Today in DeFi - Fantom Rebrands, Convergence Exploit, JUP Reduction, Points on T-Bills, and more...

Launches 🚀

• Eclipse, the first SVM Layer2 network, has launched its mainnet for developers on Celestia. Eclipse is a Solana Virtual Machine that combines Solana’s speed with Ethereum’s liquidity.

Updates 📰

• Fantom rebranded to Sonic Labs before the release of Sonic, a Layer 1 EVM chain with a secure gateway to Ethereum.

• Solayer, a liquid restaking network on Solana, now supports hubSOL. hubSOL is Solanahub’s next-gen LST which can now be restaked for sHUBSOL.

• Base L2 Basenames are now in early access. Users can claim one Basename powered by ENS per wallet for early access.

• Aevo has started the buyback process for the AEVO token, committing at least 1M AEVO to buybacks every month, from July to December.

• Oku Trade has integrated Uniswap V3 on Polygon zkEVM, with $250k incentives available. LPs can earn incentives by deploying position on Oku in one of the incentivized pools Claiming UNI on Merkl.

• Circle launches EURC, a MiCA-compliant euro stablecoin, on Base L2. Partners support EURC on Base include AerodromeFi, Coinbase, CoinbaseWallet, and Uniswap.

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Issues 🚨

• Convergence, a Curve-based yield-enhancing protocol, was exploited Thursday, sending its token’s price to near zero. The exploiter created 58M of the CVG token, swapped it for approximately $210,000 worth of wrapped ETH and crvFRAX, and forwarded it to Tornado Cash. Users are recommended to withdraw their assets staked on the platform.

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Upcoming ⏳

• Jupiter’s Supply Reduction Proposal is live for voting. The proposal proposed a 30% reduction in total supply, from 10B to 7B, including the team voluntarily cutting 30% from their assigned allocation.

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Airdrops 🪂

• Pencils is launching SOUL Drops, an NFT initiative in the Scroll ecosystem. Holders of SOUL Drops NFTs will be able to earn a range of benefits, including tokens and Pencils Points.

• Infinex announces an expanded Ethena Sats integration. From Tuesday, 6 August, in addition to earning native yield, USDe deposits will also earn 20x Sats per USDe each day. Sats will also be displayed in your Infinex wallet shortly.

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Farms 🧑🏻‍🌾

• Stake your GHO to earn ~33.68% APR from AAVE and Merit Program

  • Today in DeFi is supported in part by ACI

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Farming Points on T-Bills