A note from our founders, <a href="https://twitter.com/KentonPrescott">@kentonprescott</a> &amp; <a href="https://twitter.com/jparklev">@jparklev</a>
<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*Ase9EoKMnvFkR2t4hKKW7Q.png"></figure>It’s hard to believe that another year has come and gone, but what a year it has been for Sense! We made tremendous progress last year building out the foundation for the Sense ecosystem, and we’ve already hit the ground running on an even more ambitious year.
Below, we reflect on 2022 and share a sneak peek at what we’re prioritizing in 2023.
<h3>Reflection on 2022</h3>
The year of launching &amp; learning
Despite the challenges that crypto faced, with the collapse of FTX, TerraLuna, and 3AC, DeFi stood its ground and continued to operate unscathed. Sense was no exception, and this stability allowed us to continue building towards the vision of <a href="https://medium.com/sensefinance/building-for-a-permissionless-future-f59d4709b2a5">permissionless infrastructure for fixed income</a>.
First and foremost, we’re immensely proud of the Sense core team in successfully launching Sense Protocol. Some of us helped launch Maker’s <a href="https://blog.makerdao.com/multi-collateral-dai-is-live/">Multi-Collateral Dai (MCD)</a>, but it was no match against the highly ambitious Sense launch, which included the Core, AMM, and (now deprecated) Fuse borrowing/lending pool. Thankfully, the team’s attention to detail and hunger for excellence filled any gaps in our experience.
After three weeks of last-mile adjustments, private mainnet deployments, and 14 hr+ days, <a href="https://twitter.com/senseprotocol/status/1507010402260901906">we launched the Sense Protocol</a> on March 24th and <a href="https://twitter.com/senseprotocol/status/1515045403711971332">hit our guarded launch cap in 22 days!</a>
What an achievement! Shortly after our joyous hoorays, the team jumped back into post-launch ops, tackling bugs, educating the community, and responding to a wave of questions. It was a thrill, and something not easily replicable (outside of mainnet launches, of course).
With the protocol humming along in production, we began our efforts to scale Sense. Throughout the year, we:
Delivered key infrastructure innovations that enabled:
<ul>
<li>Higher fixed rates ← <a href="https://twitter.com/senseprotocol/status/1526165739866038274">Capital efficient YT swaps</a>
</li>
<li>Rapid onboarding of assets ← <a href="https://twitter.com/senseprotocol/status/1551509619167600640">ERC4626 adapter factory</a>
</li>
<li>Passive Liquidity ← <a href="https://twitter.com/senseprotocol/status/1598369557785284623">Rolling Liquidity Vaults</a>
</li>
</ul>
Partnered with some of the fastest-growing DeFi protocols, such as:
<ul>
<li>Morpho Labs to <a href="https://twitter.com/senseprotocol/status/1569695129384124416">onboard their Morpho-Aave tokens</a>
</li>
<li>FiatDAO to onboard Sense’s PTs for <a href="https://twitter.com/KentonPrescott/status/1588203728645005312">levered fixed rates</a>
</li>
<li>Idle Finance to onboard their <a href="https://twitter.com/senseprotocol/status/1603799562539483142">high-yielding stETH junior tranche</a>,</li>
</ul>
Consistently improved the Portal &amp; launched products, giving users visibility into:
<ul>
<li>Before/after effects of their transaction ← <a href="https://twitter.com/senseprotocol/status/1562081723977981954">Transaction Review</a>
</li>
<li>Yield curves created by Sense ← <a href="https://www.web3yieldcurve.com/">Web3 Yield Curve Dashboard</a>
</li>
<li>Sense Protocol analytics ← <a href="https://dune.com/aby/sense-v1">Sense dune dashboard</a>,</li>
</ul>
Paid out sizable bounties and praised whitehats who reported the:
<ul>
<li><a href="https://medium.com/sensefinance/disclosure-fixing-a-critical-bug-in-the-sense-space-oracle-42a0bed65bc2">Sense Space oracle bug</a></li>
<li><a href="https://discord.com/channels/790088877381517322/862911625349562408/972160700082421760">Post-maturity airdrop dilution bug</a></li>
<li>
<a href="https://medium.com/sensefinance/post-mortem-stale-steth-price-feed-in-a7-c70d648bef89">Stale stETH price feed</a>,</li>
</ul>
And launched numerous community efforts, such as:
<ul>
<li>Contests (<a href="https://twitter.com/senseprotocol/status/1545043707182866433">SenseShift</a>, header design, <a href="https://twitter.com/senseprotocol/status/1492204120194777088">sticker contest</a>)</li>
<li><a href="https://twitter.com/senseprotocol/status/1587095753780039686">Engagement roles</a></li>
</ul>
Moreover, 2022 is when Sense hired its first <a href="https://twitter.com/senseprotocol/status/1521172025892433921">Head of Growth (aka Mister)</a> and first <a href="https://twitter.com/senseprotocol/status/1559914559435165697">Community Manager (aka David)</a>. At 7 full-time contributors, we’re a small team with big ambitions, so their inclusion helped push many releases past the finish line in stride!
<h3>Metrics</h3>
We launched Sense into the bear market, knowing that DeFi usage was dropping across the board. Numerous protocols, stuffed with hopium-inflated token incentives, saw a precipitous drop in TVL and fundamental metrics. Despite that, Sense’s TVL &amp; volume metrics have steadily grown in ETH terms and have yet to reach their inflection points in 2023.
<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*kmPixfABCWITODYmy9YFUA.png"><figcaption>From the Sense Dune Dashboard: <a href="https://dune.com/aby/sense-v1">https://dune.com/aby/sense-v1</a></figcaption></figure>As a project without token incentives, we’re relentlessly focused on building products that users want, not vehicles for free money.
It’s the only path where we can gather feedback on key value mechanisms and <a href="https://twitter.com/KentonPrescott/status/1577317869586591744?s=20&amp;t=4eRtAhKvu4k78FaKEOieHw">iterate toward PMF with high conviction</a>. Hence our strategy is to build products with high stickiness, even at the expense of rapid growth.
<h3>A look into 2023</h3>
The year of scaling and innovating
Looking ahead to 2023, we have a number of exciting initiatives in the works. We’ll continue to innovate in the contract layer and solve hardcore engineering problems for the fixed-income space. However, this year, we’re following a more user-centric design process that’ll help us find &amp; keep PMF, indefinitely.
Below are our priorities:
<ol>
<li>
Go hands off — Sense-v1 was designed to be fully permissionless, guarded only by a simple flag in the Sense Core. With our 4626 Adapter factory and our soon-to-be-launched adapter/series management UI, the DeFi community will have what it needs to fully leverage the utility of on-demand fixed income. More details to follow.</li>
<li>
Product UI/UX redesign — Sense needs to be 10x simpler for casual savers who don’t care about protocol mechanics and 10x more informative for professional yield traders who need the right information in the right presentation to make the best possible trade.</li>
<li>
Handle size — to serve large capital allocators, we’re investing heavily in R&amp;D to improve price execution for markets atop Sense-v1 (cough block trading). Moreover, we’ve already begun work towards our next-generation fixed-rate AMM, which provides a step-function improvement to anything in the market to date.</li>
<li>
Borrowing/Lending — Borrowing/lending of PTs, YTs, and LP shares leads to greater capital efficiency, liquidity, and price discovery in the Sense markets. It’s an essential augmentation to any asset, and it’s a prerequisite to mature capital markets. <a href="https://medium.com/sensefinance/sense-finance-x-rari-capital-5c0e0b6289d4">The Sense Fuse Pool</a> was our first borrowing/lending integration (now deprecated), and the <a href="https://twitter.com/fiatdao/status/1612910724958887941">FiatDAO integration was our second</a>. We’ll continue to iterate towards the vision of seamless borrowing/lending for all Sense assets. More to come soon!</li>
<li>
Establish a Blue Chip Community — We believe that community is a crucial component of any successful DeFi project, and we’ve been fortunate to have a supportive and engaged community throughout 2022. This is the year that the Sense community levels up.</li>
</ol>
To the team, users, and community, thank you again for your hard work and commitment. We can’t wait to see what we’ll accomplish together in the coming year.
<h3>Next up</h3>
As we roll through January, we’re excited to announce <a href="https://twitter.com/senseprotocol/status/1613182028840574976">Yield your thoughts: A DeFi Fixed Income Feedback Initiative</a>. All submissions are appreciated and critical to the development of Sense, so please take a moment to fill out the survey!
Finally, if you’re excited about the vision of permissionless yield curve generation and want to help build it — join us! We’re actively hiring for a full-time <a href="https://jobs.lever.co/sensefinance/7c977563-63c0-4bac-bde8-fc76487727e9">Designer</a> and <a href="https://jobs.lever.co/sensefinance/d4060273-c30d-41ca-9a9a-21be3dc1267c">Smart Contract Engineer</a>, and are always <a href="https://jobs.lever.co/sensefinance">looking for top talent.</a>
Join our community on <a href="https://t.co/6KBRWKZp5C">Discord</a> to get involved, and follow us on <a href="https://twitter.com/senseprotocol">Twitter</a> for updates!
Thank you
Kenton &amp; Josh
<img src="https://medium.com/_/stat?event=post.clientViewed&amp;referrerSource=full_rss&amp;postId=e88c04d5ac6b" width="1" height="1" alt=""><hr>
<a href="https://medium.com/sensefinance/steadfast-and-ambitious-our-2022-recap-and-2023-roadmap-e88c04d5ac6b">Steadfast and Ambitious: Our 2022 Recap and 2023 Roadmap</a> was originally published in <a href="https://medium.com/sensefinance">Sense Finance</a> on Medium, where people are continuing the conversation by highlighting and responding to this story.

