Last Week in DeFi - Arbitrum AIP-1 Drama, Euler Funds Recovered, zkEVM Launches, and More...

Recap: Week of Mar. 27th

Product Launches 🚀

• Polygon zkEVM Live
  Polygon launched its zkEVM mainnet beta. It’s an Ethereum scaling solution combining the zk proofs and EVM, supporting faster and cheaper transactions.

  • Quickswap is now live on Polygon zkEVM

  • Uniswap, Balancer, Aave voted to deploy on Polygon zkEVM

  • Hop proposes deployments on Polygon zkEVM.

  • Immutable to launch their gaming-focused zkEVM powered by Polygon.

• ConsenSys zkEVM Linea Live
  Consensys launched its zkEVM Linea with native Metamask integration.

• StarkNet Alpha Mainnet
  StarkNet alpha v0.11.0 went live on mainnet, with Cairo 1.0 contract mainnet deployment to be enabled soon.

  • SithSwap Live on StarkNet
    SithSwap is a stableswap on StarkNet. Users can now trade USDT, USDC, DAI, ETH, and WBTC pairs and/or supply liquidity to earn fees.

  • ZKX Testnet Live
    ZKX is a perpetual futures DEX on StarkNet. The public test offers new features and quests for users to earn early roles for future rewards.

• PancakeSwap V3 Live
  PancakeSwap V3 is now live on Ethereum and the BnB Chain. V3 enables higher capital efficiency, lower slippage, and lower trading fees.

• Yama Live on Arbitrum
  Yama issues YAMA, an omnichain stablecoin, and allows users to swap between YAMA and USDT without slippage or fees.
  Users can lend their USDT to the PSM to earn yield. Borrowers can borrow Yama against deposited collateral.

Project Updates 🚩

• Phantom Supports EVM Apps
  Solana-based wallet Phantom now supports EVM apps on Ethereum, Polygon, and Solana. The Phantom team is working with apps to integrate dedicated “Connect with Phantom” buttons.

• Native USDC on Cosmos
  Cosmos-based L1 Noble is live. In partnership with Circle, Noble is an issuance platform for native USDC in the Cosmos and the IBC ecosystem.

• Balancer Halving
  Balancer has reduced its BAL emissions by ~16%, dropping from 145,000 BAL per week, to 121,930. This reflects an inflation schedule for halving every 4 years, with a gradual decrease at every veBAL anniversary.

• Gem V2 Now OpenSea Pro
  NFT Marketplace aggregator Gem is now rebranded as OpenSea Pro. Early users are eligible to mint the Genesis NFT.

• dHedge Staking V2 Live
  dHedge staking 2.0 is now live on Optimism. Users have to manually bridge their Ethereum or Polygon DHT tokens to Optimism following the migration guide for optimized returns and governance voting power.

• RON Staking Live
  RON Staking is now enabled on the Ronin blockchain, with the staking rewards kicking start on April 12.

• Loopring Staking Live
  Loopring launches staking on L2, allowing users to stake and earn a share of the protocol fees. Staking has a 90-days lock period.

Governance Highlights 📝

• Arbitrum AIP-1 Drama
  The first Arbitrum governance proposal got rejected as the Arbitrum Foundation had already committed to disbursing 750m funds for grants, without providing ARB token holders with an opportunity to make their decision.

  The foundation promised to not move the rest of the 700m ARB funds, posted three docs including a transparent report, AIP-1.1, and AIP-1.2 for feedback, and will launch a further week-long snapshot vote.

• SafeDAO Token Redistribution
  SafeDAO voted to redistribute 50% of unclaimed airdrop tokens to those who had claimed them prior.

• Maker Constitution Approved
  The ratification poll for the Maker Constitution MIP Set has passed. There are 14 MIPs that will further decentralize the DAO and revamp governance rules.

Hacks/Issues 👾

• Euler Funds Recovered
  Euler lost ~$200 million in a flash-loan attack on March 13. The hacker has returned the stolen funds fully after negotiation. The team is now planning a redemption plan for affected users.

• CFTC Sues Binance
  Binance and its founder CZ are sued by the US CFTC for violating trading and derivative rules. CZ later published a response to CFTC’s complaint.

Upcoming ⏳

• RocketPool Atlas
  RocketPool Sets to launch its next upgrade on April 18. The Atlas upgrade will enable improvements in protocol efficiency, operator rewards, rETH capacity, etc.

• Magic Eden Coming to Ethereum
  Solana-based NFT marketplace Magic Eden is launching on Ethereum in April to support native ETH NFTs.

• Notional V3
  Fixed-rate protocol Notional will launch V3 in early June. The upgrade will introduce improvements including higher yields for lenders & LPs, better UX, leveraged rate trading, open-term leveraged vaults, etc.

• Sunsetting Lido on Polkadot and Kusama
  Starting in August, Lido will sunset support on Polkadot and Kusama due to ‘a few key challenges under current implementation that led to unmet financial expectations’.

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