Last Week in DeFi - StakeEase Live, Ondo Expands to Sui, Inscriptions on Celestia, ENS to Launch OP L2, and more....

Recap: Week of Feb 5th

Product Launches 🚀

• Frax Finance launched the Fraxtal testnet and mainnet for select launch partners, and normal users can connect to the chain in the next few days.

• Dymension, a “RollApps” L1 blockchain launches its mainnet. Dymension allows developers to deploy app chains and uses Cosmos tech and the IBC to connect with other chains.

• Synonym Finance, a cross-chain lending platform powered by Wormhole and Circle CCTP, launched on mainnet with SYNO incentives live.

• Restake Finance, a modular liquid restaking protocol, is live on EigenLayer with 3 days of boosted RSTK rewards.

• Plume Network, a modular RWA L2, is now live on Arbitrum Orbit, leveraging the Arbitrum Nitro tech stack.

• Origin Protocol launched Prime Staked ETH ($primeETH). Users can now restake ETH and earn LST yield, EigenLayer Points, and Experience Points. OETH deposits will receive an additional 2x bonus on their XP.

• StakeEase, a restaking aggregator, launched on mainnet on Feb 5th. StakeEase allows users to stake across platforms and chains with a lower gas cost, and earn SEP tokens.

• Convergence, a Convex-like rewards-boosting protocol, is live on mainnet. Convergence initially supports StakeDAO, users can deposit Stake DAO’s liquid locker tokens (sdTKNs) and LP tokens (LPs) into Convergence to claim boosted rewards.

• SmolRefuel, launched by Defi Llama developer 0xngm, is a tool that uses permits to do token swaps that require no initial ETH, so users can get their first ETH on a new chain.

• FloorDAO, an NFT sweeping protocol, launched V2. V2 allows users to sweep any collection with 15+ ETH.

• Avantis, a perp DEX for crypto, forex, and metals, launches beta on Base L2. Users can now trade assets or provide liquidity with leverage with soft-locking.

Project Updates 🚩

• Ondo Finance expanded to Sui Network with its tokenized US Treasury product USDY.

• Zeta Markets integrated deBridge, enabling deposits from 9 blockchains directly into Zeta on Solana.

• Matcha DEX aggregator launched Matcha Auto, allowing users to swap tokens held on Arbitrum without needing ETH for gas, plus MEV protection, RFQ liquidity, lower reverts, and faster trade confirmations.

• Celestia introduced the Celestia Foundation validator delegation program. Starting on 1st February 2024, the program opened its doors for applications. Out of the 100 validator slots on Celestia Mainnet Beta, the Foundation will delegate to 50 under the program.

• Axelar launched Interchain Token Service (ITS) and registers Interchain Tokens on Axelar mainnet. Interchain tokens have native-like fungibility + customizable ERC-20 functionality.

• RabbitX, in partnership with Elixir Protocol, introduced Fusion AMM (fAMM). fAMM uses automated strategies to manage LP capital, enabling passive staking and earning for users.

• Clearpool launched lending on Mantle L2 with a 250K MNT grant from Mantle Treasury to bootstrap lending liquidity.

• Sudoswap, an NFT AMM expanded to Base L2.

• Dydx Chain launched a mobile version for iOS users.

• Mantle L2 governance voted to stake $10M worth of $MNT from Mantle Treasury as an initial commitment to Lagrange’s state committee deployment for Mantle Network.

• Sommelier protocol upgrade happened on Feb 7th. The upgrade includes the ability to launch vaults on alt-EVMs, Distribution of accrued fees to SOMM stakers, and Further decentralizing of the role of strategists.

Hacks/Issues 🚨

• Gnosis Chain announced the sunset of the Gnosis Validator Incentive Program due to operational challenges including failed node identification, engineering costs, and risks of failure being too high.

Upcoming ⏳

• Compound DAO is discussing to deploy V3 on Optimism.

• ENS may launch their own L2 built on OP Stack.

• CIAS introduces the first inscription project on Celestia.

• Starknet proposes token-minting to manage inflation.

• The immutable X team scheduled an upgrade to the network on Feb 27th, 2024. Immutable zkEVM will not be impacted.

• IndexCoop will launch V2 this year, along with new features such as Self-Serve Token Builder, New suite of leverage & inverse tokens on L2, More composite products, etc.

• Tranchess will launch V3 with Turbo Yield ETH (turYETH), a new product that allows users to boost yield on their LSTs.

• Asymmetry, a liquid staking protocol, will launch its flagship product afETH on Feb 20. afETH is a hybrid LST composed of 70% Frax's sfrxETH and 30% Convex’s vlCVX that allows LST holders to supercharge their yield to 11+%.

• Matter Labs and Skale Labs proposed Treasure DAO to launch a gaming L2 on zkSync and Skale Network.

• Renzo, in collaboration with Connext Network, will launch cross-chain ETH restaking on Arbitrum.

Airdrops🪂

• Ether.fi eETH is live on Pendle on Arbitrum. For the first 2 weeks, the new eETH pool on Arbitrum will be giving out a limited-time 3x EtherFi Loyalty Points.

• 2 million Dirft Trader Points have been distributed.

• Lyra launched a 20M LYRA airdrop farming program on Feb 7th, and rewards will unlock on May 1st.

• Dydx governance voted to distribute 5M in DYDX tokens for Season 1 Rewards of the 6-month Launch Incentives Program.

• Kinetix, a Kava-based perp DEX, announces the upcoming KFI airdrop for Kinetix users and users on Cosmos, Osmosis, Celestia, Injective, and Polygon PoS.

• AltLayer announces Airdrop Season One with registration and claim process for Celestia stakers. Around 10% of the airdrop allocation (3% of ALT's total supply) is reserved for the Celestia community.

• InterSwap, an Omnichain AMM built on Axelar, launched an incentivized invite-only testnet. Users can go to Galxe and complete tasks to get on the waitlist for testnet phase 2.

Farms 🧑🏻‍🌾

• Steer Finance stable smart pools on Polygon PoS are offering good yields.

• Notional V3 stable pools offer ARB-incentivized yields.

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• Auto-Compounded Stable Farms with Extra Rewards

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