Steadfast and Ambitious: Our 2022 Recap and 2023 Roadmap

Fixed rates, boosted returns for LPs, and concentrated $MORPHO rewards now available.
<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*fpn_p-iEScFSd3iMkN1plQ.png"></figure>The previously announced <a href="https://medium.com/sensefinance/morpho-aave-integration-is-live-on-sense-b565db516337">Morpho-Aave protocol integration</a> has been expanded to include $maUSDT and $maUSDC and can be accessed through the <a href="https://app.sense.finance/eth-mainnet/fixed">Sense Portal</a>.
The new series have been launched as <a href="https://docs.sense.finance/docs/rolling-liquidity-vaults/#eli5">Rolling Liquidity Vaults</a>, so you can LP with your USDT and USDC and the liquidity will be automatically managed by the vault for a truly passive experience.
Any $MORPHO rewards are distributed to Sense YT holders, since they’re beneficiaries of both Morpho-Aave yield and token rewards. At the end of each epoch, YT holders will be able to claim the $MORPHO due to them based on the number of YTs they held and the amount of time they held them.
<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*4IciC4O8vDQUJSn74-P4aQ.png"></figure>Provide liquidity in maUSDC or maUSDT : <a href="https://app.sense.finance/eth-mainnet/pool">https://app.sense.finance/eth-mainnet/pool</a>
Get fixed rates on USDC or USDT : <a href="https://app.sense.finance/eth-mainnet/fixed">https://app.sense.finance/eth-mainnet/fixed</a>
<h3>Rapid integration with 4626 vaults</h3>
maTokens are the first ERC4626-compliant yield-bearing vaults supported by Sense. They were onboarded through Sense’s new ERC4626 adapter factory, which can onboard any compliant asset with a single on-chain function call. No longer do integrations require custom adapters and long development lifecycles. Creating fixed-rate markets on Sense is now as easy as instantiating a new AMM pool on Uniswap.
With the help of a soon-to-be-launched UI, any protocol team &amp; DAO will be free to onboard their yield-bearing assets on Sense. If you are interested in enabling fixed rates in your ecosystem, please join our <a href="http://discord.gg/senseprotocol">Discord</a> and reach out to us!
This integration is another step toward the future Sense is building: our vision is to create decentralized, transparent, fair factories for yield curves and other yield primitives on-chain along with fully decentralized markets for yield discovery.
If you’re excited about this vision and want to help build it, join us. <a href="https://www.notion.so/46803aea92234788b8a4621fa3b46ac2">We’re actively hiring</a> and are always on the lookout for top talent. Join our community on <a href="http://discord.gg/senseprotocol">Discord</a> to get involved, and follow us on <a href="https://twitter.com/senseprotocol">Twitter</a> for updates!
<img src="https://medium.com/_/stat?event=post.clientViewed&amp;referrerSource=full_rss&amp;postId=8775e2229b7f" width="1" height="1" alt=""><hr>
<a href="https://medium.com/sensefinance/usdt-and-usdc-added-for-morpho-aave-8775e2229b7f">USDT And USDC Added for Morpho-Aave</a> was originally published in <a href="https://medium.com/sensefinance">Sense Finance</a> on Medium, where people are continuing the conversation by highlighting and responding to this story.

