Last Week in Defi - UBS Launches its First Tokenized Investment Fund, f(x) Protocol Unveils v2.0 with xPOSITION ,SWELL Claims Live, Phantom Adds Solana Purchases via Venmo, and more..
Recap: Week of Nov 4
Launches ๐
UBS, one of the worldโs largest investment banks, has announced the launch of uMINT, or the "UBS USD Money Market Investment Fund Token." This tokenized investment fund, built on the Ethereum blockchain, aims to offer investors exposure to high-quality money market instruments within a conservative, risk-managed framework. While UBS did not specify the exact financial instruments included in the fund, the bank emphasized the investment's focus on maintaining a high standard of quality and risk management, according to a press release.
Euler Labs has introduced Euler Prime, a lending market focused on capital efficiency in DeFi. Users can earn rEUL, a locked token aimed at incentivizing early participants on Euler v2. Euler Prime supports 11 collateral assets, including several BTC derivatives (LBTC, WBTC, cbBTC, tBTC) and ETH-based staking derivatives (cbETH, wstETH, WETH, weETH).
Bluefin has announced the listing of Suilend Protocol's native token, $SEND, as its first offering in Pre-Launch Markets. Trading for $SEND is set to begin on Tuesday, November 5, at 1:00 PM UTC on the Bluefin platform.
Shogun Beta is now live on the Ethereum Mainnet, integrating Solana, EVM Layer 2s, and Ethereum for a unified on-chain experience. Designed for capital rotation, Shogun allows users to access opportunities across chains, leveraging recent gains seen in ecosystems like Ethereum, Solana, Tron, TON, and Sui.
uSUI on the Sui Network is now operational on Morpho Labs on Base, allowing users to supply USDC against uAssets and borrow uSUI. Supported by Pyth Network, uSUI is also accessible on Aerodrome, with over $250K in available liquidity and active incentives.
Valantis Labs has launched Validly, an AMM inspired by Solidly, which is now live on the Ethereum Mainnet. Validly facilitates trading between any two assets with high efficiency and introduces compatibility with rebase tokens. This AMM employs a modified xy=k invariant, enhancing flexibility for fee mechanisms, liquidity models, and tokenomics within Valantis.
Units Network has launched on Mainnet, offering modular infrastructure with L0 scalability and restaking for consensus.
SynFutures, a leading decentralized exchange for perpetual futures, has launched Perp Launchpad, the first launchpad focused on derivatives instead of spot markets. To support this initiative, SynFutures is also introducing a $1 million grant program to help projects list their tokens and increase their visibility in on-chain markets
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ParaSwap has released Delta V2 after its beta phase, during which $300 million was processed across 6,000 transactions. Delta V2 introduces features aimed at enhancing competitive on-chain trading, including price auctions for execution improvement, seamless API integration for partners, and a design focused on user experience.
L2BEAT has launched DABEAT, a platform for exploring and assessing Data Availability (DA) layers for L2 transaction data security. Users can view detailed DA metrics, switch between bridges, and access comprehensive risk analyses, including DAC member listings and architecture details. The new Risk Grissini model provides additional risk evaluations for DA and Bridge projects.
SushiSwap introduces the Dojo platformโs Vesting Launch, allowing users to buy new tokens with a gradual release over 24 hours to deter early snipers and pump-and-dump activity. Buyers maintain a fair entry experience, with their balance updating linearly, and full balance visible after the vesting period.
Thunder has launched on Fuel Network Mainnet as the first NFT marketplace on Fuel, supporting both native Fuel wallets and Ethereum wallets. Thunder provides a seamless platform for buying, selling, and trading NFTs, with its first drop, Griffy Amplify
Plena has launched on Telegram, offering multiple deposit options, one-tap swaps and bridges, support for 100K+ tokens across 10+ chains, enabling streamlined crypto management.
GammaSwap announces incentives for the weETH/USD0++ pool. Liquidity providers earn 3x Usual Pills, 2x EtherFi points, 1x EigenLayer points, and esGS rewards. Traders can earn up to 195x Usual Pills, 130x EtherFi points, and 65x EigenLayer points based on LTV.
