Major announcements from EigenLayer, Uniswap, Polygon, Frax Finance and more — while a few protocol suffered exploits. Check out the latest DeFi news and alpha here!
ETH restaking solution, EigenLayer, deploys to mainnet this week, opening up for deposits of Lido Staked ETH (stETH), Rocket Pool ETH (rETH) and Coinbase Wrapped Staked ETH (cbETH). Uniswap also introduced Uniswap V4, the latest development for the decentralized exchange (DEX). Finally, Polygon Labs unveils its grand vision for Polygon, governance and its token.
Some big developments this week! Let’s see what went down this past week in DeFi.
Overview
Total value locked (TVL) across all chains continues to dip, losing another 1% over the week, as asset prices continue to grind downwards. Notable exceptions to the trend include mobile-focused blockchain, ThunderCore, and Pulsechain, which saw increases in TVL of 38% and 19% respectively.
Source: DeFiLlama
Welcome to Alpha Central
The Learning Pill dives into multichain DEX aggregator, Kyber Network’s latest feature, KyberAI, and how to make the best out of it.
Rekt Fencer, Ardizor and Leshka, collaborate to release their ultimate airdrop dashboard, designed to help users farm for the most promising airdrops and the most optimal strategy to do so.
CJ covers the battle for dominance between the two Ethereum Virtual Machine (EVM) compatible Cosmos chains, Evmos and Canto, and which seems to be doing better.
Ethereum: EigenLayer Mainnet Launch & Uniswap V4
Ethereum’s leading DEX, Uniswap, announces V4. This upgrade will enable hooks, which allow for increased customizability over liquidity pools. Hooks enabled each pool to dynamically adjust based on transactions or events, such as dynamically adjusting trading fees, time-weighted average pricing, custom order types and more.
ETH restaking layer, EigenLayer, launches on mainnet, opening their doors to deposits for stETH, rETH and cbETH. The launch opened with a 3,200 token cap on each of the supported tokens, which has since been hit.
Risk-isolated money market protocol, Silo Finance, deploys lending pools for Curve liquidity pool positions, allowing users to borrow against their liquidity pool positions while still earning rewards from farming them in Convex. The currently supported pools are stETH-ETH, LUSD-3CRV, FRAX-USDC.
Multichain DEX, Hashflow, has been exploited for $600K in ETH and ARB tokens. The exploit appears to be executed by a whitehat hacker and the protocol has announced its intention to make users whole.
Decentralized task marketplace, Keep3r Network, has been exploited after a governor’s private key was compromised, resulting in losses amounting to $200K worth of K3PR tokens.
Leveraged yield-farming platform, Sturdy Finance, has been exploited on their Ether market for 442ETH. Investigations and patches are underway to ensure that the protocol is safe before the markets are unpaused.
Dynamic distribution automated market maker (AMM), Maverick Protocol, introduces their governance token, MAV, which uses a vote-escrow model for staking, voting and reward boosting on the platform.
OpenEden and Finblox partner up to bring US Treasury Bills to Southeast Asia through 24/7 available tokenized treasury bills on-chain. The product is expected to launch in the Philippines, Indonesia, India and Vietnam.
L2s: Aevo Mainnet Now Open to Public
On-chain options trading platform, Aevo, opens up to the public after going live with a closed launch for the past two months. In the same week, Aevo also introduced BTC trading on their platform as well.
BNB Smart Chain perpetuals DEX, Level Finance, goes live with their DEX on Arbitrum after a successful migration the week prior. Users can now trade BTC, ETH and ARB on the platform or provide liquidity on Level Finance.
Spot and perpetuals DEX, GMX, deploys their V2 on the Arbitrum Goerli testnet after a successful launch to the Avalanche Fuji testnet in the prior month.
Upfront yield platform, FlashStake, unveils FlashLend, allowing users to increase their liquidity by borrowing against their staked positions.
Perpetuals and synthetic asset trading platform, Gains Network, has delisted all stocks and indices on their platform, likely due to underuse and outsized regulatory risks in light of recent SEC action.
Polygon Labs unveils their vision for Polygon 2.0, to be the value layer for the internet. Polygon 2.0 is a series of upgrades to the Polygon ecosystem, in architecture, tokenomics, governance and more, with the integration of zero-knowledge (zk) technology to increase their scalability and unify liquidity.
Weighted AMM protocol, Balancer, expands to Polygon zkEVM, with the first supported pool being the rETH-WETH pool. Balancer’s Boosted Pools will also be available on the chain, in a collaboration with 0VIX, a lending protocol on the chain.
Synthetix adds stETH perpetuals contracts after a successful governance vote. The perpetuals contracts are now tradeable on Synthetix-powered frontends: Polynomial, Kwenta, dHedge and Decentrex.
Perpetuals trading platform, Perpetual Protocol, announces Smart Maker, a new feature which will improve execution for large orders on BTC, ETH, OP and PERP markets.
Frax Finance drops the news on Fraxchain, their very own L2 solution, which will be a hybrid of Optimistic technology and zk-technology. FrxETH will be used for gas fees and fees will be distributed to veFXS stakers. The chain is expected to launch before the end of the year.
Cosmos: Cosmos Liquid Staking Index
ION DAO and Stride Zone collectively launch stIBCX, a liquid staked token for the Cosmos ecosystem, now live on Osmosis. StIBCX consists of the liquid staked tokens or tokens of 12 Cosmos-based tokens, including stATOM, stOSMO, stJUNO, SCRT, AKT and more, allowing holders exposure to the Cosmos, without losing out on staking rewards.
Another Week, Another Airdrop
Curvance, a platform focused on collateralizing liquidity pool positions from Curve, Convex, Aura and Frax, has released their token distribution, including a 1% component as an airdrop to early users of the protocol.
Kent releases a Google sheet covering more than 138,000 wallets with over $142 million in unclaimed airdrops.
Markets continue to grind lower as faith in the crypto markets waver further. But the innovations and announcements only get bigger. Stay updated and stay tuned for next week’s edition, and keep supporting your favorite projects, degens!
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