USDT And USDC Added for Morpho-Aave

<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*CDMiMHsntJXShWPt6I6j5A.png"></figure>The integration with Idle Finance is live and can be accessed through the <a href="https://app.sense.finance/eth-mainnet/fixed">Sense Portal</a>.
The first Idle Finance strategy onboarded to Sense is the <a href="https://app.idle.finance/#/stats/tranches/lido/stETH">stETH Junior Tranche</a>, and its first series matures on March 1st, 2023.
Sense users can now earn fixed rates and trade future yield atop high-yielding Idle Finance strategies, and holders of those strategies can earn extra yield by providing their liquidity to Space pools on Sense and earning trading fees.
Idle’s Junior Tranche stETH strategy gets improved yield versus a normal stETH position in exchange for protecting Senior Tranche holders from <a href="https://docs.idle.finance/products/perpetual-yield-tranches/covered-risks#liquid-staking-protocols">validator key management &amp; slashing risk</a>, the same type of risk that stETH holders are exposed to.
If you want your yield to come from ETH staking, but also want it to be higher than you would get from just stETH, this is for you!
<h3>Incentives for early Space LPs</h3>
Finally, we’re excited to announce an incentive program with Idle DAO.
To encourage early liquidity provision, Idle DAO will reward the first 10 LPs who deposit at least $5k in the Space LP market and hold their funds for 30 days.
Successful depositors will receive a 3% APY boost in $IDLE 🎉
First in, first served.
<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*U3XVdhEBaH8v1GlM3G9P0g.png"></figure>Provide liquidity: <a href="https://app.sense.finance/eth-mainnet/pool">https://app.sense.finance/eth-mainnet/pool</a>
Get fixed rates : <a href="https://app.sense.finance/eth-mainnet/fixed">https://app.sense.finance/eth-mainnet/fixed</a>
Trade future yields: <a href="https://app.sense.finance/eth-mainnet/rates">https://app.sense.finance/eth-mainnet/rates</a>
<h3>Rapid integration with 4626 vaults</h3>
The Junior Tranche stETH was onboarded through Sense’s new ERC4626 adapter factory, which can onboard any compliant asset with a single on-chain function call. No longer do integrations require custom adapters and long development lifecycles. Creating fixed-rate markets on Sense is as easy as instantiating a new AMM pool on Uniswap.
With the help of a soon-to-be-launched UI, any protocol team &amp; DAO will be free to onboard their yield-bearing assets on Sense. If you are interested in enabling fixed rates in your ecosystem, please join our discord and reach out to us!
This integration is another step toward the future Sense is building: our vision is to create decentralized, transparent, fair factories for yield curves and other yield primitives on-chain along with fully decentralized markets for yield discovery.
If you’re excited about this vision and want to help build it, join us. <a href="https://www.notion.so/Sense-is-Hiring-46803aea92234788b8a4621fa3b46ac2">We’re actively hiring</a> and are always on the lookout for top talent. Join our community on <a href="https://t.co/6KBRWKZp5C">Discord</a> to get involved, and follow us on <a href="https://twitter.com/senseprotocol">Twitter</a> for updates!
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<a href="https://medium.com/sensefinance/idle-finance-integration-is-live-on-sense-65c1d717b5b0">Idle Finance Integration is Live on Sense</a> was originally published in <a href="https://medium.com/sensefinance">Sense Finance</a> on Medium, where people are continuing the conversation by highlighting and responding to this story.

Idle Finance Integration is Live on Sense

Earn Set-And-Forget Returns as a Passive LP
<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*SQxDMQf34rxS2GKfSqGLGw.png"></figure>You can now provide liquidity in the first ever Rolling Liquidity Vault Space pool in the December 31st wstETH series on Sense Finance!
<h3>What is a Rolling Liquidity Vault (RLV)?</h3>
Because fixed rates have maturities, Space Pool LPs in the past had to remove liquidity from matured pools, and add them to new pools to continue earning trading fees. Now, the Rolling Liquidity Vault (RLV) will automatically create a new series and roll the matured pool’s liquidity into it.
For you, as an LP, that means that your liquidity will be a truly passive investment earning trading fees on your provided asset with no active management until you choose to remove it!
Space Pools already provided an <a href="https://docs.sense.finance/docs/space-pool-performance/#what-drives-space-pool-lp-returns">excellent return profile</a>, but now they also provide an easy user experience to go along with it.
Want to learn more about how RLVs work? Check out our docs: <a href="https://docs.sense.finance/docs/rolling-liquidity-vaults/#eli5">Rolling Liquidity Vaults</a>
<h3>Sense Finance</h3>
We at Sense believe that fixed rates are a critical, missing part of DeFi infrastructure. We also believe that yield stripping is the correct way to approach this, and that it can be built to operate permissionlessly. For that decentralized infrastructure to function on its own, Space Pools have to be designed in a way that makes them attractive for LPs — more attractive than any other fixed rate AMM that has ever been deployed. Part of that is being a truly passive investment!
If you’re excited about this vision and want to help build the future of finance, join us! <a href="https://www.notion.so/46803aea92234788b8a4621fa3b46ac2">We’re actively hiring</a> and are always on the lookout for top talent. Join our community on <a href="https://discord.com/invite/krVGnQgSzG">Discord</a> to get involved, and follow us on <a href="https://twitter.com/senseprotocol">Twitter</a> for updates!
<h3>Further reading:</h3>
To use Sense to LP in Space Pools, buy fixed rates, or speculate on yields: <a href="https://app.sense.finance/eth-mainnet/pool">Sense Portal</a>
To learn more about Sense’s vision: <a href="https://medium.com/sensefinance/why-sense-1c78f21d12b3">Why Sense</a>
To learn more about yield stripping protocols and how they work: <a href="https://docs.sense.finance/docs/core-concepts/#introduction">Sense Core Concepts</a>
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<a href="https://medium.com/sensefinance/rolling-liquidity-vaults-are-live-67dd7475923c">Rolling Liquidity Vaults are Live</a> was originally published in <a href="https://medium.com/sensefinance">Sense Finance</a> on Medium, where people are continuing the conversation by highlighting and responding to this story.

