Today in DeFi - Onyx Hacked for $3.2M, Bedrock Hacked with $2M Compromised, Robinhood Consider Issuing Stablecoin, Coinshift Live, Ethena Launching UStb, and more..

Launches 🚀

• Coinshift, the all-in-one wallet built on Safe, is live now. Coinshift is a non-custodial, multi-chain treasury management application that helps users to save the effort of preparing gas fees, bridging across chains, keeping addresses, and finding the right dApps.

• Ledger now supports Scroll ZKP Network. Users can now securely deposit, bridge, and manage the assets on Scroll through the hardware wallet’s ecosystem.

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• DIA launches 'Lumina' – a brand-new trustless oracle network. Its modular, rollup-based design enables the verifiable sourcing and delivery of any data to any blockchain. Fully decentralized and permissionless.

  • Today in DeFi is supported in part by DIA

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Updates 📰

• Robinhood and Revolut, two of the largest fintech firms, are considering launching their own stablecoins. Two fintech giants sees the opportunity when Tether’s dominance is loosening amid stricter regulations in Europe and other countries.

• Drift Protocol just onboarded MOTHER by Iggy. You can now trade for both spot and perps on the protocol.

• Aevo now supports GRASS pre-launch trading. Trading pre-launch tokens on Aevo provides you the channel to benefit from the price volatility of these tokens with perps and leverage.

• Arbitrum announced that Bridged USDC Standard is now available for all Orbit chains. Today, developers can deploy Bridged USDC Standard using the canonical Arbitrum bridge, with the optionality for a future upgrade to native issuance. Orbit chains who adopt the standard will enjoy reduced liquidity fragmentation with a single form of bridged USDC that their ecosystem can build around.

• OpenEden’s tokenized U.S. Treasury bills has been selected by Velo Protocol as a reserve collateral asset for USDV. The stablecoin processes over $50 million in daily transactions on its decentralized exchange, Velo Finance. Until recently, USDV had been over-collateralized by a basket of assets like Velo’s native token (VELO), and USDT. OpenEden is the first and only tokenized US T-Bill product to receive an “A” rating from Moody’s.

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Issues 🚨

• VUSD, the Virtual USD stablecoin, experienced severe volatility yesterday with the price once touched the level of 0.55. The stablecoin is still depegged at the moment at 0.65. The depeg was triggered by an exploit of Onyx Protocol where the attacker hacked and stolen more than $13 million of VUSD from the liquidity pool and sold it in the secondary market, dragging down VUSD price. While the issuer reassures the community with the proof of reserve, how VUSD will re-peg without additional liquidity remains an issue.

• Bedrock was hacked with the loss of $2 million. The hacker exploited the error in the code where Bedrock mistakenly allowed 1:1 minting of uniBTC with one BTC. The hacker minted uniBTC and sold on DEXs, impacting the value of LP tokens. Bedrock said that the underlying wrapped BTCs and BTCs in reserves are secure, and a Proof of Reserves will be shared once it is available to ensure transparency. A comprehensive reimbursement plan is being finalized and will be shared shortly together with a post-mortem report.

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Upcoming ⏳

• Ethena will launch a new stablecoin UStb. UStb will be fully backed by

  Blackrock BUIDL in partnership with Securitize, enabling a separate fiat stablecoin product alongside USDe. One initial concern surrounding USDe from the community has been how the protocol responds to negative funding rate environments.If governance deems it necessary and appropriate in negative funding conditions Ethena can close hedging positions and re-allocate those backing assets to UStb to further ameliorate risk associated with negative funding rate environments.

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Airdrops 🪂

• Milkyway, the staking hub on the modular ecosystem, is taking the airdrop snapshot on Sep 26. Make sure to bind your Osmosis wallet to an EVM address before Sep 30 to be eligible for the airdrop. You can check the leaderboard of mPoints for airdrop here.

• NOTAI, the AI-based multi-function app built on Telegram, just kickstarted the Second Season of Farming. You can earn the rewards and airdrop through completing the quests and interacting with other Apps within NOTAI ecosystem.

• Orderly Network will be taking part in WSOT DEX Wave held by Bybit. Voting for Orderly and interact with the protocol to share the reward prize pool of 1,000,000 MNT.

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Farms 🧑🏻‍🌾

• Stake your GHO to earn ~19.03% APR from AAVE and Merit Program

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