Last Week in DeFi - Eddy Finance Live on Mode, Osmosis Launching Bitcoin L2, Aave Cross-Chain Strategy, KelpDAO Mega Million Marathon, and more....
Recap: Week of May 6th
Launches π
Friend.tech, launched V2 and its native token. FRIEND token airdrop went live on May 3rd, and the website enabled token swap and liquidity provision.
Eddy Finance, a DEX aggregator on Mode L2, is live. Eddy enables token swaps for USDT, USDC, ETH, WBTC, and WETH. Eddy users can earn 2x Eddy Points, Mode Points, and exclusive Eddy NFT boosters.
Perpetual Protocol launched Nekodex, a mobile perp trading DEX powered by Perp V3. Nekodex supports wallet-free login, CEX-like trading experience on mobile, zero gas fee, and 50 perp markets. Nekodex uses Nekocoin as the only collateral required for trading. Users can earn Nekicoins by inviting new users.
Solana AI layer gm.ai began rollout, allowing beta users to access AI apps and accepting applications for gmINFRA Dev Whitelist Access.
Puffer Finance, a liquid restaking protocol built on top of EigenLayer, launched its mainnet. Puffer is also launching chapter 4 of its quest campaign with a revamped points system.
FairyCoW Swap, a dex that provides encrypted order protection on CoW Swap, is live on Sepolia. FairyCow allows traders to encrypt orders before broadcasting them to solvers & MEV searchers.
Sovryn, a Bitcoin trading & lending platform, launched DEX 2.0 on BOB. Sovryn DEX 2.0 now supports swaps, AMM LPs, and SOV staking.
Updates π°
Reserve Protocol introduced KNOX Dollar, an RWA-backed, yield-bearing stablecoin that generates 10% APY for $KNOX holders. Users can now mint KNOX on Arbitrum.
Gearbox launched Friendly Leverage, introducing lower rates, partial liquidations, and fundamental oracles to reduce the liquidation risks caused by thin LRT liquidity.
IndexCoop users can earn rewards (500 ARB per day) by bridging and holding DPI and/or MVI on Arbitrum. Users must use the Chainlink Transporter app to bridge DPI/MVI to receive rewards. In the future, ARB rewards may also be earned by providing liquidity on Arbitrum.
MetaMask launched Smart Transactions, a new feature that increases transaction success rates by predicting gas costs more accurately. MetaMask users can enable this feature to prevent themselves from MEV and failed transactions.
DODOchain launched Phase 1 of its L3 mainnet, DODOchain MACH AVS. DODOchain MACH offers faster transactions for enhanced trading efficiency.
Ethernity, an NFT marketplace, has transitioned into an Ethereum L2. Ethernity Chain features AI-enhanced security & DRM, easy integration, reduced gas fees, and EVM compatibility, all powered by the ERN token.
1inch Fusion 2.0 is live with an enhanced Dutch auction system and an adjusted market-based price curve. Compared to Fusion 1.0, 2.0 offers up to 35% cheaper order settlements and 75% faster execution.
Upcoming β³
MakerDAO introduced NewStable(NST) and NewGovToken(NGT). NST will be the upgraded version of DAI, and NGT will replace MKR with a denomination of 24,000 NGT per MKR.
Velodrome, an OP-based DEX, will begin the rollout of Superchain Beta in the next few weeks, starting with the first deployment on Mode L2. The Beta will enable features such as self-contained gauges and AMMs, the ability for layers and protocols to incentivize LPs on their native chains, trading fee redistribution to LPs, etc.
Osmosis, a Cosmos-based DeFi hub, is launching a Bitcoin layer 2. Osmosis is set to roll out βAlloyed Bitcoinβ, a product consisting of a basket of variants of BTC from throughout the ecosystem.
Puffer Finance, a liquid staking protocol built on EigenLayer, launched its mainnet on May 9. Users can still provide liquidity to earn Puffer points + EigenLayer points alongside LP yields.
Overload Labs introduced Overload, a restaking platform for ERC-20 tokens without slashing. Overload will launch on Base with a points system that rewards users based on contributions.
Solv announced a partnership with Babylon to integrate Bitcoin staking rewards into SolvBTC. SolvBTC users can earn staking rewards while securing PoS chains, rollups, and AVSs through Babylon.
Lyra is launching a new product that tokenizes derivatives yield on EigenLayer. The product will package yield-bearing derivative trades into an ERC-20. Starting with support for Swell and Etherfi, Lyra will enable stakers to earn 10-50% APY on their LRTs (rswETH, eETH) using tokenized basis trade and covered call strategies.
Axelar built Interchain Amplifier, a toolkit that makes new-chain integrations permissionless and easy. Early integration partners such as Stacks, Moonriver, Hedera Network, and Iron Fish showcased connectivity across major networks including Bitcoin, Ethereum, EVM chains, IBC, Hedera, and 64 more.
