Last Week in Defi - friend.tech Soft Rug, Coinbase Launch cbBTC, BitGo Choose LayerZero as Interoperability Provider, Vaults to Go Live on Pencil, and more..
Recap: Week of Sept 9th
Launches 🚀
cbBTC just went onchain. With the BTC wrapped by Coinbase on Base, millions of BTC holders can now securely access DeFi apps. Major protocols on Base such as Aerodrome, Curve, Aave, Compound, Morpho, Moonwell, etc., now have cbBTC markets available. You can also claim your launch NFT here.
Swift, one of the biggest financial payment networks, launched the system to simplify tokenized asset transaction. Swift is further upgrading its system to support real-time transfers of tokenized assets, linking blockchains, CBDCs, and fiat currencies for smooth global transactions.
Edge Oracle by Chaos Lab is now live and has secured over $30B in transaction volume as Jupiter Exchange’s primary oracle, powering more than >60% of all Solana’s perp volume over the past two months.
Silo is now live on Base. Silo, a risk-isolated lending market that aims to eliminates contagion risk, maximize capital efficiency, and allows modular lending parameters by design, now supports siloed lending/borrowing and leveraging on Base for ETH, USDC, wstETH, cbETH, bsdETH, weETH, ezETH, DEGEN, AERO, tBTC.
EigenDA demonstrated the new feature which is able to process and post all raw block data from 15+ chains simultaneously at 15+ MB/s for each chain. It means the minimum node bandwidth requirement for participating as EigenDA validators is lower down to 0.5 MB/s while other chains normally requires +100MB/s.
Atlas, the blockchain for verifiable finance, private testnet is live today. Verifiable finance combines the performance of traditional finance with the transparency of DeFi.
Polaris, the token portal, will make the first debut on Sep 21 at Solana Breakpoint 2024. Polaris is a token-centered chain abstraction dApp that helps you to one-click trade all tokens across all chains from your existing wallet. It aims to simplify the process of tracking and trading assets across multiple networks.
Succinct partnered with Optimism Labs to introduce OP Succinct. The toolkit helps developers to convert an OP rollup into a ZK rollup with minimal code to achieve faster rollup finality, cost-effective proving, and smoother user experience.
Karak’s phase 2 of Keystone Testnet, the final phase before Mainnet, is now live in Private Beta. Keystone serves as a lightweight, flexible, and scalable universal security layer that allows users to define permissionlessly the restaking assets, rewards, and slashing conditions.
ENS Domain now supports Paypal and Venmo. You can simply enter your ENS name when sending crypto on Paypal or Venmo, and the platform will automatically resolve it to the correct wallet address without manually entering the address yourself. The Address Book feature also helps you to save and recall your most-used ENS names and wallet addresses.
Zora Mobile App is now open to download. Zora is an on-chain social network platform that empowers creators to promote materials, mint from its, and selling them to accrue value. There are currently 426k creators and 2m users on Zora with more than 15m NFTs minted.
Fractal Mainnet is now live. You can self-custody Fractal assets using UniSat Wallet and OKX Wallet. Users of the two wallets can also check the eligibility to claim the rewards from Fractal Mainnet Bootstrap Program. Once BRC-20 is activated at Block 21000, users can swap Fractal BRC-20 assets seamlessly via PizzaSwap. BTC can also be bridged to Fractal and back, using the brc-20 standard.
Lombard’s LBTC is now live on Morpho. Morpho’s vault curators Gauntlet and Re7Capital have already launched LBTC/wBTC borrow markets with MEVCapital set to join them in the coming weeks. Users can now supply LBTC as collateral to borrow wBTC.
Ethervista released VISTA Apps to help developers create tokens or building further on top of the infrastructure, aiming to pushes creators beyond basic memecoins, incentivizing them to build.
KyberSwap, an on-chain DEX liquidity aggregator, has integrated Ethervista’s liquidity pools. By doing so, KyberSwap aims to bring better rates and liquidity for new tokens.
Particle Network’s Universal Account is going live. Universal Account aims to solve the problem of chain fragmentation through abstraction approach, enabling users to interact across all chains with one account, one balance, and one address only. Users can now sign up here to receive mainnet early access and get notified at go-live.
Layer3 introduced Launchpad feature to bridge users and protocols. Launchpad promises to deliver exclusive access to pre-token protocols, incentives from top ecosystems, and high-quality, interactive airdrop experiences to users and helps protocols to get exposure to a massive consumer user base, on-chain engagement with flexible incentives, and token distribution with customizable user targeting.
Aave has launched a new dedicated market for Ether.fi, enabling Ether.fi asset holders to borrow stablecoins against their crypto. This development marks a key step toward the introduction of Ether.fi Cash
Updates 📰
Treasure, the decentralized game console, is considering launching on ZKsync Elastic Chain as a L2 instead of on Arbitrum Orbit. The proposal is live now under discussion and will be voted soon. Join the developers AMA on today 11AM EST at the discord channel to learn more.
