Last Week in DeFi - Uniswap V3, Rari Capital/Value DeFi Hack, and More...
Last week Uniswap’s long awaited V3 launched, Badger’s ibBTC went live;
Newer projects like Element launched on testnet, and Dopex came out of stealth;
DeFi hackers are also getting more sophisticated, as we saw RaRi Capital & Value DeFi lost funds due to a complex cross-chain attack.
Uniswap V3 Launched
Uniswap V3 launched on mainnet. It’s new, NFT-based LP positions are customizable along the price range and fees, allowing for greater capital efficiency.
As these new positions require some active management, projects have already announced integrations. Charm Finance is first out the gate with its Alpha Vaults, and these vaults (USDC-WETH) have already hit their cap. Visor finance has one, but just for pool2 currently, and Zapper promises to offer active LP positions soon as well.
Sushiswap
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Sushiswap has also recently launched Liquidity Mining on Polygon. Find out more.
Rari Capital/Value DeFi hack
Hackers executed a series of cross-chain transactions on Value DeFi (on BSC), Alpha Homora and Rari ETH pool, causing a ~$10M loss for Rari Capital’s ETH Pool.
Rari contributors have generously elected to give 2M RGT back to the DAO to help compensate victims of the hack as well as compensate those who worked in the war room to mitigate the hack.
Badger ibBTC Live
Badger recently launched interest-bearing Bitcoin, in partnership with DeFiDollar.
The interest comes from Curve trading fees, Farmed CRV, and Farmed Badger.
Element on Testnet
Fixed income project Element launched on Goerli Etheruem testnet. The protocol aims to boost capital efficiency by wrapping a yield bearing asset and splitting it into a principal token (PT) and a yield token (YT), each of which can be liquidly traded.
Dopex Reveal
Dopex, by Tz-tok Chad, had come out of stealth. Dopex is a pooled liquidity options exchange promising usability similar to Hegic but with better pricing, token rebates in case of losses, cheaper fees and faster transaction speed since it will be on Optimism.
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Disclaimer: Projects or tokens mentioned in this newsletter are often experimental or unaudited. Do your own diligence before using or buying anything mentioned.