Last Week in Defi - Yuga Labs Unveils Apechain, Elixir Launches Mainnet Phase I, Stripe Acquires Bridge for $1.1B, Scroll Launches First Airdrop, and more..

Recap: Week of Oct 21

Oct 27, 2024

∙ Paid

Yuga Labs has launched Apechain, its own mainnet built on Arbitrum, with APE as the native gas token. Apechain is designed specifically to support NFT projects and expand the Bored Ape Yacht Club (BAYC) ecosystem. It enables seamless NFT minting, trading, and decentralized application (dApp) development, offering users an optimized experience. The network aims to provide scalability for NFT transactions, while also incentivizing content creation through APE token rewards.
Covalent's EWM Light Client Testnet is live, offering rewards for securing Ethereum’s historical data. Participants can earn 20-25% APY and gain early access to the mainnet. For more information regarding the EWM Light Client, visit here.
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Hop, a new DEX aggregator on the Sui network, is now live. Users can participate in the Hop.Fun Phase 1 as early adopters, positioning themselves for future rewards.
Avalanche introduced the Avalanche Card, enabling crypto-friendly spending at locations accepting Visa. Users can join the waitlist and access terms, conditions, and card details via the provided link. This offering aims to enhance Avalanche's usability for daily transactions across various merchants.
Arrakis Finance launched HOT, a MEV-aware AMM built on the Valantis Protocol, intended to support LPs by addressing challenges in DeFi market making. It seeks to provide improved returns for LPs and may contribute to changes in DeFi through MEV-aware market making.
Swaylend launched on Fuel Ignition and reached milestones, including over $15M in total supply. Fuel Points Phase 2 is now active, offering 2x rewards for borrowing, lending, and incentivized asset usage, with additional collateral assets expected.
Azura has launched a trading platform that focuses on streamlining DeFi interactions. The project received $6.9 million in funding, led by Initialized, with participation from Volt Capital, Winklevoss Capital, and other investors. The platform facilitates trading across major EVM chains and Solana.
Ostium Labs has introduced Strategies, an app that automates trading based on US election data and prediction markets, such as Polymarket. Users have the option to select a prediction, take long or short positions on related assets, and automate trades through Ostium’s platform.
Solayer has launched BGSOL, which is identified as the first restaking asset (LRT) on Solana, backed by Bitget. BGSOL provides liquid staking rewards and automated AVS delegation, enabling holders to earn staking yields while focusing on transaction processing.
Bags has has launched a financial messenger app that lets users trade and chat in one place. It features a non-custodial wallet, Bags Card, with support from Phantom and Apple Pay. Users can create group chats, earning 50% of trading revenue, and seamlessly access dApps via Blinks.
CrossCats has launched a fast, cheap bridge for altVMs, connecting users to blockchains like Bitcoin. The private testnet is live, using Wormhole for transaction verification, and any solver can join the permissionless network.
Invariant has officially launched on Eclipse mainnet, offering highly efficient Concentrated Liquidity provisioning for real profits. Projects can now list tokens, add liquidity pools, and start trading on the mainnet.
Adrastea Finance has introduced Liquid Restaking, the first-ever LRT protocol on Solana, allowing users to unlock liquidity with one click. The beta is now open for users to join at Adrastea.fi.

