Title: Last Week in DeFi: Mixin 200M Exploit, Radpie Mainnet Live, Canto to Migrate to ZK L2, Ethereum Dencun Potential Delay, and More
Last week witnessed several major developments in the decentralized finance (DeFi) ecosystem. From new platform launches to security breaches and potential delays, the industry continues to evolve and face both challenges and opportunities. In this article, we will explore some of the key events that unfolded in the DeFi space.
GammaSwap Launches on Arbitrum Mainnet:
GammaSwap, a decentralized exchange (DEX) built on top of Uniswap v2, has gone live on the Arbitrum mainnet. GammaSwap allows traders to trade volatility through automated market makers (AMMs) by offering short liquidity provider (LP) tokens. Traders can speculate on volatility or use GammaSwap as insurance for their spot holdings, while market makers can hedge their LP positions.
DeFi Saver Introduces Savings Protection Automation:
DeFi Saver, a popular DeFi management platform, launched savings protection automation for Liquity and Maker users. This feature allows users to automatically supply and pay back their loans, providing enhanced savings protection for DeFi users.
Uniswap Wallet Adds Swap Protection:
Uniswap Wallet introduced Swap Protection, a feature aimed at safeguarding users against frontrunning and sandwich attacks. This protection mechanism enhances the security of transactions on the platform.
Radpie Goes Live on Mainnet:
Radpie, a subDAO within Magpie, has launched on the mainnet with new features such as dLP conversion and staking, Zap, boosted LPs, and more. Radpie aims to enhance yield and refine governance for users of the Radiant platform.
Poolshark Labs Introduces Limit Pools:
Poolshark Labs released Limit Pools, enabling LPs to have one-way LP positions by offering native limit orders for AMMs. This feature brings added flexibility and functionality to LP positions.
Other Notable Events:
– VMEX went live on Base, enabling LPs to borrow and leverage their positions or earn yield by lending.
– Vara blockchain launched its mainnet, leveraging the Actor Model and Persistent Memory to enhance speed and eliminate delays.
– Votium launched V2 with upgraded vote market, tokenomics, and user interface.
– Factor launched Leverage, integrating with Aave to optimize yield on user positions.
– Memswap demonstrated a new token and NFT swap mechanism using intents and order flow auctions.
– Kwenta V2 went live, introducing new features such as escrow transferability and integrator contract support.
– Centrifuge partnered with Aave to become its RWA service provider and onboard part of Aave’s treasury to real-world assets.
– Quickswap introduced Liquidity Hub, providing better execution prices, zero gas swaps, and MEV protection.
– The Base team developed Pessimism, an open-source monitoring system for enhancing security in the Base and Ethereum ecosystems.
– Eclipse introduced Eclipse L2, an Ethereum L2 solution using Solana Virtual Machine (SVM).
– Canto announced plans to migrate to a ZK L2 on Ethereum powered by the Polygon Chain Development Kit.
– Unclaimed ARB was sent to the Arbitrum DAO treasury, and Optimism distributed unclaimed OP to eligible addresses.
– Inverse launched the TriDBR pool, enabling gas-efficient routing for swapping DBR to get more INV.
Security Incidents and Project Updates:
– Mixin Network experienced a $200 million exploit, leading to the temporary suspension of deposit and withdrawal services.
– Linear Finance was exploited, resulting in the draining of all ℓUSD liquidity.
– Balancer’s frontend was subject to a DNS attack, but the team regained control over the domain.
– Fuji Finance announced its closure due to a lack of market fit.
– The Gro protocol and DAO voted to wind down due to leadership and existential challenges.
Potential Delay in Ethereum Dencun Upgrade:
Developers from the recent Ethereum ACDE call suggested that the Ethereum Dencun upgrade might not be activated until 2024 if it’s not launched on the public testnet before Devcon in November 2023. This potential delay could impact the timeline for the upgrade.
Last week was filled with both exciting advancements and significant challenges in the DeFi ecosystem. Projects like GammaSwap and Radpie launched on mainnet, while others faced security breaches and had to make tough decisions. The industry continues to evolve, highlighting the need for robust security measures and careful planning. As DeFi moves forward, it remains crucial for participants to stay informed and keep a close eye on the latest developments in this rapidly changing landscape.