Last Week in DeFi - Sky Partners With Aave, Penpie Lost $27M; Ethena X Eigenlayer, dlcBTCon Silo and more...

Recap: Week of Sept 2nd

Launches 🚀

• Solayer now support bbSOL, the Bybit-backed SOL LST. As the leading liquid-restaking protocol on Solana, Solayer's native support for bbSOL enables holders to delegate their tokens to AVS for additional yields along with Sanctum, Kamino Finance, and Orca.

• Sei onboarded fastUSD, the yield-bearing stablecoin fully backed by Elixir’s deUSD, to the network. fastUSD has been integrated into Sei’s ecosystem. Users can now borrow/ lend, provide liquidity, and interact with DeFi protocols on Sei using fastUSD.

• Nimbora, a yield aggregator based on Starknet, released the post-mortem review regarding the impact of the Penpie Hack Incident. The protocol promises to 100% compensate for the users’ loss of funds.

• Predict.fun just went live on Blast. Users can earn points for future airdrop by placing bets on the prediction marketplace with USDB. USDB deposited on Predict.fun comes with 6% native yield.

• Euler, a modular lending platform on Ethereum, has launched its v2, allowing developers to create customizable vaults and interconnected money markets.

• Polygon has upgraded from MATIC to POL, making POL the new native gas and staking token for Polygon PoS. This technical upgrade follows community discussions and marks Polygon’s transition into a ZK chain.

• Renegade, an on-chain dark pool, is now live on Arbitrum, offering zero MEV, slippage, and price impact trading using multi-party computation and zero-knowledge proofs for privacy and efficiency.

• GMX has introduced GMX Liquidity Vaults (GLV), a dynamic 'pool of pools' that automatically rebalances GM tokens for liquidity management across markets.

• Liquity has made its V2 codebase public, providing new development options and enhancing borrowing features with user-set interest rates, multi-collateral support, and protocol-incentivized liquidity.

• Arbitrum has launched Stylus on mainnet. Stylus introduces a co-equal virtual machine for running WebAssembly (WASM) code alongside the EVM, allowing developers to use languages like Rust for more efficient and complex smart contracts.

• Lombard has launched the public beta for LBTC, a liquid Bitcoin integrated with DeFi platforms such as Pendle, Morpho, and Gearbox for re-staking, lending, and yield-farming. The LBTC DeFi Vault, managed by Veda, is designed to simplify DeFi access. The rollout includes integrations with Ethereum Layer-2 and plans for future Bitcoin Layer-2 integrations.

• Polygon is preparing to transition from its MATIC token to the new POL token. This change is part of Polygon's "Polygon 2.0" roadmap and will replace MATIC as the native gas and staking token for the Polygon PoS network and other chains within its ecosystem.

• Espresso Systems, a coordination layer for chains, rollups, and applications, has announced the launch of Kyoto 2.0 on the Cappuccino Testnet. This deployment includes AltLayer's Arbitrum Orbit rollup, which is now open for public testing and application deployments.

• Kamino Finance is launching Kamino Lend V2, a new lending platform on Solana featuring enhanced security and novel primitives. Updates include the Market Layer, Vault Layer, and a Next-Gen Liquidation Engine.

• Elixir's Testnet v3 is now live, representing the final testnet release before the mainnet launch. Validators are invited to participate and help secure the network.

• Nimbora has transitioned from alpha to public access. Key updates include open access without referrals, removal of caps on top-performing strategies, 1-click deposits via Avnu, and improved withdrawal and order tracking.

• LAGRANGE, a hyper-parallel ZK coprocessing solution, has introduced its ZK Coprocessor 1.0 for SQL-based verifiable computation over blockchain data at scale. This release, supported by the decentralized Lagrange Prover Network on EigenLayer, aims to support data-intensive and interoperable applications.

