Last Week in DeFi - QuickPerps on Polygon zkEVM, Fantom Gas Monetization, Multichain Routes Paused, and More...

Recap: Week of May 22nd

Product Launches 🚀

• QuickPerps Live on Polygon zkEVM
  QuickSwap launches QuickPerps, a perpetual dex that allows trading of $MATIC, $ETH, $BTC, $USDC, $USDT, and $DAI with up to 50x leverage.

• Fantom Gas Monetization Live
  Andre Cronje launched Gas Monetization for Fantom, devs will be able to earn 15% gas commission generated by their dApps.

• USD Stablecoin on Bitcoin
  Stably launches USD on Bitcoin. USD is the first USD-pegged, BRC-20 stablecoin live on the Bitcoin network.

• Inverse DBR Streaming
  Inverse introduces DBR Streaming, a new utility to INV tokens. Each staked INV will receive an automated, continual stream of DBR. DBRs are tradable borrowing rights used for Inverse’s lending market FiRM

• Nolas Mainnet Live
  Nolus, a Cosmos-based chain that offers interoperability, launches its mainnet. Nolus will launch a leveraged lending protocol on the chain and a token launch event on StreamSwap.

• Penumbra Testnet Live
  Penumbra, a Cosmos-based appchain focusing on privacy, launches its testnet with its first dApp available - a private, concentrated-liquidity DEX.

• AvaCloud Live
  Ava Labs launches AvaCloud, a no-code launchpad for deploying no-code, customizable blockchains. The launch also comes with a team of implementation and business experts that offers consulting.

• Coinbase Cloud WaaS Live
  Coinbase Cloud launches Wallet-as-a-Service on the Ethereum mainnet. Coinbase WaaS allows users to manage their wallets using a username & a password, and wallets created with WaaS are secured by multi-party computation (MPC) tech.

• Lido Withdrawals UI Live
  Lido launches the UI for users to unstake their stETH/wstETH directly from Lido.

• Lukso L1 Live
  Lukso mainnet is now live. Lukso is founded by the inventor of the ERC-20 standard, it is an EVM-compatible L1 using Casper PoS and focuses on the creator economy.

• Dopex Call Options as Incentives
  Dopex introduces Call Options as Incentives, a flexible incentive tool that allows projects/DAOs to “customize the terms and conditions, such as strike prices and expiration dates, to align with their specific goals and market conditions.”

Project Updates 🚩

• Lyra Upgrade on Optimsim
  Lyra launched an improved version of the protocol on Optimism. The new version uses SNX V2 perpetual futures as a liquidity source to delta hedge the option Market Maker Vaults (MMVs).

• Matcha DEX Upgrade
  0x Labs releases the latest upgrade to the Matcha DEX aggregator. The new Matcha has faster trade confirmations and reduces failed trades by 85% with re-submission costs handled.

• EUROC Live on Avalanche
  Circle’s Euro-pegged stablecoin EUROC is now live natively on Avalanche.

• Magic Eden NFT Aggregation
  NFT marketplace Magic Eden enables NFT aggregation on Solana, increases protocol composability, and offers a -0.25% maker fee for a limited time.

Governance Highlights 📝

• Proposal to Raise Maker DSR
  Maker community proposes to make Stability Scope parameter changes, including raising the DAI Saving Rate (DSR) from a current 1% to 3.33%.

• Request for Proposal: Uniswap ARB Distribution
  Uniswap received 4.4m ARB from Arbitrum’s DAO airdrop, and the community is requesting proposals for the ARB distribution.

Hacks/Issues 👾

• Multichain Routes Paused
  Some bridging routes (Kava、zkSync、Polygon zkEVM) on Multichain are paused and some traders’ funds are stuck on the bridges. There are also unconfirmed rumors of the cofounder's arrest in China and an investor sell-off of its token.

  The team did not confirm the rumors but only claims the pauses were due to a network upgrade issue. The team promised compensation for the victims, while the time for service to resume stays unknown.

• Celer Vulnerabilities Patch
  Jump Crypto discovered a vulnerability in Celer's State Guardian Network (SGN), “a proof-of-stake blockchain that Celer utilizes for securely authorizing transactions between different networks.” Celer later deployed a code patch to fix the issue and said it would propose funding a bug bounty grant to Jump Crypto.

Upcoming ⏳

• Polygon zkEVM to Reduce Fees
  Polygon announces upcoming Polygon zkEVM fee reductions by ~20% in the coming weeks.

• Hong Kong to Enable Crypto Trading
  Hing Kong SFC will roll out licensing regime for crypto exchanges on June 1st. By then HK-based CEXes can apply for a license to offer retail crypto trading.

• US Debt Ceiling Deal
  The US debt ceiling deadline was pushed back to June 5th. US President Joe Biden and House Speaker Kevin McCarthy have reached a final deal to raise the US debt ceiling.

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