Antelope Swiss Workshop #20 w/ Denis Carriere
Navigating the DeFi Landscape: The Latest on Yield+ and EOS EVM
Short summary (1 min read):
In the latest Antelope Swiss Workshop episode, Patrick Schmid interviews Denis Carriere, Yield+'s lead developer. They discuss the future of Yield+, highlighting its role as an incentive layer for DeFi applications. Despite current EOS EVM support challenges, a solution is being developed to allow EVM-based DeFi applications to connect with Yield+ subsidies. The upcoming release will enable EOS smart contracts to read EVM token balance, enhancing blockchain interoperability. The conversation also covers Yield+'s role in the Antelope blockchain network, including EOS, UX, WAX, and TELOS, and the importance of Inter-Blockchain Communication (IBC).
Joining Yield+ requires project audits and open-source code for transparency and security, with Sentinel as the primary auditing team. Yield+ is supported by the EOS Network Foundation, providing regular grants to DeFi protocols. The Yield+ website offers detailed project information, audit reports, and performance metrics.
Full summary (8min read):
🏁The Start
Patrick, the host of the Antelope Swiss Workshop, welcomes Denis, the CTO of EOS Nation and leader of the Yield+ program, for a discussion regarding Yield+ and its future, marking their second update since their conversation a year ago. Denis describes Yield+ as an incentive layer for DeFi applications, designed to attract Total Value Locked (TVL) and create a base layer incentive within their community. However, Yield+ currently doesn't support EOS EVM due to a technical issue, but the team is working towards a solution.
📈 Blockchain Incentives
Denis explains that once Yield+ can connect with EOS EVM, EVM-based DeFi applications will be able to connect with the Yield+ subsidy program, attracting more users to their platform. This will allow DeFi applications to bootstrap initial incentives, but he notes that they will need to eventually sustain themselves in a more economical way. They are working on creating a bridge for better intercommunication between Yield+ and EOS EVM.
💻 Technical Challenges
The main technical challenge in establishing a bridge between Yield+ and EOS EVM is enabling a smart contract on EOS to read the token balance on EVM. Currently, EOS contracts cannot view inside the EVM, so the team is working on a feature to read table data from EOS to EVM. This feature is expected to be in the next major release.
🗓️ Future Plans
Although Denis refrains from providing a specific release date, he expects the next major release to be in 2023. This update would facilitate data exchange between Yield+ and EOS EVM smart contracts, enhancing interoperability within the same blockchain.
🌐 Blockchain Networks
Patrick then transitions to discuss the Yield+ program's role in the Antelope blockchain network, which includes EOS, UX, WAX, and TELOS. UX is noted to be the leader of the IBC.
🔀 Interoperability
Patrick and Denis discussed the interaction of Yield+ with the Antelope Inter-Blockchain Communication (IBC) network, which includes EOS, WAX, UX, and Telos. Denis explained that Yield+ benefits from IBC as it brings hard assets from other layer-one networks onto EOS, thus increasing the total value locked (TVL) in the DeFi applications. The challenge is for DeFi applications to accept these bridged assets and pair them with EOS or Tether.
👥 Participation
Denis mentioned that the projects must meet certain criteria including having a security audit and a minimum of 200,000 EOS worth of TVL. Currently, nine protocols meet these conditions. Some projects had to be removed due to the lack of an audit, but have since rejoined after receiving one, such as Shining Vault and Totoro Swap.
🔒 Auditing
Patrick and Denis discuss the increased requirements for projects to join Yield+. One key requirement introduced is the need for an audit, with Sentinel acting as the primary auditing team. The auditing process ensures that all projects listed on Yield+ are transparent and secure.
💼 Open Source
Denis emphasized the importance of open-source code, suggesting that it could be another future requirement. This is because open-source projects allow for easy inspection and recovery in case of any issues.
👨💻Yield+ Website
It was pointed out that the Yield+ website provides all necessary information about the projects, including audit reports and GitHub repos if the project is open source. The idea is to help users make informed decisions. However, they reiterated that joining any DeFi application comes with its own risks.
💰 Funding
Patrick mentioned that Yield+ is sponsored by the EOS Network Foundation (“ENF”), which provides grants every three to four months. This funding, amounting to about 300,000 EOS, is distributed among all the DeFi protocols available on Yield+ depending on various criteria. The funds are held and automatically distributed via a smart contract from Yield+.
📚 Resources
Denis shared several resources for further reading, including the ENF quarterly report, which provides an overview of ENF's activities, expenses, and grants to projects. He also highlighted the availability of information about EOS EVM and IBC, as well as a roadmap, tokenomics, and governance details on the site. He mentioned a useful search feature, where users can look up information about Yield+.
📈 Reports
Denis highlighted the monthly reports available on Yield+, which provide detailed insights into the total value locked (TVL), performance metrics, and changes in TVL across eligible DApps. He praised the quality of the graphics and reports, giving credit to the UX team, particularly the Origin group.
🛠 EOS EVM Article
Lastly, Denis shared an article with a detailed explanation of EOS EVM. It provides insights into the workings of EOS EVM, including a graphic explanation of the token bridge, and detailed technical information for developers.
🌐 Inter-Blockchain Communication (“IBC”)
Denis continued to provide an in-depth overview of the EOS network's website, praising its structure and accessibility. The site offers detailed explanations about IBC, the transfer of tokens and communication between independent chains. The website is also available in multiple languages, including English, Korean, and Chinese.
📑 Defi Apps
Denis highlighted the DeFi apps section of the website, where users can find different DeFi protocols. Each protocol listed on the site has detailed information, including whether it is open source, if there is a multisig, and if a security audit has been done, with corresponding reports available. These protocols are also categorized into lending, decentralized exchanges, yield generation, liquid staking, and over-collateralized positions.
💱 Currency Toggling
One of the notable features on the website is the ability to switch between EOS and USD. This feature is especially useful when examining the total value locked (TVL) of a project, allowing users to see changes in value in terms of EOS or USD. This provides a clearer picture of the project's performance, particularly in times when the EOS price may have fluctuated.
🔗 Joining and Resources
The Yield+ website also provides a feature for users to connect their protocols using wallets like Anchor or Token Pocket. Denis praised the integration of EOS EVM in the Token Pocket wallet.
Additionally, the site has a comprehensive document center with user guides and detailed explanations about how to claim rewards and monitor smart contracts. Denis encouraged viewers to use these resources to better understand and explore the Yield+ platform.
🔍 Project Requirements
The minimum requirement for a project to be added to Yield+ is about 200,000 EOS. They found two projects, Noah Swap and Neutroswap, that meet this criterion. They can be added to Yield+ once the EOS Virtual Machine (EVM) support is integrated.
🔁 Chain Support
They also pointed out that the Defi Llama website supports different chains, including Ethereum, Polygon, and EOS. To find EOS-related projects, users need to search for EOS in the search bar. Users need to search for EOS EVM under the EOS search for the EVM projects.
🙋 Conclusion
Wrapping up the discussion, Denis and Patrick expressed their anticipation for future EVM integration, which would allow more projects to connect to Yield+. They also hinted at more frequent updates in the future as the EOS ecosystem continues to evolve. They concluded the episode with a traditional countdown and a shared cheer of "Go EOS!"