stream tokens to people using custom curves, useful for stuff like payroll and token vesting. @Sablier

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aaand that's a wrap for the defi protocol gigathread! i tried to summarize all these protocols the best i could in only 280 characters each post, but there may be mistakes (please correct me if i'm wrong anywhere!!!)

intern out, have an amazing day!

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