Last Week in DeFi - FTX Aftermath, MetaMask Bridges, Aptos x Google Cloud, and More...

Recap: Week of Nov. 7th

Product Launches 🚀

• MetaMask Bridges
  MetaMask launches a bridge aggregator in its dApp. MetaMask has integrated Solet, Li.Fi, and individual bridges like Connext, Hop, etc. to enable asset transfers between EVM chains including Ethereum, Avalanche, BnB Chain, and Polygon.

• Bebop Live on Polygon
  Bebop launches on Polygon because of the network’s low fees. Bebop is a DEX with low slippage and allows users to trade a basket of tokens in a single transaction.

• Exactly Live on Ethereum
  Lending protocol Exactly went live on Etheruem, allowing users to take loans/supply assets at variable interest rates and/or to do so at fixed rates as well.

• WooFi Live on Arbitrum
  WooFi, WOO network’s DeFi products, launches on Arbitrum with the debut of sPMM v2, which brings improvements on gas cost and price feeds to swapping.

• Beefy Live on Ethereum
  Multichain yield optimizer Beefy went live on Ethereum.

Project Updates 🚩

• Aptos x Google Cloud
  Google Cloud will validate nodes and participate on the Aptos mainnet, and Aptos blockchain will also be indexed and made available on Google Cloud's BigQuery service. Both parties are set to launch an accelerator program and co-host a hackathon.

• Sandbox x LINE Studio
  Sandbox announces the partnership with LINE Studio. LINE Studio will bring its gaming IP to the Sandbox metaverse.

• STEPN x ASICS & Solana
  STEPN announces partnership with ASICS and Solana to launch the UI Collection, a physical product available to order using USDC on Solana Pay.

• Avalanche GMX Incentives
  Avalanche will distribute $4m rewards over a multi-month period to support GMX.

• StarkNet Foundation
  The StarkNet Foundation is a nonprofit organization and is independent of StarkWare. The foundation holds 50.1% of the total STARK token supply and will focus on supporting developments of the StarkNet ecosystem.

• NCSoft Invests in Sui
  Mysten Labs, the builder of the Sui blockchain, has entered a strategic partnership with South Korean gaming company NCSoft. Both parties will partner up to create engaging gaming experiences.

FTX Aftermath ℹ️

• Solana Devs to Fork Serum

  Solana based DEX Serum is being forked by Solana developers to create a new Serum for ecosystem apps. The serum program update key was not controlled by its own organization, but by a private key connected to FTX, thus devs are forking to prevent potential compromise.

• Maker Urgent Executive Proposal

  Maker community is running an urgent vote to executive parameter changes to MATIC-A, LINK-A, YFI-A, renBTC-A to limit further possible exposure on tokens with possible relations to FTX and associates.

• LayerZero FTX Equity Buyout
  Cross-chain messaging startup LayerZero Labs has come to an agreement with FTX to purchase all of Alameda’s exposure to Stargate (LayerZero’s bridging product) by buying all of its locked STG tokens. Similar to what Justin Sun had to offer, users will be able to trade for veSTG and get their funds out of FTX.

• BlockFi Pauses Withdrawals
  CeFi lender BlockFi suspended withdrawals and will not be able to operate business as usual given the lack of clarity over the status of FTX.
  Blockfi was insolvent due to 3ac contagion until FTX agreed to bail it out. Now that FTX is in trouble, Blockfi’s financial status is uncertain.

• Concerns on Gemini
  There are concerns about US exchange Gemini, as its’ Earn Program was run by Genesis Trading, which the trading firm reveals a $175m fund lockup in FTX. If you have funds on Earn (or even Gemini) it could be worth withdrawing.

• FTX Situation Updates
  Primary holdings of FTX/Alameda (besides stables) include $FTT, SOL, SRM, BIT, xSUSHI, LDO, etc. and investments of FTX ventures include $NEAR, APE, APT, MINA, HNT, etc… Read the whole summary here.

• Binance FTX Potential Merger (Canceled)
  On Nov. 8th, Binance's CEO confirmed a deal on Twitter with FTX, saying the two exchanges signed a non-binding letter of intent where Binance may acquire FTX. Later Binance announced it will not pursue the deal based on the DD.

• FTX Hacked(?)

  “Wallet abnormalities” hit FTX yesterday, affecting hundreds of millions of dollars of deposits related to customer funds, but not FTX’s own assets.

• Crypto.com exposure to FTX

  Crypto.com sent $1B USDC to FTX, meaning it may have undue exposure to the FTX bankruptcy

Hacks/Bugs/Issues 👾

• DFX Reentrancy Exploit
  On-chain forex protocol DFX’s DEX pool is hacked and lost 3000 ETH ($~4m) due to the lack of proper reentrancy protection.

• Swim Shutting Down
  Cross-chain stableswap Swim protocol announced it will terminate the protocol due to external and internal concerns.

Upcoming ⏳

• Solana Layer N
  Solana scaling Protocol Layer N is scheduled for mainnet launch next year. Layer N aims to be the first blockchain to match the throughput of a centralized exchange.

• Neon EVM
  Neon Labs sets to launch Neon EVM, the first EVM on solana to mainnet on Dec. 12th. Neon EVM will allow devs to port Ethereum-based dApps on top of Solana.

• BetDEX on Solana
  Sports betting protocol BetDEX is launching on Nov. 17th and will be offering fee-free betting on all World Cup games on Solana.

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