Last Week in Defi - Onyx Hacked for $3.2M, Wallet Connect Airdrop, Polymarket Considering Token Launch, Ethena Launching UStb, Coinshift Live, and more..
Recap: Week of Sept 23rd
Launches 🚀
Coinshift, the all-in-one wallet built on Safe, is live now. Coinshift is a non-custodial, multi-chain treasury management application that helps users to save the effort of preparing gas fees, bridging across chains, keeping addresses, and finding the right dApps.
Ledger now supports Scroll ZKP Network. Users can now securely deposit, bridge, and manage the assets on Scroll through the hardware wallet’s ecosystem.
Amulet, a non-custodial lending protocol with self-repaying loans on staked assets, is about to go live on Cosmos. Amulet hopes to support users to borrow without the risk of liquidation by taping into the future value of their assets. With staked assets as the collateral, users’ debts automatically reduce and they can either withdraw or borrow more.
Citrea testnet is live. Citrea aims to be the platform for EVM devs to build decentralized apps that bring financial inclusion to Bitcoin users & scale its freedom with BTC as the settlement layer.
Mitosis, an Ecosystem-Owned Liquidity Layer 1 blockchain, has initiated the GM Waitlist, inviting users to participate in the Mitosis Layer 1 ecosystem, which includes assets integrated with omni-sourced, multi-protocol yields. Early participants may access specific features and rewards.
Citrea, a rollup designed for developers to build decentralized applications using Bitcoin blockspace, has launched its public testnet, which facilitates EVM compatibility and employs Bitcoin as a settlement layer for a new financial ecosystem.
Daimo has introduced Landline, a service enabling users in the US to convert USD from their bank accounts into USDC on-chain. Plans for expansion to additional locations are forthcoming.
Chromia has implemented native staking for $CHR, allowing users to stake on the Chromia mainnet. Users can refer to Chromia's blog for further information.
Aave has officially launched on Era, the first zero-knowledge chain developed by zkSync. Currently, available markets on Era include ZK, USDC, USDT, ETH, and wstETH. Within just 24 hours of its launch, Aave's TVL on the Era network has surpassed $2 million.
Pyth Network has launched Oracle Integrity Staking (OIS), an upgrade aimed at bolstering accountability among data sources and enhancing the security of DeFi ecosystem. Pyth serves as a link between traditional finance and on-chain systems. The OIS initiative introduces a framework of decentralized staking rewards and slashing mechanisms, encouraging both publishers and PYTH token holders to stake their assets in order to strengthen the integrity of the oracle network.
Mango’s new spot DEX on Solana, Fill City, is officially live. This innovative platform utilizes Mango’s open-source router technology, Autobahn, alongside the advanced order book system, Manifest Trade, to deliver a swift and seamless trading experience. Autobahn efficiently identifies the fastest and most cost-effective trading routes, while Manifest Trade features a zero-fee order book, enabling users to place orders and optimize liquidity effectively.
Updates 📰
Robinhood and Revoult, two of the largest fintech firms, are considering launching their own stablecoins. Two fintech giants sees the opportunity when Tether’s dominance is loosening amid stricter regulations in Europe and other countries.
Drift Protocol just onboarded MOTHER by Iggy. You can now trade for both spot and perps on the protocol.
Aevo now supports GRASS pre-launch trading. Trading pre-launch tokens on Aevo provides you the channel to benefit from the price volatility of these tokens with perps and leverage.
Arbitrum announced that Bridged USDC Standard is now available for all Orbit chains. Today, developers can deploy Bridged USDC Standard using the canonical Arbitrum bridge, with the optionality for a future upgrade to native issuance. Orbit chains who adopt the standard will enjoy reduced liquidity fragmentation with a single form of bridged USDC that their ecosystem can build around.
OpenEden’s tokenized U.S. Treasury bills has been selected by Velo Protocol as a reserve collateral asset for USDV. The stablecoin processes over $50 million in daily transactions on its decentralized exchange, Velo Finance. Until recently, USDV had been over-collateralized by a basket of assets like Velo’s native token (VELO), and USDT. OpenEden is the first and only tokenized US T-Bill product to receive an “A” rating from Moody’s.
