Last week in the world of decentralized finance (DeFi) was packed with exciting developments and announcements. From the launch of new protocols to the readiness of mainnet deployments, here are some of the highlights from Last Week in DeFi.
Arbitrum Orbit, a leading Layer 2 scaling solution, announced that it is now ready for deployment on the Ethereum mainnet. Orbit offers developers the necessary tools to build Orbit chains using Rollup and AnyTrust technologies. With this development, we can expect to see increased efficiency and scalability in the DeFi space.
dYdX also made waves last week with the launch of its chain v0.1. This release includes an audited and open-sourced orderbook and frontend. This move is aimed at enhancing the user experience and further establishing dYdX as a prominent player in the DeFi ecosystem.
IndexCoop, a decentralized autonomous organization focused on building and maintaining crypto indexes, unveiled the CoinDesk ETH Trend Index (cdETI). This index allows users to automate their exposure to Ethereum (ETH), offering an innovative way to diversify their portfolios.
Zapper introduced Chain Chat, a groundbreaking on-chain group chat tool that rivals the popular FriendTech platform. This integration brings an exciting social aspect to DeFi, enabling users to connect and communicate with other participants directly on the blockchain.
Astrid, a liquid restaking protocol powered by EigenLayer, announced its mainnet launch on the Ethereum network. Users can restake various tokens, including stETH, rETH, and cbETH, on Astrid, providing them with opportunities for additional rewards.
Qi DAO also made headlines with the launch of its V2 upgrade. This upgrade introduces QI as an OFT token and brings about improved tokenomics. With these changes, users can expect a more robust and efficient experience when utilizing the protocol.
Swell introduced the Super swETH vault, allowing users to deposit stETH for boosted Pearl hunting and earn up to 18% yield from staking, as well as redirected DAO revenue. This development presents an exciting opportunity for users to maximize their returns on staked assets.
Contango expanded its offerings to Ethereum and Polygon by launching cPerps, delivering an improved perpetuals trading experience by leveraging Aave v3’s low funding rates.
Stackly, a decentralized cost-averaging (DCA) protocol built on CowSwap, went live on the Ethereum mainnet. This protocol enables users to automate their DCA strategies, empowering them to invest in a range of assets over time.
Debank introduced Monitor Bots, a feature that allows users to set up bots to track any 0x address and receive alerts. With this functionality, users can stay informed about important events and transactions happening on the blockchain.
In governance news, Uniswap received approval to invest in the Ekubo protocol through a temperature check vote. Ekubo is an upcoming automated market maker (AMM) protocol on Starknet, and this investment demonstrates Uniswap’s commitment to supporting innovative projects within the DeFi space.
Aave proposed several important updates to its governance. These proposals include updating the DAO’s stablecoin holdings in preparation for service provider proposals and creating a new stablecoin category to support GHO liquidity within the Aave Safety Module.
In traditional finance news, Blackrock’s iShares Bitcoin Trust (ticker: $IBTC) was listed on the Depository Trust & Clearing Corporation (DTCC), a significant step toward establishing a widely accessible Bitcoin exchange-traded fund (ETF). Blackrock is also exploring the possibility of seeding the ETF, indicating further progress in its development.
However, not all news was positive last week. Astrid and Maestro Router experienced exploits, resulting in temporary setbacks for these platforms. Astrid’s exploit was due to a flaw in the withdraw function, but the attacker decided to return the funds (minus 20% as per the bounty). Maestro Router identified the exploit and resumed trading, promising full refunds to affected users.
On a brighter note, Celestia announced the launch of its Beta version. This mainnet beta brings exciting features that enable the use of Celestia as a data availability and consensus layer for rollups. This development is a significant step forward for the project and the broader DeFi ecosystem.
Lastly, Sudoswap developer 0xmon introduced sudoshort, an upcoming protocol that aims to boost LP yields, allow users to short NFTs, and minimize reliance on oracles. This innovative protocol has the potential to reshape the DeFi landscape and offer new opportunities for users seeking alternative investment strategies.
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