Last Week in DeFi - DODO Chain Testnet Live, Tether USDt on TON, Renzo Backlash and Tokenomics Update, Solv and Merlin L2 Launched Incentive Program, and more....
Recap: Week of April 22nd
Launches ๐
Ankr, a web3 infrastructure platform, has launched the public testnet for its AI-focused L1 blockchain Neura. Ankrโs ANKR token will act as Neuraโs native token, and the team will incorporate a rewards system for ANKR holders with special benefits granted when the Mainnet is released later in the year.
DODOchain testnet is live. Built by the team of DODO DEX, DODOchain is an omnichain trading layer 3 aiming to connect liquidity across L2s and is powered by Arbitrum Orbit, EigenLayer, and AltLayer.
Curvance, an omnichain money market for yield-bearing assets, launched a private testnet for whitelisted addresses. The testnet period will last six weeks, allowing eligible users to complete tasks and earn Bytes as part of Curvanceโs Community Incentive Program.
TreasureDAO launched Ruby Testnet, Treasure Portal, โShardsโ point system, and major partnerships with EigenLayer, LayerZero, Caldera, and thirdweb.
Updates ๐ฐ
Tether partnered with Ton Foundation, issuing 60M of USDt on the TON blockchain. The Ton Foundation is allocating 11M TON in incentives, with 5M for boosting USDt/TON LPing across Ton DEXs and 5M for Ton Walletโs USDt earn campaign.
LayerZero has created a framework for liquid restaking protocols to add native minting on L2s easily. Ether.fi has adopted the framework, enabling weETH restaking on Base and Mode, and more L2s soon.
Stryke (formerly Dopex) launched a revamped interface for options trading.
Stacks, a Bitcoin L2 solution, began rolling out its Nakamoto upgrade shortly after Bitcoin halved. The Nakamoto upgrade will speed up Stacks block processing, increase transaction throughput, and unlock Bitcoin's finality for L2 transactions. The rollout is a 2-step process that will continue over the next month and end sometime in late May.
Magic Eden, an NFT marketplace, launched a new platform for Bitcoin Runes.ย The beta platform allows users to swap for BTC and buy Runes and Ordinals with their Magic Eden wallet.
Parallel Network, an omnichain L2 powered by Arbitrum Nitro, launched the alpha version of its cross-chain bridge. The bridge supports over 24 assets across Ethereum, Arbitrum, and Manta. The Parallel team plans to launch the beta version and its Early Access Airdrop Event next month.
Jupiter Exchange, a Solana-based DEX aggregator, acquired a self-custody wallet firm Ultimate Wallet. The acquisition is part of the Jupiter Mobile Initiative, in which Jupiter Mobile beta will launch in May.
Idle DAO introduced the RWA $USDT Best Yield Vault on Optimism. This is a fixed allocation vault to offer simplified and diversified access to institutional RWA credit lending. Early LPs earn OP rewards and pay zero performance fees.
Renzoโs tokenomics debut led to community backlash and the ezETH sell-off.
In response, Renzoโs team adjusted the initial tokenomics by increasing the community allocation by 2% and pulling forward the timing for community members to claim tokens ahead of Binance Launchpool participants.Avail, a modular scaling solution built by ex-Polygon co-founder, announced that Arbitrum, Optimism, Polygon, StarkWare, and zkSync, can now utilize its DA layer. The integration helps developers to build more scalable, cost-efficient, and composable chains.
Issues ๐จ
A depeg on Renzoโs ezETH was reported by both RedStone and Chainlink oracles. Leverage loopers on lending protocols such as Gearbox and Morpho Blue were liquidated when ezETH dropped over 15% (~$2700/ETH).
Magpie, a cross-chain defi protocol, experienced an exploit and lost 129K from 221 wallets. A vulnerability was identified in the MagpieRouterV2 contract. According to the team, changes have been implemented to restrict further exploitation and a post-mortem will be published soon.
Upcoming โณ
MyShell is an L2 focusing on AI consumer adoption, powered by EigenLayer and Optimism OP Stack. MyShell L2 testnet will be deployed by AltLayer.
Celo cLabs, the core developer of the Celo chain, proposed migrating the Celo L1 to an L2 using the OP Stack. The firm plans the deployment of a testnet for the Celo L2 in the summer of 2024.
The Unibot team announced the launch of the referral system, token buybacks, and a new rewards system. The team is allocating a large amount of ETH for the token buyback, and each time when the balance reaches 0.5ETH, a 2% Unibot token tax will be automatically allocated to the buyback.
BOB, a hybrid L2 connecting Bitcoin security with EVM liquidity, postpones its mainnet launch to May 1st. Coinbase Ventures is back BOB and is currently on testnet.
Stargate DAO proposed V2. V2 will introduce transaction batching and dynamic credit allocation (managed by the AI โโPlanning Module), aiming to improve cross-chain efficiency and reduce cross-chain costs. The vote will end on April 28.
The DODO team proposed migrating 200M DODO to the DODOchain and redirecting future protocol revenues to the Treasury. The vote has already ended on April 27.
Origin Protocol proposed an improved tokenomics to OGN post-merger with OGV. The proposal introduces OGN buybacks, a 1-year max lock for staking, an early exit option for stakers, and the ability for users to add stakes. The vote will end on May 3rd.
Nexus Mutual proposed launching the Nexus Mutual Community Staking Pool, where 57,607 NXM can be staked and used to open Protocol Cover and Bundled Protocol Cover capacity. The proposal is open for review and comment and will transition into a vote on May 1st.
Airdrops ๐ช
Lyra launched LDX airdrop farming. LDX is the new utility token for the Lyra Derivatives Network. Users can hold LYRA to farm LDX, or trade perps and options to earn LDX. LDX airdrop and LYRA token migration will happen in Q3.
Renzo launched its REZ token with tokenomics released. Renzo ezPoints Season 1 will conclude on April 26th, and Season 1 eligible wallets will receive a 10% additional boost for Season 2.
Safe introduced Safe{Pass}, an activity program that allows users to earn points for their Safe Smart Account activities. Users can also lock SAFE to boost points.
Solv and Merlin L2 launched an incentive program to boost yields for Bitcoin holders on the Merlin Chain. 400M Solv Points and 2M $MERL tokens will be distributed and shared by solvBTC stakers on Merlin Chain.
Dolomite launched Dolomite Minerals, a reward program that allows users to deposit ETH and USDC to earn minerals. Once the user's balance is maintained, an additional 0.5x multiplier on mineral earnings will stack weekly.
Swell L2 now supports Ethena USDe. Users can deposit USDe in the Pre-Launch to earn Sats, Swell season 2 airdrop, airdrops from projects on Swell L2, and a share of 1M EigenLayer points.
Immutable launched "The Main Quest", a 50M gaming rewards program to incentivize users to explore quests, play games, and own collectibles. Higher-profile gaming projects such as Illuvium, MetalCore, etc. will be included in the program's first phase. Immutable Passport users can start acquiring gems today.
Farms ๐ง๐ปโ๐พ
Provide liquidity for hyUSD-eUSD RTokens powered by Reserve Protocol to earn ~32% APY. Reserve Protocolโs hyUSD and eUSD are fully asset-backed stablecoins that allow you to hedge volatile market conditions and provide an easy way to put USD to work in DeFi.
Today in DeFi is supported by Reserve Protocol
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 >150% APR with Stablecoin Liquidity
Restake ETH to earn 4 different incentives
>50% APR on Stables
and moreโฆ
If you havenโt, subscribe today with a Credit Card or Crypto (get discounts on quarterly or yearly subscriptions).
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.