Last Week in Defi - Aave DAO Launches v3.2, Optimism Airdrop #5 Live, Deepbook Upcoming on Sui, Sui Network Launches Native $USDC with Circle, and more..
Recap: Week of Oct 7
Launches π
Musubi, the chainless swap venue by Kinto, is live now. Musubi finds the best liquidity across chains, executes swaps, and returns assets to usersβ non-custodial Kinto wallet, helping users to reduced slippage, lower gas fees, access best liquidity regardless of chain, and safe the efforts to understand complex bridging processes.
Covalent's EWM Light Client Testnet is live, offering rewards for securing Ethereumβs historical data. Participants can earn 20-25% APY and gain early access to the mainnet. For more information regarding the EWM Light Client, visit here.Β
Today in DeFi is supported in part by Covalent
Aave DAO has launched the v3.2 upgrade, which introduces "Liquid eModes" and fully deprecates stable borrowing. eMode enables users to maximize borrowing by grouping assets with similar volatility, resulting in increased borrowing power. Liquid eModes provide flexibility by allowing single assets to be included in multiple eModes and offering granular control over collateral and borrowing. The upgrade also removes outdated features to enhance gas efficiency. All changes have undergone audits in five reports by four auditors.
Layer3 has launched on Solana, focusing on creating a hub for next-gen transactions. With over 300,000 monthly users and more than 150 million transactions on EVM, Layer3 is partnering with various Solana protocols to integrate its app and distribution layer. Users can anticipate new leaderboards, rewards, CUBE credentials, and native staking utility with the $L3 token.
Babylon Labs has announced that Cap-2 for Babylon Bitcoin Staking Phase-1 is now live. Users can participate by accessing the dashboard through the provided link to start staking their Bitcoin.
LayerZero has officially launched on peaq, a Layer 1 blockchain centered on Decentralized Physical Infrastructure Networks (DePIN). This integration connects over 45 DePINs on peaq to more than 90 chains, enhancing scalability and compatibility with both EVM and Substrate ecosystems.
Midas has launched its core product suite, offering globally accessible yield through two tokens, $mTBILL and $mBASIS, which provide 24/7 instant settlement, no minimum investment, and DeFi interoperability. Additionally, Midas has made mTBILL and mBASIS tokens available to retail traders, marking a first for a tokenization firm in the EU.
Zest Protocol has launched early access for $BTCz, a liquid-staked Bitcoin that allows users to earn yield on their Layer 1 Bitcoin. Users can hold BTCz in their Stacks wallet to earn rewards, with the staking secured by Stacks for Bitcoin finality and powered by Babylon Labs.
Uniswap has unveiled its own Layer 2 solution, Unichain, aimed at advancing Ethereum's scaling efforts and catering specifically to DeFi users and protocols. Designed for speed, Uniswap promises near-instant transactions with block times of just one second, and sub-block times of 200-250 milliseconds to follow soon. Built on the Superchain framework, Unichain will enable fast, secure cross-chain transactions with native interoperability, and is expected to cut gas fees by 95% compared to Layer 1.
ArtRun, a new platform powered by Zora on Base, has launched. ArtRun allows users to mint and trade "artcoins"βa fusion of memecoins and NFTs. Users can mint RUN tokens on ArtRun for 24 hours, after which the NFTs will be converted into ERC-20 tokens, with liquidity available via Uniswap pools.
Updates π°
Avalon joins forces with BSquared Network, Pell Network, and Lorenzo Protocol for Gold Miner Campaign, a BTCFi event built on BNB Chain. Participants can earn up to 30% staking APY from participating projects and accumulate tickets for a chance to win a share of up to 1 BTCB and 11 BNB. Gold Miner Event kicks off on October 4th and will run for 3 month.
Inverseβs DOLA expands on Base with Pancakeswap. Currently DOLA stands as the second largest stablecoin on Base and the largest decentralized one. The new DOLA-USDC pool on Pancakeswap now offers 128% APY for liquidity providers.
MoonDeng, the memecoin from Solana, is now available on DePerp Perp markets on Base with up to 10x leverage.
Bedrock's Arbitrum Bitcoin Uprising will start today. Liquid restake your Bitcoin on Arbitrum with Bedrock to share 150K ARB reward pool exploring partner DeFi protocols such as Ramses, Pancakeswap, Tea House, Camelot, etc.
WLFI announced an upcoming token sale for WorldLibertyFi, with participation limited to whitelisted users. Interested individuals are encouraged to secure their spot via the link in the bio.
1inch introduced Fusion Plus, enabling users to execute gasless transactions by signing off-chain orders without incurring gas fees in native tokens. Network fees will be fully covered by resolvers, facilitating seamless and cost-free swaps.
PancakeSwap launched the Zap feature for BNB Chain v3 pairs and over 20 selected pairs on Ethereum and Arbitrum. Users can now add v3 liquidity using a single token, with auto-balancing designed to minimize price impact and slippage.
