Last Week in DeFi - Uniswap V4, Polygon 2.0, Wyre Winding Down, and More...

Recap: Week of June 12th

Product Launches 🚀

• EigenLayer Mainnet Live
  ETH re-staking protocol EigenLayer launches stage-1 mainnet on Ethereum. Initially, the protocol supports staking for Lido’s stETH, RocketPool’s rETH, and Coinbase’s cbETH with a 3200 cap for each, for which all pools are now at capacity.

• Aevo Public Launch
  Options AMM Aevo is now open to the public. Anyone can now trade ETH/BTC options & perps, as well as do OTC trading.

• Ambient Finance Live

  Previously Crocswap, Ambient DEX is live on Ethereum. Ambient allows for two-sided AMMs combining concentrated and ambient constant-product liquidity on any pair of crypto assets.

• DLN Exchange Live
  DLN, a native cross-chain swap by deBridge, is live. DLN exchanges assets directly without asset wrapping or liquidity pool and offers fast transfers with incentives and without MEV, AMM fees, or slippage.

• GMX V2 Testnet
  GMX has launched V2 on Avalanche Fuji Testnet and Arbitrum Goerli with guides for those who are interested in testing V2.

• Silo Isolated Curve LP Lending Markets
  Silo launches three new isolated Curve LP lending markets, including stETH-ETH, LUSD-3CRV, and FRAX-USDC. Users can now borrow against Curve LP tokens while farming Convex rewards.

Project Updates 🚩

• Uniswap V4
  Uniswap announced V4 and released the early implementation of the code. The new version will enable Hooks, the singleton architecture, Flash Accounting, native ETH for pool operations, and governance updates.

• Polygon 2.0
  Polygon Labs introduces Polygon 2.0, a set of upgrades to offer scalability and unified liquidity via ZK tech. The team will share more details about the future of Polygon PoS, token evolution, and decentralized governance in the coming weeks.

• Axelar 2.0
  Astar Network, a smart contract platform and a parachain to Polkadot, releases the plan for 2.0. The upgrade will bring changes including Astar Link, Tokenomics 2.0, new partnerships, new Governance, etc.

• Celcius to Sell Altcoins
  Celcius has revised its bankruptcy filing and starting July 1, Celcius will convert all altcoins from customers except “Custody and Withhold accounts”, to BTC and ETH.

• Coinbase Offers 4% USDC
  Coinbase now allows Global customers to earn 4% on USDC. The USDC Reward is a loyalty program that is funded with Coinabse’s own funds.

• Balancer Live on Polygon zkEVM
  Balancer is now live on Polygon zkEVM to enable boosted & liquid-staked ETH pools. Initially, the rETH/WETH pool is available.

• Band Axeler Integration
  Cross-chain Oracle protocol Band integrates with Axelar to enable data availability and interoperability between the EVM and Cosmos ecosystem. dApps supported by Axelar can now access Band’s data services.

• Polkadot OpenGov
  Polkadot launches OpenGov, a new governance system for the DOT community. DOT holders can apply to be a part of the Polkadot Fellowship and to further take part in governance.

• US Treasuries for Emerging Markets
  On-chain Treasury issuance protocol OpenEden partners with Finblox to offer tokenized US Treasuries to markets across Southeast Asia. OpenEden’s Treasuries will be integrated with Chainlink in order to provide evidence that its tokens are fully backed.

• Level Expands to Arbitrum
  BNB Chain-based perpetual DEX Level will expand to Arbitrum starting June 15 with gradual releases of leveraged trading, staking, LP incentives, etc.

• Curvance Token Distribution
  Curvance, a lending protocol for Curve/Convex tokens, released token distribution details. Curvance tokens will be allocated to the community, team, initial liquidity, rewards, airdrop, etc.

Governance Highlights 📝

• Passed: Increase Maker DSR
  MakerDAO is passed the executive vote and will implement key changes to the protocol, including the Dai Savings Rate (DSR) increase to 3.94%.

• Passed: Reduce Fantom Validator Staking Requirement

  The Fantom community approved reducing the validator staking requirements from 3.175m FTM to 500k FTM.

Regulations 🏛️

• Ripple Hinman Release
  Ripple has been in a battle with the SEC since late 2020, with the regulator alleging that Ripple offered unregistered securities via XRP.
  On June 13, the Hinman document will be released. The doc is expected to “provide crucial insights into the legal status of Ripple’s native digital asset XRP” and could “undermine the entire basis for the SEC’s case” against both Coinbase and Binance”

Hacks/Issues 👾

• Wyre Winding Down
  Crypto payment platform Wyre is winding down due to market conditions. User withdrawals will be available via Wyre’s dashboard through Friday, July 14th.

• Hashflow Exploit
  Hashflow was attacked by an approval-related issue and lost ~600k. Hasflow later provided instructions for users to revoke their funds and promised to compensate victims. Hashflow has published a post-mortem.

• Keep3r Exploit
  The Keep3r network has been attacked and lost ~200k due to a governance key leak. The attacker “reset the governor of several pools and launched a reentrancy attack”.

Upcoming ⏳

• Frax Chain
  Frax Finance plans to launch its own Ethereum L2 called Frax Chain. Frax chain will employ the use of the frxUSD and frxETH for transaction fees.

• Xai Layer 3
  Built by OffChainLabs, gaming-focused layer 3 Xai will be launched on Arbiturm.

• 21Shares Lido ETP
  21Shares, a Switzerland-based Crypto Exchange Traded Products (ETPs) issuer, introduces 21Shares Lido DAO ETP (LIDO), offering traditional investors single asset exposure to Lido DAO.

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