Rolling Liquidity Vaults are Live

<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*lQ4PhPhsNlzBuCz7H2SHrw.png"></figure>On July 2nd, Sense received a smart contract vulnerability disclosure from <a href="https://github.com/shuklaayush">Ayush Shukla</a> regarding one of our old wstETH adapters (#7, or A7). We quickly validated the issue and began working on a fix. Because of the vulnerability’s nature &amp; its latent impact on Sense users, we deployed a fix to production before <a href="https://twitter.com/senseprotocol/status/1554937678885421060">disclosing the bug on Aug 3rd</a>.
Furthermore, <a href="https://twitter.com/senseprotocol/status/1554937678885421060">we airdropped roughly 11 ETH to Sense PT, YT, and LP token holders</a> in proportion to their exposure to the bug, so if the bug was exploited before they migrated funds, they would still retain the value they expected from their positions. In other words, all user funds that even had the potential to be exposed to the old adapter (#7) have already been compensated in full.
All funds are SAFU.
Users can continue to safely earn fixed rates, go long/short future yields, and provide liquidity on Sense Space. This post describes the bug, its impact, and our resolution.
<h3>The bug</h3>
We launched a wstETH adapter without ensuring price feed liveliness. At the time of development and launch, the stETH price was at par (1 stETH/ETH), so it was especially difficult to detect the outdated feed without explicit liveness checks. Not having these checks was our mistake.
By the time we discovered its state, the Sense Protocol already digested stale price information, exposing some users to unexpected risk/return profiles.
While stETH/ETH was less than 1, an actor could have updated Lido’s safe_price_value() price feed, causing an immediate drop in Adapter #7’s <a href="https://docs.sense.finance/docs/smart-contracts/#adapter">scale value</a> to function like a negative interest rate.
As of Nov 23rd, the <a href="https://etherscan.io/address/0xAb55Bf4DfBf469ebfe082b7872557D1F87692Fe6#readProxyContract">stETH price feed</a> is still stale, hovering around 0.999 ETH, so this risk is minimized for outstanding stakeholders of Adapter #7, but let’s dive into its potential impact, assuming stETH was still trading below 1 stETH/ETH:
<h3>Context &amp; Impact</h3>
The wstETH Adapter #7 (A7) is a vanilla yield-stripping adapter with WETH as the underlying. PT holders expect a fixed yield in underlying terms, so the adapter’s scale function considers the stETH exchange rate to give them more wstETH and counteract stETH price risk. The amount of wstETH given to PT holders is capped by the amount in Sense, so a fixed yield in WETH can’t be promised in all market environments. However, this existence of stETH price risk wasn’t advertised to Sense users, hence we performed the airdrop, as described above.
When we discovered the issue, the oracle hadn’t been updated from its ~1 ETH price for over a year. If the price remained stale forever, there would be no problem, and Sense could continue using the feed as is — however, the problem is that the function to sync the feed’s price to the current moment is open and permissionless, so anyone can call it at any time.
Thus, if we didn’t call the function ourselves, there was a risk somebody else would, at a time of their choosing. This would cause an immediate jump down in the scale value, impacting the following users of Adapter #7:
<ul>
<li>YT holders: all holders could collect up to maxscale . Once collected, however, they would no longer be able to collect until the exchange rate is restored or the yield accrued from wstETH was high enough.</li>
<li>PT holders: they would receive more wstETH at maturity (when compared to an stETH underlying adapter), but would receive less value in WETH terms because YT holders collected from a stale price feed when YT holders shouldn’t have been able to collect.</li>
<li>LP holders: the price of PTs goes up because the <a href="https://docs.sense.finance/docs/core-concepts/#sense-space">Space Pool</a> now thinks the value of wstETH has gone down, per the drop in scale.</li>
</ul>
<h3>The fix</h3>
We updated the adapter’s underlying from WETH to stETH by removing the price feed integration, redeploying the wstETH adapter, and onboarding it as <a href="https://etherscan.io/address/0x6fc4843aac4786b4420e954a2271be16f225a482/advanced">Adapter #8</a>. With this change, all users are aware of and exposed to stETH price risk.
Finally, we reached out to the Lido Dev team and received their acknowledgment of the stale price feed before publishing this post mortem.
<h3>Final thoughts</h3>
Security is our highest priority at Sense. The Sense Protocol has undergone various forms of QA, such as unit/integration/manual testing, fuzz testing, and <a href="https://docs.sense.finance/developers/security/#audits">multiple 3rd party audits</a>.
In addition, we employ several internal dev processes (inspired by Nascent’s <a href="https://github.com/nascentxyz/simple-security-toolkit">simple security toolkit</a>) to increase our own confidence in the features we release. To catch post-launch bugs, we will continue to have a public <a href="https://immunefi.com/bounty/sense/">bug bounty on ImmuneFi</a>, and we have plans to Formally Verify future versions of Sense.
We want to thank <a href="https://github.com/shuklaayush">Ayush</a> once again for disclosing this vulnerability and working with us to understand its impact. If you’re a whitehat, check out our <a href="https://immunefi.com/bounty/sense/">ImmuneFi Bug Bounty Program</a> and help secure the Sense Protocol.
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<a href="https://medium.com/sensefinance/post-mortem-stale-steth-price-feed-in-a7-c70d648bef89">Post Mortem: Addressing the stale stETH price feed in A7</a> was originally published in <a href="https://medium.com/sensefinance">Sense Finance</a> on Medium, where people are continuing the conversation by highlighting and responding to this story.

Post Mortem: Addressing the stale stETH price feed in A7

Use FiatDAO to unlock liquidity from your sP-maDAI fixed rate positions.
<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*DUl9Y0SEO9AfqxPBYYWpng.png"></figure>The integration of Sense principal tokens on FiatDAO is now live, meaning users can collateralize principal tokens to mint $FIAT on <a href="https://beta.fiatdao.com/">FiatDAO’s interface</a>. This $FIAT liberates liquidity for fixed-rate holders to amplify their exposure to the fixed rate or add other positions.
The first principal tokens to be onboarded are sP-maDAI tokens from our recently announced <a href="https://medium.com/sensefinance/morpho-aave-integration-is-live-on-sense-b565db516337">Morpho integration.</a> As time goes on, we plan to add additional tokens as collateral on FiatDAO.
To achieve on an amplified fixed rate position, you can use $DAI to buy sP-maDAI on Sense, then deposit that sP-maDAI on FiatDAO to mint $FIAT. To use that $FIAT to amplify your exposure to the fixed rate on sP-maDAI you can sell the $FIAT for $DAI on Balancer and buy more sP-maDAI on Sense (repeat process to desired amplification). Links below:
Get sP-maDAI here: <a href="https://app.sense.finance/eth-mainnet/fixed">https://app.sense.finance/eth-mainnet/fixed</a>
Collateralize it to mint $FIAT here: <a href="https://beta.fiatdao.com/">https://beta.fiatdao.com/</a>
Convert $FIAT to $DAI here: <a href="https://app.balancer.fi/#/ethereum/trade">https://app.balancer.fi/#/ethereum/trade</a>
<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*c5OO-ZUrMAwtKOPnw9izuw.png"></figure>At Sense we believe one of the greatest strengths of DeFi is composability, and the best use of composability is to further empower users by providing tools that augment individual financial freedom. We continue to work tirelessly to add integrations that provide more tools and options for users of Sense Protocol.
This integration is another step toward the future Sense is building: our vision is to create decentralized, transparent, fair factories for yield curves and other yield primitives on-chain along with fully decentralized markets for yield discovery.
If you’re excited about this vision and want to help build it, join us. <a href="https://www.notion.so/Sense-is-Hiring-46803aea92234788b8a4621fa3b46ac2">We’re actively hiring</a> and are always on the lookout for top talent. Join our community on <a href="https://discord.com/invite/krVGnQgSzG">Discord</a> to get involved, and follow us on <a href="https://twitter.com/senseprotocol">Twitter</a> for updates!
<img src="https://medium.com/_/stat?event=post.clientViewed&amp;referrerSource=full_rss&amp;postId=b70ce295f410" width="1" height="1" alt="">

