Last week in the world of DeFi was filled with exciting developments and upgrades across various platforms. Maker launched Spark Lend, a lending protocol that allows users to lend and borrow ETH, stETH, DAI, and sDAI, while IndexCoop launched Money Market Index, an index token of the top stablecoins.
Prime Protocol also announced its launch on Ethereum, Avalanche, Arbitrum One, and Moonbeam, offering users the ability to borrow cross-chain backed by their entire portfolio of cross-chain assets. On the other hand, zkLend went live on the Starknet mainnet, allowing users to borrow against a range of assets such as ETH and USDT.
Chiliz Chain, an EVM-compatible L1 built for e-sports and entertainment, was also launched, powered by the CHZ token. Additionally, PayPal became a payment method in the MetaMask wallet. Users can now buy ETH using PayPal directly from MetaMask.
The world of DeFi saw many exciting proposals, such as Maker founder Ruin’s five-phase endgame plan that aims to rebrand MKR & DAI, enable SubDAOs, build AI tools, launch governance Participation Rewards, and eventually build Maker’s own chain. Phoenix Labs also proposed to onboard GNO to the Spark protocol.
However, there were some controversies around governance, with the Aragon Association repurposing the Aragon DAO into a grants program as a response to a group of investors trying to get 51% of the DAO’s voting power. This action is controversial since the association seems to be overriding DAO actions.
The Ethereum beacon chain experienced a temporary issue, halting transaction finalization for roughly 25 minutes. Bittrex also filed for bankruptcy in Delaware, a few weeks after being prosecuted by the SEC and a few months after announcing they would be ceasing operations in the U.S.
Finally, Lido v2 is expected to go live this week, enabling withdrawals, and Kava v13 will be launched on May 17th, enabling various upgrades such as improved Cosmos–Ethereum bridging and advanced vault control. Worldcoin is also set to launch World ID and its wallet app on Optimism.
In conclusion, last week in DeFi was a week full of exciting developments, upgrades, and proposals. These developments, along with yield farming tips and proper research, can help individuals get the most out of DeFi.
