Last week in the world of decentralized finance (DeFi) brought several exciting developments and important news. Here’s a roundup of the highlights:
Optimism, a layer 2 scaling solution for Ethereum, announced its upgrade to Bedrock. This upgrade brings lower fees, shorter deposit times, and improved modularity and performance to the platform.
SudoSwap, a peer-to-peer NFT marketplace, launched its V2 version. The upgrade introduces new features such as on-chain royalties, custom creator settings, and support for the EIP-1155 token standard.
Raft Finance, a lending protocol for LSTs, went live. Users can now borrow R stablecoin against stETH, initially supporting the stETH market.
Cryptex V2 launched on Arbitrum, allowing users to trade perpetual contracts of the crypto market cap with up to 20x leverage.
SyncSwap, a zkSync-based decentralized exchange (DEX), introduced the Move bridge. This bridge enables USDR and WBTC transfers between Ethereum and zkSync Era.
Enjin, a platform focused on NFTs, released Enjin Blockchain, an L1 blockchain. The native token of the Enjin platform, Enjin Coin (ENJ), is proposed to migrate from Ethereum to become the native token of Enjin Blockchain.
Hubble Exchange, a decentralized exchange, is building an appchain called Hubblenet on Avalanche’s subnet-evm repo. The platform is focused on perpetuals trading and has launched the orderbook on testnet.
Synthetix, a derivatives protocol, launched the V3 Spot Market on Optimism. A UI prototype is available for trading snxETH markets.
SynFutures, another derivatives protocol, launched its V2 version on zkSync Era, enabling futures and perpetuals trading on the L2 zkSync network.
Avalanche introduced the Arcad3 program to support Web2 gaming companies in building Web3 projects and accelerate growth on the Avalanche network.
Uniswap introduced FLAIR, a new metric to measure intra-pool liquidity provider (LP) competitiveness in automated market makers (AMMs). The FLAIR metric allows LPs to measure historical performance and optimize future capital deployments.
Delorean, an Arbitrum-based future yield DEX, launched the GNS yield market. Users can buy/sell GNS future yield and provide liquidity to earn fees.
Metronome, a synthetic protocol, is now live on Optimism. Users can access smart-farming and looped yield at a low cost.
SushiSwap products, including the v3 AMM, BentoBox, and Furo, are now live on ThunderCore, an L1 blockchain focused on web3 gaming.
Astroport, a Cosmos-based DEX, went live on Neutron, the interchain-secured Cosmos L1. Astroport is currently the only platform supporting NTRN trading.
Polygon’s zkEVM completed its mainnet update and has resumed full network service.
In regulatory news, the U.S. Securities and Exchange Commission (SEC) sued Binance and its founder CZ, alleging violations of U.S. securities laws. Coinbase was also sued for operating as an unregistered exchange and broker, and 13 assets listed on Coinbase were considered crypto asset securities.
Robinhood announced it will delist Cardano (ADA), Polygon (MATIC), and Solana (SOL) due to regulatory pressure. Users are advised to sell their holdings before the deadline.
The U.K. Financial Conduct Authority (FCA) will prohibit using NFTs or crypto airdrops to promote investing in digital assets.
Crypto.com announced it will wind down serving institutional clients in the U.S. starting June 21st.
TrueUSD paused TUSD mints via Prime Trust but minting and redemption via TrueUSD remain unaffected.
Sturdy, a leverage farming protocol, was reportedly exploited and lost around 442ETH ($800k). The exploit was due to a reentrancy vulnerability and oracle manipulation.
Arbitrum experienced a one-hour outage due to a bug in the batch poster, but the issue has been fixed and network operation has resumed.
The Markets in Crypto Assets (MiCA) regulation has been published in the Official Journal of the EU. It will come into force in 20 days and will be applicable in around 18 months.
These were the key updates from last week in the DeFi space. If you want to stay on top of the latest DeFi news, consider subscribing to Today in DeFi Premium for early access to promising projects, yield farming tips, and in-depth research.
