Today in DeFi - Avara Launches Family Wallet, WalletConnect Token $WCT Claim and Stake Announced, DeltaPrime Suffers $4.75M Security Breach, What is Relending? Relend Network - Season,and more..
Launches π
Avara has introduced Family, a non-custodial Ethereum wallet for iOS. Family provides users with asset tracking, dApp connectivity, and in-app messaging, alongside security features like Pocket for wallet setup and biometric authentication. The app allows users to manage tokens, browse collectibles, and bridge assets across supported Layer 2 networks.
Espresso Network is now live on mainnet, offering secure, fast state confirmations across chains, starting with Ethereum. The phased Espresso Mainnet 0 rollout emphasizes stability, partner onboarding, and a transition to PoS next year.
Pendle introduces Boros, a platform for yield trading with margin, allowing efficient trading of funding rates and other yields. Boros aims to expand yield strategies for DeFi and traditional finance, benefiting existing PENDLE and vePENDLE holders.
Pear Protocol's intent-based product offers $ETH fee rebates based on stPEAR balance and monthly volume. New referral codes provide 10% rewards to referrers and discounts to referees. Fees from the Intent engine are now automatically added to the staking pool for stPEAR holders.
Taiko has integrated multiple Zero-Knowledge (ZK) proofs from RiscZero and Succinct Labs into its mainnet. This multi-proof architecture enhances security for the network's daily transactions.
Genesis DIA Staking is Coming Soon!
DIA is gearing up for Lumina's mainnet launch in Q1 2025, bringing staking and slashing mechanisms to enhance the oracle networkβs resilience.
In anticipation, theyβre thrilled to unveil their Genesis $DIA staking program, offering early adopters up to 30% APY, ahead of the mainnet release.
Today in DeFi is supported in part by DIA
Updates π°
Covalent has integrated with Unichain, an OP Stack Layer 2 platform by Uniswap Labs, to provide developers with easy access to Unichainβs onchain data.
This collaboration allows for efficient building of DeFi applications by simplifying data queries, enabling real-time insights, and providing a suite of developer tools.
Today in DeFi is supported by Covalent
Wormhole integrates PayPal USD (PYUSD) for seamless multichain transfers between Ethereum and Solana, enhancing DeFi use without wrapping and supporting multichain applications as PYUSD adoption grows.
Issues π¨
DeltaPrime, a decentralized finance (DeFi) protocol operating on the Avalanche and Arbitrum networks, recently suffered a security breach resulting in an estimated loss of $4.75 million. In response, the protocol has been paused on both chains to contain the risk.
Upcoming β³
Maple announces MPL to SYRUP conversion on November 13, enabling governance and staking access. SYRUP will be available on select DEXs, while MPL phases out as liquidity transitions to SYRUP pairs. Institutional providers like Anchorage and Coinbase Prime will support SYRUP custody.
Fluence, a new L2 on Gelato RaaS, offers a decentralized cloud alternative with 60-80% lower costs, 250ms block times, and $0.005 per transaction, aiming to transform DePIN infrastructure.
mETH Protocol announces upcoming rewards for $COOK holders, allowing them to earn additional $cmETH as part of the protocol's expanded benefits. Further details on eligibility and rewards structure will be provided soon.
Airdrops πͺ
WalletConnect announces WalletConnect Token (WCT) claim and staking launch, set to go live on November 26. Further details on the claim process and staking benefits are expected closer to the launch date.
Polymer Labs launches Polymer Hub Mainnet for real-time Ethereum rollup interoperability. Polymer Hub offers real-time message passing, re-org protection, and IBC primitives, reducing cross-chain latency and utilizing EigenDAβs data bandwidth.
Vest launches $ZK incentive program, running from November 11 to December 9. Vest users can claim up to 250,000 $ZK weekly based on protocol usage, with reward distributions every Monday at 12 PM EST.
Ether.fi announces $ZRC Fairdrop for eEIGEN holders. Holders can claim their tokens here.
