Last Week in DeFi - Uniswap Introduce ERC-7683, IntentX Roadmap Release, Rabby Wallet Points Claiming, Renzo ezPoint Boosting, and more....

Recap: Week of May 20th

𝕯𝖆𝖓𝖌𝖊𝖗

May 26, 2024

∙ Paid

Launches 🚀

Sanko Mainnet, a crypto gaming L3 based on Arbitrum Orbit, is live. Sanko was originally a video streaming app (SankoTV) on Arbitrum. Sanko users can now bridge DMT from Arbitrum to Sanko via the native Sanko bridge.
Catalyst, a cross-chain AMM, is live on the mainnet. Users can now swap native ETH between OP stack L2s including Optimism, Base, and Blast. Catalyst also began the Eggs Reward Program to distribute weekly rewards to Catalyst UI users and track user activities for loyalty scores.
CapybaraDEX, a Wombat ecosystem member, is now live on Kaia Chain. Users can now do single-sided LPing, swap listed assets, and earn Capybara points during the Alpha stage.
Usual, a stablecoin issuance protocol, launched its website for early access. Usaul introduced Liquid Deposit Token (LDT) and the first LDT USD0, a stablecoin backed by RWAs with a short maturity.
Splice, a Pendle-forked yield trading protocol, is live on Mode L2. Splice has launched a few LRT yield markets, allowing users to earn yields & points, or buy discounted assets.

Updates 📰

Ethena’s sUSDe yield retained portion is reduced to 20%, with the remainder going to the sUSDe contract, making sUSDe APY now 37.2%. The changes in place will last until at least the end of June.
Lyra launched C-Token (covered call tokens), the first tokenized derivative that earns yield from options premiums, ETH staking rewards, EigenLayer points, boosted re-staking points, and Lyra points. Users can now deposit weETH and rswETH to start earning yields.
Uniswap Labs and Across Protocol introduced a new Ethereum token standard called ERC-7683. ERC-7683 aims to create a universal filler network for all cross-chain intents to follow for better interoperability.
Obol Network launched a funding model for projects to promote the decentralization of Ethereum's consensus. Obol DV cluster users will contribute 1% of their staking rewards to Obol, which will then be used to reward projects and innovations that add value and drive impact at the Ethereum consensus layer.
Sanctum, a Solana-based liquid staking platform, introduced wifSOL. wifSOL is an LST that allows users to DCA into WIF by staking SOL. wifSOL holders pay a 2.5% commission on SOL rewards and keep the 97.5% as WIF.
Picasso, an interoperability network and a restaking layer for Solana, now supports Solana and IBC transfers. Users can now transfer Solana IBC-supported assets such as $SOL, $mSOL, etc. between Solana and Cosmos. And the $PICA token is now available on Solana.
Marginly, a leveraged trading protocol, partners with Pendle to offer 10x leverage on yield-bearing assets, boosted APYs, and Sparks (points). Users can join liquidity Bootstrap to earn double Sparks & up to 45% after farming launches on 29 May.
The SEC has approved 19b-4 forms for 8 spot ETH ETFs including BlackRock, Fidelity, Grayscale, etc. The SEC has also begun discussions around S-1 registration statements. S-1 needs to be effective before ETF trading can begin.
Bancor enabled Overlapping Liquidity (Concentrated Liquidity 2.0) on Carbon AMM on Ethereum, Base, Fantom, Mantle, and soon on Sei V2. Overlapping Liquidity auto-compounds gains for LPs to increase capital efficiency by 80%.
Myso Initial Open Offering (IOO) is live. Users can use USDT, USDC, and exclusive collateral tokens (mETH, rETH, wstETH, etc) to purchase $MYT.

Issues 🚨

The exploiter who was responsible for pump.fun’s 2M hack has been identified as Jarett Reginald Dunn and arrested by British law enforcement. According to the latest update, Jaret has been released, required to return to UK police in August, and refrained from communication with pump.fun.
GFXLabs proposed offboarding Monetalis from MakerDAO. Monetalis is an Arranger overseeing nearly $1.9 billion in assets for Maker but has often failed to produce timely, accurate reports, leading to poor financial returns for Maker’s reserve.
Gala Games, a play-to-earn platform, was exploited for $22 million. The attacker sold a portion of the tokens he minted and later returned the rest after his wallet was frozen. After the exploit, DWF Labs revealed a 28 million purchase to “stabilize the token’s value” and a Gala blog post suggested a governance vote to decide if the 4.4 billion blocklisted GALA will be “considered burned.”
ClayStack, a DVT-based restaking protocol, will sunset the protocol due to a lack of resources and product-market fit after three years of operations. The website is now withdrawal-only and after June 10th, all the withdrawals will be immediate without any waiting period.

