Last Week in Defi - Sonic Labs Mainnet Launches, Powell Clarifies Fed Prohibited From Holding Bitcoin, Pudgy Penguins Launches $PENGU Claim, and more...

Recap: Week of Dec 14th

Launches 🚀

• Sonic Labs (formerly Fantom) announces that Safe is now live on Sonic, enabling developers to create secure, multi-signature smart contract wallets ahead of the public mainnet launch.

• Brahma is redefining onchain experience with Onchain+.
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  • Today in DeFi is supported by Brahma

• Resolv Labs has launched on Euler Finance, enabling lending and borrowing of $USR, $USDC, and $wstUSR with curated risk strategies. Users can supply or borrow assets to earn points and maximize yields, with opportunities for leveraging $wstUSR and looping strategies.

• Ethena Labs launches USDtb, a stablecoin backed by BlackRock's BUIDL Fund and in partnership Securitize. USDtb, backed by cash-equivalent reserves, holds the largest BUIDL allocation among stablecoins.

• Spectra launches App V2 with features like Portfolio, Pools, Fixed Rate, and Yield Leverage. Migration tools and governance pages will follow soon, while V1 remains operational for at least a year to support veAPW holders.

• sBTC is live on Stacks Mainnet, enabling Bitcoin DeFi with 1:1 BTC backing, institutional signer networks, and Bitcoin finality. Phase 1 offers deposit-only functionality, a 1,000 BTC cap, and ~5% annual rewards. Withdrawals and cap increases are set for Q1 2025.

• Tren Finance’s Liquidity Generation Event (LGE) launches on December 17th to support its Arbitrum mainnet. The Single Sided Liquidity (SSL) program simplifies participation by allowing USDT-only deposits, minting XY tokens at a 1:1 ratio for liquidity creation and stability through automated management.

• Sonic Labs has launched its mainnet explorer, powered by Etherscan, allowing users to explore blocks ahead of the public launch.

• Jumper has launched Jumper Wrapped, showcasing your year on-chain, including top swaps, explored chains.

• Pendle has launched new Aave pools for aUSDC and aUSDT (expiring June 26, 2025) on Arbitrum and other networks. Claiming to unlock enhanced yield opportunities, including fixed yields, while driving liquidity to Aave’s stablecoin markets. vePENDLE voting is live, with LP incentives starting Thursday.

• Sonic Labs announces the launch of their Mainnet. Users can add Sonic to their Web3 wallets and upgrade $FTM to $S through the official portal.

• Sophon Mainnet is live, introducing the first Validium on zkSync, powered by Avail Project. Featuring automated accounts, gasless infrastructure, and instant finality for intuitive, high-throughput on-chain experiences.

• Ink is now live on mainnet, launching ahead of schedule as part of the Optimism Superchain. Ink introduces permissionless fault proofs for enhanced accountability starting January 2025, seamless interoperability with SuperchainERC20, and security built on Ethereum and Optimism.

• Jupiter launches JupiterZ, featuring a unique RFQ model for Solana that enables gasless swaps and 0% slippage with a simple toggle. Swaps automatically select the best price between the routing engine and RFQ for user convenience.

• Resupply introduces a new decentralized stablecoin protocol, developed by Convex Finance and Yearn Finance.

• Scroll integrates Yellow, a decentralized Layer-3 peer-to-peer mesh network, enabling seamless swaps, cross-chain liquidity, and an intuitive trading experience. Yellow Wallet now supports BTC, ETH, USDC, and SCR on Scroll with lower fees and faster confirmations. Cross-chain trading features are coming soon.

• Drift launches Drift Vaults on Solana, offering 20+ high-yield trading strategies with one-click access. Built by top ecosystem teams, Drift Vaults automate DeFi, letting users simply deposit and earn.

• Resolv Labs’ USR-USDC pool is now live on AerodromeFi, offering low slippage and strong liquidity for traders on Base. Liquidity providers earn 30 points daily, soon visible on the Resolv app.