Squid introduced 2.0 with more intelligent routing, faster transaction speed, and less slippage. Squid says the API response time is down from 5s to 500ms, and the bridge also supports more 1:1 stablecoin and RWA transfers now.
Spectra onboarded Usual Boosted USDC PT/YT. Previously you can deposit Morpho to the Usual Boosted USDC Vault and earn variable APY from Usual. Now you can utilize your capital more flexibly to hold PT more guaranteed yield or YT for point farming.
Pendle, in collaboration with Corn, Lombard, and Babylon, just onboarded LBTC(Corn). You can now purchase LBTC(Corn) PT on Pendle for 13% APY or YT for 3x Corn Kernel, 3x Lombard Points, and 1x Babylon Points.
Marginfi’s deposit vault to Mantis, Solana L2, is now open. You can now deposit to Mantis to participate in its pre-fund phase to earn Mantis Credits, native yields, staking yield, and restaking yield.
Sophon, a platform focused on bridging users of different kinds of dApps, like SocialFi or GameFi, together to create an engaging ecosystem, is close to mainnet launch. Users can deposit tokens from Sophon’s dApp partners to support the growth of Sophon ecosystem and earn yields and XPs in return.
DeFi Saver just started the Aave v3 EtherFi market. You can now 1-click leverage, manage your borrowing with Loan Shifter refinancing tools, and create automatic strategies with Recipe Creator in the market.
Bubbly, the first AMM-based pre-market DEX, is coming to Swell L2. Bubbly will airdrop to Swell L2 Pre-Launch depositors.
Optimism Granite upgrade was activated on the OP Stack today together with Permissionless Fault Proofs. The upgrade fixed the bugs identified during the recent community-driven audits on the Fault Proof system.
Starknet testnet has just verified the first RISC Zero proof. Using RISC Zero's zkVM, developers can leverage ZKPs in Rust, unlocking verifiable off-chain execution and enhanced developer expressivity.
LayerZero has been selected by BitGo as the official interoperability service provider for WBTC. Traditionally tokens are confined to the blockchain they are issued on. The OFT Standard by LayerZero addresses these problems by providing a standardized framework for tokens to operate uniformly across 80+ disparate blockchains. As of today, WBTC is available on BNB Chain and Avalanche.
Euler now supports Renzo’s pzETH and ezETH. You can supply pzETH or ezETH into the vaults to borrow WETHE and leverage up through strategies curated by Re7 Capital. You can earn Renzo Points on top of vault yields.
Superform just onboarded LBTC of Lombard. You can deposit LBTC and leverage up through Morpho with the strategies curated by Re7 Capital and Gauntlet to earn leveraged staked LBTC yield, lending yield, MORPHO reward, Superform XP, and Lombard LUX.
dlcBTC is about to go live one Enzyme. Deposit your dlcBTC into Enzyme’s delta neutral strategy on Arbitrum to earn yields while maintaining low delta exposures.
BNB Chain announced the launch of the BNB Chain Bridge to increase the cross-chain interoperability in collaboration with Celer, deBridge, and Stargate. BNB Chain promises to provide users with lower bridging costs, more liquidity, wider DeFi application, and improved experience with the launch.
Fractal provided further details regarding the highly expected tokenomics. It reiterated on the team’s plan about token pre-sale date, distribution & unlock timeline, mining schedule, and future roadmap.
Pups token has moved from the BRC-20 token standard to Runes to align with Bitcoin’s dominant token standard created by the founder of Ordinals. Holders of the BRC-20 token can migrate to Runes using OrdKit (directly on Bitcoin). Holders of the wrapped BRC-20 token on Solana can migrate to wrapped Runes using RuneMine (directly on Solana). The deadline of migration is Nov 5 2024.
Etherfi chose Scroll as the settlement layer for the real-world ether.fi Cash transactions. Etherfi’s Cash is a credit card that can be used within Visa network. You can get 3% cashback on all transactions and 5% extra for the first $1,000. The credit card can now be pre-ordered here.
Zerolend onboarded Etherfi’s eBTC and Pendle’s eBTC PT. You can now deposit and borrow these assets on Zerolend with > 100% APR of ZERO incentive and several protocol airdrop points.
Issues 🚨
friend.tech has the admin and ownership parameters have been set to 0x000...000 to prevent any changes to their fees or functionality in the future. The protocol will function as usual but any future upgrade will be impossible. No fees from either smart contracts or friend.tech currently go to the dev team multisig.
Upcoming ⏳
Pencil Protocol is launching the new feature, Vaults, on Sep 17 to boost the governance token DAPP’s utility by offering staking rewards, exclusive features, and more with a deflationary mechanism burning 30% of revenue.
Bitcoin L1 bridge Beyond is coming live. Powered by LayerZero, Beyond connects Bitcoin L1 to 80+ chains and enables users to move assets to/from Bitcoin L1 to chains like Solana, Base, and Arbitrum via LayerZero's OFT Standard.
tea Protocol mainnet is coming. tea Protocol on Base is a decentralized technology framework secured by reputation and incentives that enables open-source developers & maintainers to be rewarded for their software contributions.
