Important DeFi News
A widely used Web3 connector that is used by multiple frontends has been compromised, including RevokeCash. Users are advised to not use or interact with any protocols until further updates is provided
SNX has turned off $SNX inflation, and will use the accumulated fees to buy back and burn $SNX with the upcoming Andromeda update when the protocol deploys on Base
Prisma is poised to distribute protocol fees to $vePRISMA holders, with users receiving a weekly total of $100k $mkUSD
Lyra, an options protocol, will deploy V2 on their Lyra Chain built on OP Stack. The upgrade will feature cheaper and faster transactions
Merchant Moe, a DEX built for the Mantle network and a franchisee of Trader Joe, will launch 5% of their $MOE token exclusively to $JOE holders, requiring those to stake $JOE on the Mantle Network to receive the allocation
Boost, a protocol enabling selling or leverage farming of Blast’s future airdrop, has gone live with a points program points to earn $BOOST in the future.
Uniswap V3 was deployed on Rootstock, a $BTC sidechain by GFX Labs, the company that is also behind the Oku trading terminal
StarkWare announced it will distribute 10% of $3.5M network fees to developers, with 8% of the fees going to dApp developers and 2% to core team members
EigenLayer will reopen deposits on December 18th, adding six new LSTs and increasing the individual re-staking caps to 200k, with a global cap of 500k tokens
KAVA 15 mainnet is live, with enhanced developer support and revamped staking rewards. The upgrade will also reduce $KAVA inflation to zero on January 1st
Pudgy Penguins announced Pudgy World, an upcoming Web3 multiplayer game on zkSync, that is expected to launch in early 2024
Hashstack, a leveraging lending and yield farming protocol, has announced its $HASH airdrop to V1 mainnet users. Users can farm points for greater airdrop allocations by using the protocol and claim them in Q1 2024
Polygon will integrate Celestia as a Data Availability option in its SDK in early 2024
Worldcoin has introduced World ID 2.0, integrating with major tech firms such as Shopify, Minecraft, Reddit, and others. The upgrade features enhanced bot filtering, additional verification levels to accommodate user demands, and ID-resetting for lost IDs
Kelp DAO, a liquid re-staking protocol, has enabled Early Queue, automatically re-staking deposited LSTs on EigenLayer as soon as their LST caps lift on December 18th, and currently has $10.6M in deposited LSTs
Dinero Protocol, a protocol by Redacted Cartel, has gone live with the launch of Pirex $ETH $pxETH, an Ethereum LST, and within 24 hours, saw 432 $ETH deposited. The next phase will be the launch of their overcollateralized stablecoin
Governance Proposals
Conic DAO is discussing the launch of V2, starting with the launch of V2 Omnipools
Alchemix DAO is proposing to reback $alETH, and allow alETH/ETH LPs to claim pro-rata share of recovered funds worth $4.96M $ETH
ParaSwap DAO is proposing to burn the treasury’s 2-year unvested token of 400M worth $15.6M, effectively reducing $PSP maximum supply by 20%
WINR DAO is voting to incentivize conversion of $WINR to $vWINR, and delaying token unlocks for early investors and team by introducing 12 to 18 months cliff period
Osmosis DAO is voting to implement the v21 upgrade, featuring live tracking of protocol revenue and an external sidecar query server. While a quorum has not been reached, the vote is currently in favor of the proposal, with four days remaining until voting ends
News
Tether has frozen 161 wallets sanctioned by the US
El Salvador has offered Freedom Visa in exchange for $1M in crypto investment, and has also approved the world’s first $BTC bonds by Bitfinex Securities
Fidelity and BlackRock has met with the SEC to discuss their spot $BTC ETF application, and VanEck has obtained a ‘HODL’ ticker in new SEC filing. Meanwhile, Invesco and Galaxy’s response to their application has been delayed
Coinbase is developing a RWAs platform to tokenize tradfi assets through their L2 Base, and has launched spot trading of $BTC and $ETH outside of the US
KuCoin to pay $5.3M in fine, refund $16.8M and terminate access to New York customers
FTX has $24B in unpaid taxes which could delay repayment of user funds
Gemini creditors has rejected a reorganization plan which would see creditors recover only 61% of funds
South Korea has proposed consumer protection rules for crypto users
China plans to launch a decentralized blockchain-based identity system for its citizens
Binance is seeking to dismiss its SEC lawsuit, and has withdrawn its application for an investment management license in Abu Dhabi. They have also halted support of Russia’s Ruble
Swarm, a regulated DeFi platform, has launched Open dOTC, a permissionless trading platform for tokenized RWAs
OKX has lost $2.8M in private key leak
WOO X, a crypto exchange platform, has partnered with Wintermute to boost liquidity on WOOFi
Iota, a blockchain developer, will integrate their EVM-compatible chain Shimmer with Fireblocks, a crypto custody platform, to meet asset tokenization demands