Today in the world of decentralized finance (DeFi), there are several interesting developments taking place. Let’s dive into some of the highlights:
1. ConsenSys L2 Linea launches mainnet alpha and starts onboarding launch partners: Linea, a layer 2 (L2) scaling solution developed by ConsenSys, has officially launched its mainnet alpha version. The platform plans to open up to the public next week at the Ethereum Community Conference (EthCC). Notably, Linea does not have its own token and instead uses Ethereum (ETH) as the network currency.
2. Rodeo, an Arbitrum-based leveraged farming protocol, faces an $880k attack: Rodeo suffered an attack due to a dependency on an oracle. As a result, the protocol has temporarily halted its operations to investigate the incident. Rodeo is urging the hacker to return the stolen funds.
3. Axelar partners with Microsoft to develop blockchain interoperability products: Blockchain interoperability solutions developed by Axelar will be made available to Microsoft’s customers through the Azure cloud marketplace. This collaboration aims to enhance cross-chain communication and integration.
4. CowSwap introduces CoW Hooks: CowSwap, a decentralized exchange, has launched CoW Hooks, which is an enhancement to its codebase. This feature enables developers to implement custom-coded DeFi actions that execute directly before and/or after user trades, offering more flexibility and customization options.
5. Algorand-based lending protocol Algofi to wind down: Algofi, a lending protocol built on the Algorand blockchain, has announced its decision to wind down the protocol. The project cites the non-viability of its current business model as the reason behind this move. As a result, the Algofi website is now in “withdraw-only” mode.
6. Beefy DAO considers migrating to Ethereum: Beefy DAO, a decentralized autonomous organization, is conducting a signalling vote to potentially migrate away from Multichain. The proposal suggests redeploying $BIFI, the native token of Beefy DAO, on the Ethereum network.
These developments highlight the dynamism of the DeFi space, with new projects launching, protocol vulnerabilities being addressed, and partnerships formed to enhance interoperability. It will be interesting to see how these developments unfold and their impact on the broader DeFi ecosystem.