The Baking Sheet - Issue #43

April 09, 2021

Over 200K contract calls in the first week of April, 25K clean NFTs minted, and over 1 million in TVL on Quipuswap.

Welcome to this week’s issue of The Baking Sheet!

For this week’s issue we’re going to look at metrics and comparisons of DeFi launches on Tezos and how some of the figures we’ve seen thus far correlate with earlier Ethereum-based launches.

Tezos Ecosystem Insights

The Early Innings

Zero Hour Zulu, those who have been in the Tezos community for some time should be quite familiar with - wrote some thoughts in our April Community Update. 

I won’t share the whole section here, but this particular passage caught my eye. 

But I want you to know that building things that endure takes unseen hard work and trials. The treasure of all this quiet work comes much later, and it will reward those early settlers who stayed and endured the hardships.

Yes, it’s true others are building air castles and promises, an infrastructure of intentions and animal charisma.

But, the world’s boring work, trillions of dollars, is built on things that endure, things which, in passing, do not catch the eye and seize the mind with slights and thralls of illusion.

We can take the above passage and apply it to today’s DeFi ecosystem within Tezos. To gain some perspective, let’s look at early launch metrics of some of the most popular DeFi launches on Ethereum. 

On November 2, 2018 Uniswap V1 was launched and deployed onto the ethereum mainnet. In just it’s first week of launch, it had over $176k of total value locked (TVL).

On a more recent note, Aave launched on January 6, 2020. In its first week of launch, Aave recorded over $3.54M in TVL.

What do these charts show us, exactly? 

These charts help paint an image for a highly overlooked asset and that asset is time. Time proportionally compounded with leverage and a community eager to support these protocols, led to the emergence of several successful DeFi applications within Ethereum. 

Only until recently, we’ve had several launches and protocols for community members and others alike to utilize. This was not the case for the point in time when DeFi protocols such as Aave and Uniswap were launched on Ethereum. 

More recently however, we witnessed the launch of Quipuswap on Tezos. In just a matter of a week, QuipuSwap recorded $1M in total value locked (TVL). 

All of the developments we’re witnessing today and the work being done by MadFish Solutions, Bender Labs, camlCase, Genius Contracts, Hover Labs, and more are all laying the groundwork for a larger and more robust DeFi ecosystem within Tezos. 

As we begin to witness more launches such as highly anticipated ones like Bender Labs “WRAP protocol”, the DeFi scenery within Tezos will surely start to look a lot different. 

We’re just in the early innings.

This Week in the Tezos Ecosystem

Since launch, we’ve seen incredible interest in the project. At current time, over 728 CDPs have been opened and over 1.4M XTZ (~9M USD) of value is locked in the protocol backing 1.2M kUSD.

In collaboration with TQ Tezos, we introduced a rewards program for the Tezos Community in which up to 5000 tez will given to contributors across various categories.

Tezos Israel and Draper University are bringing together talented advisors and experts from Silicon Valley to help mentor, guide and scale blockchain focused businesses across the globe.

Tezos Ukraine will launch a startup incubator for rookie Tezos developers on April 9. Hence, we begin the competitive selection of participants.

PangeaSeed Foundation will launch a dedicated NFT collection on Kalamint as a fundraiser, during Earth Week 2021, for ocean preservation.

The most important technology news of March in the Tezos world is the Florence proposal’s passing through the second and the third phases of baker voting. Furthermore, in March, the Tezos network continued breaking its own records in terms of using smart contracts and paid vaults.

This Week in Tezos Development

We’re working on changing the Tezos consensus algorithm

from the current Emmy+ algorithm,

to a new algorithm called Tenderbake.

We’d like to discuss this development, and explain why we’re considering it, and what advantages it will bring.

Version 8.3 has just been released. The baker of version 8.2 has an issue that causes it to include less operations than it could in the blocks it bakes, in some cases. Version 8.3 fixes this issue.

The Tezos Developer Portal is the perfect place to discover all there is to Tezos: its architecture and ecosystem, deploying smart contracts, and setting up and working with clients.

om now you can get access to your token pair via a direct link. This feature helps DeFi projects point users directly to their liquidity pool. 

At Spruce, we’re building the most secure and convenient way for developers to share authentic data. Here’s the latest from our open source development efforts.

In the newest version of Cryptocodeschool, you will be able to claim free 3D CryptoBots as an NFT. After that, the NFT's can be traded on a marketplace.

Now Streaming

Trending on Tezos Agora

We are pleased to announce that a test network has been spawned with a new experimental consensus algorithm, Tenderbake. Tenderbakenet will be used to evaluate this experimental consensus algorithm on a larger scale.

NFTs are very popular right now, mainly in the art sector. Several wallets are working on support for viewing NFTs directly. This brings up issues of end user privacy and viewer safety.

The Buttonists team, the winners of Tezos Ukraine’s Tezos DeFi Hackathon, have just launched their pilot NFT project Tezos Mandala. Tezos Mandala is a generative art project.

Tezos NFT Gallery - #cleanNFT