Last Week in DeFi - Synthetix Perps V2, Visa Autopayments, NEAR Metamask Compatibility, and More...

Recap: Week of Dec. 19th

Product Launches 🚀

• Synthetix Perps V2 Live
  Synthetix launches perps v2 with frontends on Optimism. Perps V2 reduces perps fees by using an off-chain oracle system and minimizes risks for perps LPs with new risk management features.

• Symbiosis V2 Live
  Cross-chain AMM Symbiosis launches V2, enabling a serving network (Boba BNB L2) and single-sided AMM pool, making it easier to support more chains and increasing pool efficiency.

• Sturdy V1 Live
  Lending protocol Sturdy releases a revamped UI for 1.0, including integrated information and historical yield graphs. Sturdy also expands into the ETH market and will allow users to deposit LSDs as collateral to borrow ETH.

• Fluidity Live
  Fluidity, a protocol that rewards users for actually using their cryptos, is live on Ethereum. Users can wrap their tokens into fAssets and start earning rewards for transacting. The rewards are generated by user assets lent to money markets.

• Drift V2 Live
  Solana-based perpetual swap Drift launches V2 with improvements on security, new markets, a new audit report, and a 12-day campaign with $7500 in prizes.

• Decentrex Beta Live
  Powered by Syntherix Perps V2, Decenrtex launches the beta of its perps DEX for a variety of crypto & non-crypto assets, with up to 25x leverage.

• Morphous Live
  Lending protocol Morpho introduces Morphous, a router for DSProxy users. Users are able to do more things that native Morpho does not support, such as leveraging using strategies or using existing ones efficiently in one transaction.

• Inverse FiRM Beta
  Inverse launches FiRM, new fixed-rate markets that allow borrowers to lock in long-term borrowing costs while preserving the optionality of short-term lending through the use of early loan repayment and DBR sales.

• Opyn Zen Bull Live
  Opyn launches a new Squeeth strategy: Zen Bull, a long ETH strategy that performs the best when the market is calm and the price of ETH increases slowly.

• Texture Flashloans
  Solana-based yield protocol Texture launches FlashLoans service, allowing projects to borrow funds from two pools managed by Texture for arbitrage/collateral swap/self-liquidation using the flash loans SDKs. Non-technical users can stake SOL or USDC to earn yield from the loans.

• Taiko Testnet Live
  zkRollup-based L2 Taiko launches its testnet, allowing testers to deploy smart contracts, run a node, bridge from L1 to L2, etc.

Project Updates 🚩

• Visa Building Autopayments
  Visa is building Autopayments on a Self-Custodial Wallet. The application is built on StarkNet and with Argent wallet, which Visa has deployed contracts on a private chain and started testing transactions.

• NEAR MetaMask Compatibility
  NEAR developer Proximity Labs releases NETH, a smart contract that allows users to directly interact with NEAR dApps using their Ethereum wallets, such as MetaMask.

• Avalanche Wrap Messaging
  Avalanche releases Banff 5 update for its core implementation. The update includes Avalanche Warp Messaging (AWM), enabling subnet-to-subnet messaging. For example, AWM allows DeFi Kingdoms to easily interact with DeFi and gaming protocols built on other Avalanche Subnets.

• Trader Joe Live on Arbitrum
  Avalanche-based AMM Trader Joe expands to Arbitrum, allowing users to trade at a lower cost and earn fees as LPs.

• Lido on Solana V2
  Lido upgraded to V2 on Solana, improving the validators’ economy, including changes to the node commission and staking rewards.

• 1inch Fusion

  DEX aggregator 1inch released the Fusion upgrade. The upgraded Swap Engine powers Fusion mode, which empowers DeFi users to place orders with a specified price and time range, paying no network fees.

• OpenOcean Cross-chain Swap
  OpenOcean launches a 1-click cross-chain swap, supporting multiple chains with better swap rates and UX by implementing Celer’s IM Framework.

• Uniswap x MoonPay
  Uniswap has integrated MoonPay to enable fiat on-ramp with debit/credit cards.

• OpenSea x MoonPay
  OpenSea has integrated MoonPay, allowing users to buy NFTs with credit cards.

• Y2K Token Live
  Y2K Finance, a structured products protocol for exotic peg derivatives, launches the Y2K token and enables token trading/ LPing on Arbitrum.

• Binance US to Buy Voyager Assets
  Crypto firm Voyager filed for bankruptcy protection in July 2022, after crypto hedge fund 3AC defaulted on a significant loan position extended by Voyager.
  FTX was the first winning bidder to acquire Voyager, but after FTX’s bankruptcy filing, Binance.US won the second bidding process and will buy Voyager’s assets for ~$1b.

Governance Highlights 📝

• Sushi Signals to Increase Treasury Ratio
  Sushi governance passed the signal vote to redirect the 100% fee to the Treasury for 1 year to cover the development costs.

Hacks/Issues 👾

• Avraham "Avi" Eisenberg Arrested
  Avraham Eisenberg, the investor that drained Mango Markets for $110m, was arrested Monday in Puerto Rico, and may now be the first U.S. resident to face charges for manipulating a DeFi platform.

• BitKeep Wallet Hack
  Multichain web wallet BitKeep had its latest APK downloads hijacked and injected malicious code by the attacker. Users who installed the hijacked wallet might have been compromised. Currently identified fund loss is around $8m.

Upcoming ⏳

• Mercurial Meteora Rebrand
  Solana-based stableswap Mecurial announces a plan to relaunch under the name Meteora with new yield vaults and a new token with revamped tokenomics to replace MER.

• Waves USDN Resolution Plan
  Waves team released a resolution plan which attempts to repeg its severely depegged stablecoin USDN, aiming to stabilize the peg with proposals including token backings, team donations, swap reactivation, incentives for reserve holders, and adaptive vesting for USDN holders.

• Axie Infinity Coming to Play Store
  Axie Infinity passed the Google Play Store review and will soft-launch Axie Origins in the Malaysian Play Store first to allow users to test and improve the game. The early version will not allow players to earn tokens, in compliance with current Play Store policies.

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