Pell Network launches Testnet Campaign, running from Nov 11 to Dec 12, 2024. Participants can earn Core Ignition Sparks and Pell Airdrop Points by completing quests such as social onboarding, claiming testnet tokens, and daily restakes.
Superform Labs announces Season 1 Snapshot on November 21, users can complete their SuperFrens NFT collection for a Season XP boost.
Zircuit partners with RhinoFi for enhanced USDT cross-chain bridging, offering fast and low-cost transfers. Users who bridge and stake on Zircuit L2 can earn Rhino XP, Zircuit Points, and access stacked airdrops. To participate, bridge USDT via RhinoFi, stake on the L2 Liquidity Hub, and enjoy rewards.
Farms π§π»βπΎ
Deposit cbBTC and borrow USDC on Base or Ethereum mainnet to earn your share of $150,000 in incentives through the Merit Program from ACI. These incentives will be distributed over three months. For more details, click here.
Today in DeFi is supported by ACI
For sponsorships or news tips, reach us at: support@todayindefi.com
What is Relending? Relend Network - Season 1 Live
Relend Network has officially introduced its pre-deposit vaults on Morpho, a launch that brings high APYs, MORPHO tokens, and RELEND units to early adopters. The initiative aims to drive engagement with competitive yields and innovative DeFi mechanisms.
Understanding Relending
Relending enables the money multiplier effect, where borrowed assets are re-lent back into the lending system. This process effectively amplifies liquidity by up to 10 times, optimizing asset utilization and enhancing returns for participants.
Relending ELI5
πThere is a village with a Chief, 10 villagers and 1 Village Bank.
π¦The Village Bank holds $1000 in cash.Β
The Chief owns all the houses.
π©βπΎVillager 1 borrows $1000 and buys a house from the Chief, Chief deposits the money back into Village Bank.
π¨βπΎVillager 2 borrows $1000 and buys a house from the Chief, Chief deposits the money back into Village Bank.
Repeat with all 10 villagers.
The Chiefs bank balance now reflects $10 000.
Each of the villagers now owns a houseπ€―.
Village Bank holds fractional reserves of $1000
Village Bank is owed $1000 by 10 villagers, total of $10 000 in credit.
Village Bank holds 10 houses as collateral.
Village Bank AUM: $21 000
πRelend Network brings this to DeFi
Season 1 Pre-deposit Campaign Details
The pre-deposit campaign, dubbed Season 1, runs from October 16 to November 30, 2024. Depositors can choose between several vaults on Ethereum, supporting ETH, USDT, and USDC assets. With multipliers as high as 10x on the Relend USDC Vault, there are opportunities to earn up to 10% APY.
Morpho Partnership
Morpho is a non-custodial platform enabling users to generate yield and borrow assets seamlessly. By collaborating with curators such as Relend Network, Morpho provides tailored yield-earning products managed by DeFi experts.
Pre-deposit VaultsΒ
The Flagship vaults in Relendβs lineup include:
Flagship ETH Vault: 5x multiplier, 11M total value locked (TVL)
Flagship USDT Vault: 5x multiplier, 5M TVL
How to Join the Pre-Deposit Campaign
Users can deposit into the whitelisted vaults during this campaign period and earn lending APY, MORPHO tokens, and RELEND units. An added benefit is available to B.protocol token holders: participants who hold 1,000 or more BPRO tokens receive an additional 2x multiplier on pre-deposit rewards.
Post-Launch Benefits for Early Participants
After the official launch of Relend Network, pre-depositors will have first access to provide the platformβs reserves. The Relend model, with its fractional reserve approach, allows early adopters to benefit from APYs reaching up to 30% due to the relending effect.
Security
With over 23 audits from top security firms, Morpho prioritizes vault security to safeguard assets. Most recent audits are : Spearbit, Cantina Contest, Open Zeppelin
Full details on the security audits are available for users looking for more insights into asset protection.
Resources:
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Disclaimer: Projects or tokens mentioned in this newsletter are often experimental or unaudited. Do your own diligence before using or buying anything mentioned.