Last Week in DeFi - MetaMask Validator Staking, Conflux Bitcoin L2, Arbitrum Approves LTIP, Stable Yield Farms, and more....
Recap: Week of Jan 15th
Product Launches 🚀
Frax Finance launches Frax Bonds (FXBs) on v3 protocol. FXBs are debt tokens denominated in FRAX stablecoins that are repaid on-chain and thus a way to buy "future FRAX stablecoins at a particular timestamp for a discount today."
Delphi Labs and Astroport Finance launch Asteroid Protocol, an open-source inscriptions protocol for Cosmos Hub. Asteroid allows users to inscribe images and videos to text and tokens.
Project Updates 🚩
In addition to liquid staking, MetaMask Portfolio now offers Validator Staking (staking-as-a-setvice). Users can simply stake 32 ETH to be validators while MetaMask takes care of the work like managing the node operation, client updates, and runtime stability.
Built on Uniswap’s v3 pools, Wormhole now supports native ETH/wstETH transfers across 7 EVM chains.
Thales Protocol launched THALES tokenomics V2. V2 enables new protocol rewards, open access to AMM LP pools, a 62% decrease in weekly staking rewards emissions, and cross-chain staking.
Solana perps DEX Drift introduces Market Maker Vaults. After depositing, each Vault will pool depositor capital together to provide bid & ask quotes on Drift’s order books, maximizing returns while minimizing risk exposure.
Solana lending protocol marginfi launches Flashloans, “Users can max borrow any supported token without collateral if the loan is repaid within the same block” with no fees.
On-chain splits protocol Splits launches Swapper on Optimism, Base, and Polygon. Swapper is a payable smart contract that swaps ETH & ERC20 tokens into a predefined output token before sending those tokens to its beneficiary.
Fixed-rate lending protocol Term Finance launches lending markets backed by EigenLayer liquid restaking tokens (LRTs). Users can borrow against weETH (ether.fi LRT ) while earning EigenLayer restaking points.
Modular L2 Manta Network releases tokenomics for MANTA, covering token utility on Manta Pacific & Manta Atlantic, token allocation, and broken release schedule.
stETH yield generating protocol Asymetrix launches Mini pools. Mini pools are specially designed pools that increase the chances of smaller depositors receiving weekly rewards.
Spark Finance launches the Lido Rewards Campaign. 20 wstETH from Lido go to wstETH suppliers until February 13th at 00:55 UTC.
Bitcoin bridging protocol MultiBit is live on Solana. Users can now bridge BRC20 tokens from Bitcoin to Solana.
Lending protocol Myso is live on Evmos. The proposal to launch the MYSO covered call strategy is ongoing. If passed, the strategy will allow Evmos Community Treasury to generate USDC revenue.
Public Goods Network (PGN), a funding L2 by Gitcoin, will wind down over the next 6 months due to challenges in generating significant funding for public goods. The network shutdown is tentatively planned for June 2024.
Socket, an interoperability protocol that powers bridging for Bungee Exchange and other partner protocols, experienced a security incident and lost over 3.3M. The hack is due to incomplete validation of user input, which is exploited to steal funds from users who have approved the vulnerable.
According to the team, “The affected contract has been paused and damage is fully contained.” and “Users don't need to do ANYTHING.”
TrueUSD fell below its peg as over $339M of TUSD was traded for USDT on Binance, and reported difficulties posting real-time attestations of its reserves. One speculation on the sell-off related to the TUSD not being listed as one of the assets on Binance’s Manta (MANTA) launch pool initiative.
Trader Joe hints at a mobile phone launch.
UMA is releasing a product that reclaims value from MEV for lending protocols.
Conflux is launching an EVM-compatible Bitcoin Layer 2 where BTC will be the native currency for gas fee calculations. Testnet launch is expected to be Feb/March and mainnet in May.
Index Coop core team proposes to launch the Ethereum 2x (ETH2x) and Bitcoin 2x (BTC2x) leverage tokens on Ethereum. The proposal also seeks to deprecate the FLIs and migrate any remaining capital to the new tokens.
