Last Week in DeFi - Solana Pay x Shopify, Base x OP: Shared Governance, Balancer Pool Vulnerability, and More...

Recap: Week of Aug 21st

Product Launches 🚀

• Ajna Permissionless Pools Live
  Ajna launches permissionless pools on Summerfi. Users can deploy any ERC20 asset pairing without oracles/permission.

• Aevo Friend Index Perp
  Aevo lists FRIEND-PERP, an index perp of Friend Tech. The spot reference is the amount of ETH in the Friend Tech smart contract on Base, converted to dollars at the ETH/USD spot rate, and divided by 1,000,000.

• Beam Instant Payouts
  Crypto off-ramp service provider Beam introduces Instant Payouts, allowing users to instantly transfer crypto from Metamask to their debit cards.

• EUROe on Solana
  Membrane Finance has launched EUROe, a MiCA-compliant euro stablecoin, on Solana. EUROe can be created and redeemed in a 1:1 ratio, without fees, by anyone with an EUROe account.

• PESO Stablecoin Live on Polygon
  Stablecoin issuer Num finance launches nCOP on Polygon. nCOP is an overcollateralized, Colombia PESO-pegged stablecoin that yields 8%.

• Thales Speed Markets Live
  Thales launches speed markets - simple crypto markets for shorter time frames, on Optimism and Arbitrum.

• XION Testnet Live
  XION, an L1 targeting consumer adoption, launches its pubic testnet. Xion is built by Burnt, and backed by by Animoca, Multicoin, Circle, etc.

• Dymension Testnet Live
  Dymension Froopyland incentivized testnet is live. The event will allocate 1% of the total Mainnet genesis supply. and the reward period will last for ~3 months. Dymension is a network for IBC rollups, allowing for app-chain deployments.

Project Updates 🚩

• Solana Pay x Shopify
  Solana Pay has integrated its plug-in with Shopify, allowing businesses on its platform to use it for payments. Solana plans to add other altcoins to the platform in the coming months, including SOL and meme token Bonk.

• Aave, 1inch, Indexcoop, Sushi V2 on Base
  Lending protocol Aave, DEX aggregator 1inch, and index protocol IndexCoop have deployed on Base. Sushi launches V2 after V3 on Base since many Base DEX users mainly use V2.

• PancakeSwap on Linea
  PancakeSwap has deployed V3 on Linea L2.

• GHO Minting Paused
  Aave has paused minting new GHO to fix an issue in the GHO integration with the Aave V3 GHO pool.

• Nexus Mutual Stakes ETH
  Nexus Mutual allocates and stakes 6,624 $ETH via Kiln and Enzyme to generate staking rewards to grow the capital pool and cover future claim payouts.

• Stader Introduces rsETH
  Stader introduces rsETH, a representative token for underlying assets staked with Stader’s LRT contracts. rsETH allows ETH stakers to earn more rewards on their LSTs.

• Ribbonomics Wind-down
  Ribbon kicks off its tokenomics wind-down as the team progresses the merger into Aevo. “Users will be able to swap RBN into AEVO at a 1:1 conversion.”

Governance Highlights

• Base x Optimism: Shared Governance
  Base and Optimism have jointly announced a revenue-sharing and governance-sharing agreement.

Regulations 🏛️

• OFAC Sanctions Tornado Cash Founders
  Tornado Cash co-founder Roman Semenov was placed on OFAC’s sanctioned persons list, and Roman Storm was arrested in Washington state the same day. Both are being charged with money laundering and sanctions violations.

Hacks/Issues 👾

• Balancer Pool Vulnerability
  Balancer has received a report of a critical vulnerability that affects some of its V2 pools. Emergency procedures have been executed and “over 99% of liquidity initially deemed vulnerable is now safe”.
  On Sunday, Balancer was under flash loan attacks that were related to previous protocol vulnerability and lost ~900K. Balancer took action to reduce risk but was unable to pause affected pools.
  Users are advised to withdraw from affected pools to prevent further loss.

• MakerDAO Faces Loan Default
  The default of tokenized loans on Centrifuge has put MakerDAO's investment at risk, potentially leading to a $1.84M loss for investors.

• Base Magnate Rug Pull
  Base lending protocol Magnate Finance, with over 6.4M TVL on Base, has pulled off an exit scam according to on-chain analyst Zachxbt. “Magnate Finance website is now offline and Telegram group was deleted.”

• Sunsetting PSY
  LSDfi protocol PSY announces project suspension as the team is behind competitors and concludes "PSY is difficult to be a necessary piece in the LSD and the DeFi space."

Upcoming ⏳

• Maple to Relaunch on Solana
  Maple will re-launch and offer its cash management solution on Solana. DAOs and projects will be able to access US Treasury yields via Maple’s Solana deployment.

Today in DeFi Premium includes early looks at promising projects, yield farming tips, and proper research to help you get the most out of DeFi.

For example, last week we published the following features for our Premium Subscribers:

• Stable Yield on Base

• LP Position as Collateral

• Incentivized Lending

• and more…

If you haven’t, subscribe today with Credit Card or Crypto (get discounts on quarterly or yearly subscriptions).