Important DeFi News
Mantle has passed a proposal to deploy up to a combined 200k $ETH as Mantle LSD and 40k $ETH for Lido stETH. This strategy will utilize 74.7% of Mantle’s treasury $ETH, and 16.9% of total treasury
Paypal has launched its own stablecoin $PYUSD on Ethereum, with Paxos as the stablecoin issuer. The stablecoin is fully backed by T-Bills and $USD
MakerDAO has implemented EDSR, raising DSR yield to 8%, with the TVL doubling since its implementation. A new proposal was then introduced to reduce the interest rate from 8% to 5%, with $DAI borrow rates set to match the current DSR rate to prevent borrowing arbitrage
Rollbit has announced a tokenomics revamp with daily $RLB buy-back and burn
GMX V2 Beta is live, featuring new assets, multiple collateral positions, and liquidity provider improvements
Base has gone live and has seen $140M of assets bridged into the L2, overtaking Starknet, Metis, and Polygon zkEVM in TVL
Y2K Finance has launched Touch vault, allowing traders to speculate on the price of non-pegged assets, with $CRV being the first supported asset
QiDAO has successfully voted to incentivize loan repayments by cutting fees and increasing the minimum collateral-to-debt ratio by 1% daily
unshETH’s Project Sentience, an open-sourced LSD, is live, featuring tools for seamless deployment of LSDs and liquidity bootstrapping
Aevo, a decentralized derivatives trading platform, has launched a Telegram trading bot and Pre-Launch Token Futures, allowing the trading of unlaunched tokens
Unibot, a TG trading bot, has teased launching a DEX aggregator after Unibot X
Trader Joe has launched on Ethereum, incentivizing liquidity for their stablecoin pools through decreased fees at 0.5 bps. The protocol currently has $1M in TVL on Ethereum
Offchain Labs has launched Bounded Liquidity Delay for increased decentralization on Arbitrum, minimizing latency and increasing chain liveness
Pika Protocol has launched V4, featuring improved UX, reduction in trading cost, and the accrual of platform revenue to $PIKA stakers
Lyra, a decentralized futures trading platform, has announced V2, with Lyra Chain, cross-margin perps, multi-asset collateral, and off-chain matching of traders and market makers
Sushiswap has partnered with Steer Protocol to launch Smart Pools, an automated liquidation management for V3 positions
gTrade V6.4 is live, featuring retroactive price review to execute immediate or historical trades at specified prices
DODO, a DEX aggregator, has launched DODO X, a cross chain swap aggregator
Angle Protocol V2 is live, featuring a fair exit strategy for a black swan event and staked $agEUR. The protocol will hold $bC3M, a tokenized short-term Euro bonds ETF, as $agEUR’s reserves, and direct accrued interest from the asset to $agEUR stakers
Incentives for Camelot DEX’s V3 farms are live, with V3 introducing automated strategies for concentrated liquidity
Maple Finance’s tokenized T-bills are available to US investors
Y00ts NFT will return a $3M grant from Polygon as it prepares for an Ethereum migration
Governance Proposals
Frax Finance has proposed onboarding an offchain RWA partner as part of the Frax V3 RWA strategy
dYdX is discussing transitioning its governance token to become a native asset on Cosmos. Currently, $DYDX has 17% of the total supply in circulation
Aave DAO will be voting to disable $CRV borrowing on V3 Ethereum and Polygon. In a separate proposal, Aave is discussing investing in short-term US Treasury Bonds, starting with $1M
Redacted DAO and Olympus DAO are discussing ending the vesting of $BTRFLY to Olympus, swapping $782k $BTRFLY for $3.75M $gOHM
Origin Dollar governance is voting to add $DAI DSR to its $OUSD strategy
Osmosis DAO is voting to enable Wormhole as its canonical bridge service provider
Fantom Foundation is discussing the addition of optimistic rollups to $FTM, pivoting the blockchain into an Ethereum L2
Saddle Finance has proposed winding down and distributing its treasury assets to $SDL holders. The $1.73M treasury will be distributed to token holders at $0.0026 $ARB/$SDL and $0.01 $ARB/$veSDL.
Next Week's Alpha
BNB Chain is set to undergo a hark fork on August 10th, introducing the second part of the Fast Finality Mechanism
QiDAO has announced V2, featuring multiple front-ends and improved risk management through dynamic liquidations. QiDAO is also set to migrate their main LPs from Polygon to Ethereum, enhancing security and increasing the total addressable market
Pre-farming for the airdrop of Spark Protocol’s $SPK token is ongoing, and it is set to go live at the launch of Phase 2
ARK’s spot $BTC ETF application decision is scheduled for August 13th
SEC will appeal against $XRP ruling in its partial defeat against Ripple
$APT is set to unlock 2.07% of the circulating supply worth $33.49M on August 12th
$IMX is set to unlock 1.66% of the circulating supply worth $12.98M on August 12th
$SAND is set to unlock 16.16% of the circulating supply worth $134.14M on August 14th
$APE is set to unlock 4.23% of the circulating supply worth $28.86M on August 17th
News
Huobi’s stablecoin reserves has dipped 30%, or by $73.3M, amid reports of executive arrests
Elon Musk has declared that X will never launch its own crypto token
MakerDAO sparks controversy over blocking VPN access to Spark Protocol
Worldcoin’s Nairobi warehouse was raided by Kenyan police
Proshares and Bitwise has filed for $BTC and $ETH ETFs, while Valkyrie has converted its $BTC ETF to a $BTC and $ETH ETF
OPNX has bid $30M to acquire Hodlnaut
Nearly 100 crypto funds has closed in 2023
Crypto trading platform Revolut is closing its platform in the US citing regulatory uncertainty
Arkham Intelligence has set a $46k bounty for the identification of FTX exploiter
Binance has approved Shiba Inu as collateral asset
Russia has revealed official CBDC project logo and fees, and is set to start real-world testing with 13 banks next week
Mango Markets is facing growing legal expenses in case against protocol exploiter Avi Eisenberg
Matter Labs CEO has denied copying and integrating Polygon Zero code while developing zkSync
Sino Global has filed a $67M claim against FTX
Blockchain.com has obtained a payment license in Singapore
Cathie Wood expects another delay for ARK’s proposed $BTC ETF
Eighteen leading VCs are named as defendants in lawsuit over FTX fraud
Bitstamp has suspended trading of major altcoins for US users
Reddit community tokens $MOON and $BRICK, soar after Kraken listing
Coinbase will begin buying back up to $150M of its 2031 senior notes for 64.5 cents on the dollar
L1 Digital, a digital asset investor, has raised $152M for a second crypto VC fund
Justin Sun withdrew $200M $USDT from JustLend and sent it to Huobi
Fireblocks discloses a set of vulnerabilities involving its MPC wallets
Microsoft has partnered with Aptos to explore innovative solutions related to asset tokenization, digital payments, and CBDCs
Tweets of the Week
EDSR day one analysis by Joo
Investigating the $USDT depeg by An Ape’s Prologue