Last Week in DeFi - Kava 12, Blur Token Live, Platypus Exploit, and More...

Recap: Week of Feb 13th

Product Launches 🚀

• Kava 12 Live
  Cosmos-based L1 Kava launches version 12. The upgrade enables any Cosmos chain DAO to have more control and flexibility over their emissions.

• OHM Lending Markets Live
  OHM lending markets are now live on Silo and Euler, enabling users to borrow OHM for leverage/hedging.

• rETH Live on Aave
  RocketPool’s staked ETH is now available as collateral on Aave v3 market.

• Pendulum Live
  Pendulum parachain is now live on Polkadot mainnet. Developed by SatoshiPay, Pendulum is a fiat-optimized chain that allows traditional fiat service providers to integrate with DeFi applications.

• zkSync Era
  ZK-rollup protocol zkSync renames its 2.0 to Era and now allows registered projects to deploy on the zkEVM mainnet.

Project Updates 🚩

• Blur Token Launch
  NFT marketplace Blur launched its native token BLUR and airdropped 360m of tokens to the participants of the season 1 campaign. Season 2 also began and traders can earn points for future rewards by bidding/listing NFTs on the marketplace.

• Flashbots MEV-Share
  Research firm Flashbots proposes MEV-Share, a matchmaking protocol that shares MEV (Maximal Extractable Value) gains with Ethereum users.
  According to the proposal, MEV-Share would be an early implementation of SUAVE, which is a blockchain that would aim to decentralize the block-building process.

• Conflux x China Telecom
  PoS/PoW hybrid L1 Conflux partners with China Telecom to launch blockchain-enabled SIM cards (BSIMs). China Telecom will launch the first BSIM pilot program in Hong Kong later this year.

• Binance to Move Away from BUSD
  Binance CEO tweeted that Binance will move away from using BUSD as the main trading pair as the team foresees users migrating to other stablecoins over time.

  Issued by Paxos, BUSD is the main trading stablecoin on Binance. Paxos will halt issuing more BUSD in compliance with NYDFS’ order. The remaining BUSD will be supported by Paxos and redeemable til at least Feb 2024.

• Caldera Raised 9m
  Calderal raised $9m from VCs including Sequoia, DragonFly, etc. Caldera is a platform for building EVM-compatible, customizable rollups without coding.

Governance Highlights 📝

• Lido Treasury Choices
  Lido community member Steakhouse Financial submitted four proposals on how the DAO should manage its treasury. So far it seems most LidoDAO members favor partially selling and staking a portion of the 20,304 ETH locked in its Aragon smart contract.

• Canto to Update Inflation Parameters
  Canto governance submitted two proposals to update inflation parameters. If passed, one will reduce security emissions by 30%, and the other will enable a ~30% reduction in liquidity mining rewards

• Passed: Make SUDO Transferable
  Sudoswap community proposed to enable the transferability of SUDO, the native token launched by the end of Jan. The vote has passed and SUDO is now tradable.

Hacks/Issues 👾

• Platypus Stablecoin Exploit
  Avalanche-based stableswap Platypus lost ~$8.5m to the attacker that took advantage of a flaw in the protocol’ USP stablecoin solvency check mechanism.
  The Platypus team later recovered $2.4m with the help of security firm BlockSec and will reimburse LP who lost funds in this attack.

Upcoming ⏳

• Polygon zkEVM Coming
  Polygon announced the upcoming launch of the zkEVM beta on March 27th.

• Bribes Coming to Uni V3 Manager
  Redacted Cartel is voting to launch a Hidden Hand market for Timeless Bunni. If passed, Bunni and Hidden Hand can jointly make LPing on Uniswap more profitable.

• Klaytn New Tokenomics
  The Klaytn team will propose a new tokenomics structure on 2/22. The proposal will cover various agendas including how to allocate reserves. On 2/27, Klaytn will release a new roadmap for 2023.

• Radiant v2
  Omnichain money markets Radiant plans to launch v2 this week. V2 will include changes to core protocol mechanics, emissions, utility, and cross-chain functionality.
  

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