Last Week in DeFi - Iota EVM L2 Live, Spectra Live for Yield Trading, PoolTogether Proposed to Cap POOL, Revert Launched Points Program, and more....
Recap: Week of June 3rd
Launches π
Coinbase launched Smart Wallet, a self-custodial wallet that simplifies on-chain onboarding and enhances security. Smart Wallets allow users to access their wallets using FaceID or Google profiles and use their Coinbase balance to pay for on-chain transactions.
Iota launched the mainnet of IOTA EVM, an EVM-compatible Layer 2 for the Iota network. IOTA EVM introduces features like smart contracts, cross-chain functionality, parallel processing, and enhanced security against MEV.
Spectra (formerly APWine), a yield derivatives protocol, is live. Spectra allows anyone to create pools, trade yield or fixed rates, provide liquidity, etc.
Term Structure, a fixed-rate lending and borrowing protocol, powered by zkTrue-up, is now live on the mainnet.
Dydx launched its app and itβs now available on Android. All current features on the Dydx chain are available on the app.
3Jane, Derivatives Yield is live on EigenLayer. It unlocks a novel derivatives yield layer by enabling the collateralization of restaked ETH in derivatives contracts.
Pac Finance launched the "Pac 2.0" protocol upgrade, making the PAC token the main utility and governance token. The upgrade also includes Pac revenue sharing and the Pac Relend protocol.
Updates π°
Aave has integrated Ethena into its V3 market on Ethereum. Users can now earn Ethena Sats by borrowing on Aave V3 using USDe or LSTs as collateral.
LayerZero is now live on Solana. This integration will connect Solana with over 70 other chains supported by LayerZero, enabling apps and tokens to interact across these networks.
IndexCoop introduces Leverage Suit, a simplified leverage product that allows users to trade 2x, 3x, or inverse leverage on ETH or BTC with automated liquidation protection and low fees.
Wormhole has enabled Stake for Governance for $W holders, enabling them to create, vote on, and execute governance proposals on any supported chain.
Myso Finance launched Whale Match on Arbitrum, a new convertible debt marketplace by Myso. Whale Match deposits are now open. Users can support projects by lending stablecoins through convertible debt, unlocking organic real yield opportunities for DeFi users, and providing an avenue for projects/DAOs to raise capital.
Sanctum introduces the $CLOUD governance token and will airdrop 10% of the initial 18% allocation to Wonderland Season 1 participants (S1 is now closed).
StakeWise osETH is now multichain and live on Arbitrum using Wormholeβs NTT framework.
Karak, a universal restaking layer, now supports native restaking on Arbitrum. Early users can now restake stablecoins and LSTs on Arbitrum.
Safe Wallet now supports native swaps on Arbitrum, enabling batch auctions, MEV protection, and decentralized liquidity for users.
IntentX will now use 75% of protocol revenue to buy back INTX and 25% to build Protocol Owned Liquidity (POL). Stakers will receive INTX rewards from INTX buybacks and xINTX exit penalty.
Connext rebranded itself as Everclear while introducing the first βClearing Layerβ. Clearing Layers coordinate transactions between chains, netting fund flows before settling them on the underlying chains and bridges. Live test net starts today
Dydx announced their upgrade to dYdX Chain v5.0. The software upgrade will execute at block 17,560,000. Estimated to be created on June 6 at 15:16 UTC
Truefi is now deployed on Arbitrum, with the first two pools going live with Alphanonce and Gravity. The incentive program and the first pool launch will be announced soon
Paraswap announced Augustus V6.1, a new version of the Aggregator Smart Contract. Formally verified by Certora. All Augustus V6.1 contract admin actions are subject to a TimeLock.
Kinetix partnered with Steer Protocol and provided Automated Liquidity Management on Kinetix V3 DEX.
Myso Finance announced its new deployment on the Sei Network, including unveiling a covered call pooling product. Users participating in the Sei-covered call strategy will receive a retroactive oMYT airdrop.
Issues π¨
Linea experienced a hack in which approximately 700 ETH was transferred out of the network through a third-party bridge. In response, the team decided to halt block production by pausing the sequencer and blocking the attackerβs addresses.
Velocore's recent hack was analyzed by Beosin Alert, highlighting a critical issue: the LP Pool lacks permission verification.