Silo Finance launched five new Pendle ETH LRT markets for 26 Dec 2024 maturity as the last batch of PTs due today. PT users can now exit the previous positions and rollover to leverage with the new PTs.
Pell Network now supports restaking of aBTC from XLink, the bridge that connects all BTC L2 and EVM. You can now earn Pell points for the upcoming airdrop on top of restaking yield.
Ref Finance just launched FRAX/sFRAX stable LP pool. Further extending the partnership with Frax Finance, the update add on to the utility of FRAX in Ref Finance’s DeFi ecosystem on NEAR. You can bridge through Rainbow Bridge to supply FRAX on Ref.
SynFutures has integrated with Copin, a tool that analyzes onchain flows and helps users to replicate trades of top traders. Users can now access real-time SynFutures data on Copin and explore onchain traders with different strategies.
Eigen Foundation has reopened social verification for eligible community members as part of Season 2, allowing users to verify their wallet addresses after many missed the initial opportunity. The verification process will be open until October 6th, 2024.
Aave Labs has launched cbBTC on Aave V3 for the Ethereum and Base networks. The Aave DAO's risk stewards are monitoring the market and adjusting caps to meet demand.
Ondo Finance has partnered with BlackRock and Securitize to present the $OUSG proposal to MakerDAO's Spark Tokenization Grand Prix, which aims to onboard $1 billion in tokenized financial assets.
MetaMask has indicated that Sky Protocol's new tokens—SKY, USDS, and sUSDS—are now available for trading on the platform.
Phantom has addressed issues that hindered users from claiming their usernames by releasing a fix. Users are advised to update to the latest version to claim their usernames as soon as they become eligible.
EtherScore has introduced a badge for Scroll users called "Scroll Canvas Minter," which acknowledges those who have minted Scroll Canvas to represent their activity on the Scroll network.
Polymarket is exploring plans to raise capital and launch its own token. According to The Information, the crypto-based prediction market platform is seeking $50 million in new funding and is preparing to issue a token. The token is expected to enable users to validate the outcomes of real-world events.
Renzo has introduced ezUSDC, a restaked version of USDC on the Solana blockchain, allowing users to earn rewards through Jito's platform. ezUSDC holders can benefit from restaking yields and platform emissions without being exposed to price volatility. Renzo is also in discussions with Kamino Finance and Marginfi for potential integrations.
Pencil Protocol has announced a partnership with Bounce, a platform that facilitates a wide variety of token and NFT auctions across 40 blockchains, featuring 10 distinct auction formats, and Coresky, a platform specializing in token launches and NFT trading. Through these collaborations, users can now engage in public sales of DAPP on both platforms, either by participating in auctions or through voting mechanisms to secure their share.
tBTC is coming to Aave. Aave DAO just passed the proposal on Tally to onboard the asset.
Rabby Wallet has introduced a new "Gas Account" feature, allowing users to deposit USDT or USDC to seamlessly cover gas fees across all their addresses on any network, eliminating the need to hold native gas tokens. Rabby automatically estimates the gas required for each transaction, transfers the necessary amount to the user’s address, and submits the transaction on-chain.
Bedrock has formed a partnership with CIAN, a yield aggregator focused on generating sustainable returns through proprietary yield strategies and external DeFi opportunities. Users can now earn up to 5x Bedrock Diamonds, Babylon Points, and CIAN Points by depositing uniBTC into the CIAN platform.
Issues 🚨
VUSD, the Virtual USD stablecoin, experienced severe volatility yesterday with the price once touched the level of 0.55. The stablecoin is still depegged at the moment at 0.65. The depeg was triggered by an exploit of Onyx Protocol where the attacker hacked and stolen more than $13 million of VUSD from the liquidity pool and sold it in the secondary market, dragging down VUSD price. While the issuer reassures the community with the proof of reserve, how VUSD will re-peg without additional liquidity remains an issue.