Swell Network updated its Voyage Loyalty Bonus criteria based on community feedback to better acknowledge the contributions of long-term stakers.
Aave Labs proposed two ARFCs to expand the GHO stablecoin to Base and Avalanche, following its current availability on Ethereum and Arbitrum.
Penpie has resumed operations after comprehensive security audits, allowing users to withdraw liquidity from affected pools, continue using unaffected pools, and participate in new pools with enhanced rewards. Users can also lock PNP tokens to increase their voting power in the Penpie Voting Market.
NOTAI launched an AI-powered stablecoin farming feature, enabling users to deposit stablecoins into audited vaults for optimized yield without lockups. Users can also swap assets instantly via Paraswap.
Morpho Labs invited individuals interested in becoming delegates for the Morpho DAO to apply by reading the forum post for eligibility criteria and completing the onboarding form by Friday, October 11, to be featured on the new delegate interface at launch.
Spark updated rates for SparkLend and Spark Savings, increasing the Sky Savings Rate for sUSDS to 6.5%, decreasing the Dai Savings Rate for sDAI to 5.5%, and lowering the DAI Borrowing Rate on SparkLend to 6.5%. Users are advised to consider upgrading sDAI to sUSDS to maximize benefits.
Sui Network has launched its native $USDC, becoming the first Move-based Layer-1 blockchain to partner with Circle. This stablecoin facilitates Web3 transactions, enabling users to make purchases, such as movie tickets and SuiPlay0X1, using on-chain transaction capabilities.
Linea has proposed steps to transition its zkEVM to a permissionless system, highlighting decentralization through a proof-of-stake (PoS) model for block validation.
EigenExplorer has launched a new dashboard intended to improve the restaking experience. This platform allows users to discover and engage with decentralized services while supporting their preferred projects.
Thesis has introduced the BitcoinFi Stack, which aims to improve Bitcoin's usability and integration into everyday financial activities. This suite of tools is designed to expand Bitcoin's role from a store of value to a dynamic financial asset, facilitating its use in both traditional and decentralized finance (DeFi).
World Liberty Financial (WLFI) has submitted a governance proposal to Aave's forum to deploy an Aave V3 instance on Ethereum Mainnet. If approved, this move will support the DeFi expansion of WLFI's forthcoming token. Additionally, WLFI plans to build on Scroll, pending governance approval.
Sky has introduced new rewards for USDS suppliers on Aave, with 50,000 USDS allocated weekly to kickstart incentives, which will later align with the current sUSDS rate of 6.5%. A 3.33 million SPK pre-farming airdrop will also be distributed monthly.
Lista is partnering with Binance to enhance BNBβs utility. Users can now deposit BNB as collateral on Lista to mint clisUSD or borrow lisUSD with opportunities to still mine rewards from Binance Launchpools. Borrowers will also qualify for lisUSD borrowing incentives.
Pendle has added Sky's USDS to its PT/YT market, allowing users to lock in a fixed rate of 8.91% on USDS for March 27, 2025, or maximize exposure to SKY rewards while earning approximately 4% variable interest with YT.
Aevo and Hyperliquid have both listed Scrollβs SCR on their pre-launch markets. Users can trade SCR with perpetuals, offering up to 10x leverage on Aevo and up to 3x leverage on Hyperliquid.
Issues π¨
EigenLayer reported that they have been drained 1.674M EIGEN (worth ~$5.87M). The attacker swapped the stolen EIGEN for USDC. Most of the stolen funds have been transferred to HitBTC, while ~5K USDC was sent to Kraken.
Penpieβs first draft of hack compensation plan is now live on the governance forum and under discussion. The proposal introduces the SAFUPIE insurance mechanism. Penpie will transfer $27 million to SAFUPIE with corresponding 27 million SRT (SAFUPIE Recovery Token) minted and distributed to the affected users. SRT holders can choose to redeem for other assets, hold for participation in SAFUPIE governance and revenue sharing, or bid for assets recovered from hackers in the future.
Symbiotic reported that their X account was compromised by hackers at 6 PM EDT on Friday. The team is working to secure the account and advises users to refrain from clicking on any links. A detailed postmortem will be provided when more information becomes available.
Upcoming β³
Usual announced partnership with LayerZero to bring Usual to L2s. At the moment Usual has $250M TVL and 11K active users on Ethereum. The integration is expected to further expand the utility of USD0 across broader ecosystems.
Babylon stated that Cap-2 will open earlier than planned due to faster-than-expected Bitcoin block mining. It is now estimated to begin at block height 864790 around 8 PM UTC on Tuesday, October 8thβ15 hours ahead of the original schedule.
Solv Protocol has introduced the Staking Abstraction Layer (SAL), a framework designed to simplify Bitcoin staking across multiple chains. In collaboration with partners including BNB Chain, Ceffu, and Chainlink, SAL aims to address the complexities that have previously limited Bitcoin holders from participating in yield-generating activities.
