Last Week in DeFi - Greyscale Ready to Convert GBTC, Arbitrum STIP Cutoff, Lido Simple DVT, zkSync txBridge Live, and More...

Recap: Week of Oct 9th

Product Launches 🚀

• Frax sFRAX Live
  Frax Finance launches sFRAX. Users are able to stake their FRAX and earn Tbill yield on it, similar to $DAI's DSR. Yield is at ~10%.

• Mars V2 Live
  Mars v2 is live on Osmosis with the Rover Credit Accounts available. Rover works like subaccounts and enables spot trading, margin trading, leveraged LPing, and lending for users.

• IPOR V2 Live
  Lending IPOR launches V2. New upgrades include Custom APRs with zaps, $stETH pool, 90d swaps, a new architecture, and updated UX/UI.

• Mountain USDM Pool Live
  Mountain protocol's USDM, the first regulated yield-bearing stablecoin, now has a crvUSD-USDM pool on Curve with a 5% APY.

• esRDNT Live on Arbitrum
  Radiant optimizer Radpie enables trading for esRDNT on Camelot on Arbitrum.
  RDNT holders can acquire esRDNT with a discount via DEX and redeem it back to RDNT in 3 months within Radpie.

• zkSync txBridge Live
  Powered by txFusion and txSync, txBridge is now live. txBridge allows users to transfer funds between Ethereum and zkSync Networks.

Project Updates 🚩

• Metamask x Stripe
  Metamask partners with Stripe to offer on-ramp service for US users.

• hyUSD Live on Base
  Reserve protocol’s high-yield savings stablecoin hyUSD is now deployed on Base L2.

• Fuel Testnet Bridge Live
  Modular L2 Fuel launches a native bridge, enabling transfer between Ethereum Sepolia and Fuel testnet.

Governance Highlights 📜

• Arbitrum STIP Cutoff
  Arbitrum Short-Term Incentive Program (STIP) votes end with a cutoff on grantee projects. As a result 29 out of 97 applicants with the highest total votes will be granted.

• Proposal: Lido SimpleDVT
  Lido community proposes to approve the Simple DVT module, a new module that utilizes DVT on Ethereum via Obol Network and SSV Network implementations.

• STRD Conversion Pauses
  Stride’s proposal to convert STRD into ATOM did not gather much support. the core contributors state that they will not actively push for the proposal at this time.

Regulations 🏛️

• Grayscale Ready to Convert GBTC
  The SEC did not appeal Greyscale’s case and the Grayscale team is “ready to convert GBTC to an ETF upon the SEC’s approval”

Hacks/Issues 👾

• Platypus 2.2M Exploit
  Platypus on Avalanche experienced a flash loan hack and lost 2.2 million. The team is investigating and the liquidity pools have been temporarily halted.

• Tangible USDR Depeg
  Tangible’s liquid $DAI from the $USDR treasury was redeemed and caused an accelerated drawdown in the market cap, leading to the USDR de-pegging.

  The team will share a full post-mortem for the incident and “USDR will be deprecated once the redemption process is complete.”

Upcoming ⏳

• Celestia Coming to the Interchain
  Cosmos Interchain will support Celestia and the modular blockchain Celestia team plans to reward IBC ecosystem builders and maintainers.

• Radiant Ethereum Expansion
  Radiant plans the launch on Ethereum on the week of Oct 15th. The Radiant team states that the dLP model is battle-tested, there are billions in passive stablecoins and is excited about the growth in LST/RWA sectors

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