Today in DeFi - $2B ETH Movement Update, Greyscale Trusts for TAO and SUI, Hana Public Quest Site Live, Earn High APY on JUP, and more...

Launches 🚀

• Polynomial Superchain L2 is live with a 14-day intial liquidity event (ILE) available for LPs. Users with an invite code can supply USDC, sDAI, and sUSDe to earn points with increasing boost.

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• Define your own fixed rates and loan durations through Size Credit’s innovative lending model. Available today on Base

  • Today in DeFi is supported in part by Size Credit

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Issues 🚨

• Reported by Lookonchain and Coindesk, a ~$2B (2,800 ETH) worth of ETH is being moved on-chain, raising concerns about potential market pressure.

  • The movement was tracked from wallets tied to the PlusToken China Ponzi back in 2020. Funds have been controlled by Chinese authorities since then.

  • Lookonchain later deleted their analysis post.

  • According to EmberCN’s analysis, most of the seized ETH should have been sold in 2021 with only a ~$63.1M worth of the remaining ETH being moved.

• Renzo dapp is down due to its front-end cloud provider Vercel being down. Funds are safe and the dapp should resume shortly.

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Updates 📰

• Greyscale launches two new single-asset crypto investment funds, Grayscale Bittensor Trust TAO and Grayscale Sui Trust SUI.

• Ethena is live on Solana with USDe and sUSDe integrated into partner protocols, including Kamino, Orca, Drift, and Jito.

• Arbitrum now supports bridged USDC as a custom gas token on Arbitrum Orbit chains, providing users with increased convenience, price stability, and accessibility.

• Nekodex launches USDC spot trading using intents and chain abstraction on Ethereum, Optimism, Arbitrum, and Base.

• Ether.fi earned $2.58M of revenue in July, and has used 5% of these earnings to purchase $ETHFI.

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Upcoming ⏳

• Scroll L2’s Darwin Upgrade is scheduled for August 21st. This upgrade will enable Proof Recursion and lower the gas fees by 34%.

• Starknet v0.13.2 upgrade is live on testnet, with mainnet scheduled for Aug 28. This upgrade will enable Parallel Execution and Block Packing on Starknet.

• Osmosis DAO proposes adding the support of EVM Smart contracts and a native EVM Wallet experience on the Osmosis protocol by integrating evmOS. In return, a proportion of taker fees generated by trading from EVM wallets on Osmosis will be shared with evmOS.

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Airdrops 🪂

• Hana Network, a Bitcoin staking protocol on testnet, launches its Public Quest site. Users can explore the Babylon ecosystem by completing incentivized quests.

• Lava Network has distributed all LAVA airdrops to those who claimed between July 20th and 30th (Mainnet) and the Cosmos community pool.

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Farms 🧑🏻‍🌾

• Stake your GHO to earn ~29.47% APR from AAVE and Merit Program

  • Today in DeFi is supported in part by ACI

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