Frax Finance is launching Fraxtal (frax chain) in 2-3 weeks, and the team proposes the deployment of Curve on Fraxtal. If Curve deploys on the Fraxtal launch, then Curve LPs/TVL will qualify for additional FXTL points and blockspace incentives reserved for strategic launch partners for Fraxtal.
QiDAO is voting to approve USDM as collateral to mint MAI via a PSM vault on all Ethereum Layer 2s where available. USDM is a yield-bearing stablecoin issued by Mountain Protocol.
Aave governance proposes the GHO cross-chain strategy to deploy GHO across multiple blockchain networks.
Kujira mentioned in a development summary thread that with the SDK upgrade the team will launch Perps (a futures product) initially as a high-leverage Forex platform.
Lido on Solana frontend support will end on February 4th, 2024. Users are recommended to unstake stSOL before the date. After this point, unstaking will only be possible using the CLI.
Klaytn L1 submits a governance proposal to merge Klaytn and Finschia (kfa. LINE blockchain). According to the proposal, “a new integrated token (provisionally named PDT) will be issued, and holders of KLAY and FNSA will be able to claim this new token which will be usable on both LINE and Kakao messengers.”
Dusk L1 introduces the incentivized testnet, one of the final stages before Dusk mainnet. Users will be able to participate as a staker or node runner.
According to Coindesk, Solana Mobile plans to launch a second smartphone with similar basic features to the first generation. The second phone will come with a built-in crypto wallet, custom Android software, and a dApp store, with a lower price and different hardware.
MakerDAO encourages all DAI users on Starknet to transfer or migrate their DAI before the Starknet Regenesis deployment coming next week, as native DAI on Starknet is non-upgradable.
Sturdy community proposes making STRDY transferrable as Sturdy V2 is about to launch, and the market condition has significantly improved.
Aave DAO proposes a temp check on V3 MVP deployment on Neon EVM Mainnet with a cautious initial rollout of a few assets - SOL, mSOL, jitoSOL as collaterals, and USDC as a borrowable asset.
TrueFi DAO proposes increasing stkTRU staking rewards from 0 TRU/day to 5,000 TRU/day to attract more participation in staked TRU (stkTRU) governance.
NFT-focused L2 Frame is set to launch on Jan 31, with a Chapter 2 airdrop coming for creators and developers.
Lido community proposes a Lido L1 blockchain, seeking to provide a strong community narrative, utility for the LDO token to accrue value in a legal way, and innovation in the crypto space.
Stader community proposes the ETHx SC upgrade with three enhancements: SD Utility Pool, SD Reward Auto-Deposit, and Streamlining Oracle Operations.
Kwenta published a Roadmap Update. The roadmap for 2024 focuses on the Perps V3 launch, followed by another Perps product, a new rewards system, a mobile-first experience, and Kwenta API.
NEAR retaking protocol LiNEAR introduces LNR Governance Token with Genesis Airdrop. Until April 15, 2024, 12:00 UTC, eligible users can visit https://app.linearprotocol.org/airdrop to check eligibility and claim their rewards.
Rollup-as-a-service protocol AltLayer announces the token launch and airdrop to early supporters, including NFT holders, campaign participants, and EigenLayer/Celestia stakers.
Arbitrum community approves the Long-Term Incentives Pilot Program proposal. The program will distribute 25-45M ARB to protocols for 12 weeks.
Ajna tokens can now be claimed on Summerfi. Claimable tokens are accrued during V1, and new rewards and new "Bonus Rewards" will be claimable on Jan 19th, and then each week, users can claim the previous week's earned tokens.
Solana perps DEX Drift to launch Drift Points, with full details dropping next week.
DeBank Rabby wallet hints at a snapshot for a potential airdrop.
Stella offers good stable lending APRs with ARB incentives.
ARB STIP incentives on Notional V3 are live. 500,000 ARB will be given as incentives to Notional V3 LPs on Arbitrum until March 31st.
Notional offers good yields on USDC products with/without leverage.
Radpie pools on Arbitrum offer good yields for stable depositors.
Today in DeFi Premium includes early looks at promising projects, yield farming tips, and research to help you get the most out of DeFi.
For example, last week we published the following features for our Premium Subscribers:
Efficiently Batch Swap Tokens
Decentralized Lending with Weekly Rewards
Low-Cost L2 Bridging with Airdrop