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 📰

BlackRock is reportedly exploring the integration of its Real World Asset (RWA) token, BUIDL, as collateral for perpetual trading on major centralized exchanges (CEXs) like Binance, OKX, and Deribit, according to Bloomberg.
Stripe, one of the largest online payment service providers, has acquired Bridge for $1.1 billion. Bridge, co-founded by former Coinbase employees Zach Abrams and Sean Yu, developed an API that allows companies to accept stablecoins. The company previously raised $58 million from investors, including Index Ventures and Sequoia Capital, at a valuation of $200 million, as reported by PitchBook. Stripe has emphasized that crypto remains a significant priority for its business strategy.
Curve pools now support cross-chain swaps via the EYWA Protocol. The new CrossCurve pools enable users to swap stablecoins, ETH, and BTC across most EVM Layer 2 (L2) networks. Users can also earn additional EYWA tokens by providing liquidity to these pools.
MetaMask has introduced pool staking, allowing users to stake any amount of ETH directly through the wallet to earn rewards, with the option to unstake at any time.
DeepBook, the swap route finder on Sui, has waived transaction fees for any swaps routed through DEX aggregators on the platform.
LayerZero has announced a partnership with ApeChain, becoming the interoperability provider for Yuga Labs' newly launched chain. Through integration with LayerZero's OFT standard, ApeChain now enables seamless cross-chain APE transfers, enhancing utility and scalability across multiple blockchains.
Camelot is now live on the ApeChain mainnet, providing critical liquidity infrastructure to the ApeChain ecosystem and linking it to the broader Arbitrum network, creating new opportunities for builders and the community.
Moonwell, in collaboration with Gauntlet, has introduced $50,000 in USDC rewards for users who lend and borrow USDC through Moonwell’s USDC Core Market on Base.
Ondo Finance noted that Sui Network is the second-largest non-EVM DeFi ecosystem, with NAVI Protocol accounting for approximately 40% of Sui's $1B in total value locked (TVL). NAVI's developments in DeFi, particularly regarding tokenized real-world assets (RWAs) and yieldcoins, are associated with this growth.
The Grass Foundation has introduced Airdrop One, which allocates 100,000,000 GRASS tokens to early node runners and community members as part of its effort to decentralize control of the Internet. The GRASS token is designed for governance, staking, rewards, and bandwidth access on the Grass Network. Further details regarding eligibility and allocations are available here.
Pump.fun has rolled out a feature that allows users to tokenize videos on its platform. Users can upload a video, select a thumbnail, and customize the coin to enhance the visibility of their content on the main page.
Uniswap has introduced a feature allowing users to permissionlessly bridge native assets and stablecoins across 9 networks, powered by Across Protocol. Available on Uniswap Web and Wallet, users can now bridge assets with a simple swap process. Uniswap is offering a quest with Layer3, where users can earn XP and CUBEs when bridging across chains, further details available here.
Wormhole has been chosen by M^0 Foundation as the interoperability provider for $M, a next-gen stablecoin backed by U.S. treasuries. With Wormhole’s NTT, $M will be multichain across Solana, Base, Arbitrum, Optimism, and Avalanche.
Pendle highlights the potential of syrupUSDC, estimating a much higher APY than shown in the app. While the current YT price shows a 13.15% implied APY, including $SYRUP boosts it to over 21.23%, with zero lockup and 3x DRIPS on Pendle.
Renzo has launched redETH on Sei Network, backed by its LRT, ezETH, via Hyperlane. redETH offers auto-compounded staking and restaking rewards, along with ezPoints and ecosystem rewards.
Storm Trade, a derivatives DEX on the TON network, has unveiled a new roadmap featuring significant platform enhancements. Key developments include the addition of new trading pairs and instruments, faster position openings, and guaranteed order execution. The platform will also introduce social features like copy-trading and leaderboards, along with new products such as leveraged prediction markets and options. Future plans include launching spot markets with margin trading, AI-powered trading tools, and a built-in non-custodial wallet.
Coinbase now supports deposits and withdrawals of USDC on the Sui network, allowing users to send USDC directly to their Sui wallets, streamlining access to the Sui ecosystem.
Safe Wallet has expanded to support multi-chain deployment, enabling users to deploy accounts across 15+ networks with a single click, using the same address on each chain and incurring no gas fees on major Layer 2 networks.
Rabby Mobile has gone fully open-source, following thorough security audits by Cure53, Least Authority, and Slow Mist.
DIA has partnered with WeFi to integrate high-frequency ETH/USD and USDC/USD price oracles into WeFi’s decentralized lending protocol on the Boba Network, facilitating global investment loan options for DeFi users via multi-pool borrowing.
Jumper has introduced a new multi-chain portfolio view feature. Users can now link multiple wallets, view their total portfolio balance at a glance, and select assets from their portfolio to swap directly within the Jumper UI.

Issues 🚨

Ambient Finance experienced a front-end and domain compromise, though the protocol's contracts and funds remained secure. The team swiftly regained control of the website and is preparing to announce a reimbursement plan for affected users. The root cause is still under investigation, with a post-mortem report forthcoming.
Orderly Network has denied any formal association with IBX Trade, which raised around 65,000 SOL during the presale for its memecoin ARTIC. Although Orderly Network retweeted IBX’s posts multiple times, it has distanced itself from the project after IBX transferred the majority of the raised funds, leaving investors with little to claim post-sale.