Nuff Protocol is going live soon. Nuff aims to extend EigenLayer’s restaking capability beyond Ethereum and become a first universal restaking protocol. It claims to not only increase restaking yields but also lower the costs for AVSs.
peaq, a Layer 1 blockchain dedicated to DePIN and RWA, will go live before the end of this month. peaq has partnered with Mastercard, fetch.ai, BOSCH, Wormhole, Ledger, Safe, etc. and currently has more than 850,000 active users across 180+ countries.
Aave will soon onboard EtherFi and Ethena onto its Ethereum markets for lending and borrowing. It’s also working on the expansion to cover l2 chains like ZKsync and Linea.
Opus.money, a cross-margin credit protocol with autonomous monetary policy and dynamic risk parameters, is set to launch its mainnet on September 17, 2024, on Starknet.
PIN AI has raised $10M in pre-seed funding to launch the world's first Open Platform for Personal AI. Investors include a16z crypto, Hack VC, Illia Polosukhin (Founder of NEAR), and Lily Liu (President of SOL Foundation), etc. The main product is expected to be launched in Oct 2024.
The VRTX Vertical Program aims to improve the sustainability of Vertex's tokenomics, beginning with Stage 1, which reduces VRTX reward emissions by 50% and adjusts the reward split between Makers and Takers. Additionally, the program shifts reward epochs from monthly to weekly and plans future updates, including expanding community-driven incentives and enhancing VRTX staking and utility.
Airdrops 🪂
Series 4 of The Road to Sonic is now live on Galxe. You can earn Shard for future airdrop by interacting with protocols on Sonic.
Arbitrum Stylus is now live with the first free-mint NFT available on Mint Stylus till Oct 6 2024.
Gearbox has raised the borrowing limit of Symbiotic vaults to 35,000 ETH. Mellow LRT vaults have seen significant demand for leverage over the recent months. The initial 3.9K ETH borrow limit reached it's max caps in less than 20 hours. You can now restake up to 9x your ETH in Mellow LRT vaults with leverage and earn up to 18x Mellow Points.
Fluid has increased the borrowing cap of weETHs/wstETH vault. You can now again leverage your points up to 11x on Fluid, or simply deposit weETHs to earn 1x Symbiotic Points, 3.5x Ether_fi Points, 3x Veda Points, and 1x Zircuit Points.
Linea collaborated with HyperPlayGaming and G7 DAO to build Linea Guild Games. During the 9-day event, you can play eFrogs, Foxy, Frogwifcat, LinusOnLinea, and mint a G7 DAO avatar to battle it out in the
Unfetteredgame and share a $100k ETH prize pool.
Beranames is giving out points to early users. Secure your spot during whitelist minting round to get the points for future airdrop when Berachain goes live.
Taiko’s TraiLblazers season 1 is going to end in less than a week on Sep 16. Snapshot will be taken and the list of eligible participants will soon to be released with rewards distributed according to level percentile system. Season 2 will later begin on Sep 17 with a few tweaks to the XP system including multiple snapshots throughout the season, new badges with XP boost, etc.
Lendle x Mantle Mission season 2 just kickstarted on Galxe. Complete the list of tasks on Galxe and interact with Lendle on Mantle to share the pool of 30,000 MNT.
EigenLayer’s season 2 stakedrop claim window will soon to be closed on Sep 13. Verify your eligibility for the stakedrop and claim your EIGEN tokens here.
Lombard’s LBTC is now on Zircuit. Stake your LBTC on Zircuit to earn staking yields, 2x Zircuit Points, 2x Lombard Lux, and more.
Contango just onboarded weETH. You can now loop weETH against USDC through Aave for up to 4.5x leverage with 3x Ether.fi points and 2x Contango points.
Zircuit now supports the staking of Ignition’s FBTC. You can now stake FBTC on Zircuit to earn 2x Zircuit Points and 2x Ignition Sparks.
Satoshi Protocol is campaigning for the third round of BEVM Visionary Builder Competition. You can vote for Satoshi Protocol to get the OAT with potential future airdrop.
Jumper Exchange X Sei presents the Super Seiyan Week. Complete the tasks and interact with Sei for the next three weeks to share the $11M SEI incentive pool and points from partner protocols like Yei Finance.
Suilend just rolled out a new round of SUI incentives. Deposit or borrow SUI, USDC, USDT, ETH or SOL to earn a share of 436,386 SUI over the next 2 weeks.
Gearbox’s LBTC market is now live. Deposit and loop Lombard’s LBTC on Gearbox to earn leverage yields with up to 3x boost of Lux point.
Mezo Portal now supports Swell’s swBTC. Deposit swBTC on Mezo Portal to earn 2x Mezo Mats and Swell Black Pearls.
Farms 🧑🏻🌾
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