Cosmos L1 experienced a chain halt on June 5 that lasted roughly 5 hours. The incident occurred slightly after the v17 software upgrade took place. The upgrade triggered a bug related to validator activities. The validators have implemented the fix and the chain resumed on June 6.
Nocturne is winding down the company after shutting down its privacy protocol. The frontend will remain open for withdrawals until the end of this month.
Upcoming β³
PoolTogether DAO proposed to cap POOL supply by disabling Governance's ability to mint new POOL. The proposal also seeks to distribute the remaining POOL in Treasury through a long-term liquidity mining program on all chains PoolTogether is deployed to.
StarkWare's CEO announced plans to bring its zero-knowledge tech to Bitcoin, saying that βStarknet will become the first network to settle simultaneously on Bitcoin and Ethereumβ.
Illuvium, a gaming project on Ethereum, will launch its Open Beta Mainnet on July 25th. The team added an extra 10,000 $ILV to the testnet rewards, totaling 20,000 $ILV.
Nostra revealed their tokenomics for $NSTR, featuring a total supply of 100m tokens unlocked entirely at launch, with 11% distributed to the community through an airdrop. Launch events include an upcoming Snapshot, a Liquidity Bootstrapping Pool (LBP) running from June 10th to 13th, and the Token Generation Event (TGE) on June 17th, which includes the airdrop.
Solv Protocol is integrating Ethena to introduce the first yield vault for SolvBTC, enabling users to earn yields from Ethenaβs strategies while retaining exposure to Bitcoin.
MakerDAO has opened a new proposal to onboard Etherfiβs weETH into SparkLend.
Penpie proposed changing 50% of vePENDLE voter rewards from wETH to PNP. Voting is currently open, and 10 voters have the chance to win a lucky draw.
Instadapp proposed deploying Fluid on Arbitrum. The Aritrbim deployment will expand Fluid beyond Ethereum and enable 400k $ARB incentives for users.
Airdrops πͺ
Taiko L2βs airdrop claim is now live. 5% (~50M tokens) is now claimable for eligible users. The claim window will be from June 5 to July 5.
Revert Finance launched retrospective points for users who have used Revertβs tools. Revert also launched Revert Points Phase 1, allowing users to earn points with a 1.5 multiplier on points earned.
Mask Network launched staking season 1 on Ethereum. Users can now stake their $MASK to earn points and share 700,000 $RSS3 and 40,000 $TON in the Season 1 program.
Plume Network, a modular L2 for RWAs, will launch its incentivized testnet. Users can now sign up for testnet access.
BadgerDAO has initiated round 3 of its airdrop by opening an eBTC CDP, which continues until June 23. Moreover, an additional 11stETH is rewarded by opening a CDP with ETH or WETH.
Dyson Finance announced its upcoming Full Version launch soon on Linea, and in celebration, they are distributing OAT for early participation.
Kinetix has kicked off its new event, Perps Week, starting today. Users can participate in tasks on Kinetix for a chance to earn from the $4,500 prize pool. Additionally, a surprise bonus awaits users who have minted 3 OAT.
Etherfi opened its waitlist sign-up for its credit card, offering 1000 ether.fi cash points.
Ambient Finance's alternative front end offers trading opportunities, with the chance to earn extra Gold from Blast L2.
GMX has partnered with Layer3's Infinity CUBEs Campaign quest to offer market yield rewards on any GM token purchase and additional Layer3 Rewards.
Lyra Finance launched an event in collaboration with swellnetwork.io, offering a 4.5x multiplier by depositing rswETH to Lyra.
Pac Finance in celebration of Pac 2.0, is giving a points boost with up to 6X points multiplier on new positions and up to 3X points multiplier on total points. The event is currently live for all users and will continue until the launch of our governance token.
Nillion, a computation network for high-value data, launched its Coordination Layer incentivized testnet. Now in Phase 1, users can interact with Nillion Testnet using testnet NIL tokens.
Farms π§π»βπΎ
Stake your GHO to earn ~26% APR from AAVE and Merit Program
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Syrup by Maple Finance is offering 15.7% Net APY on USDC.
Lynex in partnership with Lido Finance announced an event to incentivize the wstETH/wETH (Gamma Correlated) pool throughout June.
Silo USDe deposit APRs are above 20%.
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