Hashflow has introduced Exchange OS (xOS), a universal ZK settlement layer that integrates RiscZeroβs ZK prover with Celestia's data availability layer. This integration aims to provide provable on-chain settlement for off-chain transactions. By separating asset transfers from order matching, xOS seeks to reduce risks associated with centralized exchanges and facilitate independent verification of operations.
Deepbook V3, along with the DEEP token, will officially launch on Sui on Monday, October 14. As the latest iteration of the Central Limit Orderbook (CLOB), Deepbook V3 builds on the success of its predecessor, which handled over $5 billion in on-chain trading volume, was called by more than 740,000 unique wallets, and generated over 90,000 SUI in on-chain gas fees. Since its testnet deployment on August 28, 2024, Deepbook has undergone extensive testing and audits, attracting 120,000 unique wallets and processing over 1.1 million transactions. DEEP will be available on both centralized and decentralized exchanges on Sui, aiming to incentivize liquidity provision on Deepbook with continuous market support.
Contango is preparing to launch its TANGO token via Fjord Foundryβs Fixed-Price Sale (FPS) mechanism on October 21 at 12:00 UTC. FPS allows for token distribution through a first-come, first-served process with a fixed price throughout the sale. Since its inception less than a year ago, Contango has processed over $3.4 billion in trading volume, with open interest recently hitting an all-time high of $350 million. The platform previously raised $4.5 million in December 2021 at a $45 million valuation, backed by more than 40 investors, including Parafi, Coinbase Ventures, and Spartan.
Airdrops πͺ
WalletConnect reminded users to ensure their wallets are properly registered for the WalletConnect Token (WCT) Season 1 airdrop before the October 18 deadline.
Plena announced the listing of $CBPAY on Coinbar, allowing users to participate in a chance to win $500 worth of CBPAY. Participants can enter by completing tasks, including following Plena and Coinbar, retweeting, and tagging friends. The quest will run from October 7 to October 16.
The Arena, a SocialFi app, confirmed that the $ARENA token will launch next week as scheduled. However, the Arena Uprising campaign will now coincide with the token launch instead of occurring a week earlier due to an ongoing deal. Further updates will be provided through official channels.
Binance announced the addition of Scroll (SCR) to its Launchpool and Pre-Market offerings. Users can lock BNB and FDUSD for SCR airdrops starting on October 9, 2024, at 00:00 UTC. Pre-Market trading for the SCR/USDT pair will begin on October 11, 2024, at 10:00 UTC, with updates regarding the spot listing to be provided later.
Scroll is set to launch its $SCR token, which will have a total supply of 1 billion tokens. The airdrop snapshot is scheduled for October 19, 2024, and the token will be available for claiming starting October 22, 2024. SCR is intended to function as a governance mechanism for the protocol, contributing to the decentralization of its prover and sequencing systems.
Ether.fi announced that restaking rewards are expected to start on October 15, allowing users holding weETH or eETH to earn rewards related to staking, restaking, and Season 4. Rewards will be distributed weekly in the form of LRTΒ² tokens, which will represent a share of the restaking reward pool, including $EIGEN and AVS tokens.
mETH Protocol announced that Season 1: Methamorphosis has concluded and expressed gratitude to the community for their involvement. The protocol is now preparing for the upcoming launches of $cmETH, its liquid restaking token, and $COOK, its governance token.
Optimism Airdrop #5 is now live, distributing over 10 million OP tokens to more than 54,000 unique addresses. Approximately 550 million OP tokens remain for future airdrops.
Swell has launched its airdrop checker, allowing users to verify their allocation and learn how to restake for rSWELL, which will help secure Swell's Layer 2 while offering additional rewards.
Matchainβs LOL airdrop is also live, enabling users who completed tasks in the mini-app to claim their rewards.
Story Protocol has unveiled its new mascot, Ippy, alongside new tasks that will contribute to future airdrop allocations. Story Protocol, backed by $140 million in funding from a16z, Polychain Capital, and SamsungNext, is designed to create, manage, and license intellectual property on the blockchain. Users can now create their Ippy and Neighbors on the Story testnet to trade with others.
Farms π§π»βπΎ
Stake your GHO to earn ~16% APR from AAVE and Merit Program
Today in DeFi is supported in part by ACI
Beethovenβs wstETH/wrsETH now offers 18% APY. You can now earn OP reward from Optimism, LST yields, and LRT yields on top of LP fees.
Today in DeFi Premium includes early looks at promising projects, yield farming tips, and research to help you get the most out of DeFi.
For example, last week we published the following features for our Premium Subscribers:
Earn Points on Promising New Ethereum Rollup
Farm Triple Airdrops on BTC
Leverage farming stETH with rewards
Lending USDC for ~25%APY
and moreβ¦
Enjoy our free premium preview this week:
Get a subscription with a credit card below, or pay in crypto for 2 months off a yearly subscription or $20 off a quarterly subscription.
Keep reading with a 7-day free trial
Subscribe to Today in DeFi to keep reading this post and get 7 days of free access to the full post archives.