• Ethervista has introduced a new liquidity pool (LP) and fee mechanism aimed at addressing certain aspects of ETH DeFi innovation. The project includes a fair launch with a 5-day liquidity lock. Its economic model features a deflationary supply and revenue distribution in ETH to liquidity providers, with the goal of promoting long-term value and stability.

• Pear Protocol has launched its intent-based trading engine, which enables users to trade the entire Binance orderbook on-chain via its integration with Symm.io.

• TOKI's Incentivized Testnet is now operational, establishing the first connection between Ethereum and BNB Chain through the IBC Protocol. The testnet employs multi-prover security, incorporating TEE and ZKP technologies.

• UniSat introduced PizzaSwap, previously known as Fractal Swap, on the Fractal Testnet. Users can now test features such as depositing, creating pools, adding/removing liquidity, swapping, and withdrawing, using test_sats for gas.

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Updates 📰

• Penpie offers up to $2,700,000 as the bounty to hunt down the hacker of the recent breach. The bounty will be awarded to the individual or group whose contribution directly leads to the recovery of the stolen assets.

• StakeDAO’s asdCRV can now be borrowed against as the collateral for crvUSD on Curve Finance. Users can leverage up with asdCRV to lend crvUSD with 29-32% APY.

• Celestia is preparing to launch major upgrades to its protocol, aiming to significantly enhance its overall capabilities. The main objective of the upgrade is to scale the block size to 1 GB, a move projected to unlock new possibilities for on-chain applications, aiming to translates to increased adoption, higher demand for the Celestia token, and a stronger overall ecosystem.

• Ondo lowered the minimum minting/ redemption size of OUSG down from $100,000 to $50,000. Users can now build the exposure to the yield-bearing stablecoin backed by US Short-term Treasury more easily.

• WLFI collaborates with Aave and security experts to enhance security and innovation in DeFi. The project aims to promote the adoption of U.S.-pegged stablecoins, addressing concerns while outlining a vision for the future.

• EigenLayer introduced the EigenPod upgrade, improving native ETH restaking with a balance checkpointing system. The update allows users to claim rewards in bulk, restake beacon chain rewards, and benefit from enhanced UX and tooling.

• wbtcparty has launched the "Save WBTC" campaign following BitGo's transfer of WBTC custody to Justin Sun's BitGlobal. This change has raised concerns about WBTC’s stability, leading to calls for decentralization and community action.

• Fractal Bitcoin announced the Fractal Mainnet Festival, running from September 5 to September 10, 2024, with daily teasers ahead of the mainnet launch on September 9.

• Sky has announced the launch of its decentralized stablecoin, USDS. The stablecoin offers native token rewards without requiring interaction with external protocols. Beginning September 18, eligible users can upgrade DAI to USDS at a 1:1 ratio or swap supported cryptocurrencies for USDS, gaining access to Sky Token Rewards and the Sky Savings Rate.

• Aave Labs and Sky are initiating the Sky Aave Force project, which involves integrating USDS and sUSDS on Aave V3 with native rewards and introducing a SKY-sUSDS converter. Additionally, the proposal includes an SPK token airdrop for Aave users.

• SafeDAO has proposed a new revenue stream by collecting transaction fees from its Native Swaps feature. If approved, these fees would be converted into SAFE tokens and added to SafeDAO’s reserves, potentially providing the DAO with increased control over its funding and enhancing community governance.

• Trezor has announced that Polygon’s native token will transition from MATIC to POL starting September 4, 2024. MATIC holders on Polygon PoS will see their tokens updated automatically in their Trezor wallets, with no action required on their part.

• Omni Network, a Layer 2 platform, has reopened its faucet for new users in preparation for its first minigame this week.

• Derive is collaborating with Optimism to enhance decentralized trading on the Superchain. This partnership aims to improve trade settlement speed and cost efficiency, as well as execution speed across various chains.

• Cardano's Chang Hard Fork, which went live on September 1, 2024, introduces a new governance model allowing ADA token holders to elect representatives and vote on proposals.