Bedrock was hacked with the loss of $2 million. The hacker exploited the error in the code where Bedrock mistakenly allowed 1:1 minting of uniBTC with one BTC. The hacker minted uniBTC and sold on DEXs, impacting the value of LP tokens. Bedrock said that the underlying wrapped BTCs and BTCs in reserves are secure, and a Proof of Reserves will be shared once it is available to ensure transparency. A comprehensive reimbursement plan is being finalized and will be shared shortly together with a post-mortem report.
Ether.fi experienced a security incident on September 24 involving a malicious attempt to take over their domain. The domain was secured with assistance from their registrar, Gandi.net. No user funds or dapps were reported as compromised, and the team advises users to refrain from interacting with the site until further updates are provided.
Upcoming ⏳
Ethena will launch a new stablecoin UStb. UStb will be fully backed by
Blackrock BUIDL in partnership with Securitize, enabling a separate fiat stablecoin product alongside USDe. One initial concern surrounding USDe from the community has been how the protocol responds to negative funding rate environments.If governance deems it necessary and appropriate in negative funding conditions Ethena can close hedging positions and re-allocate those backing assets to UStb to further ameliorate risk associated with negative funding rate environments.
Babylon Mainnet Phase-1, Cap-2 will soon start from the second week of Oct. If you were part of Phase-1, Cap-1, make sure to unbound and withdraw any overflow stakes. In Phase-1, Cap-1, Babylon’s supply cap was filled in 75 mins after launch with more than 12K stakers participating and earning 1,000 BTC staking rewards.
NashPoint is introducing an on-chain banking system that features NashNodes, which serve as liquidity focal points in DeFi. This system is designed to simplify deposits for users and provide new protocols with access to pooled capital for growth.
Aleo plans to launch a Quest in partnership with Coinbase, allocating 75 million tokens from its grants and education supply to support the program. Further details on how to explore Aleo and earn rewards will be shared soon.
Quai Network, a decentralized energy dollar on a Proof-of-Work blockchain, is set to launch the Golden Age Testnet on October 15th, featuring a reward pool of 10 million Quai.
EigenLayer is set to lift transfer restrictions on the EIGEN token starting September 30, 2024. For users with currently staked EIGEN, there will be a 7-day withdrawal period for unstaking.
deBridge, the native bridging protocol on Solana, is scheduled to launch on October 17. In partnership with Jumper Exchange, deBridge is introducing a new token launch model called "LFG." The LFG vault will offer a uniform price to all participants, eliminating the use of a bonding curve. Whitelisted addresses will have the opportunity to bid at a $250 million FDV.
BOB’s Fusion Season 3 is on the horizon. In this final season of BOB Fusion, Liquid Staking Tokens (LSTs) staked through BOB Stake will receive the highest Spice points multipliers, along with the chance to participate as early adopters in over 100 partner protocols within the Bitcoin ecosystem.
Chromia’s CHR will soon to be available for native staking from Sep 24 onwards. Users who stake before Sep 28 will be eligible for extra rewards .
Airdrops 🪂
Milkyway, the staking hub on the modular ecosystem, is taking the airdrop snapshot on Sep 26. Make sure to bind your Osmosis wallet to an EVM address before Sep 30 to be eligible for the airdrop. You can check the leaderboard of mPoints for airdrop here.
NOTAI, the AI-based multi-function app built on Telegram, just kickstarted the Second Season of Farmings. You can earn the rewards and airdrop through completing the quests and interacting with other Apps within NOTAI ecosystem.
Orderly Network will be taking part in WSOT DEX Wave held by Bybit. Voting for Orderly and interact with the protocol to share the reward prize pool of 1,000,000 MNT.
Pencils Protocol’s airdrop page for DAPP is now live for all eligible users. While only the claim-to-CEX option is available at the moment, claim-to-wallet and staking options will soon to be live on Sep 27. DAPP staking event will start tomorrow with rewards and up to 50% APR.
Movement Lab, the EVM L2 that aims to be the fastest and the most secure with its postconfirmation feature, is now running testnet reward program. Join the testnet and finish the quests in MoveDrop to share the incentives.
