Today in DeFi brings exciting news and developments within the decentralized finance space. Let’s dive into the notable updates from Pendle, Axelar, Rysk, Hector Network, Stargate, and Rodeo.
Pendle, a DeFi project, has launched Pendle Earn, which allows users to earn fixed yields on major assets like stablecoins and LSTs (Liquidity-Sensitive Tokens). This platform has significantly reduced the barriers to accessing DeFi yields, making it more accessible for users.
Axelar has introduced the Interchain Token Service (ITS), supporting Interchain Tokens that ensure cross-chain fungibility and customizable functionality. The ITS facilitates easy supply management and incorporates essential features through the creation of Interchain Tokens, benefiting various teams.
Rysk, an options protocol, has recently launched the ETH/USDC Dynamic Hedging Vault (DHV) on Arbitrum. This innovative feature allows liquidity providers (LPs) to generate returns on USDC by participating in market-making ETH options trades. As of now, the DHV is already at full capacity, indicating its popularity and demand.
In unfortunate news, Fantom-based decentralized exchange (DEX) Hector Network has voted to liquidate its $16 million treasury. This decision came after the losses incurred by Multichain and Fantom. The DEX aims to recover from the setback and move forward in its development.
Stargate, another notable project, has successfully launched the USDC pool on Fantom. This achievement further extends the platform’s capabilities and liquidity rewards. Stargate now supports transfers between various chains, including Fantom, Ethereum, BNB Chain, Avalanche, Polygon, Arbitrum, and Optimism.
In other news, Rodeo, an Arbitrum-based yield protocol, recently published a recovery plan following a hack that resulted in the loss of approximately 880k. The plan ensures that LPs can withdraw their original deposits from the protocol. However, it is worth noting that the original author of the article did not mention the details of the recovery plan or further information about Rodeo.
Overall, these developments in DeFi demonstrate the continuous progress and innovation within the space. With improved accessibility and new features, users can expect enhanced opportunities and functionality in decentralized finance.