Last Week in DeFi - Spot ETH ETFs Live, Avail DA Mainnet Live, Karak Brings Native Restaking to $MKR, Ether.fi S2 Claim Update, and more....
Recap: Week of July 22th
Launches π
Vest Exchange launches to the public (PHASE 2), allowing anyone to access Vest mainnet, begin trading, and earn yields on all LP deposits. Vest has rewarded over 400k $ZK tokens to everyone who participated in PHASE ONE.
Illuvium game Zero Beta is live on mainnet and available on iOS/Android. Users can build their city, manage resources, and earn rewards.
Alkimiya, a blockspace markets protocol, launches on Ethereum Mainnet. Users can Buy or Sell BTC transaction fees by interacting with Alkimiya Pools, which are periods during which users can enter, trade, or close their positions.
Avail DA launches mainnet and the AVAIL token. Avail is the first modular data availability layer using validity proofs + data availability sampling, with AVAIL powering the network.
TreasureDAO launches Magicswap V2, unlocking a new category of DEXs that combines DeFi x games to power on-chain game economies.
Yearn launches Gimme, a Polygon-based yield aggregator powered by Yearn. Gimme offers up to 10.94% APY for stables, ETH, and MAITC.
Updates π°
Spot ETH ETFs have been made effective by the SEC. Nine approved ETFs are now trading on major exchanges including CBOE, NYSE, and Nasdaq.
Dydx has concluded Season 5 in the dYdX Launch Incentive program and to announce the start of Season 6.
Solend, a Solana-based lending protocol, rebrands to Save. Save will expand its product offerings, introducing three new products including a stablecoin (SUSD), a liquid staking token (saveSOL), and an app for shorting memecoins (dumpy.fun).
Maple Finance announces a partnership with Jito. The partnership gives lenders on Maple and SyrupΒ access to Jitoβs MEV rewards.
Uniswap X releases an upgrade. This upgrade introduces a new auction contract that accelerates quoting speeds, enhances trade execution quality, and increases the amount of MEV returned to users.
Sturdy introduces a GHO aggregator powered by Bittensor and supported by a grant from Aave. Lenders can earn high APR on stables from a combination of organic yield, $GHO incentives, and $STRDY rewards.
Hamilton Lane, a $900 billion asset manager, becomes the first asset manager to launch a fund on the Solana blockchain.
Karak brings native restaking for MakerDAOβs MKR and a longterm focus on NewGovToken. Users can restake MKR to earn 1x Karak XP.
Ethena introduces USDe to Scroll L2, users may provide liquidity or lend USDe on Scroll to earn Scroll Marks.
Infinex now supports native ETH. Users can deposit or stake ETH to earn Craterun before it ends on July 30.
Ondoβs USDY is now live on the Noble chain, making it accessible to the 90+ chains in the Cosmos ecosystem. USDY is a tokenized note secured by short-term US Treasuries and US bank demand deposits.
Dinero (fka. Redacted Cartel) has launched the $DINERO token. $BTRFLY holders can now migrate to $DINERO at a 1:2000 ratio.
Curve is now deployed on Mantle L2.
Issues π¨
Monoswap, a Blast-based dex, was exploited and lost 1.3 million. A phishing app gave attackers access to wallets and contracts, resulting in the theft of most staked liquidity. Users are recommended to withdraw any staked positions immediately to avoid losing funds.
Spectra App has been disabled and router contracts terminated to contain a coordinated attack that affected some users depositing and withdrawing from the app. The team is working to reinstate the app and will release a post-mortem.
dYdX v3 website (dYdX . exchange) was compromised and is now recovered. Users are advised to clear the cache and restart their browsers before connecting to the website.
Scroll-based Rho Markets was exploited for $7.6 million. The Scroll team responded by temporarily halting the finalization of the blockchain to assess the situation. The attacker later contacted the Rho team, claiming the incident resulted from an Oracle misconfiguration rather than a deliberate hack, and offered to return the funds. Rho Markets has resolved the incident and reallocated the funds to the affected pools.
