Today in DeFi - UwU Lend Exploited for 19.4M, Fault Proofs Live on OP Mainnet, Friend.tech to Launch Friendchain, Free Gamefi Airdrop, and more...

Launches 🚀

• Telegram CEO announced the launch of Telegram Stars, a new digital goods and services payment system. Telegram Stars allows users to pay for digital services on Telegram via in-app purchases on iOS and Android. 

• Paxos, a regulated stablecoin platform, launched Lift Dollar ($USDL). $USDL is a yield-bearing stablecoin issued on Ethereum and pays yield programmatically daily to token holders.

• F(x) Protocol launched arUSD, a tokenized version of rUSD EtherFi Stability Pool vaults from Convex, offering boosted yields thanks to Convex's veFXN holdings. arUSD earns users multiplied points from Ether.fi, EigenLayer, and F(x) Protocol.

• JellySwap, an official Balancer fork, is live on Sei mainnet. JellySwap will begin distributing rewards for staking and LPing tomorrow.

• Berachain launched Public Testnet bArtio B2. Berachain V2 brings a better user experience and additional utility for BETA tokens.

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Updates 📰

• OP L2 has implemented Stage 1 fault proofs on its mainnet. The fault proof system allows for ETH and ERC-20 token withdrawals from OP Mainnet without trusted third parties, enabling users to challenge and remove invalid withdrawals.

• Uniswap Labs has acquired Crypto: The Game (CTG), an interactive, on-chain survival game. The announcement also mentioned that CTG Season 3 is coming.

• Arbitrum DAO approved the allocation of 225 million ARB (worth ~$213M) over three years to support gaming projects on the network.

• Karak, a universal restaking protocol, has integrated with BnB Chain, allowing users to restake lisBNB and lisUSD on BnB Chain and earn Karak SP, Lista Stardust, and staking rewards.

• Idle Finance launched tranche markets on top of USDC and WETH lending pools of Gearbox. LPs can have fund coverage (Senior) or boosted return (Junior) while earning GEAR rewards and KelpDAO Miles.

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Issues ⏳

• UwU Lend, an Aave v2 fork, was exploited for ~19.4M due to price oracle manipulation. The attacker exploited Curve's sUSDe spot price, drained assets from the pools, and converted them to ETH.

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Upcoming ⏳

• Friend.tech works with Conduit to launch Friendchain, Friend.tech’s own chain that will use FRIEND as a fully transferable gas token.

• Gnosis DAO approved a 30 million GNO (~5% of Gnosis DAO Treasury) buyback over the next 6 months.

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Airdrops 🪂

• io.net will launch its IO token and the token airdrop claim will open at 11:00 UTC on June 11th and close at 11:00 UTC on June 18th.

• Fantom proposed Sonic governance vote 2, outlining plans for $S token airdrops for Opera & Sonic users with unique burn mechanics to boost activity and TVL.

• Nubit, a Bitcoin-secured DA layer, launched its Alpha Testnet Phase 1. Phase 1 provides incentivized tasks for users to engage with the project and its ecosystem.

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Free GameFi Airdrop