Title: Today in DeFi: zkSync EraLend Hacked, Optimism L2 PGN Live, Quest to Earn, and More…
In the rapidly evolving world of decentralized finance (DeFi), several noteworthy events have taken place. In this article, we will explore the recent hacking incident that affected the zkSync EraLend lending protocol, the launch of Public Good Network (PGN), the upcoming relaunch of the Arbitrum community’s Odyssey 2.0, the introduction of Avalanche Foundation’s Vista program, and the anticipated launch of Evmos 2.0. Additionally, Y2K Finance has launched Depeg vaults, offering users an innovative way to predict stablecoin peg directions. Let’s delve into these developments.
zkSync EraLend Hacked, Investigating Lost Funds
zkSync Era-based lending protocol EraLend recently fell victim to a reentrancy attack, resulting in a loss of approximately $2.76 million. As a response, the EraLend team has temporarily halted borrowing, USDC supply, and SyncSwap LP supply. They are actively investigating the incident and tracing the lost funds to prevent further exploitation.
Public Good Network (PGN) Goes Live
Public Good Network (PGN) has launched its Layer 2 OP chain dedicated to funding public goods. PGN allows developers to generate funding for public goods by running decentralized applications (dApps) on their platform. Users benefit from an affordable alternative to the Ethereum mainnet while contributing to socially-driven projects.
Arbitrum’s Odyssey 2.0 Relaunch to Support Ecosystem
The Arbitrum community is gearing up to relaunch Odyssey 2.0, offering enhanced support for its ecosystem. Users will have the opportunity to engage with various projects, including SpartaDEX, GMX, Dopex, Alchemix, FactorDAO, and PlutusDAO, to earn rewards. This relaunch is set to take place in August, amplifying the opportunities for participation and collaboration within the Arbitrum network.
Avalanche Foundation Introduces Vista Program
Addressing the demand for tokenized assets on the Avalanche blockchain, the Avalanche Foundation has launched the Vista program. Under this initiative, $50 million will be allocated to purchase tokenized assets, which can range from equity, credit, real estate, commodities, to blockchain-native assets. The program aims to expand the utilization and value of the Avalanche ecosystem while providing users with diversified investment opportunities.
Evmos Set to Launch Version 2.0
Evmos, the blockchain platform, is preparing for the release of Evmos 2.0 on August 2nd. This upgraded version will introduce StakeFi and IBC composability, allowing users to leverage cross-chain functionalities. Moreover, Evmos 2.0 will bring improvements to tokenomics and software licensing, enhancing the overall user experience and ecosystem development.
Y2K Finance Launches Depeg Vaults
Y2K Finance has rolled out Depeg vaults, offering users a unique way to predict stablecoin peg directions. Users can now participate by choosing “ABOVE” or “BELOW” strikes on stablecoin pegs, such as MAI and MIM, without mentioning the original author. This novel approach adds an exciting element to stablecoin management within the DeFi landscape.
The DeFi space is constantly evolving with new developments and advancements. Despite the hacking incident affecting zkSync EraLend, teams are actively responding to safeguard user funds. The launch of PGN provides a platform for funding public goods, while the relaunch of Arbitrum’s Odyssey 2.0 promises increased opportunities for users to earn rewards. Moreover, the Avalanche Foundation’s Vista program and the upcoming Evmos 2.0 release aim to attract more users and enhance the functionality of their respective ecosystems. Finally, the introduction of Depeg vaults by Y2K Finance presents an innovative way to predict stablecoin peg directions. As the DeFi sector continues to grow, it is essential for users and projects to stay informed about the latest developments to make informed decisions and contribute to the overall progress of the industry.