Last week was filled with exciting updates and developments in the world of decentralized finance (DeFi). Here’s a roundup of the key highlights:
1. Farcaster, a decentralized social network backed by Coinbase and Multicoin, went live on the OP mainnet. The platform was built by the former VP of Coinbase, bringing a new dimension to decentralized social networking.
2. Prisma, an LST stablecoin project, launched on Ethereum. The project had a guarded launch with debt caps on each collateral, and interest rates set at 0%. Prisma initially supports assets like wstETH, cbETH, rETH, and sfrxETH as collateral.
3. Aerodrome, a Velodrome fork DEX, is now live on Base. During the launch, 40% of the initial Aero token supply will be distributed to veVELO holders as veAERO.
4. Kinetix, a 50x leverage perp dex on Kava Chain, was launched by Quickswap members. The platform initially supports assets like $ATOM, $KAVA, $USDT, $axlwBTC, and $axlWETH.
5. Zeta Markets, a Solana-based perps DEX, launched its V2 version. The update comes with frontend and backend improvements to enhance user experience.
6. Lybra, an LSD protocol, introduced its V2 version. V2 brings peUSD, an Omnichain DeFi utility version of eUSD, and enables the conversion from eUSD to peUSD. It also supports more LSTs as collateral.
7. Bond protocol launched Options Liquidity Mining (OLM). OLM allows protocols to mint and distribute ERC-20 call options called oTokens, enhancing the flexibility and effectiveness of emission strategies.
8. Offchain Labs released the code and public testnet for Arbitrum Stylus. This allows developers to use traditional EVM tools and WASM-compatible languages like Rust, C, and C++ to build applications on Arbitrum Nitro chains.
In regulatory news:
9. Grayscale won a lawsuit against the SEC. The federal court ruled that the SEC must review its rejection of Grayscale’s bid to convert GBTC into an ETF. The ruling deemed the SEC’s denial as “arbitrary and capricious.”
10. The SEC delayed decisions on spot Bitcoin ETF applications from BlackRock, Bitwise, VanEck, and others. The new deadlines for these decisions are set for mid-October.
Regarding security and updates:
11. Ajna, an DeFi platform, identified a potential exploit that could impact borrowers. As a precaution, borrowers are advised to pay down their debt and withdraw their funds immediately. Ajna rewards have been paused, and users can only withdraw Ajna Earn positions, repay debt, and withdraw collateral.
12. StarkWare, a layer-2 scaling solution, re-enabled 550,000 users’ funds after an upgrade caused some funds to be temporarily inaccessible.
13. Solana-based automation protocol, Clockwork, announced it will shut down at the end of October due to opportunity cost and limited commercial upside.
14. Boba Foundation will wind down BobaAvax, their Layer 2 scaling solution on Avalanche, on October 31st.
In other news:
15. Supra, an infrastructure protocol, introduced HyperNova, a bridgeless technology that enables cross-chain communication directly via L1 consensus. HyperNova allows blockchains to connect interoperably without the need for a centralized bridge.
Lastly, for those interested in staying updated with DeFi:
16. Today in DeFi Premium offers early access to promising projects, yield farming tips, and in-depth research to help readers make the most of DeFi. Recent features included insights on various topics, and subscriptions can be obtained using credit cards or cryptocurrencies, with discounts available for quarterly or yearly subscriptions.
These were the key highlights from last week in DeFi, showcasing the industry’s rapid pace of development and regulatory advancements. Investors and enthusiasts can look forward to more exciting updates and innovations in the decentralized finance space.