Last Week in DeFi - CAKE Reduction, Multiple Multi-Million Dollar Hacks, Celsius Selling ETH, and More
Product Launches 🚀
Structured product protocol Passage has launched on Arbitrum. Passage lets users long or short volatility using simple, easy to understand structured products.
Parallel mainnet is now open for developers. Parallel is the first omni-chain L2 built on Arbitrum, aiming to “unify liquidity” from different chains.
Goldstation, a gold-backed RWA platform, is live on Klaytn with GPC (Gold Pegged Coin) available. South Korean users can now convert their physical gold holdings into NFTs via The Mining Club, and then use the NFT as collateral to mint $GPC.
Project Updates 🚩
abcoathup reports on the latest update from the All core developers call: Ethereum dencun fork dates for testnet confirmed.
Etherscan acquired Solscan and will bring the explorer additional features and enhanced user experience.
The Arbitrum Ecosystem Missions page is live, allowing users to explore ecosystem projects. The page allows Arbitrum projects to list and link their project quests, campaigns, and community events.
IoTeX team introduces W3bstream, an L2 with a rollup-centric scalable architecture for off-chain data computation. W3bstream is proposed as a solution to the DePIN scalability challenge.
Cosmos-based cloud computing protocol Akash will increase the community pool tax to 40% to fund provider and tenant incentives while increasing inflation from 8% to 13%.
Trading bot Unibot expands to Solana in partnership with Jupiter DEX and Birdeye data aggregator, enabling users to automate their trading strategies on Solana.
Bitcoin-EVM bridging protocol MultiBit launches a Dual-Sided NFT Bridge. The bridge allows users to trade BRC NFTs on ETH marketplaces like OpenSea and Blur. The team will expand NFT support to Solana, BNB, and more upon community requests.
PancakeSwap has approved the proposal to reduce the maximum supply of CAKE tokens by 40% from 750M to 450M with more than 97% support.
Liquidity management protocol Gamma Strategies had an exploit on its hypervisor contract, with a total loss of $6.3 million. The team is working with partners and security professionals on the issue and has posted a remediation plan.
Aave disabled three markets, AVAX, WMATIC, and MaticX, to mitigate a potential technical issue. There is no fund loss.
Cross-chain lending protocol Radiant was hacked for 1,900 ETH (~$4.5 million). The root cause is a time window exploit in a newly launched USDC market. The Radiant DAO Council has temporarily paused lending/borrowing markets on Arbitrum while the issue is investigated further.
Cross-chain bridge protocol Orbit Chain was hacked and has seen unauthorized outflows of $81.5 million in DAI, USDC, USDT, ETH, and WBTC. The team has requested major exchanges to freeze stolen assets while monitoring the stolen assets.
Celsius states it will unstake ETH and start “rebalancing” its assets “to offset certain costs incurred throughout the restructuring process”
Stride founder Aidan has made a proposal to accelerate the development of a TIA LSD
Kwenta V3 may be getting USDC deposits ( Kwenta currently uses sUSD)
Phoenix Labs co-founder updates on the MakerDAO state and mentions the upcoming New Governance Token (NGT) and the token share split of MKR will be 1:24,000 MKR: NGT.
StakeDAO governance has two proposals in discussion: One is to achieve full decentralization by automating and decentralizing as many actions as possible, and the other is to discuss which provider to use for bridging SDT to other networks and to start with the BNB Chain.
Kava contributors propose to launch Aave V3 on Kava EVM. “The integration will enable Aave to access the deep liquidity on Cosmos and enables Cosmos ecosystem users to get access to Aave through KAVA”.
Native restaking protocol Renzo launches ezPoints, the reward points that can be earned on ETH deposits and referrals. Renzo users can now access three tiers of rewards: ETH staking yield, EigenLayer Restaking Points, and Renzo ezPoints.
Pontem Network launches a bounty program with a monthly reward of $1,600 to participants ($800 awarded in each two-week cycle) and extra rewards such as NFTs. Bounty tasks include on-chain/off-chain activities, such as Liquidswap challenges, writing a Twitter thread, etc.
Dymension, an L1 blockchain for RollApps, launches Genesis Rolldrop. Eligible participants, including users on Celestia, Ethereum, Cosmos, and Solana, can claim up to 70M DYM (7% of total supply) by visiting the Genesis page.
Solana-based Kamino offers good yields on stable lending.
Delta Prime offers good yields on USDC and USDT on Avalanche.
Solana-based Mango DEX offers a good yield on USDT deposits.
Today in DeFi Premium includes early looks at promising projects, yield farming tips, and proper research to help you get the most out of DeFi.
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