DeFi, short for decentralized finance, has been one of the hottest sectors in the cryptocurrency space. It allows people to access traditional financial services without having to deal with intermediaries like banks. Here are some of the major developments in DeFi from the past week.
QuickPerps Launches on Polygon zkEVM
QuickSwap launched QuickPerps, a perpetual dex that allows trading of MATIC, ETH, BTC, USDC, USDT, and DAI with up to 50x leverage.
Fantom Gas Monetization Goes Live
Andre Cronje launched Gas Monetization for Fantom, which gives developers the ability to earn a 15% gas commission generated by their dApps.
USD Stablecoin on Bitcoin
Stably launched USD on Bitcoin, becoming the first USD-pegged BRC-20 stablecoin live on the Bitcoin network.
Inverse Introduces DBR Streaming
Inverse introduced DBR Streaming, a new utility to INV tokens. Each staked INV will receive an automated, continual stream of DBR, which are tradable borrowing rights used for Inverse’s lending market, FiRM.
Nolus Mainnet Goes Live
Nolus, a Cosmos-based chain that offers interoperability, launched its mainnet. Nolus will launch a leveraged lending protocol on the chain and a token launch event on StreamSwap.
Penumbra Testnet Goes Live
Penumbra launched its testnet, a Cosmos-based appchain focused on privacy. Its first dApp is a private, concentrated-liquidity DEX.
AvaCloud Goes Live
Ava Labs launched AvaCloud, a no-code launchpad for deploying no-code, customizable blockchains. It also comes with a team of implementation and business experts that offers consulting.
Coinbase Cloud Launches WaaS
Coinbase Cloud launched Wallet-as-a-Service on the Ethereum mainnet. Coinbase WaaS allows users to manage their wallets using a username & password, and wallets created with WaaS are secured by multi-party computation (MPC) technology.
Lido Withdrawals UI Launches
Lido launched the UI for users to unstake their stETH/wstETH directly from Lido.
Lukso Mainnet Goes Live
Lukso’s mainnet is now live. Lukso is founded by the inventor of the ERC-20 standard and is an EVM-compatible L1 using Casper PoS that focuses on the creator economy.
Dopex Introduces Call Options as Incentives
Dopex introduced Call Options as Incentives, a flexible incentive tool that allows projects/DAOs to customize the terms and conditions, such as strike prices and expiration dates, to align with their specific goals and market conditions.
Lyra Upgrades on Optimism
Lyra launched an improved version of the protocol on Optimism. The new version uses SNX V2 perpetual futures as a liquidity source to delta hedge the option Market Maker Vaults (MMVs).
Matcha DEX Upgrades
0x Labs released the latest upgrade to the Matcha DEX aggregator. The new Matcha has faster trade confirmations and reduces failed trades by 85% with re-submission costs handled.
EUROC Goes Live on Avalanche
Circle’s Euro-pegged stablecoin, EUROC, is now live natively on Avalanche.
Magic Eden Enables NFT Aggregation on Solana
NFT marketplace Magic Eden enables NFT aggregation on Solana, increases protocol composability, and offers a -0.25% maker fee for a limited time.
Multichain Routes Paused
Some bridging routes (Kava、zkSync、Polygon zkEVM) on Multichain are paused, and some traders’ funds are stuck on the bridges. There are also unconfirmed rumors of the cofounder’s arrest in China and an investor sell-off of its token. The team did not confirm the rumors but only claimed the pauses were due to a network upgrade issue. The team promised compensation for the victims, while the time for service to resume stays unknown.
Celer Vulnerabilities Patched
Jump Crypto discovered a vulnerability in Celer’s State Guardian Network (SGN), which Celer uses to securely authorize transactions between different networks. Celer later deployed a code patch to fix the issue and said it would propose funding a bug bounty grant to Jump Crypto.
These developments show that the DeFi space is rapidly growing and evolving, with new projects and tools being launched all the time. For those interested in staying up-to-date, there are premium subscriptions available that provide early looks at promising projects, yield farming tips, and proper research to help users get the most out of DeFi.
