Important DeFi News
Polygon has announced a new native token $POL, allowing a 1:1 conversion from $MATIC. $POL holders can validate multiple chains and earn rewards from multiple roles
Synthetix announced the alpha release of its V3 spot market. As the spot market is the first market built entirely on V3, it sets the stage for future releases
Unibot, a telegram trading bot, has announced a partnership with Coingecko
EigenLayer has increased all LST restaking caps to 15k tokens each and will pause restaking when the total LST deposits reach 45k
Arkham Intelligence has announced its on-chain data marketplace and $ARKM token, initially availabe through Binance launchpad and with an airdrop for early users
Balancer has introduced 8020 initiative, a streamlined protocol governance technology utilizing $BPT as the governance token in an 80-20 two-asset pool.
Multichain suffered an exploit resulting in $126M in losses, with approximately $66M of stablecoins being frozen. As a result, Multichain has indefinitely halted all bridging services. The most impacted chain is Fantom, as Multichain issues more than 40% of its assets.
Stader Labs’ LST, $ETHx, is live on mainnet
Uniswap V3 is live on Avalanche
Starknet’s Quantum Leap upgrade is live, increasing transaction throughput by 10x
Linea has announced its mainnet alpha, along with the Linea Ecosystem Investment Alliance (EIA) to accelerate ecosystem adoption. It will open the network to the public during the ethCC conference from July 17th to July 20th, introducing MetaMask and Consensys NFTs
Redacted Cartel’s Hidden Hand V2 is live, allowing token holders to earn rewards cross-chain along with a host of new features such as range bribes, limit bribes, and yield harvester
Level Finance has commenced weekly $LVL burns, burning 30% of total fees collected
DeFi protocol Algofi, which held 55% of Algorand’s TVL, will be shutting down
Equilibria, a yield booster built on Pendle, is live on BNB Chain
LayerZero introduces assets built on top of LayerZero to the Fantom Network following Multichain’s exploit
Manta Network has introduced Manta Pacific, an EVM-native modular L2 for ZK applications
Avail, a modular blockchain, has launched its data attestation bridge on testnet
CoW Swap introduced CoW Hooks, allowing the execution of multiple DeFi actions in a single transaction
Pika Protocol, a decentralized perps trading platform, has launched V4, introducing 40 more trading pairs and reduced trading fees
Aura Finance is live on Optimism
IDEX has unveiled its own zkEVM L2 chain, Xchain, whcih uses Polygon’s Supernets
Kava 14, an EVM compatible blockchain on Cosmos, is live, and will feature internal bridging of assets between EVM Chains and Cosmos
Sushi V3 pools are integrated on 1inch Network
Governance Proposals
Aave DAO is voting to deploy $GHO with a debt ceiling of 100M, 15% borrowing rate, and 30% borrowing discount for $AAVE stakers. The vote is currently 100% in favour of launching $GHO with proposal parameters
GMX is voting to establish fee splits for V2, directing 10% of fees to GMX Treasury and further reducing LP and stakers’ rewards by 7% and 3% respectively
Uniswap DAO is discussing a $UNI token model revamp which will increase token liquidity and accessibility
Mantle DAO is voting to establish a $200M Mantle ecosystem fund, with the vote currently on track to be passed
Ribbon has proposed to merge Ribbon Finance under Aevo as a unified brand. This will involve winding down $RBN and launching a new governance token, $AEVO. Holders of $RBN will be able to swap it 1:1 for $AEVO
Yearn Finance has proposed to activate veYFI rewards, enable revenue sharing with stakers. The proposal will be executed on July 15th if the proposal passes
Beefy DAO is voting to migrate away from Multichain and redeploy $BIFI on Ethereum
Balancer DAO has proposed smBPT gauges, allowing Aave Safety Module depositors to earn BPT rewards
dYdX is proposing to shift LP rewards to rebate market makers
Origin DeFi is voting to convert 50% (2.5k) of its $rETH to $wETH, and deploy it to Convex AMO for higher APR earnings
Aavegotchi DAO is voting on the approval of an OTC transaction converting 763,624 $GHST into $DAI
Abracadabra Finance is in discussion to deploy on Kava Network
Next Week's Alpha
Mantle Network is expected to launch in July, with $MNT available to trade in ByBit on July 17th for 1:1 conversion from $BIT
Arkham Intel Exchange, an on-chain data marketplace, is set to go live on July 18th, and will be governed by $ARKM initially distributed through Binance and early user airdrop.
Yearn Finance is set to launch their LST $yETH soon, and is currently in bootstrapping phase of the launch process. Current whitelisted protocols include Lido, Frax Finance, Swell, StaFi Protocol and Tranchess
Redacted Cartel’s overcollateralized stablecoin DINERO is set to launch soon
$SHIB’s L2 blockchain, Shibarium, is expected to go live in August
Conflux is rumoured to have partnered with China Telecom and Bank of China to develop blockchain-enabled SIM cards
$IMX is set to unlock 1.74% of total supply worth $12.6M on July 15th
$APE is set to unlock 4.23% of total supply worth $30.0M on July 17th
News
Coinbase will be going to court against SEC today
Spot volume and the number of trading pairs are reported to have declined across major CEXes over the year
Sega has decided to hold back most of its popular franchises from third party blockchain gaming projects
Grayscale has added $LDO as the second-heaviest component to its DeFi Fund at 19.04%, second to $UNI at 45.46%
FTX claims portal is now open for creditors to file their claims
Cboe had reached a surveillance agreement with Coinbase for spot $BTC ETFs
Silk Road-linked $BTC worth $300M was moved by the US government
Wallet Pay has enabled telegram payments for Bitcoin, Tether and Toncoin
Google Play now allows the offering of digital assets in apps and games on Android
Tokenized US Treasury products have surpassed $600M
BNB Chain is set to undergo “ZhangHeng” upgrade later this month which will improve chain security
SEC has filed a lawsuit against Celsius and its ex-CEO for securities fraud
BarnBridge has halted all operations pending current investigations by the SEC
Top executives at Binance have resigned, reportedly over CZ’s handling of regulatory investigations
Cathie Wood’s ARK has sold $12M Coinbase shares as $COIN prices approaches yearly highs
Binance has wound down its Netherlands operations and referred its users to Coinmerce
Gemini has sued DCG and its founder over alleged fraud against its creditors
South Korea’s draft rules indicate companies that own or issue crypto are to disclose their holdings in financial statements from 2024 onwards
Celsius has sued liquid staking platform, Stakehound, seeking to recover $150M in crypto assets
Tweets of the Week
LSD Summer update by StableScarab
DeFi 1.0 Overview by Defi Ignas