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Ethereum: Uniswap Fee Switch Fails Due to Poor Vote Setup
Uniswap’s fee switch governance vote failed to pass, but not because the idea was not popular among voters. Although more than 50% of UNI holders voted for the fee switch, the voting options were split between various fee options, resulting in the majority vote being to not turn on the fee switch.
Paladin releases Warlord (WAR), a yield-bearing index token for simple exposure to Aura and Convex. Users can mint WAR with AURA or CVX, and in return, receive staking rewards as well as vote incentives, which are auto-compounded.
Curve Finance deploys Tricrypto-ng, a new and improved version of their famous Tricrypto pools. The newly deployed contract uses half the gas of the original and a more stable price oracle. A vote is currently underway for frontend UI deployment.
Prisma Finance introduces their model for their ETH LSD-backed stablecoin, acUSD, which can be borrowed against the supported LSDs: wstETH, rETH, cbETH, sfrxETH and WBETH. AcUSD usage will be incentivized with PRISMA emissions in Curve and Convex liquidity pools.
Liquid staking automation protocol, CIAN, deploys CIAN vaults on Ethereum mainnet, which aims to leverage Lido Finance’s staking yield, via integrations with Aave, 1inch, Morpho Labs and Balancer. The protocol also automatically switches between yield opportunities to optimize depositor returns.
LSDFi protocol, Unsheth, was exploited in the past week as well after a private key leak, with approximately $350K in USH farm rewards and protocol liquidity being siphoned away. Users’ deposits are untouched and the team is currently in negotiation for a return of the stolen funds in return for a whitehatbounty.
MAI stablecoin protocol, QiDAO, releases their Pro update, improving the UI of the protocol for a more intuitive and user-friendly experience. The update includes color themes, better display of rewards, more flexibility over the display of user’s active vaults, and more.
Block Analytica launches Project Levon in beta, bringing credit scoring to DeFi. The beta scores wallets with existing open MakerDAO vaults and utilizes machine learning to estimate probability of default based on the user’s past behavior.
Real-yield protocol, Sommelier Finance, introduces plans for single-sided staking for ENS tokens. The strategy seeks to borrow ETH tokens against the deposited ENS tokens, before depositing the borrowed ETH into Sommelier’s Real-Yield ETH vault to generate the returns for the stakers.
Celestia announces Modular Data Availability for the OP Stack, a public good developed in collaboration with OP Labs. This technology enables developers on the OP Stack to utilize any base layer as their data availability layer, be it Ethereum, Celestia or even Bitcoin.
Exotic peghedging protocol, Y2K Finance, deploys V2 on Arbitrum, enabling Y2K’s 24/7 queue system, which allows users to deposit funds at any time to enter the next available epoch, instead of being able to deposit only during specific windows.
Perpetuals DEX, El Dorado Finance, has been exploited for ~520K worth of USDC and USDT on the Arbitrum network. The exploiter explained that the protocol’s developers were manipulating oracle prices and promised to return funds less a 10% bounty if this was confirmed by the team. The team confirmed this in a follow-up tweet.
One-stop DeFi shop, Trader Joe, releases the highly anticipated Auto-pools, which enable auto-rebalancing of liquidity provided to Trader Joe’s concentrated liquidity solution, Liquidity Book. Auto-pools are currently available on both Avalanche and Arbitrum.
GMXfork, Level Finance, expands its reach to Arbitrum, releasing their token on the chain. The team has seeded 750K worth of liquidity for the LVL token on Trader Joe in the LVL/USDT liquidity pool. The DEX launch is in the works and expected to come soon.
Multichain DeFi aggregation layer, Unidex Exchange, announces upcoming huge upgrades to the protocol, requiring all open positions to be closed by June 12th. The upgrade will bring new features to the platform such as, cross-chain perpetuals aggregation, referral addresses, better capital efficiency and limit orders.
Solidly fork, Thena Finance, introduces futures on Thena, which will be launching with more than 60 supported assets and deep liquidity sourced from brokers, allowing the platform to scale effectively.
Solana liquid staking service, Marinade Finance, introduces Marinade V2, including new features such as Staking 360, an all-encompassing product for all things staking on Solana, and governance upgrades as well as token design improvements.
Cosmos-based wallet, Keplr, releases Keplr 2.0, allowing users to view all of their assets in the Cosmos ecosystem in a single page, claim all rewards in a single click, and customize the chains visible on their wallet.
Cosmos-based Ojo Network launches the Agamotto Network, a security-first Cosmos chain seeking to provide reliable and manipulation-proof oracle price feeds for all Inter-Blockchain Communication (IBC) assets in the Cosmos ecosystem.
Cosmos interoperability protocol, Router Chain, deploys their testnet, Mandara, allowing external validators to participate for the first time. The chain’s incentivized and gamified testnet is expected to arrive in June this year.
LSD protocol Swell Network’s Voyage is now live, with 50M SWELL tokens allocated to the event. If the protocol hits 50K in ETH locked, the amount allocated to the airdrop will be increased. Users can stake or provide liquidity for swETH to collect pearls which can be redeemed for tokens in Swell’s token generation event (TGE) later this year.
The crab market continues, but builder updates only keep going up. Stay updated and stay tuned for next week’s edition, and keep supporting your favorite projects, degens!
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