Last Week in DeFi - Lido Launched Simple DVT, Aave FastPass Proposal, Angle USDA Live to the Public, Hedgey Finance exploitations, Ether.fi Launching weETH on L2s, and more....
Recap: Week of April 15th
Launches π
Flat Money, a protocol built by the dHedge team, is live on Base L2. Flat Money LPs can deposit Rocket Pool $rETH to mint $UNIT, a yield-bearing flatcoin that earns trading fees, funding rate fees, and liquidation fees from the Perpetual Futures Market. Leverage Traders can open long positions on $rETH in the Perpetual Futures Market and earn $FMP rewards based on $rETH trade volume.
OKX launched the public mainnet of X Layer, its zkEVM L2. Built with Polygon CDK, X Layer provides faster, cheaper transactions when interacting with dApps.
Origami Finance, an automated leverage protocol, is live on Ethereum. Origamiβs first Ethena vaults are powered by Morpho Blue, allowing users to farm with 5x leverage on both sUSDe & USDe and earn bonus Sats.
Updates π°
Safe acquired Multis, a crypto treasury management platform backed by Sequoia. Multis aims to help projects manage their treasuries by providing a single dashboard for making payments and dealing with accounting.
Aevo enables new trading features, allowing traders to close a portion of their positions (Partial TPSL), and set take profits or stop losses on their full market order when opening a new position (TP/SL).
Jupiter launches Jupiter Staked SOL (JupSOL), an LST representing SOL staked to Jupiterβs validator. JupSOL earns staking yields and MEV kickbacks from Jupiterβs Validator and has no fees. The more SOL that participates in staking, the more Jupiter can send transactions and reduce the impact of network congestion.
EigenLayer removed all LST caps and unpaused deposits on April 16th, 9:00 AM PST. Restaking is currently uncapped, however, there is a proposal suggesting a 33% LST limit to βensure a balanced and decentralized ecosystem.β
Lido launches Simple DVT module on mainnet. The module provides the first opportunity for solo and community stakers to participate in running validators using Lido. This diversifies the node operator base of Lido, mitigating single points of failure.
Angle USDA stablecoin is now accessible to all. USDA earns a native 10% yield, is backed by RWAs, adopts anti-depeg mechanisms, and has the same liquidity as USDC.
Magic Eden on Bitcoin now supports Collection Offers for Bitcoin Ordinals, with initial support for 11 projects.
GMX launched Single-Token Pools on V2, starting with yield-earning BTC and ETH liquidity pools on Arbitrum. These new markets allow LPs to earn fees from supporting trading while maintaining BTC or ETH exposure.
Arbitrum LTIPP snapshot votes are live for applicants who were recommended by the Council.
Safe DAO's proposal to enable SAFE transferability has been approved.
AltLayer unveils dual staking for MACHs, allowing users to stake ALT alongside restaked ETH. Stakers will be rewarded with upcoming Xterio ecosystem rewards.
Issues π¨
Hedgey Finance, experienced two simultaneous exploits, resulting in a loss of $44.7 million from its token infrastructure platform. The first exploit occurred on the Ethereum blockchain, resulting in a loss of $1.9 million, while the second attack on the Arbitrum network led to the theft of $42.8 million in ARB tokens.
Upcoming β³
Worldcoin introduces World Chain, an L2 built on Optimismβs OP stack. World Chain will launch this summer and will grant special treatment to users who scan their eyeballs in exchange for a "World ID" digital passport.
Myso Finance is launching an Initial Open Offering. The IOO will allow users to acquire MYT by pledging some collateral as part of a MYSO loan with the option to either keep the MYT or return it before a fixed expiry date to reclaim their collateral.
Safe DAO will enable token transferability on April 23rd. The protocol releases SAFE tokenomics, including token allocation, release schedule, and token utility.
Aave ACI proposes FastPass, a feature that allows a portion of Safety Module stakers to bypass the 20-day cooldown periods in exchange for a fee.
IndexCoop approved the proposal to launch a suite of automated leverage tokens on Arbitrum. The Tokens to be launched include inverse and direct leverage options for ETH and BTC.
Ether.fi has adopted LayerZeroβs OFT Standard and is launching weETH on L2s, including Blast, Optimism, Base, Linea, Mode, and BNB Chain.
Gitcoin DAO proposed converting $5M in GTC from the treasury to swap into stables and put back into the treasury to be prepared for the next bear market. The proposal suggests selling ~300,000 GTC per week for 12 months or ~200,000 GTC per week for 18 months.
Merlin Chain announced the Phantom project to enable interchain swaps of Bitcoin assets across BTC L1, L2, ETH, Solana, and all others.
Tether plans to launch a non-custodial, multi-chani, multi-asset tokenization platform.
Ton Foundation announces the Open League DeFi Grants Program. The program aims to help projects launch and expand on the Ton blockchain with up to $300,000 in user incentives and up to $200,000 in grants per team.
Ether.fi proposed to add weETH market to Compound V3 on Ethereum. The proposal explains that weETH and ETH can be used as collaterals for the market, and users who deposit weETH into Compound will accumulate Ether.fi and EigenLayer points for future incentives.
Ondo teams up with Noble, a token issuance chain for the IBC, to bring USDY to the Cosmos ecosystem. With the expansion, Ondoβs yield-bearing tokens will be integrated with Cosmos chains, including Osmosis, dYdX, Celestia, etc.
Arbitrum proposed changing Arbitrum Expansion Program to allow deployments of new Orbit chains on any blockchain. If approved, Arbiturm will collect the 10% chain profit revenue share on the new chain and migrate the funds into ArbitrumDAOβs treasury and the Arbitrum Protocol Guild.
Airdrops πͺ
Scroll L2 introduces Scroll Sessions, Scrollβs loyalty program to reward users with Scroll Marks for participation in the ecosystem. Starting with Session Zero, users can bridge ETH and wstETH via the native bridge and STONE using LayerZero to be eligible for rewards.
Mantle L2 introduced the Ethena Season 2 Sats Campaign to the network. Users can earn boosted Sats by trading/ providing liquidity for USDe on Mantle projects, including Pendle, Merchant Moe, Init Capital, and IntentX.
Saga L1 introduced the Power-Level Over 9000 campaign, enabling Saga stakers to earn tokens & NFT drops from over 100+ confirmed projects.
Drift, a Solana-based trading protocol, introduced the DRIFT token and Drift DAO. Drift will airdrop 100M DRIFT to loyal Drift users, including long-standing traders (OGs) and participants in the Trader Points program.
Parcl, a Solana-based real estate trading protocol, is launching its PRCL token and airdropping 800M PRCL to early users. The checker page is live, and the token claim will go live on April 16, 12:59 UTC.
Blitz, a Blast-based DEX, launched Blitzβs points page and dropped 350M Blitz Points to users of Blast, popular dApps & NFT communities.
Wasabi, a Blast-based NFT perps trading protocol, launched Wasabi Points. Users can earn points through trading, liquidity provision, and social sharing.
Mantis Swap collaborates with Ether.fi to launch the ETH <> weETH pool on Mode L2. Depositors can deposit a single asset to earn four boosted points.
Merlin L2 introduces the MERL token. 20% of $MERL will be distributed to users who staked in Merlin's Seal. The claim is now open, and tokens will be sent 6-8 am UTC 4/19.
Avail, a modular chain built by former Polygon co-founder, launches airdrop. 600M AVAIL is allocated to eligible users, including developers, rollup users, and partner ecosystem stakers.
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