FiatDAO Protocol Integration is Live on Sense

<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*tKvPORT7gyg13vAhJuF-zw.png"></figure>The current state of Web3 communities can feel repetitive, dull, and not very engaging. Members are encouraged to contribute and participate without any real rewards. There is no real value exchange between the project and its community members.
At Sense, we put our community first! We have innovated a unique community structure to encourage engagement, growth, and value for everyone!
Introducing… Sense Engagement Roles! A way for community members to be directly rewarded for their contributions and engagement.
<h3>How Does It Work?</h3>
Engagement Roles are an internal rank system in the <a href="https://t.co/ui5IeR8oXQ">Sense Discord</a> that rewards members for participating directly within the Sense community. Therefore, the more you interact and participate, then the higher up you rank and thus receive the greater benefits. We reward those who contribute and engage the most, and the best part is that everyone can be at the top together!
To kickstart Engagement Roles, we have created 3 ranks (Bronze Senvoy, Silver Senvoy, &amp; Gold Senvoy). Each rank will be sequential, meaning you can only become a Silver Senvoy by achieving Bronze Senvoy first. The higher the rank, the more it requires, and the better the rewards.
Senvoys are the envoys of the Sense protocol, on a mission to spread the good news of Sense with the broader crypto community. They’re highly resourceful, mission-driven, and committed to the future DeFi economy. The existing Senvoys of the Sense community will be grandfathered into the first month as Bronze Senvoys.
<h3>What Do I Get?</h3>
Each rank will have regular monthly giveaways, access to exclusive channels, extra benefits, and so much more. We will roll out the perks for each rank slowly over time and will continue to add more benefits to each rank as the community grows. Our goal is to continue to increase the rewards, giveaways, and prizes so that everyone in the community feels rewarded for their contribution.
Here is a list of the current benefits and prizes for each rank:
<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*AQyXbScyoqeds4XY2rJy9g.png"></figure><h3>How Do I Rank Up?</h3>
Ranks will be automatically given via a Discord server role that is managed by the Sense team. Ranks are given based on engagement in the community, so things like sending messages in the Discord chats, following Sense on Twitter, and inviting your friends to join all count towards ranking up. More engagement = higher rank!
The requirements to rank are subject to change as the community grows. Note that there is no limit on the number of members that can be in each rank, so it is all dependent on the individual’s contribution to the community. Remember that failure to maintain rank requirements will result in de-ranking.
Here is a list of the Ranks and the requirements to earn each rank:
<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*HTB10M3hlxHTjQseDQcsIw.png"></figure><h3>When Does It Start?</h3>
Engagement Roles will be live starting November 1, 2022, and will continue tracking engagement live in real-time. All giveaways will be hosted monthly and include all of the members of the specific rank as of the last day of the month.
<h3>Is There More to Come?</h3>
Yes, yes, and YES!
This is just the first iteration of Engagement Roles. The best part is that this structure allows for changes and customization at scale.
As the community continues to grow, we will be able to add new ranks, adjust existing ranks, add more prizes, features, and benefits. We are already working on rolling out more functionality to Engagement Roles over the coming months and will continue to get feedback from our community to make them as best as possible!
Make sure to join our <a href="https://discord.gg/senseprotocol">Discord</a> and follow us on <a href="https://twitter.com/senseprotocol">Twitter</a> to follow the latest updates to Sense Protocol and community development.
<img src="https://medium.com/_/stat?event=post.clientViewed&amp;referrerSource=full_rss&amp;postId=14f88451b1" width="1" height="1" alt=""><hr>
<a href="https://medium.com/sensefinance/introducing-engagement-roles-14f88451b1">Introducing: Engagement Roles</a> was originally published in <a href="https://medium.com/sensefinance">Sense Finance</a> on Medium, where people are continuing the conversation by highlighting and responding to this story.

