Last Week in DeFi - Ripple Stablecoin, Frax Stablecoin on Cosmos, Aave to Decrease DAI LTV, and more....

Recap: Week of April 1st

Launches 🚀

• Threshold launches Threshold USD (thUSD), a US dollar-pegged stablecoin backed by BTC and ETH. thUSD introduces interest-free loans, on-chain collateral, and a 110% collateral ratio.

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Updates 📰

• Clearpool launches on Avalanche with the first Credit Vault pool live. Credit Vaults allow borrowers to set their own terms and attract lenders while enabling higher lending APYs, increasing lending volume and protocol revenue.

• Stryke (formerly Dopex) launches the SYK token, enabling token migration for DPX and rDPX holders.

• Venus, a BnB Chain-based lending protocol, is live on Ethereum with incentives from Lido and Curve.

• Uniswap is live on Blast L2, allowing LPs to provide liquidity using V3 or V2.

• SparkLend deployed $100 million in DAI liquidity from MakerDAO to the sUSDe/DAI and USDe/DAI markets on Morpho Blue. The deployment allows users to borrow Ethena’s stablecoins, USDe and sUSDe, at highly efficient leveraged positions backed by MakerDAO.

• Gains Network introduced gTrade Credits, a fee discount loyalty program designed to help users save more on fees the more they trade.

• Ethena has onboarded BTC as a backing asset to USDe.

• Synthetix V3 is live on Base, allowing users to provide liquidity, earn trading fees, and receive LP incentives.

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Upcoming ⏳

• Origin Protocol is voting to merge OGN into OGV, combining the fully diluted valuations of both tokens into one. If approved, OGN would be the value accrual and governance token for all of Origin’s products.

• Aave ACI originally proposed to set DAI’s LTV to 0% across all Aave deployments and exclude sDAI from the Merit program. Following the feedback from ChaosLabs, ACI is now supportive of the Conservative option to decrease DAI LTV linearly by 12%, keeping DAI in Aave.

• Frax Finance passed the Frax Singularity Roadmap Part 1. Revenue share to eFXS holders began last Wednesday, and $FXS buybacks through the liquidity engine on Fraxtal will also go live this week.

• StakeStone partners with Merlin Chain to introduce mSTONEBTC, the first yield-bearing BTC based on the PoS mechanism of BTC L2s.

• Aave ACI proposed to onboard Renzo's ezETH as a collateral asset on Aave V3 Ethereum.

• Compound community member proposed to add Kelp DAO rsETH markets to Compound V3 Ethereum.

• Telegram will enable users to purchase advertisements using TON tokens, with a revenue share program to reward channel owners.

• Mirror World introduced Sonic, the first Solana-based gaming chain created with SVM Hypergrid. Developers can fill out a form to join Sonic devnet (launching in 7 days), and gamers can join Odyssey to earn Discord roles and reward points.

• Synthetix approved proposals to fund working groups to bring Synthetix Perps to Solana and Sui.

• Fire Extension, a Web 3 security tool, will be sunset as the team wants to focus on building Iceberg, a non-custodial crypto trading app.

• Frax Finance is working with Noble to bring the FRAX stablecoin to Cosmos. This move enables native integration of Frax and sFrax tokens on Noble.

• Ripple announced plans to launch a U.S. dollar-pegged stablecoin that will initially be available on XRP Ledger and Ethereum.

• pStake Finance will launch liquid staking on Solana, enabling boosted rewards for SOL stakers.

• A Sushiswap governance proposal suggests moving ~$75m from the DAO-controlled treasury plus all future airdrops to a new entity called Sushi Labs.

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Airdrops 🪂

• Ethena ENA airdrop claim for the Season 1 Shards campaign is live. Ethena’s Season 2 Sats campaign will start on April 2nd, with additional rewards and points on MakerDAO, Spark, Morpho, Mantle, Pendle, and EigenLayer.

• Blast Multipliers are live. Users can get the Multiplier NFTs that boost Blast points by using any featured DEXs on Blast L2.

• Fuse Network, an L2 for web3 payments, will launch the FUSE airdrop campaign in April. More details on eligibility and rules will be revealed soon.

• Ton Foundation airdropped ~200K $TON to the most active DEX traders on DEdust and Ston Finance. The foundation also hinted at further airdrops.

• Merchant Moe $USDe - $USDT vault allows LPs to lock liquidity and earn 20x Ethena Sats.

• Ether.fi Season 2 is ongoing (from Mar 15 to Jun 30). Season 2 will allocate over 50M tokens for stakers.

• Kamino’s airdrop genesis page is live, allowing users to view their allocation (claim is not live).

• Solv Points program is live. Users can stake in SolvBTC or Trading Strategy Vaults to earn points.

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