Today in DeFi - US IRS to Tax Staking Rewards, Rugpull & Exploit on Base pre-launch, NFT Farming on Solana, and more...

US IRS to Tax Staking Rewards

The US Internal Revenue Service (IRS) issued a ruling on Monday saying that "given rewards for validation activity on a PoS network should count the rewards as income in the year the investor gets control of those tokens".

Rugpull & Exploit on Base pre-launch

Base, Coinbase’s L2 built using OP stack, is still not live yet but there is already a rugpull. The dev behind Bald, a memecoin project on Base L2, removed 6,800 ETH (~$12.5m) from the BALD liquidity pool on LeetSwap, causing a liquidity crunch and a ~90% price drop on BALD. According to Nansen's analyst, Bald deployer's address seems to have “serious Alameda connections for sure.”

LeetSwap, a dex on Base, halts trading after an exploit leading to a 340 ETH loss (~ $630k). This came after the Bald rugpull.

PancakeSwap Revenue Sharing Pool

Pancakeswap launches revenue sharing pool. The feature allows Fixed-Term CAKE stakers to earn additional real yield from the trading fee revenues generated by PancakeSwaps v3 trading pairs. Rewards will be distributed on a weekly basis, with the first distribution starting on Aug 9.

Clearpool on Polygon zkEVM

Institutional lending protocol Clearpool expands to Polygon zkEVM.

Approved: Celo L2 Transition

Celo governance approved Celo's transition from an EVM L1 to an Ethereum L2.

Stable Farming, NFT Farming on Solana, …