• Gnosis Chain community members are assessing their options for gas tokens following MakerDAO’s rebranding to Sky and the introduction of the centralized USDS stablecoin. Considerations include decentralized stablecoins such as RAI and LUSD, or using the Gnosis token (GNO), though no formal proposals have been made

• Threshold Network is evaluating a potential merger with BitGo’s WBTC to replace its centralized custody with Threshold’s decentralized tBTC model, but no formal proposals have been made.

• The GMX Liquidity Vaults (GLV) proposal suggests consolidating multiple GM pools into a single vault to improve capital efficiency, liquidity management, and the LP experience.

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Issues 🚨

• Penpie experienced a ~$27M loss from a reentrancy attack caused by a vulnerability in the PendleStaking contract. The attacker exploited this by creating a fake yield token, registering it on Penpie, and using it to harvest and claim high-value PENDLE-LPT tokens. Penpie is currently negotiating with the hacker for a potential bounty to recover the stolen funds.

• Amphor.io reported a loss of 1,381.7 ETH (32% of the Boosted ETH vault's total value) due to an exploit in a position on Penpie's rswETH LP. The vault is temporarily halted while a full assessment is conducted. However, other assets, including the Symbiotic LRT Vault and Amphor’s restaked assets, remain unaffected.

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Upcoming ⏳

• Royco introduced the Incentivized Action Market (IAM) Protocol, which allows users to turn any transaction into a market where incentives can be added or negotiated. The protocol is currently being audited, with further announcements expected in the coming weeks.

• MagnetAI, a ModelFi Protocol, introduced Ardio, the first Action Agent powered by MagnetAI on the Base network. Ardio allows users to interact with the blockchain using natural language, simplifying transactions through conversational commands.

• Hyperlane reminded users that Nautilus Chain will shut down on September 6, 2024. Users must withdraw their funds via the Nautilus Bridge before that date to avoid losing access to their assets.

• Ethena Labs has partnered with EigenLayer and Ether.fi to introduce USDe, the first dollar-denominated token within EigenLayer's shared security platform. Users will be able to deposit USDe on Ether.fi to receive the new Liquid Restaking Token, eUSD. This integration is expected to go live next week.

• Binance has announced the upcoming launch of its Solana staking product, BNSOL, scheduled for late September 2024. This product will enable users to stake SOL tokens, earn dynamic rewards, and mint liquid staking tokens for use in DeFi, while keeping their assets accessible.

• Peaq Network, a scalable and eco-friendly Layer-1 blockchain for decentralized physical infrastructure networks (DePIN) and real-world assets (RWA), is set to launch between September 23rd and 30th.

• Satspumpfun has announced that Fractal's mainnet will go live on September 9th. Airdrop of the first meme token is planned for October.

• Fjord Foundry is preparing for a Liquidity Bootstrapping Pool (LBP) sale for its Redacted solution, designed for private and compliant DeFi transactions with on-chain data protection.

• 1DFX, a derivatives exchange, will offer perpetual contracts on Real World Assets (RWAs) such as Gold, with crypto assets used as collateral.

• Thena is set to launch ARENA on September 3, 2024, a social trading hub that integrates DeFi with community interaction.

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Airdrops 🪂

• Ethena announced a new round of USDe reward program in collaboration with Bybit. Bybit users can now earn up to 10% APR for just holding USDe in their Bybit accounts, or trading derivatives with USDe collateral.

• dlcBTC vault is now live on Silo Finance. Users can earn up to 27% APR now lending dlcBTC on Silo on top of 5x dlcBTC points.

• Dyson just wrapped up the first season of DysonSurge Airdrop Program. 577 eligible participants who’ve ever traded on the platform during the event are eligible to share the airdrop pool of 15,000 DYSN.

• YieldNest assets are now listed on OneClickFi. Users can now earn additional yields on OneClickFi through lending or providing liquidity with the restaked assets from YieldNest.