Etherfi’s S3 plus EigenLayer’s S2 reward claim is now live. ~27 million ETHFI and ~16.5 million EIGEN will be distributed to users. Etherfi users received the best ratio of EIGEN amongst LRTs in StakeDrop 2, netting 1 EIGEN per 289 points. Disqualified users EIGEN were 100% redistributed to eligible users.
Morpho rewards earned as part of the Uniform Rewards Program are now visible on the Morpho App. Users will soon be able to claim current epoch rewards, after which claiming will return to a monthly epoch. Since MORPHO is currently non-transferable and cannot be bridged, MORPHO rewards on Base won’t be claimable yet.
Spark’s Lido Rewards Program will end in four weeks. Until October 21, all users borrowing ETH on SparkLend via Ethereum Mainnet are eligible for 225 wstETH from Lido in rewards. As a SparkLend ETH borrower, you’re automatically enrolled. Rewards accumulate in real time based on your share of the total ETH borrowed and can be claimed instantly through the platform.
WalletConnect has announced the arrival of The Connect Token (WCT) airdrop. Users can register until October 11, with tokens initially being non-transferable.
Ether.fi has launched its Season Rewards program, allowing stakers to earn points and claim $EIGEN / $ETHFI within 24 hours. This season runs from September 15, 2024, to January 31, 2025, with users earning 10,000 Loyalty Points per eETH/weETH daily.
Grass Foundation has reminded users to connect their Solana wallet on the Grass dashboard before Monday, September 30th, at 8 PM ET, to qualify for rewards from the first airdrop.
Ethena Labs has launched $eUSD, the first USD-denominated asset within Eigenlayer, in partnership with EtherFi. Users can deposit stablecoins to receive $eUSD through EtherFi, earning various points and rewards.
Balancer invites users to engage with Arbitrum Arc on Galxe, highlighting the only MEV-capturing AMM on Arbitrum. Participants can complete tasks, explore the Balancer ecosystem, learn about Cow AMM, and earn rewards.
DeriW's third Testnet competition is now live, featuring a $20,000 prize pool in tokens for participants with the highest profit ratio. The competition will conclude on September 25th, 23:59 UTC.
Fuel Network Phase 2 Points Program is set to launch shortly after its upcoming mainnet debut. Users can earn rewards by engaging with Fuel dApps through three types of points: Activity Points for using qualifying dApps on Fuel Mainnet, Gas Points for spending on gas fees, and Passive Points for holding assets.
Linea has launched Surge Volt 5, the penultimate epoch before the opportunity to collect LXP-L concludes. Users can earn LXP-L by interacting with dApps and bridging additional assets to Linea.
Vertex has introduced Sei Season 2, offering trading rewards starting from September 25 for an 8-week period. Traders can share in a reward pool of 750,000 SEI by participating as takers on the Vertex platform. Rewards are calculated based on taker fees, with a cap at 75% of the fees paid.
Linea Guild Games is offering $50,000 in ETH to active gamers. By joining a guild and competing against other guilds, players can qualify for a share of the rewards, which will be distributed to the top three guilds.
Maverick has launched its new official website, and users can earn MAV rewards by completing quests on Galxe while exploring the site.
Suilend is running a new round of its SUI reward program. Users can earn a share of 426,195 SUI over the next two weeks by depositing or borrowing SUI, USDC, USDT, ETH, SOL, or AUSD. The rewards will be replenished after the two-week period.
LOGX airdrop checker is now live. To date, over 1.2 million users have participated in incentive programs on LogX V1 and the LogX Network Testnet. Select DeFi power users who have been highly active across prominent DeFi protocols such as Uniswap, Aave, GMX, and others may find a special allocation through the airdrop checker.
Aevo is conducting another round of airdrops ahead of an upcoming Token Generation Event. By trading Phaver App’s SOCIAL pre-launch perpetuals on Aevo, participants can qualify to share in a reward pool of 15,000,000 SOCIAL tokens, marking the largest airdrop pool Aevo has ever offered.
Farms 🧑🏻🌾
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Stake your GHO to earn ~xx.xx% APR from AAVE and Merit Program
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