Important DeFi News
A risk of liquidation looms over $131M worth of $CRV if the price falls by 35%. Curve's founder had previously borrowed $110M in stablecoins against his entire holdings, which account for 50% of the circulating supply. A potential liquidation could lead to bad debt for lending protocols like Aave and FraxLend
A proposal by Gauntlet suggests freezing $CRV as collateral on Aave V2 to enforce better debt management by the Curve founder
Curve 3Pool is severely imbalanced as users swap $USDT for $USDC and $DAI. With $USDT composition currently at 65%, this suggests users are reducing risk
EigenLayer, a restaking solution, went live on Ethereum Mainnet. The $stETH cap of 3200 $ETH was reached within an hour
MakerDAO has increased the DAI Savings Rate to 3.49%, providing risk-free yields for $DAI holders
Uniswap announced V4, introducing dynamic LP management and reducing the cost of pool creation and swap routes
Polygon Labs announced Polygon 2.0, introducing revamped tokenomics and ZK-tech integration
40% of $BLUR's circulating supply, worth $62M, was unlocked for team and investors, with all of it sent to Coinbase Custody Wallet according to on-chain data
Synthetix V3 spot market is now live
TrueUSD has paused $TUSD minting through Prime Trust
Balancer DAO approved a vote to allocate 3M $ARB for LP incentives and as protocol-owned liquidity
QiDao now accepts $stETH and $LDO as collateral for minting the $MAI stablecoin
$SHIB's testnet 'Puppynet' surpassed 20M transactions
Paraswap rolled out an upgrade improving gas efficiency and fee capture
Funds stolen from the Atomic wallet have been moved via an OFAC-sanctioned exchange
Aevo, a perps and options trading protocol, has opened its mainnet to all users
Hashflow, a cross-chain trading DEX, suffered a $600k exploit
The Graph, an on-chain indexing protocol, is in the final phase of migrating from Ethereum to Arbitrum
Lending protocol Sturdy Finance experienced an $800k hack, with Sturdy Finance offering a $100k bounty to its attacker
Governance Proposals
Uniswap DAO proposes sending 50% of $ARB airdrop (2.2M $ARB) to the Uniswap Foundation’s multisig
MakerDAO votes on removing 390M of $GUSD from its Peg Stability Module
Aave DAO discusses initial $GHO liquidity strategies
Balancer DAO votes on offering swap fee discounts up to 80% for 1inch Fusion swaps via Balancer pools
Stargate DAO votes on how to use its 1.67M $ARB token allocation from the Arbitrum airdrop
Balancer DAO again deliberates on offering swap fee discounts up to 80% for 1inch Fusion swaps via Balancer pools
ApeCoin DAO suggests halving the Special Council's monthly salaries from ~$20k to ~$10k
Goldfinch deliberates on decreasing protocol fee from 10% to 7% for Switzerland fintech company Cerchia’s $10M borrowing pool, potentially setting a precedent for future investors
Decentraland proposes unifying all 11 realms into a single one to enhance user engagement and interactions
Mars Protocol governance decides on deploying on the Neutron platform
Aura DAO considers deploying on Arbitrum in a temperature check
Next Week's Alpha
Level Finance is set to launch on Arbitrum on June 15th
Mantle Network's governance token, $MNT, is set to launch following the MIP-22 proposal. $BIT holders will have the option to convert to $MNT at a 1:1 ratio
Aave's $GHO stablecoin is anticipated to launch soon, with a current governance proposal suggesting its launch on the Ethereum Mainnet
Robinhood plans to cease support for all tokens named in the SEC lawsuit on June 27th
$GMX V2 is expected to launch soon, introducing synthetic assets, isolated pools, and integrating Chainlink's low-latency oracles
News
BlackRock is in the process of filing for a Bitcoin ETF
A US judge has ruled that FTX customers can remain anonymous
Venture capital firm A16z is set to open its first office outside the US, in London
An SEC lawsuit has resulted in a $4B withdrawal from Binance, Coinbase, and Binance.US
Crypto.com is winding down its US institutional business
Trading platform eToro will delist $MATIC, $MANA, $DASH, and $ALGO from its US platform
Robinhood reported a 68% drop in crypto trading volume in May, down to $2.1B
Gensyn, a blockchain-based AI-computing developer, has raised $43M
The Bank of China’s investment banking division, BOCI, has issued its first tokenized security in Hong Kong
21Shares has introduced a Lido DAO ETP, offering traditional investors exposure to $LDO
Crypto investment funds have seen outflows for the 8th consecutive week
Binance has seen a 78% decline in market depth since the SEC lawsuit
Hong Kong has invited Coinbase to apply for operation in the region
BlockFi's customer withdrawals could begin this summer
Bittrex US will allow withdrawals starting June 15th
Banq, a subsidiary of Prime Trust, has filed for bankruptcy
The SEC has requested four months to respond to Coinbase’s rulemaking petition
Binance US and the SEC are working on an agreement to avoid a complete asset freeze
Blockchain forensics firm Elliptic has attributed the Atomic Wallet hack to North Korea’s Lazarus Group
Bitstamp and Interactive Brokers have obtained regulatory approval to operate in the UK
Apple is set to delist the decentralized social media app Damus due to its Bitcoin tipping feature
Hong Kong and the US aim to regulate stablecoins by 2024
AI startup OpenAI, operated by ex-Meta and Google researchers, has raised $113M
The Hong Kong Monetary Authority is pressuring HSBC, Standard Chartered, and the Bank of China to accept crypto exchanges as clients
Brazil has appointed its central bank and securities commission to regulate the country’s crypto market
Ripple is partnering with Colombia’s central bank to explore blockchain use cases
Tweets of the Week
A review of $CRV liquidation risk by An Ape’s Prologue
A summary of SEC Hinman speech by Adam Cochran
A summary of Uniswap V4’s upgrades by Bankless