DeFi or Decentralized Finance is a rapidly growing industry that aims to create a new financial system without intermediaries like banks. It utilizes blockchain technology to provide a more secure and transparent financial ecosystem.
This week, several important developments have taken place in the DeFi sphere. Let’s take a look at some of them:
Euler Redemption Live
Euler, a DeFi project built on the Ethereum blockchain, has recently updated its redemption plan for the exploit. Affected users can now check their redemption numbers at https://redemptions.euler.finance/. This is a significant move as it ensures that users of Euler’s platform are protected and compensated for any negative impacts caused by any potential attacks.
Shanghai Mainnet Coming
The Ethereum Shanghai upgrade (Shapella) will be activated at block 6209536 (~4/12/2023, 10:27:35 PM UTC). This upgrade will improve the overall performance and scalability of the Ethereum network. It is important for DeFi projects as it will increase the number of transactions that can be processed per second, thereby improving the efficiency of decentralized exchanges (DEX) and other DeFi protocols.
One of the most prominent DeFi projects, SushiSwap, recently released recovery plans for the RouteProcessor2 exploit. This exploit caused significant losses to users of the platform. However, users that have their funds resting in the whitehat contract will be able to claim once the team sets up a claim tool. The rest need to email the team or submit a ticket in Discord to validate and claim their funds.
Maple US Treasury Bonds
Maple, a DeFi project that specializes in real-world asset-based lending, has recently announced that it will launch a lending pool that allows accredited investors based outside of the U.S. to invest in US Treasury bonds. This move is significant as it brings traditional finance closer to DeFi and improves accessibility to global investors.
Rage Trade DN GLP Update
Rage Trade, a decentralized trading platform, recently updated the DN GLP vault to allow for 100% trader PnL hedging. This means that investors can now enjoy greater protection against losses in their trades. The DN GLP vault is a delta-neutral GLP investment product that aims to provide long-term returns to investors.
Intro to zkSync 2.0
zkSync 2.0 is a Layer 2 scaling solution for Ethereum. It is designed to increase the speed and reduce the cost of transactions on the Ethereum network. This move is significant as it improves the overall experience of using DeFi projects that operate on the Ethereum blockchain.
In conclusion, the DeFi space is constantly evolving, and new developments are being made every day. As more people enter the market, it’s important to stay informed about the latest trends and updates to ensure you’re making informed decisions.