Introducing: Engagement Roles

<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*WZrGSDVcMRhOC97ubEXuEw.png"></figure>The integration with Morpho-Aave Protocol is now live and can be accessed through the <a href="https://app.sense.finance/eth-mainnet/fixed">Sense Portal</a>.
The first maToken onboarded to Sense is maDAI, and its first series matures on July 1st, 2023.
Sense users can now earn fixed rates and trade future yields atop high-yielding Morpho-Aave rates, and Morpho lenders can provide liquidity on Sense to earn extra yield from trading fees on the <a href="https://docs.sense.finance/docs/core-concepts/#sense-space">Space AMM</a>.
Any $MORPHO rewards are distributed to Sense YT holders since they’re beneficiaries of both Morpho-Aave yield and token rewards. If Morpho Governance <a href="https://forum.morpho.xyz/t/morpho-whitelisted-transfers-for-sense-integration/151">grants transfer privileges</a> to Sense contracts, YT holders can collect $MORPHO from the Sense rewards distributor at the end of each <a href="https://docs.morpho.xyz/usdmorpho/ages-and-epochs">Morpho Epoch</a>. Otherwise, the Sense Core team will distribute $MORPHO to all eligible YT holders once $MORPHO becomes transferable.
<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*yDCucWLUTS_0DsJ_l9Th8w.png"></figure>Provide liquidity in maDAI : <a href="https://app.sense.finance/eth-mainnet/pool">https://app.sense.finance/eth-mainnet/pool</a>
Get fixed rates on DAI : <a href="https://app.sense.finance/eth-mainnet/fixed">https://app.sense.finance/eth-mainnet/fixed</a>
Trade future yields: <a href="https://app.sense.finance/eth-mainnet/rates">https://app.sense.finance/eth-mainnet/rates</a>
<h3>Rapid integration with 4626 vaults</h3>
maTokens are the first ERC4626-compliant yield-bearing vaults supported by Sense. They were onboarded through Sense’s new ERC4626 adapter factory, which can onboard any compliant asset with a single on-chain function call. No longer do integrations require custom adapters and long development lifecycles.
Creating fixed-rate markets on Sense is now as easy as instantiating a new AMM pool on Uniswap.
With the help of a soon-to-be-launched UI, any protocol team &amp; DAO will be free to onboard their yield-bearing assets on Sense. If you are interested in enabling fixed rates in your ecosystem, please join our discord and reach out to us!
This integration is another step toward the future Sense is building: our vision is to create decentralized, transparent, fair factories for yield curves and other yield primitives on-chain along with fully decentralized markets for yield discovery.
If you’re excited about this vision and want to help build it, join us. <a href="https://www.notion.so/46803aea92234788b8a4621fa3b46ac2">We’re actively hiring</a> and are always on the lookout for top talent. Join our community on <a href="http://discord.gg/senseprotocol">Discord</a> to get involved, and follow us on <a href="https://twitter.com/senseprotocol">Twitter</a> for updates!
<img src="https://medium.com/_/stat?event=post.clientViewed&amp;referrerSource=full_rss&amp;postId=b565db516337" width="1" height="1" alt=""><hr>
<a href="https://medium.com/sensefinance/morpho-aave-integration-is-live-on-sense-b565db516337">Morpho-Aave Integration is Live on Sense</a> was originally published in <a href="https://medium.com/sensefinance">Sense Finance</a> on Medium, where people are continuing the conversation by highlighting and responding to this story.

