Check out our weekly roundup of the latest DeFi news, airdrops and alpha right now!
, halts momentarily, experiencing its first major outage for just under 45 minutes. The Frax Finance
team proposes a staked FRAX
implementation, to compete against MakerDAO
and the DAI Savings Rate. Finally, lending protocol, Aave
, resumes minting of their stablecoin, GHO
, after halting it earlier due to integration issues.
Huge week for DeFi
! Let’s dive deeper into what went down in DeFi this past week.
Total value locked (TVL)
across all chains remained largely flat through the week as majors traded sideways. Notable exceptions to the trend include Gnosis Chain
, which saw a 20% jump in TVL and StarkNet
, which saw a TVL rise of almost 9%.
Paul Veradittakit shares about some of the top trends at the recent Stanford Blockchain Week, including optimization of zero-knowledge technology
, “plug & play” modularity
and renewed interest in the Bitcoin
A new privacy paper has been released by several prominent figures, including Ethereum
founder, Vitalik Buterin
, concerning how to achieve compliance while enabling privacy.
Zoomer Oracle dives into the psychology of trading with the masses and understanding how to think about how other market participants think.
protocol, Frax Finance, releases a governance
proposal for staked FRAX (sFRAX), which would allow FRAX holders to stake FRAX and earn a yield derived from either real-world assets
or DeFi yields. The yield is expected to be between 5-10%.
protocol, Aave, resumes minting of their native stablecoin, GHO, on Ethereum on Aave V3 after an integration issue resulted in minting being halted in late August. No funds were at risk or lost in the process.
In the same week, Aave introduced two new features, Debt Switch, which enables switching of debt from one asset to another for more competitive borrow rates, and Withdraw and Switch, which allows users to withdraw deposited assets as GHO.
Advanced DeFi strategy protocol, DeFi Saver, introduces ETH Saver, a protocol enabling single-transaction leveraged
ETH strategies. Currently, ETH Saver supports Lido
, Rocket Pool
for ETH deposits and Morpho Labs, Compound Finance
and Aave for leverage.
stablecoin protocol, Raft
, releases Raft V2, pushing out new updates including the R Savings Rate, which yields 6% on their R
stablecoin, similar to MakerDAO’s DAI Savings Rate. Additionally, V2 introduces the peg
stability module to ensure that R maintains a tighter peg.
Liquid staking derivative
(LSD) protocol, Swell Network, has turned their token, swETH
, into an omnichain token, powered by LayerZero
. Users can now trade or provide liquidity for swETH on Arbitrum
, with more chains to come.
V3 management tool, Arrakis Finance, introduces LST Vaults, optimizing specific vaults for market making
on LSD tokens for depth and minimal price impact
on LSD token trades.
Telegram trading bot, Unibot
, introduces a loyalty program which will entitle qualifying users for discounts on trading fees on the platform. Additionally, Unibot cut the trading tax on their token from 5% to 4% in the same week.
Flexible credit facilitation protocol, Wildcat Protocol, drops a new whitepaper
, outlining how it works, their target market and how users would be able to use the protocol.
Coinbase L2, Base, went down for almost 45 minutes earlier this week, halting block
production during the period. The chain is now operational again and no funds were lost.
issuer, Circle, deploys the Cross-Chain Transfer Protocol (CCTP) on Optimism
, enabling the seamless transfer of USDC across their supported chains, which also include Ethereum, Arbitrum and Avalanche
. In the same week, native USDC goes live on Optimism and Base
stablecoin decentralized exchange
, releases their cross-chain pool
, allowing traders to swap seamlessly between USDC and USDT
across their three supported chains: Arbitrum, Binance Smart Chain
founder, Kain Warwick, announces the plans for Synthetix’s future, laying out the need to experiment with other chains using ETH as collateral
for trading and the possibility of Synthetix moving towards an Optimism-based Appchain
in the future.
protocol, Cega, deploys Eth Staker vaults, allowing USDC depositors to earn yields from premiums generated from selling options on ETH LSD tokens as well as governance tokens of ETH LSD protocols. The current underlying assets are LDO, RPL and stETH
deployer, Caldera, deploys three new chains on Arbitrum Orbit, for options and futures
DEX, Syndr, on-chain
game studio, Sanko Game Corp
, and money-market development protocol, Volatilis.
CavalRe deploys multi-token swap automated market maker
(AMM), Multiswap, which uses a unified liquidity pool for concentrated liquidity
to enable buying or selling of multiple tokens in a single transaction.
introduces Zero-Day Futures (ZDFs), a new derivative
contract for short term speculation on crypto assets. ZDFs settle on a 25-hour expiration cycle and settle back to USDC based on the oracle
price at expiration.
DeFi optimization platform, Chaos Labs, initiates a new proposal for perpetuals
, to set aside $20 million in dYdX tokens for a six month incentives program for dYdX V4, ahead of their mainnet
goes live, enabling eligible users to claim their share of the airdrop. Despite a small hiccup in the process which paused claims momentarily, claims are now re-enabled and processing smoothly.
Markets trade flat as traders lose interest in the crypto space, but projects are just heads-down building. Stay updated on your favorite projects and stay tuned for next week’s edition, and keep supporting your favorite projects, degens!
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