Last Week in DeFi - Multichain Stopped Services, Blur V2 Live, Compound Encumber, and More...

Recap: Week of July 3rd

Product Launches 🚀

• Blur V2 Live
  NFT marketplace Blur launches V2, enabling 50% gas reduction and trait bidding for NFTs.

• ZigZag Zap
  ZigZag launches Zap, a cross-chain bridge for non-EVM chains and a platform for devs to create products that generate yield on native BTC.

• Hidden Hand V2 Live
  Redacted Cartel launches Hidden Hand V2. The upgraded bribe marketplace now has new bribe types, a yield harvester, a new interface, improved UX, and more markets on more chains.

• Pika V4 Live
  Optimism-based perpetual protocol Pika launches v4. The new version brings enhancements including improved order settlement, real-time price updates, simplified position management, reduced trading fees, etc.

• stUSDT Live
  stUSDT, an RWA tokenization platform, is live on the Tron Network. Users can stake USDT to hold stUSDT and receive rewards via the Rebase mechanism.

• Archway L1 Live
  Archway, a Cosmos-based L1 with incentives for devs, has launched its mainnet. Archway plans to distribute a portion of the token emission directly to dApps. It will allocate 25% to devs and the remaining 75% to validators.

• Surge Live on Arbitrum
  Surge is now live on Arbitrum. Surge is a lending protocol for longtail assets, built by the founder of Inverse.

• USDt Live on Kava
  Tether completes the USDt integration with Kava, enabling USDt to Comsos appchains.

Project Updates 🚩

• Compound Encumber
  Compound Labs introduces Encumber, a token standard that lets users separate their ownership of tokens from the right to transfer them. By using Encumber, token holders can retain ancillary ownership benefits such as airdrops, governance rights, or access to content and events while still participating in DeFi.

• Balancer 8020 Model
  Balancer introduces the 8020 Initiative which plans to change its governance tokenomics by allowing staking alongside liquidity provision. The model benefits include increased liquidity, efficient incentive programs, asymmetric token exposure, minimized IL, and token hedging.

• Sommelier Morpho Integration
  Yield protocol Sommelier integrates Morpho to launch the RYETH and RYUSD vaults, using Morphon's optimizer to enhance returns.

• Pendle Live on BnB Chain
  Pendle is now live on the BnB chain, supporting the wBETH and ETH/frxETH pools.

• PancakeSwap on Polygon zkEVM
  PancakeSwap has been deployed on Polygon zkEVM (with swap feature supported) and joined Linea's testnet campaign.

• Dydx V4 Testnet Live
  Dydx launches the V4 public testnet, supporting BTC and ETH markets.

• Loopring L3 on Taiko Testnet
  Ethereum L2 Loopring deployed its L3 on Taiko's L2 testnet, making tx more cost-effective.

• yETH Bootstrapping
  Yearn is bootstrapping for the yETH launch. LST protocols can apply to be whitelisted and have their LSTs to be included in yETH’s basket of tokens, and depositors can make deposits and vote to get incentives starting week 3.

• MAV Staking Live
  Maverick launches the staking dApp, enabling MAV holders to stake MAV for veMARV and user veMAV for voting.

• LayerZero Assets on Fantom
  LayerZero launches USDC, USDT, WETH, and WBTC on Fantom. Assets are transferable between Ethereum and Fantom via Stargate.

• Gnosis Pay
  Gnosis chain will introduce Gnosis Pay, an L2 payment network on top of the Gnosis chain, there will be a VISA card.

• Introducing eBTC
  BadgerDAO introduces eBTC, an upcoming LSTfi protocol for ETHBTC. eBTC will allow users to borrow eBTC using wstETH as collateral with zero fees.

• Spark to Go Multichain
  Spark protocol will expand to multichain and is looking for network launch partners including L1s, L2s, and sidechains.

• Diva Staking DAO
  Diva Staking, the first liquid staking protocol powered by Distributed Validator Technology (DVT), launches its DAO and enables token claims for early users.

• SISO Fund for Shimmer & IOTA
  SwissOne Capital, a digital asset investment firm, has launched the SwissOne IOTA Shimmer Opportunities Fund (“SISO”), a new fund dedicated to Shimmer and IOTA.

Governance Highlights 📝

• Proposal: Aave GSM
  Aave community proposes to launch the GHO Stability Module (GSM), the same as Maker’s PSM but for maintaining the GHO peg.

• Proposal: Angle Transmuter
  Angle community proposes to back agEUR with Euro-denominated assets in preparation for the launch of Transmuter, a minting module for agEUR that supports Mint, Burn, and Redeem agEUR.

Regulations 🏛️

• SEC Investigating BarnBridge
  The BarnBridge team has confirmed that the SEC is investigating the DAO and associated individuals. BarnBridge DAO’s legal counsel advised closing BarnBridge LP pools and stopping all products in order to reduce potential legal liability.

Hacks/Issues 👾

• Multichain Stopped Services
  Multichain was hacked and has announced it has stopped all services. All bridge transactions will be stuck on the source chain with an unknown resume time.

  Earlier today Multichain bridge contracts saw major outflows due to potential exploits. “More than 120M assets were transferred from the Fantom Bridge and the Moonriver Bridge and are now distributed across 6 addresses.”

• nftperp Closing V1
  NFT perpetual protocol nftperp is sunsetting its v1 closed beta as the v1 vAMM model turned out to be “non-scalable”. The team has returned all user margins in WETH and plans to launch a v2 exchange. Users with negative PnL will be refunded while those with positive PnL will get a $VNFTP token.

Upcoming ⏳

• Stader ETHx Mainnet
  ETH staking protocol Stader will launch its LSD product ETHx on July 10th.

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