Important DeFi News
FTX hackers have transferred approximately 87.8k $ETH to Thorchain and exchanged it for $BTC. They currently still hold 95.7k $ETH in their wallets
$USDR, TangibleDAO's stablecoin, has deppeged by 50% following a large outflow of its treasury assets
THORSwap has entered maintenance mode following recent money laundering activity and is working with industry leaders to block illicit addresses
Stars Arena, a SocialFi app, was exploited of all of its $3M TVL. However, they have secured new funding and are set to reopen after a new security audit
Polkadot V2 was announced, featuring increased number of parachains, improved tokenomics, and lower entry cost for smaller projects
Raft Finance announced Wave 1 of its $RAFT airdrop, tokens are now claimable. The launch of $veRAFT staking is expected to follow soon
Backed, an RWA project on Base, has issued a tokenized security product which tracks the short-term iShares treasury bond ETF
Instadapp has announced its lending protocol Fluid, combining functionalities from Aave, Compound, Uniswap, Maker, and Curve. It is currently in testnet
Goldfinch’s Stratos pool lenders are facing $7M in potential losses due to bad debt and a failed private investment
Vesta Finance has started shutting down their protocol, executing $VSTA redemption, and enabling a 1:1 exchange of $VST and $USDC
Metis is set to revert to an Optimistic rollup following their successful proposal to migrate data availability to Ethereum for increased decentralization
Perennial, a derivatives protocol, has announced its V2, introducing low-latency oracles, a new funding mechanism, reduction in trading fees, and improved liquidity efficiency
Level Finance is working on building its own chain with a native on-chain orderbook
FriendTech has added a 2FA security feature following recent SIM-swap attacks
Radiate Protocol, a yield-enhancing protocol built on Radiant Capital, has announced its V2 roadmap, with plans for a tokenomics revamp and the establishment of a DAO
Superposition, an Arbitrum L3, was announced, featuring a cross-chain AMM platform with a decentralized limit order book
Chainway, a ZK-STARK EVM rollup, has been announced, enabling EVM transactions to be posted on the Bitcoin network
Robin Linus announced BitVM, introducing additional programmability on the Bitcoin network
Sushi’s cross-chain swap product, SushiXSwap V2, has entered its testing phase
Entangle, a cross-chain oracle, Modular Oracle testnet is live. The testnet will support EVM and non-EVM networks and greatly reduce oracle fees
IntentX, a decentralized ominchain perpetual DEX, has released tokenomics details for its upcoming native token $INTX, distributing all protocol revenue to stakers
SparkLend has been successfully deployed on Gnosis Chain
Reserve, a decentralized stablecoin protocol on Ethereum, has launched on Base
Governance Proposals
Lido DAO has received a comprehensive proposal by Hasu for a 3 year and 1 year growth plan aimed at increasing the protocol’s chances of fulfilling its purpose of keeping Ethereum decentralized and accessible to all
Maker DAO will be voting to shut down its RETH-A vault, currently housing 26.14M in $DAI debt. They have also received a proposal to maintain a 120M debt ceiling for the $USDP PSM in exchange for $3.25M and daily incentives of 2.25% of the PSM balance
Aave DAO is discussing increasing $GHO borrow rate for greater $GHO peg stability. They are also taking a temperature check for onboarding $crvUSD to Aave V3
1inch is voting to commission Tanker, a Limit Order Protocol extension aimed at reducing slippage of large order executions
ApeCoin DAO has received a proposal to develop a ZK-L2 built on Polygon’s CDK
ApeSwap DAO is discussing a 1:1 token migration via token vesting. The new token is set to be minted on December 12th, with 39.1% of the total supply allocated for token migration
Next Week's Alpha
$veYFI is set to launch on October 19th, enabling sharing of protocol revenue with token holders
Frax Finance has begun the deployment of Frax V3. The upgrades will be rolled out across the coming week with $sFRAX ready for launch today
PerpTech is set to launch its $XPERP token on October 12th
Arbitrum Odyssey: Reignited is set to resume on October 16th after pausing due to Galxe’s front-end phishing hack
$APT is set to unlock 1.90% of the circulating supply worth $21.76M on October 12th
$APE is set to unlock 4.23% of the circulating supply worth $16.01M on October 17th
$CYBER is set to unlock 11.43% of the circulating supply worth $5.59M on October 15th
$FLOW is set to unlock 0.70% of the circulating supply worth $3.02M on October 16th
News
Binance has launched copy trading on its platform. On another note, Binance Hong Kong users are increasingly targeted by phishing scams
Galxe users were exploited for $400k by a DNS attack. The team has promised to repay affected users with an additional 10% of their initial loss
Under the new UK financial regulations, over 140 exchanges are unauthorized. Coinbase, Binance, and OKX are seeking to comply with the new rules to operate in the UK
CMCC Global, a Hong Kong crypto firm, has raised a $100M fund to back blockchain startups in Asia
$TON has raised an 8-figure investment from MEXC Ventures in a partnership to promote Web3 accessibility
Sui Foundation has relocated 117M $SUI worth $51M representing 13.6% of its circulating supply as ecosystem incentives
Solana’s recent update has introduced encrypted SPL transactions, enhancing user privacy
Gitcoin accidentally lost $460k in $GTC after mistakenly sending the funds to an unrecoverable contract address
JP Morgan’s blockchain-based collateral settlement app is live
MoonPay, a crypto payments infrastructure firm has added crypto swap feature on its retail-facing app
Nansen V2 is set to launch by the end of the year
Immutable has partnered with Amazon Web Services to develop Web3 gaming services
Bitmain, a $BTC mining machine manufacturer, has delayed paying employee wages due to cash flow issues
Yuga Labs has cut employees amid company restructuring, and plans for increased focus on their metaverse Otherside
HTX’s hacker has returned all 5k $ETH stolen and received 250 as a whitehat bounty
WOO Network buys back and burns 20M $WOO from bankrupt investment firm 3AC
FTX was revealed to have used random numbers to generate the size of its insurance fund
VitaDAO, a Pfizer-backed vitality research DAO, has funded a biotech firm aimed at revolutionizing treatments for cancer and aging-related diseases
Kraken is set to acquire Dutch exchange BCM as part of Europe expansion plans
Deribit, a leading crypto options exchange, is seeking a license to operate in the EU
Tweets of the Week
An overview of on-chain RWA by Galaxy
Synthetix research report by Picolo Research