• Sei DiFi Season just kickstarted. Lend USDT, USDC, and iSEI on Yei Finance and claim your share of a $750K SEI prize pool.

• Bedrock’s uniBTC is now live on BOB. Stake wBTC on BOB to get uniBTC and earn 42x Bedrock Diamonds,

• Bracket, a Binance-backed ETH LST/LRT yield aggregator, now supports Ether.fi’s eETH. Deposit eETH on Bracket to earn diversified yields with 3.5 BAR reward.Linea has announced that the LXP drop is approaching and reminds users to complete their Proof of Humanity (POH) by September 8, 11:59 PM Pacific Time to be eligible.

• IAMDOG has scheduled its Token Generation Event (TGE) on Matchain for September 11, 2024. This event will mark IAMDOG as one of the first meme coins on Matchain's mainnet, with trading available on MSwap and bridging via RouterNitro.

• Aevo has announced the launch of its Aevo Airdrops project in collaboration with Orderly Network, distributing 75,000 $ORDER tokens to eligible users.

• Satoshi Protocol has announced the launch of the BOB Forge NFT, allowing users to mint 15 SAT stablecoins by September 30 to claim the NFT and access exclusive benefits, including a 1.25x Spice boost and an additional Spice airdrop.

• Maple Finance has announced that MIP-010 has successfully passed, with SYRUP scheduled to launch in Q4.

• Ethena Labs concluded Season 2 on September 2nd, with ENA rewards scheduled for distribution on September 30th. Season 3 will introduce sENA, a liquid token designed for enhanced DeFi integration without lockup requirements. The rewards structure for Season 3 has been simplified, featuring multipliers based on USDe holdings and active participation.

• Bedrock has announced a collaboration with Mantle and FBTC. Participants will have the opportunity to earn Bedrock Diamonds, Sparks, and $MNT tokens, with a 2x Diamonds boost available during the campaign.

• Bubbly Finance has announced the launch of its Galxe and QuestN Points Campaign. Participants can earn points through the campaign, which will contribute to rewards in the upcoming BUBBLE POINTS program.

• Thena is marking BNB Day with "The Story of THENA," an 8-week event offering over $30K in rewards. The first two chapters, which introduce the new ARENA feature, are now live. Participants can register, complete five tasks, and compete for a share of the $15K reward pool.

• Jumper, a multi-chain exchange, has announced that the snapshot for August XPs of the Jumper Loyalty Pass was taken on August 31 at 00:00 UTC, with updates to be provided in the coming days.

• Gateway has initiated the Gains Network NFT whitelist claim, allowing users to mint the "Gateway Locked NFT" to participate in the ArDrop campaign and secure a whitelist spot with an additional 300 points. The whitelist claim will be available for the next 24 hours, starting September 2nd at 15:00 UTC.

• Avantis has updated its roadmap, with the XP program concluding on December 11, 2024, followed by a decentralization phase and an airdrop. Avantis, supported by Coinbase, offers opportunities to earn XP and enhance chances for the Base airdrop by adding USDC liquidity.

• Start.cooking has announced an airdrop of $COOK and $COOKIE tokens, available until October 1st. The airdrop allocates 5% of the tokens to users meeting specific criteria, while 7% is reserved for active Cooking users.

• Gearbox is retroactively awarding users with GEAR tokens for their engagement on Arbitrum and mainnet PURE Margin Trading.

• Stride's stSAGA airdrop, originally scheduled for September 1, is now set to begin on September 4, 2024, due to final testing. The airdrop will distribute 50,000 STRD over 100 days to stSAGA holders, with daily allocations of 500 STRD.

• Ethermail's $EMC token airdrop has launched, with claim dates starting September 1st. To participate, complete KYC verification and claim your tokens via the provided pool links. $EMC is trading at $0.039 and will be available on various exchanges.

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Farms 🧑🏻‍🌾

• Stake your GHO to earn ~20.54% APR from AAVE and Merit Program

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