Last Week in DeFi - Thorchain Lending Live, Sei Mainnet, Exactly Exploit, and More...

Recap: Week of Aug 14th

Product Launches 🚀

• Thorchain Lending Live
  Thorchain launches Lending with a 500M supply cap and heavy list of risk disclosures. Users can now lend BTC and ETH to THORChain and borrow a USD-denominated debt with “no liquidations, no interest, and no expiration”.

• Sei Mainnet Live
  Sei launches the Pacific-1 mainnet, with bridging and staking enabled. Early airdrop will be claimable later after an ecosystem warmup period.

• Immutable zkEVM Testnet Live
  Immutable zkEVM testnet is live. It is an EVM-compatible zk-rollup L2 dedicated to gaming products.

• Nautilus Chain Live
  Nautilus is now live, an optimistic EVM rollup L3 featuring a modular architecture. Nautilus combines the speed of Solana and the security of Ethereum to support fast transaction processing.

• Silo Llama Live
  Silo launches the Llama edition on Ethereum. Silo Llama is a fork of Silo but with $crvUSD as the universally-accepted collateral across all isolated markets.

• Archblock Treasury Bill Fund
  Archblock launches the Short-Term U.S. Treasury Bill Fund on its marketplace for KYC'd, non-US investors.

Project Updates 🚩

• EDSR Adjustment Live
  Maker DAO has executed several updates in the latest executive vote, including the adjustment to EDSR. Maker DSR is now down from 8% to 5%.

• Arbitrum Odyssey 2.0
  The Odyssey 2.0 has launched with open-ended quests and time-limited quests. All scheduled quest lines are over the span of roughly three months.

• Linea ERC20 Token Bridge Live
  Linea concludes its alpha launch phase and is now officially live with the ERC20 token bridge available. Linea also offers zero fees purchases for USDC.e via Metamask from Aug 17-31.

• Diva Operator Testnet Live
  DVT liquid staking protocol Diva launches alpha testnet, allowing testers to set up an operator testnet node.

• Scroll Beta Testnet Live
  EVM-equivalent ZK-rollup Scroll launches its Sepolia testnet, which is the final stage before the mainnet launch. The testnet launch brings upgrades to zkEVM, bridge, and infrastructure of Scroll.

• CoWSwap Supports TWAP
  CoWSwap now enables TWAP orders via Safe Wallet, allowing users to split their trades over time while benefiting from CoW’s MEV protection & prices.

• crvUSD Leverage
  Curve has enabled crvUSD leverage up to 9x.

• tBTC Live on Solana
  Threshold has launched tBTC on Solana.

• LUSD Live on Aave
  Aave activates LUSD as a collateral asset on the Aave V3 ETH pool. The max LTV is set at 77%, mirroring the one for USDC.

• Compound Live on Base
  Compound launches on Base, enabling users to borrow USDbC using ETH or cbETH as collateral.

• Safe Core Protocol
  Safe introduces the Core protocol, an interoperability protocol for modular smart accounts. Safe aims to create a standard to help solve the problem of transiting to smart accounts.

Governance Highlights

• Power to Lead SpiritSwap
  SpiritSwap governance approved the proposal to transfer the protocol ownership to Power, a Fantom-based DEX with its own NFT community.

Regulations 🏛️

• Singapore Stablecoin Rules
  The Monetary Authority of Singapore (MAS) has finalized the stablecoin regulatory framework, outlining requirements for SCS issuers looking to get their stablecoins recognized.

Hacks/Issues 👾

• Exactly Exploit
  OP-based fixed-rate lending Exactly was hacked and lost ~$7.3M. The root cause is insufficient check, which allowed the attacker to execute a malicious deposit function to steal assets deposited by users. A fix has been deployed and the protocol is now unpaused. The team is working on funds recovery and will soon publish a post-mortem.

• Funds Stuck on Shibarium

  There was an issue with the newly launched Shibaruim L2 and transactions were stuck on-chain, with $1.8M currently locked on ETH.
  Shibarium is now back live producing blocks while staying in private mode, and will be open to the public on Monday.

• Prime Trust Filed for Bankruptcy
  Las Vegas-based crypto custodian Prime Trust has filed for Chapter 11 bankruptcy protection. Prime Trust used to be a service provider for TUSD and Binance.US.

Upcoming ⏳

• Connext Token Launching
  Bridging protocol Connext will launch its native token NEXT on Sept. 5.
  On the same day early users will be able to claim their airdrop across Polygon, Arbitrum, Optimism, and Gnosis Chain.

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• Testnet with Potential Airdrop

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