• Pendle and Fluid introduce Fluid USDC and Fluid USDT (June 26, 2025), enabling yield speculation with Pendle’s PT and YT. LPs can earn additional rewards while supporting Fluid's liquidity.

• Levva's $LVVA Token Generation Event is live through Fjord Foundry, boasting $4M peak TVL in three months and partnerships with Lombard Finance, EtherFi, and Pendle. Limited spots available.

• Wormhole is now live on Berachain's testnet.

• Ethena Labs' USDe and sUSDe are now live on Swell, with Swell committing significant chain-wide incentives and sequencer profits to sUSDe protocol-owned liquidity.

• Dinero introduces iETH, a native ETH liquid staking token (LST) for Ink, powered by LayerZero. iETH is now live for staking.

• Covalent is now live on Ink mainnet, offering multichain data access for DeFi innovation. Built on the Superchain and powered by Kraken, Ink combines Ethereum security with scalable, low-cost transactions. Developers can access data from 100+ networks, create precise queries, and leverage real-time blockchain insights.

• Pencils Protocol launches Pencils DEX, a decentralized exchange designed to maximize liquidity, enable cross-chain interaction, and provide advanced trading tools for projects and LPs. Key features include tailored fees, cross-chain compatibility, and an optimized user experience.

• Hyperlane is now live on Swellchain, enabling asset bridging for protocols like Renzo Protocol's ezETH and pzETH.

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Updates 📰

• Wormhole's Staking Rewards Program (SRP) is live across EVM and Solana chains, with 50,000,000 W allocated for Reward Period 1.

• FTX to enable bankruptcy payouts in stablecoins through BitGo and Kraken exchanges via its claims portal.

• Aligned announces the fourth wave of $ALIGN allocations: 1.5% to Protocol Guild, 0.2% to L2BEAT, and 0.2% to ZachXBT.

• Morpho Association proposes deploying Morpho's core smart contracts across multiple chains, including Polygon POS, Avalanche, BNB Chain, Arbitrum, OP Mainnet, and others. The initiative aims to expand accessibility and adoption.

• Spectra DAO has unanimously approved SIP3, enabling the migration of APW to $SPECTRA, upgraded tokenomics, and governance deployment on Base. The token migration begins this week, with an official guide for APW and veAPW holders to follow.

• Aave DAO Considers Offboarding Polygon Ecosystem Following Risk Adjustment Proposal, Assessing Potential Impact on Polygon’s Largest dApp and Broader Network Stability.

• Avalanche Teases Avalanche9000 Update as Launch Nears Completion

• Curve Finance announces the successful vote to scale crvUSD and increase the maximum fee share for Savings crvUSD from 20% to 50%, optimizing protocol parameters.

• Wormhole integrates Circle's Cross-Chain Transfer Protocol (CCTP) on Sui, enabling developers to seamlessly incorporate native $USDC transfers into their dApps with just 3 lines of code.

• Spectra has started the migration to $SPECTRA on Base, with the bridge open until December 15, 2025. APW and veAPW holders can migrate at their own pace

• Lido has launched the Lido Community Staking Tribes (LCST) initiative, empowering Ethereum-aligned organizations and DAOs to support contributors in becoming solo stakers through the Lido Community Staking Module (CSM). The first participant, Drop, will have four contributors begin solo staking, supported by co-branded DappNode hardware and guidance from Lido Community Lifeguards. LCST offers training, workshops, and promotional support to upskill participants while strengthening Ethereum's security.

• Maple proposes MIP-011 to end MPL conversion to $SYRUP by April 30, 2025, and MIP-012 to limit governance voting to stSYRUP holders. MPL and xMPL holders must convert to participate. Details are on the Maple governance forum.