Upcoming ⏳

Suilend announced the upcoming launch of its token, $SEND, expected in December, with further details on tokenomics and mechanics to be provided soon. Additionally, Suilend will distribute 2x points for the remainder of the current points season, allocating 20 million points daily for deposits and borrows.
The Arena confirmed that the $ARENA token will launch on Tuesday, October 29th. The platform has seen an increase in user activity, with thousands of new users and tens of thousands of trades in the past week, resulting in a higher load. To accommodate the anticipated traffic during the token claim, the team plans to optimize its infrastructure.
Hyperlane introduced Superlane, an interoperability solution developed in collaboration with VelodromeFi and Optimism's Superchain. Superlane aims to address fragmentation from the pre-Superchain era, facilitating native cross-L2 interoperability.
M^0 introduced the $M stablecoin, intended to address risk, transparency, and functionality. Minted off-chain with approved collateral like short-term U.S. Treasury bills, $M is pegged to $1 and integrated into various protocols to support DeFi applications.
Elixir plans to launch Mainnet Phase I on October 31, 2024, which will be the initial step towards achieving full decentralization of the Elixir Network. This phase will include the genesis institutional validator program and stability testing of the network prior to the transition to the public mainnet. Following the public mainnet launch, eligible users will have the opportunity to claim ELX, operate validators, or delegate ELX.
Skate is approaching its mainnet launch, currently reporting 95% completion. Updates will be provided as the platform nears full release.
Thunderhead has introduced StakedHYPE, an asset aimed at increasing yield across various HYPEREVM applications through staking rates. Features include non-custodial governance by users, usability as collateral in DeFi protocols, tradability on spot order books, and access to deep HYPE liquidity on its native AMM.
Axelar Network, a programmable Web3 interoperability platform, is preparing to scale internet applications for a larger user base. The focus is on unlimited scalability, tokenization, and liquidity, with a significant development anticipated on October 24, 2024.
Uniswap Labs has generated interest with a lighthearted response to Crypto: The Game, suggesting the potential introduction of a S3 light mode.
mETH Protocol is set to launch its $COOK governance token soon, with a total supply of 5 billion tokens. The protocol, already the 4th largest ETH liquid staking platform, will also introduce $cmETH to capture market share in restaking.
DIA is launching Genesis staking before the end of 2024, offering up to 30% APY for staking $DIA on Ethereum. Rewards are limited and available on a first-come, first-served basis ahead of the Lumina mainnet launch in Q1 2025.
Kraken is set to launch its Layer 2 solution, Ink, built on the OP Superchain. Ink aims to simplify on-chain processes and bridge the gap between off-chain and on-chain worlds, making DeFi more accessible. With a focus on enhancing user experience and fostering a home for DeFi builders, Ink's long-term vision is to create a more streamlined DeFi ecosystem.

