TVL continues to sink, while some projects announce airdrops and incentivized testnets. Read on to find out more DeFi news and alpha!
The Ethereum Foundation revealed it will debut the Holesky
testnet on September 15th, aiming to supplant Goerli. Meanwhile,
Balancer contended with a security fright as a critical bug was found in certain
pools this week. Finally,
Solana Pay partnered with Shopify to integrate its services into the e-commerce platform.
Eventful week for
DeFi! Let’s dive deeper into what went down in DeFi this past week.
Total value locked (TVL) across all chains continues the downtrend, shedding another 2.5% as market sentiment prolongs its decline. Noteworthy exceptions to the trend are
ConsenSys-backed L2 chain,
Linea, which experienced a 40% swell in TVL, and
Sui, which saw its TVL rise 20%.
Source: DeFiLlama
0xBreadguy dives into the tools built around
social media applications,
friend.tech, including tools to improve trading,
charting, and analysis on the platform.
Wajahat Mughal covers 15 primitives he believes will push upcoming narratives in crypto, providing examples in each category.
Redphonecrypto muses on DeFi and how it powers applications only feasible with crypto as the backend infrastructure.
The Ethereum Foundation will deploy a new testnet, Holesky, to replace Goerli. Holesky will launch on September 15, with two billion Holesky ETH (hETH) available at
genesis to address insufficient funds on testnets.
ETH restaking solution
EigenLayer raises caps again on
staking, this time to 100K tokens. The caps filled in under two hours before deposits were paused. Alongside the cap raise, EigenLayer announced an
NFT mint, EigenWorlds, available to EigenLayer stakers.
ETH restaking platform
Stader Labs deploys rsETH on their testnet. RsETH represents restaked ETH, obtained by staking
LSTs on Stader, allowing users to earn rewards on LSTs.
Weighted
AMM Balancer uncovers a critical vulnerability in boosted pools across supported chains. Though Balancer mitigated most risk, the protocol still suffered a
$400K loss.
Cross-chain settlement layer THORChain launches THORChain Lending, enabling USD loans on native ETH or
BTC. The no-interest, no-
liquidation loans have a 30-day minimum duration.
Bumper Finance will launch on Ethereum
mainnet on August 31, with $250K in incentives for early adopters. Bumper seeks to shield crypto investors from volatility using an innovative DeFi mechanism.
Memecoin PEPE dumps as several ex-members allegedly steal and sell $15 million in PEPE tokens. The team claims to have regained control of the
multisig wallet holding the tokens, but many are doubting this claim.
Options and
perpetual trading platform Aevo launches perpetuals trading on FRIEND, representing the
market capitalization of all friend.tech accounts, enabling traders to long or short their value.
Positional markets
Thales launches Speed Markets on
Arbitrum. Speed Markets allow bets on an asset's direction over short timeframes, where users bet on the asset trading above or below the current price by the timeframe's end.
BitDAO’s L2 chain
Mantle has staked 40,000 ETH tokens from its treasury with
Lido Finance after a successful governance vote earlier this month.
Bracket Labs launches Passage, allowing traders to speculate on an asset price. It enables trading volatility and leveraged trading.
Solana Pay is now supported on the e-commerce platform Shopify, enabling merchants to accept
USDC payments via Solana's blockchain. Solana Pay plans to add more tokens including native SOL and memecoin
BONK.
Elusiv goes live on Solana this week, bringing privacy to
token swaps. It keeps trades private, allowing traders to conceal on-chain activity. Elusiv is powered by
DEX aggregator Jupiter.
Credit protocol
Maple Finance launches Solana support, enabling Solana projects and
DAOs to utilize their cash management solution.
L3 blockchain Nautilus launches on mainnet after a year of development. Nautilus is built on Solana's VM using Neon EVM and Celestia. Currently an
optimistic rollup, it seeks to transition to a ZK rollup.
Dymension releases its incentivized testnet, Froopyland with a maturity date of three months and 1% of the total supply distributed as rewards. Dymension is a chain designed to enable rollup deployment compatible with Cosmos' Inter-Blockchain Communication (IBC) Protocol.
Base Velodrome fork Aerodrome will launch on Monday, accompanied by an airdrop of veAERO tokens to veVELO lockers on Velodrome. 40% of the veAERO supply will be distributed in this airdrop.
Crypto betting platform, Shuffle, announces their token and hints at their upcoming airdrop in the near future.
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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