• Ethena Labs partners with Usual Money to use USDtb as collateral for USD0, backed by $850M TVL and Blackrock's BUIDL. Usual will launch an sUSDe vault for USD0++ holders, offering APY, Ethena, and USUAL rewards while enhancing liquidity with low-cost swap routes.

• Clearpool’s Ozean partners with Polytrade, a leading cross-asset RWA marketplace. Polytrade will anchor Ozean’s mainnet, integrating 7,000+ RWAs, 70+ issuers, and 9 asset categories with cross-chain flow.

• Resolv Labs integrates with Base, Ethereum's L2, offering users lower transaction fees, faster transaction speeds, and seamless access to Base-native DeFi projects.

• Fluid proposes launching the Fluid DEX on Arbitrum L2, introducing $FLUID to the network, and implementing growth incentives. The proposal is now live on the governance forum.

• The U.S. SEC has approved Hashdex's Bitcoin and Ethereum crypto index ETF for listing on Nasdaq

• U.S. Senator Cynthia Lummis advocates for Congress to grant the Federal Reserve authority to own Bitcoin, highlighting potential regulatory developments in the cryptocurrency space.

• Aave has initiated a governance vote to integrate its $22 billion lending market with Sonic, highlighting fee monetization as a potential additional income source for the platform.

• Rabby Wallet has integrated Sonic Chain, enabling features like portfolio tracking, transaction simulation, security engine, and approval revoking. This integration supports all EVM chains and 115 chains overall.

• Usual announces UsualM, an evolution integrating M^0's stablecoin infrastructure as collateral for $USD0. This integration enhances transparency, security, and interoperability while diversifying $USD0’s backing. UsualM also introduces features like permissioned unwrapping, pausing, and blacklisting for added safety.

• Frax Finance highlights its partnership with Symbiotic Finance, a leader in shared security with $2.5B TVL. Together, they aim to enhance Fraxtal's security for oracles, asset bridging, and future consensus mechanisms. Symbiotic's significant allocation to FRAX restaking reflects confidence in Frax's growing ecosystem, now at $250M TVL.

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Issues 🚨

• Federal Reserve Chair Jerome Powell states that the Fed is "not allowed to own Bitcoin."

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Upcoming ⏳

• Perennial introduces Perennial Intents, novel intent layer designed to enhance

  liquidity and provide a CEX-like trading experience for perpetuals in DeFi.

  It offers guaranteed price execution, seamless one-click trading, and deep

  liquidity by combining intent-based order matching with AMM settlement, while

  the new "Petals" program rewards active traders with points.

  • Today in DeFi is supported by Perennial Finance.

• Avalon Labs introduces $USDa, a Bitcoin-backed stablecoin issued by Usual, which redistributes ownership via the $USUAL token. With an 8% fixed borrow rate and yield-generating accounts, $USDa aims to transform DeFi. Launching soon on Ethereum, Arbitrum, and CORN.

• Lido has initiated the sunset process for Polygon staking, following DAO discussions and a governance vote. Citing a strategic refocus on Ethereum and Polygon POS scalability issues, stMATIC holders are advised to unstake before June 16, 2025 for a seamless experience.

• Shardeum’s Stage 4 Atomium testnet, the final phase before Mainnet, launches soon. Earn XP, badges, NFTs, and $SHM airdrops by completing quests, referrals, and running validator nodes.

• Abstract announces its Mainnet launch, set for January 2025.

• Stacks announces the first sBTC cap unlock on December 17.

• Sonic Labs teases the launch of its $S token, featuring a 1:1 convert mechanism for Fantom (FTM) to Sonic (S).

• Nest, Plume Network’s flagship staking protocol for real-world assets (RWAs), allows users to deposit stablecoins into professionally managed vaults and earn yields from assets like tokenized real estate and private credit. Nest will launch with Plume’s mainnet, and pre-deposit registration is now open for future rewards.

• Kelp DAO hints its upcoming tokenomics reveal, set to drop tomorrow.

