Last Week in DeFi - Eclipse Mainnet, Aevo Buyback, Convergence Exploited, and more....

Recap: Week of July 29th

Launches 🚀

• Eclipse, the first SVM Layer2 network, has launched its mainnet for developers on Celestia. Eclipse is a Solana Virtual Machine that combines Solana’s speed with Ethereum’s liquidity.

• Elixir, a modular blockchain project focused on providing liquidity for decentralized orderbook exchanges, has rolled out its synthetic dollar ‘deUSD’ to challenge Ethena’s USDe.

• Movement, an Etherem L2 network, launches its public testnet with the MOVEDROP program. Users can get involved with the testnet and start completing quests.

• Echelon, the first lending protocol on Movement L2, is live on the testnet. Users can claim test tokens from the faucet and start testing on Echelon.

• Lava Network, a Cosmos appchain for blockchain RPC, launches its mainnet. Lava lets chains quickly attract, aggregate, and coordinate RPC providers by creating incentive pools.

• Router Chain, a PoS L1, launches its mainnet. Router Chain allows stateful bridging so that omnichain dApps can abstract chains from the users and aggregate liquidity across multiple chains.

• AltLayer introduced the first NearDA public testnet in partnership with Nuffle Labs and built it on the OP stack.

• dumpy.fun beta version is live, allowing users with a beta password to short on Solana meme coins. dumpy is powered by Solend (Save) and Jupmer Exchange.

• Abstract Testnet, is now live. Abstract Chain is powered by the ZK Stack and operates as an L2 on top of Ethereum Sepolia.

• Satoshi Protocol, the issuer of the $SAT stablecoin, launches on BOB Mainnet. Users can mint $SAT using wBTC, tBTC, or wETH on BOB.

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Updates 📰

• Fantom rebranded to Sonic Labs before the release of Sonic, a Layer 1 EVM chain with a secure gateway to Ethereum.

• Solayer, a liquid restaking network on Solana, now supports hubSOL. hubSOL is Solanahub’s next-gen LST which can now be restaked for sHUBSOL.

• Base L2 Basenames are now in early access. Users can claim one Basename powered by ENS per wallet for early access.

• Aevo has started the buyback process for the AEVO token, committing at least 1M AEVO to buybacks every month, from July to December.

• Oku Trade has integrated Uniswap V3 on Polygon zkEVM, with $250k incentives available. LPs can earn incentives by deploying position on Oku in one of the incentivized pools Claiming UNI on Merkl.

• Circle launches EURC, a MiCA-compliant euro stablecoin, on Base L2. Partners support EURC on Base include AerodromeFi, Coinbase, CoinbaseWallet, and Uniswap.

• Ondo’s yield-bearing stablecoin USDY is now live on Aptos. USDY is the first tokenized US Treasuries asset on Aptos, and leverage it across various DeFi applications.

• Swell has enabled rswETH withdrawals. Users can now unstake rswETH at the primary market rate through the Swell app.

• Aave has approved and executed the proposal to decrease stablecoin Interest Rate parameters across all Aave deployments.

• DeFi Saver now supports Aave V3 Lido instance, a new Aave market collaboration with Lido to provide the best conditions for using wstETH with ETH as the only borrow asset at launch.

• Polynomial L2 has integrated with Ethena, pairing the yield from providing liquidity on apps with Ethena's funding rate yield to enhance the Polynomial Chains Liquidity Layer.

• Maverick V2 is live on Scroll L2, allowing users to collect Scroll Marks with Maverick’s customizable liquidity solutions and higher capital efficiency.

• The SEC has amended its complaint against Binance regarding third-party crypto asset securities, and no longer seeks to prove tokens like Solana are securities.

• pStake launches Bitcoin Liquid Staking v1 on the Babylon Chain, with a total deposit cap of 50 Bitcoin. Users can deposit $BTC to earn boosted pSats and participate in the upcoming SatDrop Campaign for additional rewards.

• Aave DAO launches a V3 pool designed specifically for Lido stETH and wstETH, The new Lido pool makes the first custom deployment on Aave V3.

• Gnosis DAO announces the establishment of its Gnosis AI department, intending to enhance the accuracy of Gnosis trading agents to realize the "truth teller" vision.

• Base L2 introduces the Onchain Content Network. By participating in the Onchain Content Network, builders can have their project's information included in the Onchain Registry, a decentralized database of onchain projects.

• Jupiter introduces Jupiter Spot, allowing users to integrate products into a seamless user interface, enabling them to swap or set DCA/VA or limit orders.

• GMX has approved changing its revenue distribution model from“Buyback ETH and Distribute ETH” to “Buyback GMX and Distribute GMX.”