Upcoming β³
ACI proposes a tokenomics update. The proposal aims to leverage the new Umbrella Saftey Module update, which will replace the stkAAVE and stkABPT used as a backstop with staked aTokens, to "create a clear path" for the protocol fee switch.
Yearn DAO proposes to provide partial compensation to users of yvUSDT and yvDAI vaults affected by the Sonne Finance exploit. It suggests Yearn cover 80% of the remaining losses, with affected users accepting a 20% write-down.
marginfi introduces Arena, a forthcoming protocol that allows users to long/short any token on Solana with leverage.
Jito announces Jito Restaking, a hybrid staking, restaking, and LRT module. Jiro Restaking provides a scalable infrastructure for creating and managing staked assets, LRTs, and Actively Validated Services (AVS).
EigenExplorer introduces North Star and Liquid AVS Token (LAT). LAT allows users to keep their staked tokens in liquid form and manage risks more directly. LAT tokens will be released during the week of July 29, 2024, and the testnet will launch in mid-August 2024.
Abstract Foundation introduces the Abstract Chain. Abstract Chain is backed by Founderβs fund, Fenbushi capital, 1kx network, and Igloo, the parent company of Pudgy Penguin.
BGD Labs, the developer of Aave, introduces Umbrella. Umbrella is a new version of the Aave Safety Module based on Aave v3 aTokens staking & slashing.
Sanctum's founder announced that Sanctum would work with DeFi protocols to launch new LSTs: tensorSOL, banxSOL, kmnoSOL, bybitSOL, usdcSOL, etc.
Router chain mainnet is launching soon. The team will release a Staking Campaign this week, allowing users to earn DROP points, which will be used to calculate rewards.
GMX proposes changing GMXβs current revenue distribution model from βBuyback ETH and Distribute ETHβ to βBuyback GMX and Distribute GMXβ.
Avail, an infrastructure project built by the former cofounder of Polygon, is set to launch its mainnet on July 23rd.
Redacted Cartel is rebranding to Dinero. $BTRFLY token will be converted to $DINERO at a rate of 1:2000 and will use a new staking mechanism to replace rlBTRFLY. The token migration from $BTRFLY to $DINERO will occur on July 22nd.
Airdrops πͺ
Allora partners with PancakeSwap to launch a Points program. Users will receive Allora Points from July 25 to August 25, 2024, by participating in the PancakeSwap AI-powered prediction market on Arbitrum and the Galxe campaign.
Polynomial launches Retro Points Checker. Snapshot has been taken, and eligible users can secure their Retro Points by depositing them into the Polynomial chain once it goes live.
deBridge snapshot of Season 1 was taken on July 23, 2100 UTC, and Season 2 is live. Users can earn points by doing activities across the deBridge ecosystem, including bridge transfers, referrals, IaaS, and more.
GRVT Open Beta Testnet will officially launch on August 5. The team will give away 2.4m $ZK tokens to the first 30,000 early testers. Users can complete quests to earn ZK tokens, GRVT points, and rewards.
Ether.fi has updated the vesting claim periods for Season 2. The next claim is available on Thursday, July 25 at 00:01a UTC.
Mantle released the $COOK logo, supply, and Season 1 campaign rewards allocation. 15% of the total $COOK token supply will be allocated for ongoing campaigns in Season 1.
Availβs AVAIL token is listed on exchanges. Airdrop tokens are sent to eligible users via Avail mainnet. Liquid staking will be available once the mainnet goes live.
Avalanche airdropped AVAX to Memecoin Rush participantsβ wallets.
Farms π§π»βπΎ
Stake your GHO to earn ~25.21% APR from AAVE and Merit Program.
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Spark launches the Spark Lido Rewards Program, distributing 225 wstETH to all ETH borrowing positions on SparkLend. Users can borrow ETH and receive wstETH reward before the rewards program ends on Monday, October 21 2024 at 16:00:00 GMT.
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