• Frax Finance introduces ¤UI, a Universal Interface simplifying DeFi with AI-powered real-time routing via Odos Protocol and access to Fraxtal, its $250M TVL Sovereign L2. The new UI integrates core Frax products and partnerships, streamlining DeFi for mass adoption.

• Wormhole and Nuffle Labs launch native multichain restaking with EigenLayer, enabling staking from any chain without bridging, unified liquidity, and access to 100+ AVSs.

• Arkham partners with Sui Network to integrate Sui blockchain data into its platform, providing transparent on-chain insights for millions of Sui users.

• World Liberty Financial (WLFI) partners with Ethena Labs to explore integrating sUSDe into WLFI’s lending platform, unlocking new opportunities for DeFi users globally.

• Sonic Labs announces the upcoming launch of the Sonic Gateway, enabling bridging of USDC, EURC, and WETH from Ethereum to Sonic in the coming days.

• Origin Protocol introduces Yield Forwarding, allowing projects to redirect yield from OUSD, OETH, and Super OETH smart contracts to approved contracts after $OGN governance approval. This new feature enables automatic incentives for liquidity pools, extending project runways, and expanding the utility of yield-bearing assets.

• Reserve plans to launch the Reserve Index Protocol, enabling decentralized token folios (DTFs) that allow users to invest in entire narratives with a single click. The protocol introduces $RSR burns and larger baskets without collateral plugins, launching on Ethereum, Base, and Solana. Audits for Ethereum are underway, with Solana scheduled for January.

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Airdrops 🪂

• Pudgy Penguins has launched $PENGU, now available for eligible parties to claim. The claim page will remain live for 88 days, after which unclaimed tokens will be permanently locked in the smart contract

• Vana has launched its mainnet with Testnet Community Rewards, $VANA Staking, and the 12 Days of DataDAOs. Testnet participants can check reward eligibility, while 400,000 $VANA in staking rewards will be distributed to the top 16 DataDAOs every 21 days. The first 10,000 contributors can claim free $VANA tokens.

• Taiko launches Season 3 of Trailblazers with a 6 million $TAIKO reward pool. The top 100 liquidity providers can earn 12,000 TAIKO tokens each through Liquidity Royale. Transactions completed today count toward the first day.

• Elys Network's TGE (Token Generation event) is set for December 17, with a startup campaign on Gate.io offering users a chance to claim $95,000 in $ELYS airdrops. Users holding $10 in spot assets can participate between Dec 15 and Dec 17.

• Pell Network and USDX Money have launched a Galxe Campaign, enabling users to mint $USDX and restake on Pell Network for rewards. Participants can boost yields and compete for a share of $300 by completing tasks.

• Fuel launches its Genesis Drop, allocating 1 billion FUEL (10% of total supply) to over 200,000 addresses. Claims open Dec 19, 2024, and close Jan 19, 2025. In total, 20% of FUEL supply is reserved for community initiatives.

• Aligned Foundation announces the Genesis Drop Registration, offering $ALIGN tokens to 891,322 addresses. Eligible addresses were selected based on holding tokens from various ecosystems at their all-time lows.

• Magic Eden’s first memecoin claim drops on December 20, featuring mumu_bull limited to 5,000 users.

• Elys Network’s launch will feature an airdrop, the Elys App (Swap, Liquidity Pools, Staking), a Reward Center, and a CEX listing, all available on the first day of launch.

• Shardeum’s Atomium Stage 4 is live! Earn XP, badges, NFTs, and $SHM airdrops by completing quests, referring friends, and running validator

• Renzo’s Season 3 claims are live with 400M $REZ allocated to 81,684 wallets. Claim period runs from Dec 17 to Mar 17

• Avalanche Foundation announces RETRODROP, a holiday surprise for voters on Retro9000.

