Last Week in DeFi - Coinbase L2, Storj Next, STG Token Migration, and More...

Recap: Week of Feb 20th

Product Launches 🚀

• Coinbase L2: Base
  Coniabse launched the testnet of Base, an Ethereum L2 built with the OP stack. The team does not plan to launch any token but announces the Base Ecosystem Fund to support early-stage projects on Base.

• Syntehtix V3 Deployed
  Synthetix V3 is now on Ethereum and Optimism after audits.
  The current deployment does not have any markets attached to it yet, the primary function is generating a collateralized debt position as a dollar-denominated stablecoin that will be used in integrated markets.

• Timeswap V2 Live on Polygon
  Lending AMM Timeswap launch V2 on Polygon. V2 enables early exit for lenders & LPs, recycling repaid assets for more capital efficiency, and bi-directionality.

• Perennial Live on Arbitrum
  Cash-settled derivatives protocol Perennial launches on Arbitrum. Check our premium guide on how to trade and earn on Perennial.

• Ethereum Shapella Live on Sepolia
  The Sepolia testnet upgraded successfully to replicate the Shanghai hard fork, and the Goerli testnet is expected to receive the upgrade in mid-March.

Project Updates 🚩

• Storj Next and Chainsnap
  Storj launches a new version called Storj Next, with new features and economic incentives. Storj also partners with Ankr to offer node snapshots-as-a-service via the Chainsnap platform.

• Collab.Land Token Launch
  Collab.Land, a Discord/Telegram wallet connection bot protocol, launches its token and enables airdrop claims for verified community members and Membership/Patron NFT holders.

• Coinbase Supports ERUROC
  Coinbase added support for EUROC on Ethereum and enabled trading for EUROC pairs on 22 February 2023.

• Yearn Introduces yETH
  Yearn introduces yETH, a yield-earning index product for staked ETH derivatives.

• Avalanche HyperSDK
  Avalanche introduces HyperSDK, a framework for building customizable virtual machines. It abstracts away runtime complexities and gives devs a fast environment, reducing custom VM development from many months to a few days.

• Uniswap Supports NFT Purchase Using ERC-20
  Users can buy NFTs from the Uniswap marketplace with any ERC-20 token.

• Polygon Cuts 20% of Staff
  Polygon CEO tweets that the team has reduced its size by 20% (equals to ~100 positions).

• Ankr Enterprise Partnerships
  Ankr announces a partnership with Microsoft to provide node hosting services for projects and devs. Ankr also cooperates with Tencent Cloud to release a new Metaverse product.

• OpenSea Zero Fee
  OpenSea now cancels trading fees and moves to a minimum 0.5% creator earnings model with the option for sellers to pay more. OpenSea also hints at a potential airdrop/reward campaign.

• Audius x TikTok
  Web3 music streaming platform Audius integrates TikTok, and Audius users can link their TikTok profiles and use the streaming service’s songs in their videos on the social media platform.

Governance Highlights 📝

• Passed: Index Coop gtcETH
  Index Coop voted to launch gtcETH, an index product of Gitcoin Staked ETH. gtcETH will include a streaming fee of 2.00% with 1.75% to Gitcoin and 0.25% to Index Coop.

• Passed: Cut Ribbonomics Emissions by 50%
  Following the vote to cut RBN emissions, the Ribbon community voted to cut 50% of emissions and unlock 50% of locked RBN with no penalty.

• Passed: dYdX MM Rebate Program
  Proposed by Wintermute, the dydx community voted to introduce a five-tier Market Maker Rebate Program. This proposal aims to reduce the reliance on LP rewards (fixed pool) and incentivize liquidity in a natural way.

• Passed: Frax to Fully Collateralize Its Stablecoin
  Frax governance voted to increase the target collateral ratio of its stablecoin to 100% (currently at 92%). The protocol would prop up reserves by retaining protocol revenue and authorizing up to $3m per month in frxETH purchases.

Hacks/Issues 👾

• MyAlgo Wallet Hack
  The team of MyAlgo, the leading wallet on Algorand, advises all users to withdraw funds from their wallets as the cause of the recent $9.2M hack remains unknown

• Revert Exploit
  AMM liquidity management protocol Revert confirmed that their “v3utils” contract was hacked, and 90% of the funds were stolen from a single account. The team stated that they would compensate each victim and provide a post-mortem soon.

Upcoming ⏳

• STG Token Migration
  Stargate will migrate STG to the new address and airdrop token to STG holders on March 15th. Read the FAQ if you hold STG.

• EOS EVM Testnet
  The CEO of EOS tweets that the team will launch the final testnet for EOS EVM on March 27th, and the mainnet beta on April 14th.

• Polygon SVM
  Rollup provider Eclipse announces Polygon SVM, a Solana-compatible L2 running on Polygon. The testnet will launch by the end of Q1, with the mainnet coming in the summer.

• Multichain zkRouter Testnet
  Multichain initiated the first transaction using zkRouter and will launch the testnet soon. zkRouter is Multichain’s general cross-chain infrastructure that increases security and decreases gas costs for bridging.

• Hong Kong to Unban Retail Crypto Trading
  Hong Kong SFC proposes to relax the ban on crypto trading for retail investors and is inviting industry & experts to weigh in on the new policies until March 31.
  New mandatory licensing provisions announced last year for HK centralized crypto service providers will come into effect on June 1. 

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