Today in DeFi - Gyroscope Launches GYD Stablecoin, Safe Introduces Recovery Hub , Marginfi to Launch Solana LST-backed Stablecoin, High Yield Staking on Avalanche, and more...

Launches 🚀

• Gyroscope launches GYD, a dollar-pegged stablecoin backed by reserve assets, and features an algorithmic mechanism to keep its price pegged to $1. Users can now mint GYD or provide liquidity to GYD pools.

• Crypto Volatility Index launches CVI V4, introducing new features such as the Hedged Theta Vault, a ~3x stretched version of the CVI, borrower leverage, etc.

Updates 🆕

• Safe introduces RecoveryHub, a marketplace of options in Safe Wallet to set up account recovery, in collaboration with third-party recovery service providers.

• Bridging protocol Connext launches the Bacco Network Upgrade. The upgrade reduces the operational cost of the network and allows Connext to expand to new chains & L2s rapidly.

• Thorchain has disabled impermanent loss protection (ILP) for all LP positions to unbounded potential liability on the Reserves. LPs are expected to accept more rewards and potential risks of the IL.

• Kava 15 upgrade is live. K15 is a major upgrade to Kava’s economic model, with the KAVA inflation rate to be permanently reduced to zero on Jan 1st, 2024.

Upcoming ⏳

• Solana-based lending protocol marginfi plans to launch YBX, a LST-backed stablecoin that will earn Solana staking yield (~8%), MEV capture (LSTs using Jito's MEV client), and lending yield (in marginfi).

• ApeCoin DAO proposes to develop ApeChain using Arbitrum Orbit chain technology and AnyTrust technology, positioning APE as the native gas token.

• Aave DAO is voting on a temp check proposal that will allocate stablecoins from the Aave Treasury into Maple Finance’s cash management pool to earn the risk-free rate on-chain.

Farms 🧑🏻‍🌾

• F(x) protocol’s fETH/ETH/xETH pool on Curve Arbitrum now has CRV rewards live, providing a boosted APR.

• Stella launches a new leveraged LST strategy for wstETH. Users can access the strategy with 10x leverage and earn a max APR of 181.90% for wstETH (28 Mar 24).

• Sommelier launches the Turbo stETH vault. stETH holders can now leverage their assets in the vault, and the vault covers all gas fees on its rebalances.

• crvUSD pool on Pendle now offers +32% APY with bribes from Curve and PENDLE emissions.

High Yield Staking on Avalanche, …