Last Week in DeFi - nftperp Beta Live, Binance Industry Recovery Initiative, Pendle V2 AMM, and More...

Product Launches 🚀

• nftperp Beta Live
  NFT derivative protocol nftperp launches closed beta for whitelisted users, with PUNK/ETH and BAYC/ETH pairs live for trading.

• Tranchess on Ethereum & qETH Live
  BnB-based yield protocol Tranchess expands to Ethereum with its own ETH staking product qETH live for stakers to earn yield.

• Ape NFTs Marketplace Live
  A white-label marketplace for ApeCoin DAO, built by Snag Solutions, launches today. The marketplace will sell BAYC, MAYC, BAKC, and Otherdeed NFTs.

• Volmex V2 Live on Polygon
  Volmex Finance launches volatility tokens V2 and AMM on Polygon, allowing users to trade BVIV & EVIV index as tokens. The two indices measure the 30-day implied volatility of Bitcoin and Ethereum respectively. The index tokens can be traded for hedging and speculating.

• Polynomial Earn Vaults V2 Live
  Derivatives protocol Plynomial launches Earn Vaults V2, allowing users to invest in automated option selling strategies.

• Lodestar Live on Arbitrum
  Lending protocol Lodestar is now live on Arbitrum One, supporting money markets for assets of Arbiutrm-based projects like MAGIC, DPV, plvGLP, etc.

• Vertex Live on Arbitrum Testenet
  Cross-margined DEX Vertex is now live on Arbitrum One testnet, allowing users to test and trade spots/perps with better capital efficiency & CEX-like execution speed.

Project Updates 🚩

• Binance Industry Recovery Initiative
  Binance led a $1b Industry Recovery Initiative (IRI) to fund web3 developments. Third-party firms and ventures including Jump Crypto, Aptos Labs, Polygon Ventures, Animoca Brands, GSR, Kronos, and Brooker Group have joined and contributed another $50m to the co-investment.

• crvUSD Whitepaper
  Curve team releases the code and whitepaper for its stablecoin crvUSD. Curve stablecoin will be overcollateralized with crypto assets and rely on the Lending-Liquidating AMM (LLAMMA) algorithm to manage potential collateralization risks.

• NEAR $10M Fund for AMMs
  Proximity Labs and 3 NEAR-based protocols announced a $10m to support developer teams that build on top of Orderly, Spin, or Tonic, which are NEAR-based trading protocols that rely on virtual order books.

• Ankr Supports Sui Testnet
  Web3 infrastructure protocol Ankr is now providing RPC service to Sui testnet. Using Ankr’s service, devs no longer need to run Sui nodes themselves with a gateway for instant communication with the network.

• Synapse Supports Canto
  Bridging protocol Synapse adds support for the Canto blockchain. Users can now bridge stablecoins into Canto from all of the connected chains in which Synapse hosts a stableswap pool.

• L2 NFT Marketplaces Winding Down
  Quix and Stratos are winding down as the infrastructure costs are exceeding protocol revenue. Quix will open-source the code and user transitions will be directed onto OpenSea.

Governance Highlights 📝

• Maker to Add GNO as Collateral
  Maker governance approved GNO as a new collateral type. The asset was initially proposed by Gnosis DAO, with the aim of generating 30 million DAI against GNO collateral and using that liquidity to boost the Gnosis Chain ecosystem.

• rETH as DAO Collateral
  MakerDAO has deployed rETH (RocketPool staked ETH) as a new collateral type to generate DAI. The rETH-A vault has a minimum collateral ratio of 170%, a 1.5% stability fee, and a 5m DAI debt ceiling.

• Compound to Set Borrow Cap for V2
  Compound governance is voting to adjust borrow caps for ten V2 assets including WBTC, BAT, UNI, COMP, LINK, SUSHI, ZRX, AAVE, YFI, MKR.

• dYdX Voted to Close SSM
  dYdX’s Safety Staking Module is a pool of funds to cover shortfall events. The community voted to wind down SSM as it uses DYDX as its insurance asset which could lose value due to potential market contagion and lack of liquidity.

Upcoming ⏳

• Pendle V2 AMM
  Fixed-rated protocol Pendle announced a new AMM coming along with V2. The rebuilt AMM will reduce IL for LPs, increase capital efficiency by 200x, enable low-slippage trades, etc.

• Chainlink Staking
  Chainlink will be available to Early Access users on Dec 6th and General Access will go live on Dec 8th. Users can check eligibility for early access using the staking app.

• Celer to Integrate Sei
  Bridging protocol Celer will partners with Sei blockchain, a DeFi-focused L1, and integrate Celer cBridge and Interchain Messaging framework into Sei’s ecosystem.

• Sandbox LAND Sale
  Starting Nov. 24th, Sandbox will launch a three-part LAND sale with big-name brands such as SnoopDogg, Paris Hilton, Playboy, etc. The sale will require users to hold a minimum value of SAND in their wallet and KYC security procedures.

• Cardano Djed
  Co-developed by COTI and IOG (Cardano lead devs), the first algo-stable Djed will be launched on Cardano mainnet in January 2023. Djed will require more than 400% in collateral value to be minted.

• Ren to Sunset 1.0
  While working on the 2.0, Ren will sunset its 1.0 within 30 days. Ren-assets holders are recommended to redeem their assets to avoid potential damage/fund loss.

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