• Kelp DAO unveils $KERNEL tokenomics, powering its restaking ecosystem across Ethereum, BNB, and beyond. 55% of $KERNEL supply is allocated to community rewards and airdrops, with 20% for private sale and 20% for team and advisors. Airdrop Season 1 allocates 10% of the supply, with a snapshot on Dec 31, 2024, for users earning Kelp Miles or Kernel Points.

• Syrup.fi has opened $SYRUP claiming for Drips Season 1, 2, and 3 participants. The first 1/3 allocation can be claimed before January 18 to secure this round ahead of the next window.

• Fuel announces the launch of its Genesis Drop, allowing eligible participants to claim $FUEL on Fuel Ignition. Staking and delegation are now live, enabling anyone to join Fuel's decentralized sequencer network on Fuel Ignition and Ethereum.

• Swellchain, a restaking hub powered by Proof of Restake, is now live. Users can bridge and hold assets before December 31 to claim a share of 31,250,000 $SWELL and explore upcoming dApps like Euler Finance, Ambient Finance, and more. Swellchain's stablecoin strategy centers on Ethena Labs' $USDe and $sUSDe, with significant $SWELL rewards allocated to USDe holders and liquidity providers.

• Maple's $SYRUP is now live on Binance Wallet Alpha. To celebrate, the first 5,000 participants who purchase at least 200 $SYRUP tokens will receive a 100 $SYRUP bonus.

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Farms 🧑🏻‍🌾

• Renzo has launched $ezREZ, the liquid restaking token for $REZ, offering EigenLayer AVS rewards, ecosystem airdrops, ezPoints, and more surprises. All rewards auto-compound into REZ.

• Gearbox integrates PumpBTC, enabling BTC holders to access 10X credit for enhanced rewards or borrow WBTC against PumpBTC at 3.1% APY. Earn up to 20X PumpBTC Points and 10X Babylon Points

• Morpho Labs announces a 30% increase in $MORPHO rewards on Base, enhancing incentives for users of the platform.

• Gearbox launches 50K $OP rewards on Optimism for the next 6 weeks: 45K OP for passively lending ETH and 5K OP for using Renzo Protocol's ezETH strategies.

• Sky has integrated Sky Token Rewards and the Sky Savings Rate with Gearbox Protocol, enabling stablecoin yields of 77% APY through SKY Rewards and 52% APY via the SKY Savings Rate. Users can choose between token rewards or RWA yields to maximize returns.

• Levva's $LVVA Token Sale is now live on Fjord Foundry, offering up to 80.8% APY on ETH and USDC. With $4M peak TVL in three months and partnerships with Pendle, Lombard Finance, and EtherFi, Levva delivers multi-chain exposure, zero principal risk, and audited security by Quantstamp.

• Elixir users who locked elxETH can now convert and stake deUSD to earn liquid yield and potions.

• Merchant Moe introduces Ethena Rewards with 30x incentives for 5 new $USDe liquidity pools on Mantle, including $sUSDe and $USDe pairs. $USDe, termed the ‘Internet Bond,’ offers stablecoin savings, while $sUSDe provides a 27% APY from Ethereum staking and perpetual futures yield. Ethena's Season 3 rewards are live for over three months—track earnings on the Ethena Dashboard.

• Euler is now on Turtle Club, offering a 15% rEUL reward boost for Turtle members. Turtle Club simplifies Web3 liquidity deals with wallet sign-ins, no smart contracts. Members can earn boosted rewards on assets like $USDC, $WBTC, $WETH, and more.

• WalletConnect launches staking rewards for WCT holders, with weekly payouts starting December 19, 2024. Early stakers also receive their first rewards on the same day.

• Corn launches Baby Corn Program V2 to celebrate its Bitcoin Secured Network. Participants can earn 4.5M Babylon Points over 45 days by committing liquidity to eligible pools paired with $BTCN on Curve. Points, matching Kernels as multipliers, will be live and trackable in the Corn App within 48 hours, with more pools to be announced soon.

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