Morpho-Aave Integration is Live on Sense

Understanding and Optimizing LP Returns on Sense
Analysis and Article by <a href="https://twitter.com/MisterKeegan">@misterkeegan</a>
<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*eGKLJtbWawUZFqCxuRDU9Q.png"></figure>TL;DR: Anyone can earn trading fees by providing a yield-bearing asset to the Sense Space AMM. If you exclude that extra yield from trading fees, the LP share itself can vary up or down a bit in value versus the provided yield-bearing asset, and is still always earning yield. All in all, while it does introduce some additional variability, it is much closer to the ideal LP exposure of just the provided asset + trading fees than alternative AMMs.
<h3>The Big Picture</h3>
The purpose of this article is to give the reader a picture of the return profile of being a liquidity provider in the <a href="https://docs.sense.finance/docs/core-concepts/#sense-space">Sense Space AMM</a>. The Sense Space AMM is a decentralized “automated market maker” from the Sense Protocol– it’s a smart contract that allows <a href="https://app.sense.finance/eth-mainnet/pool">anyone to provide liquidity</a> and earn trading fees from yield traders.
One of the distinguishing features of the Space AMM is that even when no one is trading, all of the capital provided by the LP is earning yield. This is because the Space AMM allows trading between two yield bearing assets. To understand what these assets are, and the return profile described below, we have to quickly discuss the function of the Sense Protocol yield stripping application.
<h3>Sense Protocol Basics</h3>
If you’re already familiar with the Sense Protocol, you can skip this section.
<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/0*v8j1Kfz5dA7vSh8Y.png"></figure>The Sense Protocol can take any yield-bearing token on the Ethereum network and create a fixed-income equivalent of it. It does this through a process called <a href="https://docs.sense.finance/docs/core-concepts/#yield-stripping-application">yield stripping</a>, which we won’t go into in depth here. The end result is that it allows users to break down a “Target Asset” (variable yield token) into two separate assets:
<ol>
<li>A “Principal Token,” or “PT” which is a fixed income equivalent of that asset</li>
<li>A “Yield Token,” or “YT” which is a claim to the variable yield generated by the “target”</li>
</ol>
Any “target” asset has an “underlying” — the asset it earns yield on. As an example, cUSDC (Compound Finance) earns USDC yield on USDC principal, while wstETH (Lido) earns stETH yield on stETH principal. In those cases USDC and stETH, respectively, are the underlying. One underlying worth of target can be used to mint 1 PT and 1 YT — and that 1 PT and 1 YT can always be recombined to get back 1 underlying worth of the variable yielding target asset.
<h3>Return Composition of a Space Pool</h3>
In the Space AMM liquidity pool, LPs provide liquidity in terms of target and PTs: a variable yielding asset and its fixed rate equivalent. This means that the composite returns of a share in a Space AMM liquidity pool looks like this (all of the capital is earning yield at all times):
<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/0*KUdbHR038KG0ue-N"></figure>As a result of this composite yield, as long as the target asset’s yield isn’t negative, and the Space Pool LP keeps the liquidity in the pool until maturity (keeping the variable rate constant in our analysis):
A Space Pool LP (ex trading fees):
<ol>
<li>
Outperforms the underlying asset (e.g. ETH or USDC) in every sample case*
</li>
<li>
Outperforms traditional <a href="https://yield.is/YieldSpace.pdf">Yieldspace AMM</a> LPs (currently used by other yield stripping protocols) in every case
</li>
<li>
Outperforms the target asset (e.g. wstETH or cUSDC) in many cases (expanded on below)</li>
</ol>
*There do actually exist cases in which the LP underperforms underlying, but these cases require extreme market situations. As an example, if the implied rate and target rate both dropped to zero, duration risk can create a loss that the augmented exposure to the variable rate fails to make up by maturity.
Caveat emptor, caveat lector: This document is an analysis of hypothetical cases used to illustrate some of the important dynamics that impact Space Pool LP returns. This is not a comprehensive description of the risks and rewards associated with Space Pool LP shares.
One of the interesting features of becoming a Space Pool LP, though, is you have to first acquire the PTs that you are going to provide into the pool. If you’re starting with some target asset (wstETH or cUSDC), this usually means minting PTs from the Sense Protocol. As outlined above, this means you will end up with some extra YTs that you are not providing to the pool. We’d done <a href="https://medium.com/sensefinance/space-pool-lp-returns-ae1be073b4a5">an analysis</a> on the return dynamics of the Space Pool share by itself, but realistically these YTs are a natural component of a liquidity provider’s position–unless they proactively offload them.
As we’re about to release our <a href="https://medium.com/sensefinance/auto-rolling-liquidity-coming-to-sense-c5b1ff0f9aeb">auto-roller</a>, which automatically rolls matured liquidity into new pools, we had to think deeply about what to do with the YTs. The answer is that the return profile of being an LP is better if you keep the YTs.
A liquidity provider that keeps those extra YTs as a component of his liquidity position achieves the three things above, and also:
A Space Pool LP who keeps their issued YTs (ex trading fees):
<ol>
<li>
Retains upside exposure vs target
</li>
<li>
Significantly reduces risk on the downside vs target
</li>
<li>
Reduces slippage that can otherwise occur during pre-maturity pool exit
</li>
</ol>
To illustrate these points, we repeated the analysis done on the LP shares, and compared it to a composite position of the LP share + the YTs issued when entering the pool.
Below we will go into detail, but to get right into the Space Pools, you can use the Sense Portal <a href="https://app.sense.finance/eth-mainnet/pool">here</a>.
<h3>Keeping YTs Provides a Superior Return Profile</h3>
The following analysis will include the performance of an LP vs target or vs underlying in seven cases. In every case the variable yield of the target will be kept flat at 10%. In each case (case 1–7) the “Implied Rate,” (which is the fixed rate implied by the price action in the Space Pool), will start at 10% and linearly approach a different value in each case. The chart below shows the path of implied rates in each case for the following analysis.
<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/0*hw26rqBWdnKgZuWu"></figure>Bear in mind this whole analysis is ignoring any yield from trading fees. Trading fees strictly add more upside yield, and the purpose of this analysis is to assess how much risk changes in the implied rate can present to the LPs.
The returns of the Space Pool LP who keeps their YTs significantly outperforms underlying (e.g. stETH or USDC) in every case–even without trading fees. This is because all of the liquidity is earning yield over underlying even when not being used for trading.
<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*H_PL93AgWcC38kLifWqdAg.png"></figure>We don’t think that performing vs underlying is the best benchmark, though. The liquidity provider is providing liquidity starting from the target asset, so comparison versus the target asset is a much more important benchmark for a competitive yield.
In most of our sample cases, the Space Pool LP held to maturity outperforms target (with or without YTs). In cases where yields fall it consistently outperforms, and in severe cases of rising yields it can also outperform due to dynamics explained in our <a href="https://medium.com/sensefinance/space-pool-lp-returns-ae1be073b4a5">initial analysis</a>. Also, even in worst-case scenarios where implied rates rise and the LP leaves before series maturity, underperformance vs target is limited. Below, you can see the performance of the Space Pool LP with YTs vs the target asset.
<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*oWA5f3RlinP8ukhnNV-DeA.png"></figure>This provides an interesting contrast to the “Naked” Space Pool LP share of an LP who didn’t keep the YTs (below). This “Naked” LP share exposure has a small amount of additional mid-term upside in falling rates environments that the YT keeper lost, but also takes on significantly more downside risk in the case of early exits.
<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/0*xfoJNprTZ06tbCOw"></figure>We’ll go into more details on the return difference between the above two charts (and explain why it exists), but we would be remiss not to compare this return to the current market standard for other protocols’ AMMs for fixed yield trading: the traditional <a href="https://yield.is/YieldSpace.pdf">YieldSpace AMM</a>. Without trading fees (or significant token incentives) the traditional YieldSpace AMM significantly underperforms the target asset in the majority of cases.
<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/0*wmjjxnXC4Fjun9jc"></figure><h3>Why is it Better with YTs?</h3>
The short answer of “why do YTs improve the return profile of being an LP” is that they hedge “duration risk.” Duration risk is an asset’s price exposure to changes in fixed rates. In the case of PTs, the asset’s price is the fixed rate, in a way. If 1 PT can claim 1 USDC worth of cUSDC 1 year from now, and it costs 0.95 USDC to buy 1 PT– the fixed rate is about 5% (the difference between what you paid for the PT and value it claims at maturity, annualized). If the PT price falls to 0.90 on the same day, the new fixed rate (the “implied rate” from the PT price) is 10%.
This means that PTs have duration risk. The implied rate rises → PT price falls. Since a “Naked” LP holder is holding a chunk of PTs and a chunk of target, that duration risk has a big impact on their returns. YTs hedge that duration risk, because their performance is inversely related to the price performance of PTs. Without getting too far into <a href="https://docs.sense.finance/docs/core-concepts/#pricing-2">the details</a>, a quick way to relate this is to remember the 1 YT + 1 PT can always be redeemed for 1 underlying worth target. If the cUSDC PT is worth 0.95 USDC the YT is definitionally worth 0.05 USDC. If the price of the PT falls by 0.05 USDC, the YT rises by 0.05 USDC. In short:
Implied Rate Down → PT Up → YT Down
Implied Rate Up → PT Down → YT Up
The ideal exposure for an LP is just getting trading fees on top of their provided funds with as little extra volatility introduced as possible. In this case, the YT greatly reduces volatility introduced by duration risk: it carries the opposite duration risk as the PT. This helps the value of the overall LP position more closely resemble just being the target asset, plus trading fees. In severe cases of implied rate price action, it offsets the performance drag of the PT exposure right when you need it the most:
<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*gl7Xs8zeqGyR3-iRK9tGLg.png"></figure>To the degree your number of PTs and number of YTs exactly match up, you would have an identical return to target (+ trading fees). The only reason there is any duration risk or deviation from target in the LP share + YT position is because trading impacts the implied rate through traders changing the ratio of PTs and target in the pool.
You start off with an equal number of PTs and YTs. But, as more traders interact with the pool, the number of PTs you hold changes a bit: if implied rates go up you end up with bit of “excess” PTs as more get dumped into the pool, and if they go down you end up with “excess” YTs as people are net buying PTs out of the pool with target at increasingly high prices. Compared to the duration risk of the unhedged (no YT) LP position, though, the duration risk created by these “excess” tokens is minimal.
(Another side-note here that I wont expound upon because I want to keep this article relatively simple: duration risk goes away as you approach maturity. YT price exposure is replaced by the target accrued through interest collection and the PT duration exposure diminishes as it approaches maturity until it is simply a claim to target at maturity. At maturity, the LP just holds target.)
<h3>The Detailed Impact of Keeping YTs</h3>
Below you can see the difference in returns in more detail. YTs significantly reduce downside in the worst cases (when implied rates rise and the LP leaves before maturity) and do so at very little cost to the greatest upside cases.
<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/0*JhXhOT2YuAZ4MKAA"></figure>This has been indirectly referred to quite often in this analysis, but downside risk is greatly reduced by LPs who hold until maturity. This was also explored more fully in <a href="https://medium.com/sensefinance/space-pool-lp-returns-ae1be073b4a5">our previous analysis</a> on Naked Space Pool LP shares. Below you can see the difference in mid-term exits versus exits at maturity in each of the cases.
<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/0*qOc983MXIKF37Bh7"></figure><h3>Keeping YTs Reduces Exit Slippage</h3>
When a Space Pool LP exits the pool at maturity, they incur no slippage. At maturity (or during what the auto-roller calls the “cooldown period”), the assets in the pool are actually all denominated in target terms.
If an LP leaves in the middle of a series’ term (pre-maturely) they can incur slippage. This slippage is greatly reduced by keeping YTs. With a naked LP share, an LP would exit the pool with a chunk of PTs and a chunk of target. In order to return to target, they have to sell all of those PTs into the pool–which for a large LP can cause a meaningful impact on the price and incur slippage loss.
When an LP who kept their YTs wants to leave a pool prematurely they have a whole bunch of YTs that can be <a href="https://docs.sense.finance/guides/guide-exit-early/">re-combined with the PTs to redeem for target</a> without any slippage. The only slippage they will incur (like the only duration risk they carry) will be caused by an excess of PTs or YTs they hold which cannot be recombined with its counterpart.
<h3>Who Cares?</h3>
We at Sense believe that fixed rates are a critical, missing part of DeFi infrastructure. We also believe that yield stripping is the correct way to approach this, and that it can be built to operate permissionlessly. For that decentralized infrastructure to function on its own, Space Pools had to be designed in a way that makes them attractive for LPs — more attractive than any other fixed rate AMM that has ever been deployed.
If you’re excited about this vision and want to help build the future of finance, join us! <a href="https://sensefinance.notion.site/Sense-is-Hiring-46803aea92234788b8a4621fa3b46ac2">We’re actively hiring</a> and are always on the lookout for top talent. Join our community on <a href="http://discord.gg/senseprotocol">Discord</a> to get involved, and follow us on <a href="https://twitter.com/senseprotocol">Twitter</a> for updates!
<h3>Further reading:</h3>
To use Sense to LP in Space Pools, buy fixed rates, or speculate on yields: <a href="https://app.sense.finance/eth-mainnet/pool">Sense Portal</a>
To learn more about Sense’s vision: <a href="https://medium.com/sensefinance/why-sense-1c78f21d12b3">Why Sense</a>
To learn more about yield stripping protocols and how they work: <a href="https://docs.sense.finance/docs/core-concepts/#introduction">Sense Core Concepts</a>
<h3>Caveats:</h3>
Caveat emptor, caveat lector: This document is an analysis of hypothetical cases used to illustrate some of the important dynamics that impact Space Pool LP returns. This is not a comprehensive description of the risks and rewards associated with Space Pool LP shares.
<h3>Disclaimer</h3>
Disclaimer: This post is for general information purposes only. It does not constitute investment advice or a recommendation or solicitation to buy or sell any investment and should not be used in the evaluation of the merits of making any investment decision. It should not be relied upon for accounting, legal or tax advice or investment recommendations. This post reflects the current opinions of the authors and is not made on behalf of Sense Finance or its affiliates and does not necessarily reflect the opinions of Sense Finance, its affiliates or individuals associated with Sense Finance. The opinions reflected herein are subject to change without being updated.
<img src="https://medium.com/_/stat?event=post.clientViewed&amp;referrerSource=full_rss&amp;postId=61b577d5ffc7" width="1" height="1" alt=""><hr>
<a href="https://medium.com/sensefinance/how-to-make-money-as-a-space-pool-lp-61b577d5ffc7">How To Make Money as a Space Pool LP</a> was originally published in <a href="https://medium.com/sensefinance">Sense Finance</a> on Medium, where people are continuing the conversation by highlighting and responding to this story.

