Today in DeFi - Strategic Bitcoin Reserve Bill Introduced, Kujira Experienced Liquidations, Kamino Season 3 Live, Try New Chain for Free Airdrop, and more...

Updates 📰

• Lido introduced Lido Institutional, enabling its liquid staking service for institutional clients who want to stake large amounts of ETH.

• Jupiter approved the Supply Reduction Proposal to cut 3 billion JUP tokens from circulation as part of a strategic effort to refine its tokenomics.

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Issues 🚨

• Kujira Foundation, the builder of the Cosmos-based Kujira chain, experienced significant losses as leveraged liquidity positions backfired last Thursday. These liquidations occurred because loans from publicly allocated KUJI tokens became undercollateralized, triggering a cascade of sell-offs that further drove down KUJI prices. Later on Friday, the team announced plans to create a DAO to take ownership of the Kujira Treasury and core protocols.

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Upcoming ⏳

• The Strategic Bitcoin Reserve bill by Senator Cynthia Lummis has been officially introduced and referred to the Senate Banking Committee. The bill proposes establishing a Strategic Bitcoin Reserve to acquire 1 million BTC over 5 years.

• GRVT, a ZK chain for trading, is set to launch its Open Beta testnet on August 5. GRVT will distribute 2.4 million ZK tokens to the first 30,000 early testers who verify their accounts and complete their first transaction.

• Compound DAO proposes growing the Compound Treasury's assets by leveraging the 5,038 ETH currently held in Timelock, as well as 167 ETH held in a multi-sig wallet, to generate yield and support the Compound ecosystem.

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Airdrops 🪂

• Kamino has concluded Season 2 and will distribute ~$13.5M worth of KMNO to Kamino users in mid-August. Season 2 allocation checker is live, and Season 3 has started with full info to be released next week.

• Usual Money kickstarts Pill Campaign Chapter 2, allowing users to do Galxe quests to earn Pills.

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Farms 🧑🏻‍🌾

• Stake your GHO to earn ~30.61% APR from AAVE and Merit Program

  • Today in DeFi is supported in part by ACI

• Maverick v2 Epoch 3 MAV rewards are live for LPs on Arbitrum, Base, Ethereum, and zkSync.

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