CapybaraDEX is introduced as a new member of the Wombat ecosystem. CapybaraDEX will launch on Kaia Chain with products including a dex, launchpad, earn, airdrop, and a gamified points system.
Former Aevo team member chudnov introduced 3Jane, a derivatives protocol built on restaking. 3Jane will enable users to wrap natively restaked ETH & LSTs on 3Jane and earn options premiums yield on top of staking + restaking yield, enhancing overall ETH APY.
Jumper Exchange, a multichain bridge aggregator built by Li.fi, is launching Bridge to Earn mode soon.
Silent Protocol, a blockchain privacy project, introduced Ghost Layer. Ghost Layer will be a modular L1.5 addition to Ethereum, implementing 0VM technology to provide compliant privacy enhancements to public blockchains.
Blueberry TGE is coming and the tokens are released using a lockdrop. Starting next week, $bdBLB holders can initiate vesting in the Blueberry UI. At TGE, bdBLB can be used to redeem $BLB.
Asymmetry Finance, a structure products protocol, will launch afCVX on May 14th. afCVX is a new CVX wrapper that enables a 40% yield on CVX, instant liquidity, and bonus Gems (points).
MarginalDEX is a perp DEX that will enable users to long or short any long-tail asset, such as memes and new tokens, by supporting permissionless listings with deterministic payouts. Users can now join the waitlist.
Three Sigma introduced zkAuth, an identity management protocol that will allow users to authenticate blockchain transactions using common identity providers, such as Google or Facebook, without managing private keys.
Aave proposed a cross-chain strategy for the GHO stablecoin, beginning with the initial expansion to the Arbitrum network. This expansion will utilize Chainlinkβs Cross-Chain Interoperability Protocol (CCIP).
Umbra, a private payments protocol on Ethereum, unveils details about its V2. Umbra V2 will enable improvements on top of stealth addresses by third-party devs, including Interoperability, Modularity, and Flexibility.
Hermetica, a Bitcoin synthetic dollar protocol on Runes and Stacks, introduced USDh. USDh will be the first yield-bearing Bitcoin synthetic dollar that earns a 25% APY and is native to Bitcoin L1 & L2.
Former Aragon co-founder introduced Tuyo, a non-custodial wallet that βcombines the convenience of CEXs with user freedom without tradeoffsβ. Tuyo will be open for everyone in Fall 2024, and users can now join the waitlist.
Arrakis, a market-making protocol running strategies on Uniswap V3, introduced HOT. HOT is a new AMM that will be integrated into Arrakis, enabling better outcomes for LPs and token issuers through an intent-centric approach to on-chain liquidity.
Rysk, an options trading protocol, introduced V2. Rysk V2 will bring 100x, a low latency Central Limit Order Book (CLOB) DEX to trade derivatives, and Rysk Orchestra, a market making vault network with deep liquidity for the 100x orderbook (and also other DEXs and CEXs).
Airdrops πͺ
Mode L2 airdrop Season 1 has ended. Season 1 users can claim on May 7 upon the token launch. Season 2 starts on May 5th and runs until Sept. 6th, 2024. Season 2 will allocate 5% of the total supply with up to 1M in OP token incentives.
Saga unveils the airdrop criteria and snapshot. The Saga Over 9000 airdrop will be conducted through a series of βVaultsβ, and a snapshot will be taken of the community before each Vault is announced.
Blast Jackpot is introduced for users to earn Gold. Previously, only dApp users earned Blast Gold. Blast Jackpot enables Blast token and NFT holders to have a chance to win Gold once their holding assets get selected as the winner.
Lyra took a snapshot of LYRA and stkLYRA balance and launched the LDX Airdrop. The first airdrop uses a points system to distribute LDX pro-rata to users for at least 3 rounds or 12 weeks. Users can earn points by trading, yielding, or inviting new users.
Suilend introduced Suilend Points. Suilend will incentivize users for lending and borrowing activities with 10 million points per day.
Avail introduced airdrop Phase 2 with rewards for Clash of Nodes participants and liquid staking protocol users for Polygon PoS.
Zeta Markets, a Solana-based perp DEX, launched Zeta Community Airdrop. Users can join a Zeta partner community and trade to earn Z-SCORE to raise the leaderboard. The top 3 communities will be awarded with a bonus $Z token allocation to be shared among their respective community members.
KelpDAO, a liquid restaking protocol on EigenLayer, introduced the Mega Million Marathon. Users who restake on Kelp from May 7 to May 21 can earn and share $1M in rewards and points.
Infinex, a new DEX built by Synthetix, will run a 30-day campaign starting May 13th. Users will be able to create an Infinex Account and deposit USDC to earn a share of 377M Governance Points (GP). After the campaign, top GP holders will gain priority access to the first Infinex integrations.
Mande Network, a RollApp chain built on Dymension, launched airdrop claim for DYM stakers. Stakers can claim their MAND airdrop proportional to the square root of their DYM stake.
Farms π§π»βπΎ
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