Last Week in DeFi - Lido V2 Live, crvUSD Live, Tornado Cash DAO Attack, and More...
Recap: Week of May 15th
Product Launches 🚀
Kava 13 is now live. The upgrade speeds up transactions on the network, offers greater security, and brings a new bridge that facilitates the transfer of assets from Cosmos to protocols across Kava.
Gravita, a lending protocol for LSTs, is now live. Users can now borrow Gravita stablecoin GRAI using WETH, rETH, wstETH, or bLUSD as collateral.
Aevo OTC Trading, Perpetuals
Ribbon’s options protocol, Aevo, launched OTC trading and perpetual futures. Users can now trade altcoin options p2p style, and trade ETH options & perpetual contracts with up to 20x leverage.
LSD protocol Asymmetry launches Safe Asymmetry Finance Ethereum (safETH), an index-style LSD derivative made up of rETH, sfrxETH, and wstETH.
X2Y2 Fi and V3 Live
NFT marketplace X2Y2 launches X2Y2 Fi and the v3 upgrade. X2Y2 Fi is a platform for NFT loans, and v3 improves the platform UX with new features such as Gasless Loan Offer Cancellation, Optimized Gas Expenditure, and Auto Refinance.
Project Updates 🚩
GMX v2 Testnet
GMX v2 is now live on Avalanche Fuji Testnet. V2 sets to integrate with Chainlink’s new low latency oracles for market data, supporting GMX’s perpetual, swaps, and liquidity.
Following the approval of KIP-44, Rook DAO is transitioning token governance to Incubator DAO, a new funding project to explore new concepts for the ROOK token. Rook brand and associated services are sunsetting, users will only be able to withdraw or un-stake their holdings from the Rook app.
QuickSwap has integrated with Orb’s dTWAP protocol and enabled limit orders with reduced price impact & volatility.
Ripple CBDC Platform
Ripple introduces its CBDC platform and is currently working with more than 20 countries on CBDC plans. Individual CBDC platform has features including Currency Issuer, Currency Operator, End User Wallets, and Ledger.
Cosmos Mesh Security
Led by Osmosis, cosmos-based projects including Axeler, Akash, etc. are developing Mesh Security. This new cross-chain security model can combine staked assets from two or more blockchains and allow these chains to provide security to each other.
Taproot Asset v0.2
Lightening Labs introduces an upgrade on Taproot Assets Protocol. The new version provides features for “devs looking to issue, send, receive, and discover assets on the Bitcoin blockchain”. The upgrade is currently on the testnet and will be on the mainnet soon.
Governance Highlights 📝
Approved: Lido to Accept ARB Airdrop
Lido governance approved the reWARDS Committee to accept ARB airdrop from Arbitrum Foundation. The airdrop will be “used over the next 4-6 months to increase staking by incentivizing the adoption of wstETH across the Arbitrum ecosystem.”
BitDAO governance passed BIP-21 and will take action to focus on the Mantle L2 product and brand, authorize a token conversion plan, and simplify the tokenomics for a fresh start on Mantle.
The attacker later submitted a new proposal to restore the state of governance and revert the TORN tokens stolen. The proposal will close on May 26 but does not have a clear execution date.
Trader Joe to Sunset veJOE
Trade Joe will sunset veJOE, and veJOE will not be adapted for Liquidity Book. veJOE will remain as a V1 yield farm booster but the emissions sent to V1 yield farms are expected to end in January 2024.
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Farming on LSDs