Last Week in DeFi - UMA Launches Oval, Curve Llamalend Coming, Kamino Points Live, Stable/Eth Farms, and more....

Recap: Week of Jan 22

Product Launches 🚀

• Sturdy launches V2. V2 employs a two-tier architecture and can isolate risk between pools without creating liquidity fragmentation. Users can deposit to aggregators with ETH, pxETH, or crvUSD to earn high returns + $STRDY rewards. Borrows will be enabled in one week (Jan 30).

• UMA protocol launches Oval, an oracle that enables protocols to capture MEV that is created as a result of Chainlink price updates. Oval wraps Chainlink data feeds allowing lending protocols to capture Oracle Extractable Value (OEV, a subset of MEV).

Project Updates 🚩

• Perennial Labs announced ETH power perps. Power perps are a kind of option that behaves like a leveraged position.

• Sushi relaunched Sushi Bar, a feature that allows users to stake their SUSHI in exchange for xSUSHI and share 0.05% of the trading fees.

• MakerDAO RETH-A vault type is being offboarded from the protocol. The RETH-A maximum debt ceiling has been reduced to zero, and an upcoming Executive Vote will deploy parameter changes to complete the offboarding process.
  Meanwhile, Spark Finance continues to offer rETH as a collateral asset.

• Solana option AMM SDX Markets team up with Threshold Network to expand BTC option markets on Solana.

• Radpie launches Auto-looping on BnB Chain and Arbitrum. This feature regularly monitors Radiant protocol for deposits, borrowing, and RDNT reward rates. It then optimizes the leverage of the Radpie pool to enhance yields and steer clear of periods with elevated borrowing costs.

• Synapse launches RFQ bridging on Ethereum, Arbitrum, and Optimism for USDC under 10K. RFQ bridging turns every transaction into an auction between relayers, and relayers compete to give users the fastest time and lowest price.

• DeFi Saver now supports Morpho Blue with signature features available:
  - creating leveraged positions
  - Boost & Repay (1tx leverage adjustment options)
  - 1-tx closing (leveraged) positions (aka self-liquidation)

• Mountain Protocol launches native USDM on Polygon POS. USDM is a regulated and yield-bearing stablecoin.

Hacks/Issues 🚨

• Socket plans to fully reimburse the users affected by the earlier hack which saw 3.3M funds lost.

• Liquidity manager protocol Concentric Finance was exploited on Arbitrum and lost over $1.8M due to a targeted social engineering attack on one of their team members holding the deployer wallet. The protocol will be halted and the team advises users to revoke approvals to related protocol addresses.

• Ethereum privacy protocol Nocturne has been sunset as the team found that privacy is not a primary concern for users, and the team will redirect efforts toward a new product in the application space.
  Nocturne V1 deposits are now closed, and funds can be withdrawn for one year at http://app.nocturne.xyz

Upcoming ⏳

• Llamalend, a lending product from Curve Finance, is reportedly “days away from launch”

• Origin protocol is voting to implement an AI for OGV Buybacks.

• Perpetual Protocol introduces Perp V3. V3 will bring a streamlined UX to enable a CEX-like trading experience and a Smart Liquidity Framework that supports any method for providing liquidity.

• Aave DAO approved Frontier, a Staking-as-a-Service product to decentralize Aave’s staking exposure further and actively participate in network security. Aave DAO will operate 32 Stader minipools of 4 ETH each, allowing community members to gain staking exposure through ETHx.

• Convergence Finance introduces Tangent, an LP-less DEX powered by Curve oracles. In v1, Tangent will feature a Spot Market that allows the creation of Perpetual Market Orders (PMOs) and Limit Orders (LOs). In the future Tangent will include a Bond-as-a-Service marketplace, and an Options Market (puts & calls).

• Polygon will introduce a blockchain aggregation layer “AggLayer,” focused on unifying liquidity. AggLayer will allow developers to connect blockchains with ZK proofs, leveraging Ethereum for settlement.

• GammaSwap introduces DeltaSwap, an upcoming commission-free DEX for spot token trading. DeltaSwap is a canonical Uniswap V2 style CFMM using the x*y=k formula but with no fees, and thus with tradeoffs on capital efficiency and slippage/MEV.

• Clearpool released a Roadmap for 2024 with new products, pools, and improvements such as the Credit Vaults, new $CPOOL Staking Model & Protocol Governance, Collateralized Lending, Clearpool Prime V2, etc.

• Eigenpie has integrated with EigenLayer and will launch soon to allow users to restake their ETH positions, thereby maximizing their passive income potential.

• One of Ajna v1 pools will start the process of burning AJNA on Jan 24.
  Ajna implements a reserve auction system. Periodically, a portion of the reserves are sold for AJNA tokens, the tokens then get permanently burned, reducing the overall AJNA token supply.

• NFT collection Cool Cats will launch Meta Quest, a mobile game developed by PlayEmber and Sync Studios, on Immutable zkEVM. The game will incorporate Immutable Passport for a better playing experience.

Airdrops🪂

• Dyson Finance is having a double-point weekend. Traders using Dyson Finance will get double the points.

• Renzo now supports wbETH deposits, which will qualify for EigenLayer points, Renzo ezPoints, and wbETH staking rewards.

• Liquid staking protocol ClayStack now supports ETH restaking via EigenLayer. Users can now mint csETH to earn staking rewards, CLAY points, and EigenLayer points.

• Magic Eden Rewards are introduced. Over the next few months, the team will bring the program to reward activities on the marketplaces across Solana, Bitcoin, Ethereum, and Polygon. The team is also integrating rewards into the upcoming Magic Eden wallet so users can start earning Diamonds there at a later date after launch.

• Rabby Wallet launched Rabby Points. Initial Rabby Points have been dropped to EVM addresses based on the wallet balance at the snapshot date. Users can still earn points by migrating from MetaMask, referring new users, and swapping/ topping up gas on Rabby.

• Solana Drift protocol launched Drift Points. Users can earn points weekly based on their trading activity and can see their rank on the leaderboards. For OG users, the team has taken a snapshot. The Points program will only run for 3 months max.

• Eigenpie will launch with a fair-launch approach with a points program. For each ETH LST deposited in Eigenpie, users earn 1 Eigenpie Point per hour. Holding more LSTs boosts user points, enhancing eligibility for the EGP token airdrop and IDO allocation.

• Liquid staking protocol Swell Network’s admin mentioned in Discord that $SWELL tokenomics will be released around the same time as TGE in Q1.

• Solana Kamino launches Kamino Points. Users can earn points using any Kamino product. Kamino Points will run concurrently with KMNO token distribution. After the Genesis airdrop, Season 2 points will kick off, which will lead to the next round(s) of drops.

• Kamino Lend now offers the lowest rates in Solana by a large margin and 5x points on borrows.

• Ondo Finance launches the First Wave of the Ondo Points Program, focusing on specific ways to earn points: Retroactive Points for using Flux, holding OUSG or USDY, holding USDY or mUSD, providing liquidity on DeFi, etc.

Farms 🧑🏻‍🌾

• ETHX has a good yield on Pendle.

• Ajna vaults are live on Yearn, earning good yields with AJNA rewards.

• IdleDAO USDT yield tranches on Clearpool offer boosted returns for both junior and senior on Polygon zkEVM.

• UmamiDAO launched GM vaults that allow single-sided LP farming with USDC and ETH, and ARB incentives are coming soon.

• Clearpool offers good yields on USDC and USDT lending.

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• Boosted Stable Farming

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