How To Make Money as a Space Pool LP

<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*ZMQkpGSa4NLfkIFo_J_SBA.png"></figure>The integration with Compound Protocol is now live and can be accessed through the <a href="https://app.sense.finance/eth-mainnet/fixed">Sense Portal</a>. The first cTokens onboarded are cDAI and cUSDC.
Currently, there are 1 year fixed rate markets for cDAI and cUSDC available for yield traders, liquidity providers and fixed rate buyers. But, we didn’t just create adapters for cDAI and cUSDC, we created an <a href="https://github.com/sense-finance/sense-v1/blob/dev/pkg/core/src/adapters/implementations/compound/CFactory.sol">Adapter Factory</a>: A contract that allows anyone to create an adapter for any asset on Compound Finance with a single function call.
Go put those stables to work! Or, build on Sense by adding your own adapter!
<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/0*4DpthaD1VVDzlhQM"></figure>This integration is another step toward the future Sense is building: our vision is to create decentralized, transparent, fair factories for yield curves and other yield primitives on-chain along with fully decentralized markets for yield discovery.
If you’re excited about this vision and want to help build it, join us. <a href="https://sensefinance.notion.site/Sense-is-Hiring-46803aea92234788b8a4621fa3b46ac2">We’re actively hiring</a> and are always on the lookout for top talent. Join our community on <a href="http://discord.gg/senseprotocol">Discord</a> to get involved, and follow us on <a href="https://twitter.com/senseprotocol">Twitter</a> for updates!
Provide cDAI or cUSDC as liquidity: <a href="https://app.sense.finance/eth-mainnet/pool">https://app.sense.finance/eth-mainnet/pool</a>
Get fixed rates on your cDAI or cUSDC: <a href="https://app.sense.finance/eth-mainnet/fixed">https://app.sense.finance/eth-mainnet/fixed</a>
Trade cDAI and cUSDC yields: <a href="https://app.sense.finance/eth-mainnet/rates">https://app.sense.finance/eth-mainnet/rates</a>
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<a href="https://medium.com/sensefinance/compound-protocol-integration-is-live-on-sense-1bc4e33262dd">Compound Protocol Integration is Live on Sense</a> was originally published in <a href="https://medium.com/sensefinance">Sense Finance</a> on Medium, where people are continuing the conversation by highlighting and responding to this story.

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Where do the fixed rates come from in Sense?

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Adding .css-1js90yu{display:block;}@media screen and (min-width: 544px){.css-1js90yu{display:none;}}Dimensionto DeFi

Audited By

How Sense Works

Use Cases

Backed By

Meet the team

Advisors

Blog

FAQ

Where do the fixed rates come from in Sense?

Is there a lock up?

Do I lose my yield if I withdraw early?

Am I exposed to Impermanent Loss?

Why are my positions 'Deprecated' on the Sense Portal?

Has Sense been audited?

What are the risks?

Is the Sense Protocol or Sense Finance custodial?

Adding
Dimension
to DeFi