Today in DeFi - New Perp Dex on Base with Lootbox Program, Vertex Top 30 Crypto Index, Lens Network, Stake USDC for Airdrops, and more...

Launches 📰

• Limitless Finance, a liquidation-free perp DEX, launched its mainnet on Base. To reward early users, Limitless announced a “Use and Loot” campaign and will airdrop lootboxes to top users/LPs of Base protocols based on their usage and engagement. The campaign begins on May 13th and ends on June 21st.

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Updates 📰

• Vertex launched two new Index Perp products powered by GMCI and Wintermute. The GMCI 30 index consists of the top 30 crypto assets by market cap, and the GMCI MEME index tracks the top meme coins by market cap.

• Lyra now supports Spreads, allowing option traders to execute multi-leg strategies with eliminated individual leg risk and reduced upfront capital requirements.

• Bounce Finance, a BounceBit-based merger & acquisition protocol, introduced $MBA. $MBA is a synthetic token created by merging $MUBI, $BSSB and $AMMX. $MBA will serve as a platform token for MBA Protocol, a soon-to-be-launched CeDeFi lending protocol.

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Issues 🚨

• Sonne Finance, a Compound v2-forked lending protocol, was exploited due to “the known donation attack to Compound v2 forks” and lost ~$20M. The team has paused operations on Optimism and is investigating the exploiter’s identity.

• Predy Finance, an intent-based perp dex on Arbitrum, was attacked and the corresponding lending pool has been drained ~$464K. The team has paused the protocol, and users are encouraged to revoke from the lending pool.

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Upcoming ⏳

• Lens Protocol introduces Lens Network, a ZK chain using zkSync’s ZK tech. Lens Network will replace Lens Protocol as a social hub with scaling improvements and UX upgrades and can be deployed on other EVM and non-EVM networks.

• Ambit Labs is launching Ambit USD (AUSD), a stablecoin with diversified yield streams that provide liquidity to partner DeFi protocols.

• Liquity released a whitepaper for its upcoming V2. V2 will introduce User-set interest rates, LSTs as collateral, Better capital efficiency, and Protocol Incentivized Liquidity (PIL).

• MakerDAO introduced SparkDAO, the first SubDAO that will launch along with its native token SPK and a variety of SPK token farming programs. The current SPK pre-farming program will be active until May 20th, 2024. Earned SPK tokens will be distributed at the Spark Launch.

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Farms 🧑🏻‍🌾

• Stake your GHO to earn ~40% APR from AAVE and Merit Program

  • Today in DeFi is supported in part by ACI

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Stake USDC for Airdrops