Last Week in DeFi - Telegram Stars Live, Paxos Launched USDL, Beefy Introduced Concentrated Liquidity, StarkWare to Launch L3, and more....
Recap: Week of June 10th
Launches π
Symbiotic, a restaking protocol funded by Paradigm and cyberFund, is live on Ethereum. Symbiotic supports any mix of tokens as restaked collateral, enabling user deposits to secure third-party networks using a shared security model in competition with EigenLayer.
Telegram CEO announced the launch of Telegram Stars, a new digital goods and services payment system. Telegram Stars allows users to pay for digital services on Telegram via in-app purchases on iOS and Android.Β
Paxos, a regulated stablecoin platform, launched Lift Dollar ($USDL). $USDL is a yield-bearing stablecoin issued on Ethereum and pays yield programmatically daily to token holders.
F(x) Protocol launched arUSD, a tokenized version of rUSD EtherFi Stability Pool vaults from Convex, offering boosted yields thanks to Convex's veFXN holdings. arUSD earns users multiplied points from Ether.fi, EigenLayer, and F(x) Protocol.
JellySwap, an official Balancer fork, is live on Sei mainnet. JellySwap will begin distributing rewards for staking and LPing tomorrow.
Berachain launched Public Testnet bArtio B2. Berachain V2 brings a better user experience and additional utility for BETA tokens.
Updates π°
Helio, a crypto payment company, upgraded its Solana Pay plugin for Shopify. The upgrade brings enhanced features for Shopify merchants, including stablecoin payouts, sub-1-second transactions, discounts for NFT holders, etc.
Mint, an L2 for NFT, launched Mint Fast Bridge for users to move assets between Mint and other chains.
Solana Labs launched Bond, a customer engagement platform for brands. Bond Bond offers fast transactions, low costs, and solutions like digital collectibles, luxury goods authenticity, digital product passports & identities, etc.
EigenLayer announced the acquisition of Rio Network, a liquid staking protocol with its own LRT product reETH. The Rio team is joining Eigen Labs and will be focused on the EigenLayer ecosystem.
Beefy introduced Cowcentrated Liquidity Manager (CLM), a liquidity management solution that automates and simplifies yield farming for LPs.
Sui Bridge is now live on the Sui testnet, allowing for asset transfers between Ethereum and Sui. Users can help test the bridge to earn SUI.
OP L2 has implemented Stage 1 fault proofs on its mainnet. The fault proof system allows for ETH and ERC-20 token withdrawals from OP Mainnet without trusted third parties, enabling users to challenge and remove invalid withdrawals.
Uniswap Labs has acquired Crypto: The Game (CTG), an interactive, on-chain survival game. The announcement also mentioned that CTG Season 3 is coming.
Arbitrum DAO approved the allocation of 225 million ARB (worth ~$213M) over three years to support gaming projects on the network.
Karak, a universal restaking protocol, has integrated with BnB Chain, allowing users to restake lisBNB and lisUSD on BnB Chain and earn Karak SP, Lista Stardust, and staking rewards.
Idle Finance launched tranche markets on top of USDC and WETH lending pools of Gearbox. LPs can have fund coverage (Senior) or boosted return (Junior) while earning GEAR rewards and KelpDAO Miles.
Issues π¨
UwU Lend, an Aave v2 fork, was exploited for ~19.4M due to price oracle manipulation. The attacker exploited Curve's sUSDe spot price, drained assets from the pools, and converted them to ETH.
Upcoming β³
Zapper Finance, a defi portfolio dashboard, introduced Zapper Protocol. Zapper Protocol aims to make on-chain data easier to read and will be by the ZAP token, which is slated to launch in Q4 this year.
StarkWare plans to launch L3. L3s will be similar to customizable appchains but with greater reductions in fees and costs for both developers and users.
Asymmetry Finance, a staking & synthetic dollars protocol, partners with Ampleforth and Paid Network to launch afUSD. afUSD will be a high-yield algorithmic stablecoin that aims to be an alternative to Ethenaβs USDe.
Ripple introduced Ripple USD (RLUSD), a 1:1 USD-backed stablecoin launching on the XRP Ledger chain and Ethereum later this year. Users can now sign up for email updates.
Balancer V3 is launching soon. V3 will focus on key areas like Fungible Liquidity, Stablecoin, Long-tail Token Liquidity, Hooks, etc.
Friend.tech works with Conduit to launch Friendchain, Friend.techβs own chain that will use FRIEND as a fully transferable gas token.
Gnosis DAO approved a 30 million GNO (~5% of Gnosis DAO Treasury) buyback over the next 6 months.
Airdrops πͺ
zkSyncβs ZK airdrop claiming will start June 17th and end January 3rd, 2025.
Orderly Network has allocated 100M $ORDER to the retroactive airdrop. $NEAR traders must bind their wallets before June 27th to receive their tokens.
AO, a computing protocol built on Arweaveβs data storage layer, launched the $AO token mint. $AR holders are receiving $AO, and users can earn $AO by bridging stETH to Arweave.
Bedrock is live on Noveswap on Nova L3, allowing users to earn multiplied Nova points and Diamonds by bridging assets to Nova and/or LPing on Novaswap.
Solvβs SolvBTC Ethena Vault allows users to earn sUSDE yields, 10x SATs, and a 2.5x multiplier in Solv Points on their BTCs.
zkSync introduced its $ZK token and launched an airdrop checker for community members. Members can claim their tokens from next week until January 3rd, 2025.
Taiko launched Trailblazers with a 12 million TAIKO prize pool for the first season. Users can earn XP points by completing on-chain activities like bridging or sending transactions.
Bracket introduced Bars, its points program. Users can complete quests and follow the incentive rules to earn points.
Avantis launched XP season 1 on Base. During the 6 months of season 1, users can earn XP by LPing, trading, and making referrals.
io.net launched the IO token and the token airdrop claim opened on June 11th and will close at 11:00 UTC on June 18th.
Fantom proposed Sonic governance vote 2, outlining plans for $S token airdrops for Opera & Sonic users with unique burn mechanics to boost activity and TVL.
Nubit, a Bitcoin-secured DA layer, launched its Alpha Testnet Phase 1. Phase 1 provides incentivized tasks for users to engage with the project and its ecosystem.
Farms π§π»βπΎ
Stake your GHO to earn ~22% APR from AAVE and Merit Program
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