Last Week in Defi - Story Testnet Launched, Lyra Rebranded as Derive, Binance BNSOL Launching Soon, $DAI Eligible for $AO Minting, and more..

Recap: Week of Aug 26th

Launches 🚀

• AO has launched ArFleet, a temporary storage solution built on Arweave and AO. It provides cost-effective short-term data storage and content retrieval services, complementing Arweave’s permanent storage capabilities.

• Stacks, a Bitcoin Layer 2 enabling smart contracts and apps with Bitcoin as a secure base layer, announced its Nakamoto Upgrade, activated on August 28, 2024. This upgrade introduces significant improvements to Bitcoin's DeFi capabilities, boosting transaction speeds to around five seconds and soon launching sBTC, a decentralized asset backed 1:1 by Bitcoin.

• Frax Finance has launched the Frax Name Service (FNS), a fork of Ethereum Name Service (ENS) tailored for the Frax ecosystem. FNS enables users to secure .frax usernames and burns FXS tokens in the process.

• Spectra Finance has introduced Balanced and Advanced modes for liquidity providers. Balanced Mode optimizes LP and YT token allocation for new providers, enhancing pool efficiency. Advanced Mode allows for adjustable YT conversion into LP tokens, impacting the entry price.

• Soneium, a blockchain initiative by Sony Block Solutions Labs, has launched the Soneium Minato Testnet. This Ethereum Layer-2 solution is designed to support Web3 adoption and assist builders with a fast, cost-effective development environment compatible with Ethereum.

• Matchain, a decentralized AI blockchain, has launched its mainnet. Users can explore the ecosystem with tools such as the Matchain Explorer for tracking transactions, a Wallet Setup Guide for network integration, and the BNB Bridge for transferring tokens from the BNB Chain.

• Affine DeFi, a platform offering research-backed liquid restaking, has introduced ultraETHs on the Linea network. This Layer 2 native symbiotic liquid restaking token (LRT) allows users to restake ETH to mint ultraETHs and earn ultraPoints, which include symbiotic points and Linea LXP-L points.

• Mezo, a bitcoin economic layer built by Thesis, has launched Acre's yield-bearing stBTC token on its Bitcoin Layer 2 network. The stBTC token enables users to earn returns while maintaining exposure to Bitcoin.

• Kaia, developed by Kakao and LINE, has launched its Layer-1 blockchain mainnet. The network features ultra-low gas fees and one-second finality, and integrates with Kakao and LINE messaging apps to support DeFi, gaming, real-world assets, and web3-based applications.

• YieldNest has announced that the migration of primeETH to ynLSDe is now live. Users holding primeETH are encouraged to migrate to access new earning opportunities and benefits, including YieldNest Seeds bonuses, Pioneer NFT rewards, and additional airdrops.

• Sky, the rebranded Maker protocol, has launched its new platform, Sky.money, ahead of its full relaunch on September 18th with new $SKY and $USDS tokens. MKR holders can convert their tokens to $SKY at a 1:24,000 ratio, while DAI holders can convert to $USDS at a 1:1 ratio after the relaunch. Early users can earn boosted rewards by signing up at Sky.money now.

• Story Protocol has launched its first public testnet, Iliad, for its Intellectual Property (IP) blockchain platform. Builders and creators are invited to join the testnet to address real-world problems and mint IP assets.

• Legion has introduced a platform aimed at early-stage investments, focusing on merit, skill, and passion rather than wallet size. Users can join the waitlist to participate in Legion’s forthcoming ICO.

• StratoVM, an EVM-compatible Bitcoin Layer 2 , has opened its Node Whitelist Sale, which will be available for the next 48 hours. The solution features community node rewards and has recorded over 2 million testnet transactions and 150,000 testnet wallets.

• Sharpe AI, an AI-powered crypto app, has announced that its token $SAI is now listed on Gate, Mexc, and BingX exchanges.

• EigenLayer has launched permissionless token support on the mainnet, allowing any ERC-20 token to be used for restaking. This expands cryptoeconomic security and enables AVSs to customize security profiles and utilize native tokens for rewards and security functions. A user interface for restakers will be added later in Q3.

• Bubbly Finance is now live on the mainnet, offering pre-market trading with ultra-low fees of 1.5% and instant profit and loss (PnL) calculations.

• ALLiN BETS has launched its Testnet Phase 1 on Dymension, limited to the first 200 players. Phase 2, starting on September 2, 2024, will expand the player cap.

• Huma Finance, the first PayFi network, has launched on the Scroll testnet. The mainnet launch is scheduled for this Thursday.

• Berally has launched its private testnet. Participants need at least one Beracid in their wallet to join. The project invites users to test the product, provide feedback, and engage with partners.

---

Updates 📰

• Router Protocol has integrated its Router Chain with Osmosis, expanding Osmosis's connectivity to over 25 EVM and non-EVM chains. This integration allows users to move $USDC, $USDT, and $TRX between these networks and introduces Alloyed USDT and Alloyed TRX on Osmosis to improve liquidity management.