Airdrops 🪂

Scroll has launched its largest rewards program to date, unveiling Season 2 of its incentive program. The revamped reward structure makes it easier for users to earn rewards by contributing to the ecosystem, such as providing DeFi liquidity and participating in key protocols. A new real-time dashboard helps users track whitelisted assets, monitor Marks progress, and explore opportunities for additional rewards.
The Wandering Bera quest is live on the bArtio Testnet. In collaboration with KodiaFi, Dolomite, Honey Jar, Binance, and Bitget, Bedrock has launched an incentive program offering a total of 2,000,000 Diamonds, as well as Diamond Paw badges and other rewards for users who interact with these protocols on the testnet.
Jupiter announced that Active Staking Rewards are now live, with 50 million JUP and 7.5 million CLOUD to be distributed to active voters. When claimed, JUP is staked, while CLOUD is credited to wallets.
Astrol announced that Astrol on Testnet is now live. Before launching on Eclipse Mainnet, a limited beta testing phase is available to improve user experience.
World has announced the launch of World Chain alongside the Unique Humans collection, which is now available for free minting on the World Art Mini App.
Magic Eden partnered with Own The Doge and Ledger to release the Limited Edition Magic Eden x Own The Doge x Ledger Flex. Users can participate in the Ledger quest for a chance to win a free Flex and gain early access to the pre-sale. Join their space on October 23rd for another chance to win.
Solayer announced that the EP2 portal is live along with the Solayer EP2 airdrop. Users can visit the portal to claim rewards.
Sonic Labs, formerly known as Fantom, invites users to play Wheel with @MainnetMari to earn points for the upcoming ~200M $S airdrop on Sonic Arcade. Players can join via Sonic Arcade.
Bedrock announced it will be distributing 150K ARB and 5,000,000 Diamonds to select key partner protocols as part of its uniBTC momentum on Arbitrum.
Kelp DAO reminded users that Kelp Gain participants will soon be able to claim their SCR tokens from Scroll ZKP through the Kelp dApp on the Scroll network.
Scroll has introduced its First Airdrop to acknowledge the contributions of its community in achieving success. Eligible recipients can begin claiming tokens starting October 22, 2024, at 07:00 UTC. The airdrop will be available for 90 days, and users can visit the Airdrop Claim Page to claim their tokens securely.
Contango plans to launch the $TANGO token, accompanied by an airdrop for early users based on accumulated points. Each point will convert into three oTANGO tokens, with at least 12% of the total TANGO supply allocated for this airdrop. The oTANGO token serves as an option to redeem TANGO at a discount, with the discount determined by TANGO's market price.
Kroma has announced the $KRO Season 1 Airdrop, scheduled for October 30, 2024, at 1 AM UTC. This airdrop rewards early supporters, partners, and builders who contributed to Kroma’s ecosystem.
Magic Eden has confirmed its participation in Berachain, set to begin on the first day of Q5. The platform has launched a special Berachain splash page where users can secure an allowlist for top projects, view key participants, and trade existing Bera collections on Arbitrum and Ethereum.
Pencils Protocol has partnered with iZUMi Finance to launch the $SCR TGE Campaign on the Scroll ZKP network, offering a giveaway of $100 USDT to ten participants. Winners will be announced within 48 hours.
Jumper Exchange has partnered with Pear Protocol to distribute 0.5% of their native token, $PEAR, to holders of the Jumper Loyalty Pass (JLP). Eligibility requires users to have a JLP level of 8 or higher with the "perp_oors" trait or a JLP level of 17 or higher. The distribution period runs until December 31.
Talent Protocol plans to launch its $TALENT token on October 29 at 12:00 PM UTC. The token is intended to support an open reputation ecosystem and will be available on the Base network, followed by listings on exchanges.
Kelp DAO has announced that claims for SCR tokens by Kelp Gain users are now available on the Scroll network. A step-by-step guide is provided for users to claim their tokens through the Kelp dApp.
Aryze has commenced its public sale on Fjord Foundry, allowing users to purchase $RYZE tokens.
Veda Labs has launched Veda points, offering users a 100-point bonus for visiting their app. Users who have engaged with Veda products through partner platforms, including EtherFi, Lombard Finance, Corn, Usual Money, or Elixir, have accrued points.
Nayms has officially launched the $NAYM token, aiming to introduce liquidity to insurance as an asset class. The Nayms team has expressed appreciation to their supporters, partners, and community for their support of the project's vision.
JupiterExchange’s $JUP airdrop is set for January 31, 2025, with the snapshot happening in 7 days. Users can stake $JUP and participate in voting through the ASR mechanism to increase rewards.
Base introduced Builder Score, allowing users to mint a Talent Protocol passport and unlock a free 5+ character Basename if their score is over 50. Basenames serve as an onchain identity for builders, facilitating connection and collaboration. Claim your Basename for free here.
The Arena is launching a quest to get #SocialFi trending ahead of its launch next week. Participants who tweet about SocialFi will earn bonus points, increasing their share of the $1M reward pool at the end of Uprising.
Linea announced that the Alphamind campaign will be the last to use LXP, with future drops focused on Testnet Voyage NFTs and private testnet participants. To be eligible, users must complete Proof of Humanity (PoH) by October 30th, with PoH submissions open until November 3rd for the Alphamind campaign.
SynFutures will host the Rumble Royale event on October 23rd at 1:00 PM UTC in their Discord, offering prizes to the top five participants. Users are encouraged to join and compete for the top spot.
Kelp DAO has announced that users can now claim their Programmatic Eigen Rewards on the dApp. Eligible users must have interacted with rsETH or agETH between August 15 and October 6.
Solv Protocol reminds SolvBTC and SolvBTC.BBN pre-depositors to bridge their assets within 7 days to secure Fuel Points, continuing their DeFi journey on Fuel Network's newly launched mainnet.
The GRASS token will be listed on Bybit’s Spot trading platform on October 28 at 2 PM UTC.
Kroma has released the eligibility details for its Season 1 Airdrop, allowing users to check and claim their allocations starting October 30 at 1 AM UTC. Meanwhile, Kroma’s Season 2 Airdrop is also live with additional rewards on the way.
Magic Eden will launch its TestME token on October 29.
INFINIT Ecosystem Protocols users will enjoy a 2x boost on INFINIT Stones from October 24 to November 7. By lending, borrowing, or providing LP across the 10 supported protocols, users can collect Stones to earn rewards via INFINIT or directly on participating platforms.
Pell Testnet has gone live with a new airdrop campaign. Participants in the Pell Network testnet can earn Galxe Loyal Points as quest rewards, and the top leaderboard users will receive Pell Airdrop Points (PAP) based on their rankings. The campaign runs until November 30.
Solv Protocol has partnered with OKX Web3 for a special staking campaign. Users can stake BTC.b and restake SolvBTC to earn up to 15% APY, with additional rewards from a bonus pool of 1,600 AVAX, 0.59 SolvBTC, Solv XP, and Babylon points.
To celebrate the launch of Ink, Kraken has teamed up with Optimism, Zora, and various artists to release a commemorative NFT, available for free minting for a limited time.

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