Last Week in DeFi - .GNO Domains Live, RBN→AEVO migration, Dydx Supporting Isolated Collateral, Infinex Account Live, and more....
Recap: Week of May 13th
Launches 🚀
Former Lyra dev Anton built Monarch Lend, a simplified lending interface for Morpho’s MetaMorpho vaults. Users can use Monarch to filter loan or collateral assets, compare markets at a glance, and initiate a simple transaction to supply.
BounceBit, a Bitcoin restaking chain backed by BinanceLabs, launched its mainnet. Users can now stake BB/BBTC to earn staking rewards, earn yield via Funding Rate Arbitrage, and check their airdrop rewards if eligible.
Pear Protocol, an on-chain pairs trading protocol, launched public beta. Pear is built on top of perp dexes like GMX, Vertex, and SYMM, allowing users to trade over 210 pairs and earn up to 350000 ARB.
Limitless Finance, a liquidation-free perp DEX, launched its mainnet on Base. To reward early users, Limitless announced a “Use and Loot” campaign and will airdrop lootboxes to top users/LPs of Base protocols based on their usage and engagement. The campaign begins on May 13th and ends on June 21st.
CyberConnect, a social network, transitioned into a social L2 and rebranded to Cyber. Cyber is now live on the developer mainnet, and the team plans to distribute millions of $CYBER tokens to stimulate developments.
Genome, a domain system built for the Gnosis Chain, launched public registration of .gno domains.
Farms 🧑🏻🌾
Provide liquidity for rgUSD - eUSD on Base to earn ~30% APY.
Reserve Protocol’s rgUSD and eUSD RTokensare fully asset-backed stablecoins that provide an easy way to put USD to work in DeFi.
Today in DeFi is supported by Reserve Protocol
Updates 📰
Morpho Labs introduced Public Allocator, a new feature that provides borrowers with just-in-time liquidity by reallocating liquidity between markets to increase the borrowable liquidity on a selected market.
Vertex launched two new Index Perp products powered by GMCI and Wintermute. The GMCI 30 index consists of the top 30 crypto assets by market cap, and the GMCI MEME index tracks the top meme coins by market cap.
Lyra now supports Spreads, allowing option traders to execute multi-leg strategies with eliminated individual leg risk and reduced upfront capital requirements.
Bounce Finance, a BounceBit-based merger & acquisition protocol, introduced $MBA. $MBA is a synthetic token created by merging $MUBI, $BSSB and $AMMX. $MBA will serve as a platform token for MBA Protocol, a soon-to-be-launched CeDeFi lending protocol.
Aevo has completed the RBN→AEVO migration and will focus on revamping the tokenomics & trading experience, new launch airdrops, and a new gasless L2.
Issues 🚨
Sonne Finance, a Compound v2-forked lending protocol, was exploited due to “the known donation attack to Compound v2 forks” and lost ~$20M. The team has paused operations on Optimism and is investigating the exploiter’s identity.
Predy Finance, an intent-based perp dex on Arbitrum, was attacked and the corresponding lending pool has been drained ~$464K. The team has paused the protocol, and users are encouraged to revoke from the lending pool.
pump.fun, a Solana-based memecoin launchpad, was exploited for ~$1.9 million through a “bonding curve” attack. According to pump.fun, a former employee used his “privileged position” to access a “withdraw authority” and compromise the protocol’s internal systems. The platform is now back live and safe to use.
ALEX Lab, a Bitcoin DeFi protocol, was exploited for $4.3 million. The attacker gained control of the private key of the XLink bridge and used it to transfer stolen funds. The platform is paused, and the team monitors the explorer’s movement.
Synthetix sUSD depegged on Optimismo on May 16, with its price dropping to a low of $0.915 (~$0.96 as of writing). The depeg resulted from a large sBTC/wBTC LP withdrawing, using Synthetix’s spot synth redemption to acquire sUSD, and selling the sUSD in the relevant Curve pool.