Upcoming ⏳

Fantom Foundation proposed Sonic Network, a new layer 1 with a native layer-2 bridge connected to Ethereum and beyond. Sonic will have a native token $S, and users can migrate their $FTM tokens at a 1:1 ratio for the new $S token at genesis.
Synthetix is undergoing a pivotal phase of the V3 rollout. The transition focuses on accelerating real yield, expanding sUSD collateralization, and facilitating the V3 migration.
pStake, a multichain liquid staking protocol, is launching a liquid staking solution for Bitcoin, built atop Babylon Chain.
Jupiter kicks off the Giant Unified Market initiative to bring more assets, including memecoins, RWAs, stocks, or forex to Solana and index them on Jupiter. Jupiter has launched the GUM Alliance and will focus on asset onboarding and market integrations in the next few months.
Sei V2 proposal is live voting. If it passes, the mainnet upgrade will be next Monday, May 27th. V2 will introduce a high-performance, parallelized EVM that boosts the network’s transaction processing speeds and overall throughput.
Redacted Cartel proposed rebranding to Dinero Protocol as protocol products expanding. The DAO will replace the $BRTRFLY token with $DINERO with the future Dinero Protocol stablecoin being known as $pxUSD.
Arbitrum will launch a vote for the Gaming Catalyst Program in two days. The proposal asks the DAO to earmark 200m $ARB over three years to expand the gaming ecosystem on Arbitrum.
MetaMask is potentially rolling out Bitcoin support within the next month. MetaMask primarily supports EVM-compatible assets, adding support for Bitcoin could bring millions of transactions onto the platform.
Cosmos introduces Hydro, a bidding & governance platform for liquidity deployment across the interchain ecosystem. Hydro will allow token holders to lock their tokens in exchange for “Hydro-locked tokens, " granting them influence over fund allocation decisions through periodic auctions.
IntentX, a Blast-based perp DEX, released its 2024 roadmap. IntentX plans to launch a TGE, xINTX staking, V2 platform, more trader tools, account abstraction, etc.
Merchant Moe, a Trader Joe franchise on Mantle L2, will enable fee sharing next week. $MOE stakers will share 100% of collected protocol revenue that will be regularly distributed in the form of Mantle LST (mETH).
Derivio, a zkSync-based derivatives protocol, introduced the Derivio Network. The transition to a dedicated chain allows Derivio to better performance and efficiency.
Stepn introduced Stepn Go, a social lifestyle app that allows users to earn rewards by staying active and using digital Sneakers. $GMT holders can lock their $GMT to enter raffles to win one of the first 6,000 STEPN GO Sneakers.
Zeta Markets released the whitepaper of Zeta X (ZX), a trading-focused DeFi L2 on Solana. Zeta’s $Z token will be the native gas & incentive token on ZX L2. ZK mainnet is expected to launch in Q1 2025.

Airdrops 🪂

Equation V3 is live, allowing users to trade perps with 0 trading fees + 150x leverage.
- Equation’s Weekly Trading Competition & Profit Rate Mining are also live.
- Traders ranking in the top 10 on the profit rate leaderboard will receive USDT prizes, and extra rewards for ranking in the top 3 (1st $2000, 2nd $1000, 3rd $500)
- Today in DeFi is supported in part by Equation
zkSync v24 upgrade is “the final planned protocol upgrade needed before handing over network governance to the community.” zkSync $ZKS airdrop is expected following the v24 upgrade.
Rabby Wallet Initial Points’ first-round claim will end on May 31st. Rabby users were encouraged to claim before the end date.
Aevo is bringing Aevo Airdrops, a new program where Aevo will airdrop pre-launch tokens of projects listed on Aevo to active pre-launch traders and AEVO stakers. Aeov also revamped Aevo’s staking benefits with 4 tiers for Aevo Stakers.
Spark Lend’s SPK Pre-farming Season 2 begins on May 20th at 14:26 UTC and ends when SPK and the Spark SubDAO launch. 6.66 million SPK will be distributed to eligible SparkLend users on Ethereum based on ETH deposit/ DAI borrowing amount and duration of their positions.
Avantis launched a trade-to-earn campaign on Base L2, allowing users to earn 250,000 USDC in rewards over 16 weeks, Avantis merch, and the Discord roles.
deBridge, a cross-chain protocol, introduced its $DBR governance token and the distribution details. $DBR holders will be able to stake their tokens to participate in DAO governance.
Infinex launched the Memecoin Crash game on Farcaster with a 1,000,000 GP prize pool. Users can claim free GP by liking & recasting.
Fantom introduced the Meme Season competition, with 10 million sFTMx prizes for meme holders. A memecoin's position on the leaderboard is determined by a combination of its market cap, gas usage, and trading volume.
Taiko L2 launched an airdrop checker for contributors and community members. Eligible users can check their share of TKO airdrop and claim at a later time.
Renzo enabled ezPoint boosting for $REZ stakers, Season 1 airdrop holders (50% boost), and Season 1 participants (10% boost).

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