Story Protocolโs final testnet, Odyssey, is now live with more than 100 ecosystem partners launching their apps on the testnet. Story Network is a general purpose layer 1 blockchain optimized for handling complex data structures such as creative artworks. Built on top of the Story Protocol, the Proof-of-Creativity Protocol powers Story's IP functionalities like permissionless licensing, automated royalty payments. With the Programmable IP License (PIL), Story Protocol allows onramping intellectual property to the blockchain, providing on-chain liquidity for a multi-trillion-dollar asset class.
Puffer UniFi Testnet is live. The UniFi Testnet offers an opportunity to experience the benefits of sub-second transactions, instant withdrawals, and Ethereum-aligned decentralization firsthand. There will be 2 different phases for the testnet participation, UniFi Testnet (Builders exclusive - NOW) and UniFi Testnet (Public - December).
Spark, the order book built by Compo Labs on Fuel, is now mainnet beta live. Sparkโs on-chain Central Limit Order Book (CLOB) introduces next-gen trading mechanisms for DeFi. With better price discovery, faster execution, and permissionless trading, Spark aims to serve for traders who demand precision and control.
Brahma Console, a user-friendly multi-sig account platform supporting multiple chains, has launched a rewards campaign where users can boost their Karma score by completing on-chain actions, earning badges, and enhancing their overall experience.
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Updates ๐ฐ
Usual Money has announced a partnership with Stargate Finance to facilitate seamless cross-chain transfers of USD0 and USD0++, connecting Ethereum and Arbitrum. Users can now utilize the Stargate bridge to move USD0 and USD0++ across these networks. While USD0 cannot be staked directly into USD0++ on Arbitrum, users can either swap USD0 for USD0++ on Arbitrum or stake USD0 on Ethereum before bridging to Arbitrum.
Abstract has partnered with Alchemy to provide enhanced blockchain infrastructure and developer tools, aimed at accelerating and improving app development on the Abstract platform.
World Chain has integrated with Across Protocol to boost interoperability, enabling fast and secure cross-chain transactions.
Base has introduced a new feature, Basename Frames, which includes a "Nominate Me" function. This feature allows users to be nominated directly for builder rewards within the Basename platform.
Skate has integrated Ton Network and Polygon to support Polymarket within the Skate Mini-app. Users can now seamlessly place bets on Polymarket via the Skate Mini-app using both Ton and Polygon networks.
Hyperlane has made TIA and stTIA, Strideโs liquid staking token for TIA, available on Eclipse, the first Solana Layer 2. This integration bridges the Cosmos modular network with the Solana ecosystem, enhancing cross-network functionality.
Layerbank has announced that Taiko has participated in its seed funding round and formed a strategic partnership with the protocol. Layerbank will join Taiko in the Liquidity Royale: Trailblazers initiative, offering additional rewards as part of the program.
Kamino Finance has launched the Jito Market on Kamino Lend, which includes a 10x Multiply Vault aimed at enhancing JitoSOL's role in DeFi. The market offers SOL depositors weekly incentives of 8,000 JTO and provides JitoSOL holders with options for low-risk, yield generation while maintaining full exposure to SOL's price and minimizing liquidation risks.
Covalent has integrated with Unichain, an OP Stack Layer 2 platform by Uniswap Labs, to provide developers with easy access to Unichainโs onchain data.
This collaboration allows for efficient building of DeFi applications by simplifying data queries, enabling real-time insights, and providing a suite of developer tools.
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Soneium has activated fault proofs on Soneium Minato, extending the challenge period from 30 minutes to 7 days through a recent L1 contract upgrade. This change aligns with the security standards of the Superchain Ecosystem. Key updates include a re-proving step for end users with pending withdrawals and a 7-day withdrawal period for new transactions.
Kwenta has introduced new perpetual futures markets for the $SAFE, $MOODENG, and $GOAT tokens on Base and Arbitrum via Synthetix v3 perps. $SAFE, the governance token for Safe (formerly Gnosis Safe), offers multi-signature security through Safeโs platform.
