Today in DeFi - Sui Staking Reward Disrupted, Coinbase Release Based Agent, Lido Community Staking Module, USD Farm/Airdrop: Supply USD on Novel L2 for 30% APY + Airdrop Points, and more..

Oct 28, 2024

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Coinbase has introduced "Based Agent," a tool enabling crypto users to set up custom AI agents on the Base network in under three minutes. According to a Coinbase developer, Based Agent is a template designed for building AI-driven "bots" capable of executing specific tasks by interacting with smart contracts. Once deployed, these AI agents can integrate seamlessly with smart contracts to perform swaps, trades, staking, and even register their own Base names, offering users a highly customizable and automated on-chain experience.
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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DIA is gearing up for Lumina's mainnet launch in Q1 2025, bringing staking and slashing mechanisms to enhance the oracle network’s resilience.
In anticipation, they’re thrilled to unveil their Genesis $DIA staking program, offering early adopters up to 30% APY, ahead of the mainnet release.
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Lido has launched its Community Staking Module (CSM) on the mainnet, introducing a permissionless feature within the Staking Router that allows any Node Operator to run Ethereum validators autonomously using the Lido protocol. This presents individual stakers with a groundbreaking opportunity to support Ethereum security by significantly lowering the barrier to operating an Ethereum validator while providing potential rewards that may rival or exceed those from DeFi protocols.
Uniswap has added an in-app bridging feature to its Web and Wallet platforms, enabling users to move assets across chains directly within the Uniswap interface, eliminating the need for external bridging services.
Arena V2 has gone live, empowering users to organize events, create groups and communities, and launch memecoins through The Arena App on the App Store—all without relying on any particular social media platform.

On October 25, an epoch change on Sui at 10:30 a.m. PT triggered a bug that delayed the distribution of staking rewards for epochs 560, 561, and 562. While network operations were unaffected, the rewards were postponed until epoch 563. The fix has since been implemented, resolving the issue with no loss of funds or rewards.
On October 26, Essence Finance’s stablecoin CHI saw a 90% plunge following the removal of approximately $20 million in collateral from its reserve pool, sparking rumors of a potential rug pull. Some argue that the incident stems from Essence’s poor collateral management on Scroll, where most of the USDC collateral was swapped for TKN from Tokan Exchange to boost CHI staking yields. After Scroll's TGE, large holders redeemed CHI for USDC, forcing Essence to sell TKN in a thin liquidity environment, causing significant slippage and driving down the prices of both TKN and CHI, now valued at $0.0027. Essence Finance has not yet responded.

MemeFi, a major game on Telegram, will soon launch on Sui, backed by Sui technology and OKX Web3. With this transition, MemeFi aims to expand its suite of consumer-driven products using the Sui network.
Magic Eden will launch its TestME token on October 29, offering users a no-value token to test the token claim process and verify wallet connections ahead of the official ME token release.

Season 2 of mETH Protocol's Methamorphosis kicks off on October 30. Following Season 1, which saw mETH's TVL rise by 12.5% to $1.21 billion and a 125% increase in MNT locked on Mantle Rewards Station, Season 2 will focus on further adoption, adding new cmETH for restaking rewards, L2 integrations, and $COOK rewards.

Abstract Chain has opened minting for its Early Bird NFT, inviting users to register via email, connect wallets, and mint to join the waitlist for future rewards.
Arcium has launched quests on Layer3 Solana. A modular confidential compute network, Arcium ensures data remains encrypted during processing, preventing visibility for any actor, including Arcium.
Mode has released Season 3 of its veMODE voting rewards. Users can now vote on Mode, including projects like Betmode, to earn a share of a 500,000 MODE reward pool.

Stake your GHO to earn ~16% APR from AAVE and Merit Program
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USD Farm/Airdrop: Supply USD on Novel L2 for 30% APY + Airdrop Points

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