Last Week in DeFi - Maker Proposes Solana-based NewChain, Greyscale Won Lawsuit Against SEC, IndexCoop New Indices and More...

Recap: Week of Aug 28th

Product Launches 🚀

• Farcaster Live on OP Mainnet
  Decentralised social network Farcaster is live on the OP mainnet. Farcaster is backed by Coinbase and Multicoin, and built by the former VP of Coinbase.

• Prisma Live
  LST stablecoin project Prisma went live on Ethereum. The guarded launch has debt caps on each collateral with interest rates set to 0%. Initially, Prism supports assets including wstETH, cbETH, rETH, and sfrxETH as collateral.

• Aerodrome Live on Base
  Aerodrome, a Velodrome fork DEX, is now live on Base. At launch, 40% of the initial Aero token supply will be distributed to veVELO holders as veAERO.

• Kinetix Live on Kava
  Core Quickswap members launch Kinetix, a 50x leverage perp dex on Kava Chain, initially support $ATOM, $KAVA, $USDT, $axlwBTC, and $axlWETH.

• Zeta Markets V2 Live
  Solana-based perps DEX Zeta launches V2 with frontend and backend improvements.

• Lybra V2 Live
  LSD protocol Lybra launches V2. V2 introduces peUSD (an Omnichain DeFi utility version of eUSD), enables conversion from eUSD to peUSD, and supports more LSTs as collateral.

• Bond OLM Live
  Bond protocol launches Options Liquidity Mining (OLM). OLM allows protocols to mint and distribute ERC-20 call options called oTokens, enabling flexibility and effectiveness of protocols' emission strategies.

• Arbitrum WASM Testnet
  Offchain Labs released the code and public testnet for Arbitrum Stylus. Stylus allows devs to use both traditional EVM tools and WASM-compatible languages like Rust, C, and C++ to build applications on Arbitrum Nitro chains.

Project Updates 🚩

• Curve, PancakeSwap Live on Base
  Curve is now live on Base with Router coming shortly.
  PancakeSwap is also live on Base, with the Galxe campaign available.

• Avocado MultiSig
  Avocado Wallet releases the MultiSig feature, providing an EOA-like experience with Multisig-level security across ten networks.

• Gearbox Curve V2 Farms
  Gearbox has launched several Curve V2 farms in Ninja mode. Users have to submit their addresses and ask for access on Gearbox Discord.

• Kwenta Advanced Orders V2
  Kwenta launches Advanced Orders v2 out of beta, enabling conditional orders like limit and stop-loss orders.

• Aevo Arbitrum Optimism Transfers
  Aevo enables Arbitrum and OP mainnet transfers, allowing USDC deposit and withdrawal without bridging fees or slippage. Previously users could only bridge USDC from Ethereum to Aevo.

• Stargate Live on Kava
  Bridging protocol Stargate has deployed on Kava chain, enabling native USDT access.

• Astaria Relaunches
  NFT lending protocol Astaria relaunches with revamped code. Astaria was previously hacked and paused back in June.

Governance Highlights

• Proposal: Maker NewChain Coming
  Maker founder Rune proposes to launch NewChain, a Solana-forked blockchain for Maker.

• Proposal: 75m ARB Incentives
  The Arbitrum Incentive Working Group proposes to allocate up to 75m of ARB rewards from the DAO treasury to active Arbitrum protocols to meet the community's short-term needs.

• Proposal: IndexCoop New Indices
  The IndexCoop community is discussing around launching two new index products, including the Index Coop Large Cap Index and the CoinDesk ETH Trend Index.

• Approved: Dydx V4 Token Migration
  The dYdX community has voted in favor of the V4 proposal initiated by Wintermute. This proposal involves the adoption of V4 and the migration of the DYDX token to the dYdX chain.

Regulations 🏛️

• Grayscale Wins Lawsuit Against SEC
  The federal court ruled that the SEC must review its rejection of Grayscale's bid to convert GBTC into an ETF.

  The 3 judges ruled the SEC failed to explain its disparate treatment of one BTC ETF such that its denial was “arbitrary and capricious”.

  The order did not direct the SEC to immediately approve Grayscale's ETF application but to review the application again.

• Bitcoin ETFs Delayed
  The SEC delays decisions on spot Bitcoin ETF applications from BlackRock, Bitwise, VanEck, etc. The following deadlines come around mid-October.

Hacks/Issues 👾

• Ajna Vulnerability
  Ajna team has identified a potential exploit that could impact some borrowers. Borrowers are advised to pay down their debt and withdraw their funds immediately.
  Ajna rewards are now paused, and users are only able to withdraw Ajna Earn positions, repay debt, and withdraw collateral from Borrow and Multiply positions.

• StarkWare Unlocks User Funds
  StarkWare re-enables 550K user funds after an upgrade siloed some funds. The team said the blockage was due to the 0.12.1 version upgrade last week, and users who had not upgraded could not access their accounts.

• Clockwork Shutting Down
  Solana-based automation Clockwork protocol will shut down at the of October due to opportunity cost and "limited commercial upside."

• BobaAvax Winding Down
  Boba Foundation will wind down BobaAvax on Oct 31. BobaAvax was Boba Network’s Layer 2 scaling solution on Avalanche.

• Supra HyperNova
  Infrastructure protocol Supra introduces HyperNova, a new bridgeless tech that enables cross-chain communication directly via L1. consensus. HyperNova allows blockchains to connect interoperably without the need for a centralized bridge.

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