Eigen Labs has launched the Eigen Economy Dashboard, offering real-time insights into key metrics of the EigenLayer ecosystem. The dashboard, available at economy.eigenlayer.xyz, provides restakers, builders, and $EIGEN holders with a detailed overview of the ecosystem's growth factors.
Euler Labs has updated its Stablecoin Maxi marketplace by adding PT-sUSDE as collateral. Additionally, new incentives have been introduced, including 25,000 $PYTH rewards and Euler matching rewards, amounting to approximately $17,000 in total rewards.
DeFi Saver has added support for Euler v2, introducing a new management dashboard for Euler users. The update allows for features such as one-click creation and closing of leveraged and standard borrow positions, as well as leverage management with the Boost and Repay tools.
Spectra Finance has introduced a new yield market for cbETH holders on Base. Powered by Harvest Finance's cbETH vault and Moonwell DeFi's market, the platform provides cbETH holders with the opportunity to access a base rate, fixed rates via Principal Tokens, and APW rewards through pool gauges.
Layer3 has partnered with Zero Network as the exclusive partner for its XP campaign ahead of ZEROโs mainnet launch, supporting user engagement and rewards on the Layer3 Launchpad.
Morpho Labs announces that the vote to make $MORPHO transferable has passed. The Morpho DAO will now begin executing the proposalโs steps, with more updates to come.
Lista DAO has announced updates for CAC Season 3. Epoch 26 kicks off on November 6, with a new rule adjustment adding InceptionLRTโs inslisBNB to Quest 7.
Phantom users can now buy Solana crypto assets through Venmo directly with fiat currencies.
Contangoโs TANGO staking is now live with protocol fees enabled and streamed to the stakers. Users can go to the TANGO/wstETH pool on Balancer and provide liquidity, go on Contango and stake your CBPT for the duration you like.ย Depending on the amount and duration, youโll get credited an amount of veCBPT on the UI.
Issues ๐จ
PeckShieldAlert reports that Meta Winners experienced a hack resulting in losses of approximately $4 million, affecting hot wallets on Ethereum, Base, and Solana. The hacker transferred parts of the stolen funds to KuCoin, HitBTC on Ethereum, and Binance, ChangeNow on Solana.
1inchโs dApp was impacted by a supply chain attack on October 30 due to compromised code in the Lottie Player library, leading some users to unknowingly connect wallets. The team resolved the issue in 51 minutes, while the 1inch Wallet, APIs, and protocols remained secure. Stricter monitoring of third-party libraries is now in place.
Upcoming โณ
Rujira, the product of a merger between KUJIRA and THORChain, is set to launch in Q1 2025. The project seeks to consolidate fragmented DeFi tools into a streamlined, user-friendly interface. By integrating major DeFi protocols and leveraging THORChainโs extensive liquidity along with KUJIRA's tools, Rujira aims to become a comprehensive one-stop platform for DeFi solutions.
Turtle Club is gearing up to launch on Berachain, allowing users to mint the first Turtle Bera badge by completing quests on Cub Quest. Turtle Club serves as a phantom liquidity layer that operates beneath integrated protocols without smart contracts. This unique setup provides access to exclusive backroom liquidity deals, enhancing yields that would typically be unavailable to individual users. Additionally, it enables users to contribute to and benefit from the sustainable growth of partner protocols.
Morpho Labs has initiated a vote to allow transferability for $MORPHO. If approved, the Morpho DAO will implement the steps outlined in the proposal to activate token transferability. Link to vote here.
f(x) Protocol has released the whitepaper for its v2.0 upgrade, introducing the xPOSITION feature. The update includes up to 10x fixed leverage, zero funding costs, no individual liquidation risk, and a simplified perpetual trading model.
Pencils Protocol has launched Pencils Auction, a new token launch experience that alters the token auction process. The platform uses Pencils Points to increase participants' influence, offering specific benefits and allowing users to adjust their strategies.