Upcoming ⏳
Ethena released its 2024 Roadmap, promising integrating DeFi, CeFi, and TradFi with USDe. The roadmap mentioned two additional initiatives that will build upon and support the growth of USDe as money, including the Ethena Network and a liquidity aggregator for CEXs and DEXs.
DFlow Swap, a Solana-based DEX currently in closed beta, will launch its mainnet to the public on May 28th.
Fantom Foundation announced a network upgrade is coming soon, with validators beginning the upgrade process this week. The upgrade, supported by Sonic technology, is set to introduce a new Opera, aiming to enhance the network's scalability.
PlutusDAO announced full decentralization, with plans to transition control to our bPLS token holders.
Lens Protocol introduces Lens Network, a ZK chain using zkSync’s ZK tech. Lens Network will replace Lens Protocol as a social hub with scaling improvements and UX upgrades and can be deployed on other EVM and non-EVM networks.
Ambit Labs is launching Ambit USD (AUSD), a stablecoin with diversified yield streams that provide liquidity to partner DeFi protocols.
Liquity released a whitepaper for its upcoming V2. V2 will introduce User-set interest rates, LSTs as collateral, Better capital efficiency, and Protocol Incentivized Liquidity (PIL).
MakerDAO introduced SparkDAO, the first SubDAO that will launch along with its native token SPK and various SPK token farming programs. The current SPK pre-farming program will be active until May 20th, 2024. Earned SPK tokens will be distributed at the Spark Launch.
Lido co-founder and Paradigm are funding a new restaking project named Symbiotic. The key difference between Symbiotic and EigenLayer is that users can deposit any ERC-20 token into Symbiotic – including Lido's staked ETH (stETH). EigenLayer, meanwhile, only accepts ETH tokens.
MakerDAO founder Rune introduced two options for DAI holders migrating to new tokens. DAI users can upgrade to NewStable (NST) or PureDai, a complementary stablecoin that features only purely decentralized collateral and a free-floating peg.
Dydx will enable isolated markets and isolated margins, allowing traders to trade 800+ markets with isolated collateral.
marginfi, a Solana-based liquidity protocol, will launch a yield-lending app mrgnlend, LST-backed stablecoin YBX, and an integrated stableswap mrgmswap.
Vertex, an Arbitrum-based perp & spot dex, announced the Buyback and Burn program for the VRTX token. 2M VRTX staked in the original Buyback & Stake program will be unstaked and moved to the burn address.
Synthetix is allocating 500k SNX for fee rebates on Base L2. Starting May 22nd, users trading on Kwenta Base will get 90% of their fees paid back in SNX weekly, up to the 50k SNX weekly cap.
Airdrops 🪂
Infinex Account is live. Users can create their accounts and deposit USDC to earn a share of 377M Governance Points. GP will begin streaming on May 14th and be allocated on June 13th.
Drift’s Launch Airdrop claims went live on May 16 at 12 pm UTC (8 AM EST). All eligible users will have two components to their airdrop: An initial allocation and a bonus allocation.
Nekodex was launching a trading competition on May 14th. Traders can earn rewards based on their share of total P&L and ROI.
io.net, a Solana AI computing project, will take a final snapshot of wallets for Season 1 rewards. Users who ran a Worker during Season 1 must input a wallet address before the deadline to see and claim rewards.
Zapper, a DeFi and NFT portfolio tool, hinted at a token launch.
Electron, a DEX launching on Neutron, will allow ATOM and NTRN stakers to earn ELE airdrops.
Blast Airdrop is launching on June 26th. Two final dApp Gold will be distributed before the airdrop.
Linea L2 launched Linea Surge Volt 1. Linea Surge is an LXP-driven program that rewards people for having assets on Linea and gives bonuses for deploying those assets into partner protocols.
Drift, a Solana-based trading protocol, launched the DRIFT airdrop claim. Claims are open for 3 months and will be closed on August 16, 2024, at 18:00 UTC.
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