Last Week in DeFi - Mixin 200M Exploit, Radpie Mainnet Live, Canto to Migrate to ZK L2, Ethereum Dencun Potential Delay, and More...

Recap: Week of Sept. 18th

Product Launches 🚀

• GammaSwap Live
  GammaSwap is live on Arbitrum mainnet. Gamma is a DEX on top of Uniswap v2, allowing users to trade volatility through AMMs (i.e. short LP tokens).
  Traders can use Gamma to speculate on volatility or as "insurance" for their spot holdings, and MMs can use Gamma to hedge their LP position.

• DeFi Saver Savings Protection

  DeFi Saver launches savings protection automation (Supply and Payback) for Liquity and Maker users.

• Uniswap Wallet Swap Protection
  Uniswap Wallet introduces Swap Protection that protects users against frontrunning & sandwich attacks.

• Radpie Mainnet Live
  Radpie is live on mainnet with new features including dLP conversion & staking, Zap, boosted LPs, etc. Radpie is a subDAO within Magpie that enhances yield and refines governance for Radiant users.

• Poolshark Limit Pools
  Poolshark Labs released Limit Pools that bring native limit orders for AMMs, allowing LPs to have one-way LP positions (split buy and sell side).

• VMEX Live on Base
  VMEX went live on Base, allowing LPs to borrow and leverage their positions or earn yield by lending. VMEX is an over-collateralized lending protocol with an isolated pool structure.

• Vara L1 Live
  Vara blockchain has launched its mainnet. Backed by Polkadot founder Gavin Wood, Vara is an L1 that uses the Actor Model and Persistent Memory to enhance speed and eliminate delays.

• Paladin V2 Live
  Votium launches V2 with an upgraded vote market, revamped tokenomics, and revamped UI/UX.

• Factor Leverage Live
  Factor launches Leverage with the first integration with Aave available, allowing users to optimize yield on their positions.

• Intents Based DEX
  Memswap is a token & NFT swap that uses intents & order flow auctions (OFAs) to provide better price execution and a mechanism to prevent MEV loss. Memswap is currently in demo mode.

Project Updates 🚩

• Kwenta V2 Staking Live
  Kwenta V2 is live, introducing new features including escrow transferability, 2-week staking cooldown, integrator contract support, and early vest fee distribution.

• RWA Partnership: Centrifuge x Aave
  Centrifuge will become Aave’s RWA service provider and onboard part of Aave’s treasury to real-world assets, through the Centrifuge Prime platform.
  Centrifuge is also launching Liquidity Pools on Base and Arbitrum.

• Quickswap Liquidity Hub
  Quickswap introduces Liquidity Hub which is similar to 1incvh Fusion, and provides better execution prices, zero gas swaps, and MEV protection.

• Base Pessimism
  The Base team built Pessimism, an “open-source monitoring system to enhance the security of Base (and other OP Stack & Ethereum ecosystems) by detecting and responding to protocol threats.”

• Ethereum SVM L2
  Eclipse introduces Eclipse L2, an Ethereum L2 using Solana Virtual Machine (SVM). Eclipse L2 execution takes place on SVM for optimized performance.

• Canto to Migrate to ZK L2
  Canto will migrate to a ZK L2 on Ethereum – powered by Polygon Chain Development Kit (CDK).

• Unclaimed ARB Sent to DAO Treasury
  Around 69.5M unclaimed ARB (~$56.54M) has been sent to the Arbitrum DAO treasury.

• Unclaimed OP Distributed
  Optimism has distributed unclaimed OP from Airdrop #1 to eligible addresses. This distributes 48M OP to over 88,000 unique addresses.

• Inverse TriDBR Pool Live
  Inverse launches the TriDBR pool with DBR<>DOLA<>INV tokens in one pool, enabling gas-efficient routing for swapping DBR to get more INV.

Governance Highlights

• Approved: 50M ARB Short-term Incentive Program
  Arbitrum governance voted to distribute up to 50M ARB of DAO-funded incentives targeting active Arbitrum protocols.

• Approved: Increase GHO Borrow Rate
  Aave governance voted to increase the borrowing rate of GHO from the current rate of 1.5% to 2.5%. The proposal aims to address the peg deviation of GHO and ensure its growth in the market.

• Proposal: Celo L2 Transition with Polygon
  Polygon Labs proposed to Celo to use Polygon's modular development kit (CDK) for Celo’s transition to an Ethereum L2.

• Proposal: Integrate crvUSD to Term Finance
  Fixed-rate lending protocol Term Finance proposes to integrate and create markets for crvUSD.

Hacks/Issues 👾

• Mixin Network 200M Exploit
  The database of Mixin Network's cloud service provider was attacked by hackers, resulting in a ~$200M on the mainnet. “Deposit and withdrawal services on Mixin Network have been temporarily suspended” and the team will make further announcemnt.

• Linear ℓUSD Exploit
  Linear Finance was exploited and the attackers drained all ℓUSD liquidity on both PancakeSwap and Ascendex, resulting in the price of ℓUSD going to zero.

  The Linear team later launched a vote to recover the protocol with 4 options:

  • Release staked tokens (winning option)

  • Revert contracts

  • Engage hacker

  • Duplicate tokens.

• Balancer Frontend Attack
  Balancer frontend was under a DNS attack. The team later got back the domain controls.

• Fuji Finance Closing Down
  Fuji Finance will close down and end operations as the team “was unable to find a product market fit.”

• Gro to Unwind
  The Gro community voted to wind down the protocol and DAO due to the leadership vacuum and existential uncertainty.

Upcoming ⏳

• Ethereum Dencun Potential Delay
  Devs from the latest Ethereum ACDE call suppose that the Ethereum Dencun upgrade might not be activated in 2023. If devs do not foresee launching Dencun on public testnet before Devconnect in Nov 2023, the update most likely would be activated in 2024.

• Diva Early Staking

  Diva is launching the early staker initiative starting Sep 26. The campaign will allow people to deposit ETH or stETH to earn DIVA rewards.

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• LST Farming

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