• Polygon has introduced the POL Upgrade for MATIC holders. Users with MATIC on Ethereum can manually upgrade today using the Polygon Portal Interface. MATIC on Polygon PoS and staked MATIC on Ethereum will automatically upgrade to POL on September 4. There is no deadline for manual upgrades.

• Aave Labs has proposed an update to the GHO Stability Module (GSM) to include BlackRock’s BUIDL tokenized fund. The proposed update would allow for 1:1 fixed-ratio swaps between USD Coin (USDC) and GHO, with any remaining USDC used to mint BUIDL shares.

• Derive (formerly Lyra) is presenting a new approach as a foundational layer for DeFi, focusing on programmable derivatives that facilitate yield, hedging, and price discovery. The platform aims to offer a decentralized, permissionless model for derivatives trading. An update on $DRV is expected on September 4.

• Morpho DAO is inviting the community to discuss the potential transferability of the MORPHO token, which is currently non-transferable, to broaden ownership and governance. The proposal seeks input on whether it is the right time to enable transferability and what milestones should be met before doing so.

• Parcl has updated its security following a DNS attack on August 19. The attack, which briefly redirected website traffic, did not compromise user funds or the Parcl V3 protocol. The dApp resumed operations on August 21 with enhanced security measures.

• Superbridge integrated with Hyperlane, aiming to improve bridging capabilities for rollups and users. This integration is designed to support fast withdrawals and ERC-4626 yield-bearing assets. New frontends have been introduced, including one for bridging $ezETH across supported networks and another for bridging assets like $USDC, $USDT, and $ETH through Hyperlane.

• Uniswap Labs integrated uni.eth usernames into its mobile app, enabling users to claim gasless and free on-chain identities directly through the app.

---

Issues 🚨

• OpenSea has received a Wells notice from the SEC, indicating potential legal action on the grounds that NFTs on the platform may be considered securities. OpenSea is prepared to challenge this position, arguing that NFTs are creative goods rather than financial securities.

• Orderly Network announced that its official Discord channel had been compromised and warned users not to click any links until further notice. The team has since confirmed that their Discord server is now secure, allowing users to safely click links and resume chatting.

• Aevo announced that they will be delisting SLERF perpetuals on September 2 at 8:00 AM UTC. All positions will be settled at the mark price, with trading paused 30 minutes prior to delisting.

• TON has reported additional disruption in block production starting at 19:19 UTC, which appears to be related to the high load from DOGS token minting. TON Core is working on resolving the issue and has assured users that their crypto assets remain secure. Further updates will be provided as the situation develops.

• TON has reported that its blockchain is producing blocks normally following a nearly six-hour outage caused by heavy traffic from the new DOGS memecoin. Validators were prompted to restart to restore network consensus, and no assets were reported lost during the disruption.

• Avalanche reported a compromise of its official Discord, which has now been secured. During the resolution process, suspected channels and roles were removed, and the server will be reopened once it is considered secure.

• Polygon regained control of its Discord server following a hack that resulted in the theft of approximately $145,000 in assets. The team disabled all external bots and integrations while conducting a security review.

---

Upcoming ⏳

• Predict.fun, a yield-bearing prediction market built on Blast, will launch on Tuesday, September 3. The platform will feature over 499,000 Blast Gold reserved for liquidity providers in its first month and offer native yield earnings on every bet placed.

• The Cryptex subDAO is proposing an 8-week pilot liquidity program to boost the CTX/USDC pool on Aerodrome. With a $25,000 budget, the program aims to increase liquidity and yield through weekly incentives, offering a 10% revenue share if the campaign breaks even. Voting ends on August 31, 2024, at 8:00 PM.

• Binance’s BNSOL is set to launch soon.

• Bybit’s bbSOL is set to launch soon.

• Abstract has introduced the Abstract Global Wallet (AGW), allowing users to create and fund accounts via email, socials, or passkeys without requiring extensions or seed phrases. The wallet features an embedded signer and a smart contract wallet, leveraging Abstract's account abstraction protocol and gas sponsorship.

• Merkle Trade, a gamified perp DEX, has announced the launch of its Liquidity Bootstrapping Auction (LBA) at 12:00 UTC on August 29th. Following the LBA, the liquidity pool will be listed on Liquidswap by Pontem Network.

• Sonic Labs, previously known as Fantom, will launch its testnet next week.

• XProtocol, a Web3 entertainment superchain on Base, is starting its Xardian Node Whitelist Sale. The sale will begin on August 28 at 9 AM EST, with nodes available on a first-come, first-served basis, and a limit of 10 nodes per whitelist member.

• Router Protocol, a modular framework for cross-chain transactions, has announced an upcoming update that could be related to Osmosis, a decentralized exchange (DEX).

• Fractal Bitcoin has announced that the Fractal Mainnet will officially launch on September 9, 2024. The launch will include new features such as Fractal tokenomics, BRC-20 support, PizzaSwap testing, and bridges, along with additional wallets, protocols, and apps.

• Soneium, introduced by Sony Block Solutions Labs as a public Ethereum Layer 2 blockchain, is set to release on August 28. The platform offers a link to sign up within the next 24 hours.