Morpho Labs has announced that the vote to enable $MORPHO transferability is now live, with less than 24 hours remaining for Morpho DAO members to participate. If approved, Morpho DAO will proceed with the steps to activate $MORPHO's transferability.
Airdrops ๐ช
Swell has announced that claims for the $SWELL token will open on November 7 via their official site, with 850 million tokens (8.5% of the total supply of 10 billion) allocated for distribution.
Kroma, an Optimistic Rollup utilizing zkEVM, has provided an update on the circulating supply and distribution schedule for its $KRO token, extending the core team's vesting schedule by five months. Additionally, Kromaโs $500,000 OP grant from Optimism will support the launch of their upcoming app, "K," which aims to bridge Web2 and Web3 to drive user growth and ecosystem transactions.
Superform Labs has launched Universal Rewards Claiming, a streamlined system for claiming token rewards across multiple chains. Users can now access all rewards from Superform-supported protocols, including Ethena Labs, Morpho Labs, Sturdy Finance, Exactly Protocol, PoolTogether, Sandclock, and Harvest Finance, in just one transaction per chain.
Sui Name Service (SuiNS) is set to launch its token, with the Token Generation Event (TGE) date to be announced soon. The distribution plan for the 500M NS tokens is designed to decentralize governance and support the platform's long-term growth.
Dogin Hood, a memecoin on Solana with a fully gamified token launch platform and app on Telegram, has launched $DOGIN. Trading is now available on Gate.io and MEXC, and eligible users can claim their tokens via the DoginHood website. Following the launch, liquidity will be added to Raydium Protocol and Invariant Labs, making the token accessible on Jupiter Exchange.
Hyper Foundation has reminded users that the deadline to review and accept the Genesis Event Terms is November 11 at 23:59 UTC. The list of eligible participants for the genesis distribution has been updated based on recent on-chain data. Users can confirm their participation at hyperfoundation.org/genesis.
Oku, a non-custodial DeFi meta-aggregator, has partnered with Taiko to offer $TAIKO rewards throughout November. Users can earn rewards by providing liquidity or performing swaps and bridges to Taiko.
Contango has announced that all TANGO tokens sold through FjordFoundry are now claimable. Additionally, a TANGO/wstETH pool has been seeded on Balancer, allowing TANGO holders to deposit TANGO and lock their LP tokens on Contango to earn 100% of protocol fees.
Pencils Protocol has launched its Reward Emission program. Users can manage and claim their $DAPP rewards in the upgraded rewards center. To claim, visit the Reward Center, select "Rewards Emission," and claim accumulated staking rewards.
Sonic Labs has announced a snapshot on December 1 for wallets holding all six Sonic Shards, whitelisting them for an exclusive NFT mint. This final NFT will carry points toward the ~200 million $S token airdrop.
Arkham announces Arkham Exchange Points, allowing users to earn points based on trading volume. VIPs receive a 10% boost on earned points and can continue earning through Intel Platform referrals. Points can be converted to ARKM after 30 days of trading, with signups open now (eligibility varies by jurisdiction).
Swellโs SWELL token claims are now open. Users can claim the airdrop either as SWELL or as rSWELL to earn Black Pearls (10x) and Symbiotic Points, then deposit in the Swell L2 Pre-Launch to earn Ecosystem Points (15x) faster than with other assets.
Magic Edenโs tokenomics for ME will be be published on 11/18.
Phaver Season 2 claiming is now open, along with the first SOCIAL staking pool. Users can claim the S2 airdrop in the app by the next Monday and choose to stake SOCIAL before then to get extra 25% yield.
Superform introduces the Find My Frens program. Find My Frens is a 2 week campaign where Superform Safari participants maximize their Superform XP by completing their SuperFrens NFT collection before the Season 1 snapshot on Thursday, November 21st at 14:00 UTC. Depositing on Superform earns you XP based on the USD value of your portfolio. To maximize your XP, make sure to complete the Fren List and collect all NFTs.
Farms ๐ง๐ปโ๐พ
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