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Issues 🚨

• Convergence, a Curve-based yield-enhancing protocol, was exploited Thursday, sending its token’s price to near zero. The exploiter created 58M of the CVG token, swapped it for approximately $210,000 worth of wrapped ETH and crvFRAX, and forwarded it to Tornado Cash. Users are recommended to withdraw their assets staked on the platform.

• Terra Chain experienced a security breach that resulted in a loss of over $5 million in assets, including ASTRO, USDC, USDT, and BTC, due to a re-entrancy vulnerability in the timeout callback of IBC-hooks. Terra halted the chain and later resumed block production with the emergency chain upgrade completed.

• ZKX Protocol, a derivative protocol StarkNet L2, has decided to cease operations, citing economic challenges as the primary reason

• Compound experienced a governance attack that led to a decline in its token price. The 'Golden Boys' have finally succeeded in passing a proposal to allocate $24 million in COMP tokens to their yield-bearing protocol, goldCOMP, after three failed attempts.
  The community is now rallying behind Proposal 290, which aims to impose stricter controls on governance actions, potentially curbing future attacks.

• The people (Golden Buys) behind the Compound governance attack later agreed to rescind the controversial proposal (289, canceled) in place of a new one.

  The new proposal (291, in review) is for a new staking product that addresses the interests of the Golden Boys without jeopardizing Compound DAO governance. Proposal 291 recommends distributing 30% of both existing and upcoming market reserves to COMP stakers based on the amount they stake.

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Upcoming ⏳

• Jupiter’s Supply Reduction Proposal is live for voting. The proposal proposed a 30% reduction in total supply, from 10B to 7B, including the team voluntarily cutting 30% from their assigned allocation.

• Merchant Moe introduces a MOE Tokenomics v1.5. The tokenomics revamp includes $MOE emissions reduction, optimizing emissions with select V1 Farm closures, increasing protocol fees on key revenue-generating LPs, and $MOE buybacks to replace $mETH buybacks.

• Treasure DAO proposes reallocating Bridgeworld emissions to support Treasure mainnet staking through EigenLayer and EigenDA, with a brief description of plans for Bridgeworld v2.

• Jupiter co-founder announces several key events for Jupiter coming this week, including a proposal to reduce the token supply on Wednesday.

• Drift Protocol plans to launch Prediction Markets on Solana.

• Ore, Solana’s blockchain mining project, releases notes for the V2 upgrade. Ore V2 will introduce a staking mechanism to structurally advantage miners who hold the token.

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Airdrops 🪂

• Pencils is launching SOUL Drops, an NFT initiative in the Scroll ecosystem. Holders of SOUL Drops NFTs will be able to earn a range of benefits, including tokens and Pencils Points.

• Infinex announces an expanded Ethena Sats integration. From Tuesday, 6 August, in addition to earning native yield, USDe deposits will also earn 20x Sats per USDe each day. Sats will also be displayed in your Infinex wallet shortly.

• Zeta Chain introduces Fuel, a dynamic rewards system that gives active XP users instant access to ZETA drips. In this pilot launch of Fuel, up to 1,000 ZETA will be added to the tank per refill and users can start claiming Fuel.

• Layer 3’s token airdrop claim and staking is live.

• Stride stTIA airdrop claim is live. From February - June, anyone who held stTIA received a daily allocation of a total of 5M STRD. This allocation becomes claimable 180 days after allocation.

• Kwenta approved the Kwenta Points Program. Kwenta trades on all networks now earn EXP, dated back to May 23rd at 00:00 UTC. Traders will see their accumulated EXP when the program launches.

• Ether.fi introduces Perks Passport. Users can get up to 5x points boost on their Season 3 points by completing a variety of Passport Activities.

• Swell airdrop snapshot will be taken on Tuesday, 30th July 2024. Following the snapshot, Swell will finalize details of the TGE including anti-sybil measures and Loyalty Boost calculations.

• Jupiter JUP claim will be closing on the 31st, 03:00 PM UTC.

• Farcaster users who joined before July 10th, 2024 are eligible to claim the MOXIE airdrop.

• PancakeSwap is airdropping 2.4 million ZK tokens to veCAKE holders, Past Liquidity Providers, Active traders, and ZKsync Prediction participants.

• Liquidswap, an Aptos-based DEX from Pontem Network, will launch the LSD airdrop claim on July 30 at 8:00 UTC. The 1st airdrop is 5% of the total supply.

• Renzo’s Season 2 snapshot was taken on the 26th of July. It is recommended that users avoid moving their balances until the team finishes a data analysis.

• Zora, an L2 to bring Media on-chain. introduces Spark, a new measurement that represents 0.000001 ETH. Zora will be transitioning its mobile experience to Sparks native.

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Farms 🧑🏻‍🌾

• Stake your GHO to earn ~33.68% APR from AAVE and Merit Program

  • Today in DeFi is supported in part by ACI

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