• Maple Finance will launch the SYRUP token in Q4. MIP-010 proposes converting 1 MPL into 100 SYRUP and activating staking to support the SYRUP ecosystem and earn additional rewards. Voting on this proposal begins on September 2.

• AO, a modular network framework, shared that ArFleet Genesis, a decentralized temporary storage service built on Arweave, is scheduled to launch in 5 days.

• Avalon Labs, a hub for BTC LSDFi and CeDeFi lending, will launch its first CeDeFi lending platform in 72 hours.

• Argent noted that Starknet v0.13.2 is set to be released in 5 days, with updates aimed at supporting fast transactions and hundreds of TPS.

---

Airdrops 🪂

• Galxe has launched the Base Bonanza watchlist campaign in collaboration with Base and GalxeQuest. This campaign will showcase innovative platforms, products, and projects within the Base ecosystem.

• AO has opened $DAI deposits for its $AO token minting, with rewards starting September 4, 2024. The minting follows a Bitcoin-like model, with 21 million tokens distributed to the community.

• Merkle Trade, a gamified perpetual futures DEX on Aptos, has launched its Token Generation Event (TGE) Sequence, featuring a Liquidity Bootstrapping Auction (LBA) running from August 29 to September 5, 2024.

• Sonic Labs has launched Series 3 of "The Road to Sonic," where participants can earn the third Shard by interacting with PolterFinance, DegenExpress, and Beethoven X.

• Fuse Network, an EVM-compatible blockchain, announced that their Season 2 Airdrop claiming is now live. Users can claim their rewards and mint them on the Layer3 portal.

• eBTC is launching a new minting incentives campaign in collaboration with Merkl. The program offers a 10% APR with a $30,000 monthly cap and bi-weekly $BADGER rewards distribution. Rewards are distributed in real-time through Merkl and retroactively to current minters.

• GammaSwap is launching its $GS token, with details about the platform and how to utilize the liquidity bootstrapping pool (LBP) opportunity.

• Sky, previously known as Maker protocol, has announced that early users can earn boosted Sky Token rewards by signing up on Sky.money, following SkyEcosystem on X, sharing the brand announcement, and connecting their wallets.

• Hamster Kombat, a Telegram-based game, has scheduled its token airdrop for September 26th. The airdrop will distribute 60% of its tokens to players, with the remaining tokens allocated for market liquidity, partnerships, and rewards.

• Posemesh, a universal spatial computing protocol, held its $AUKI token generation event (TGE) on August 28, 2024.

• Daniel, the founder of Swell, has announced in the Discord channel that the $SWELL token generation event (TGE) will take place in September. A special Loyalty Bonus will be included in the airdrop for community members, based on earliness and ongoing commitment.

• Orderly Network is distributing 30,000 $ZRO to traders based on their $ZRO and $ORDER trading volumes. To participate, trade on Orderly-powered DEXs between August 27, 2024, 13:00 UTC and September 13, 2024, 13:00 UTC.

• Magic Eden Wallet is hosting a giveaway for 50 whitelist spots in the new FSIC collection. Winners will have the opportunity to mine the Fractal Bitcoin native token.

• Ether.fi, in collaboration with SSV Network and Galxe Quest, is launching a Learn and Earn campaign. Participants can explore ether.fi, restaking, and SSV, and enter for a chance to win from a $50,000 prize pool in $ETHFI and points.

• Orange Finance has introduced Chapter 2 of its airdrop campaign, offering up to 150,000 ARB through liquidity mining and other incentives. Participants can earn rewards by depositing liquidity into vaults, locking LP tokens, and referring friends.

• GammaSwap will launch its Liquidity Bootstrapping Pool (LBP) on Arbitrum in three days. The event, starting August 30th, will feature a dynamic pricing mechanism for token distribution.

• Orderly Network announced that $ORDER staking and claims are now live. Users can claim their airdrop on the Ethereum network, stake $ORDER tokens, and participate in trading and market-making rewards.

• Zeta Markets has announced the distribution of Epoch 1 trading rewards from the 2 million $ZEX pool. Epoch 2 is now live, with another 2 million $ZEX up for grabs, running until September 19.

• Orderly Network announced that its TGE will start on August 26th. Claims and staking will commence at 8:00 AM UTC, with airdrop claims available on the Ethereum mainnet. CEX listings will follow at 10:00 AM UTC, and VALOR emissions, trading, and market-making rewards will begin on August 27th at 12:00 AM UTC.

• Sharpe AI, an AI-powered crypto app, noted that there are 2 days remaining until the $SAI Token Generation Event (TGE). Users can claim their $SAI allocations now and have the opportunity to increase their allocation by participating in the Sharpe AI Part 1 Alpha Quest.

---

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

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

• Earn Points by Holding or LPing stablecoins

• Maximize Your wrsETH Yields

• Try New Wallet Tech and Earn airdrops

• and more…

Get a subscription with a credit card below, or pay in crypto for 2 months off a yearly subscription or $20 off a quarterly subscription.