Important DeFi News
SankoGameCorp has migrated $DMT liquidity to the Ethereum Mainnet and is rumored to launch an L3 built on Arbitrum, with $DMT as the gas token
Debank, a wallet tracker, has announced Debank Chain, an L2 built on the OP Stack. Its testnet is live, featuring account abstraction and low gas fees, with mainnet planned for 2024
Unibot X went live, featuring a webapp trading terminal integrated with Unibot’s telegram bot
Sei, an L1 blockchain, mainnet has gone live; concurrently, $SEI has been listed on Binance, Coinbase, and Kraken, with an FDV of $1.6B. However, bridging congestion has resulted in delayed bridge-out transactions, leaving users’ funds stuck
Shibarium mainnet is live; however, $1.8M bridged $ETH is potentially unrecoverable, as there have been reports of bridging issues due to a large volume of transactions
oPBNB, BNB Chain’s Optimistic L2, mainnet is live for infrastructure providers
Binance Labs has purchased $5M $CRV. As part of the collaboration, Curve Finance will explore deployment on BNB Chain
Aave and Frax is set to purchase 5M and 2.5M $CRV respectively at $0.40/$CRV from Curve co-founder Michael Egorov. Aave will deploy $CRV in V3 while Frax will lock $CRV for $veCRV.
dYdX V4’s Public Testnet 2 has gone live, featuring key upgrades such as the addition of over 30 markets and dynamic margin requirements
PancakeSwap, BNB Chain’s native DEX, has expanded to Arbitrum
Level DAO is set to alter rewards from $LVL to an unvested version, $preLVL. Traders and LPs can vest their rewards by staking $LVL for a year or accelerate vesting at a 30% tax
Convex Finance has introduced $cvxPRISMA, where users can optionally claim liquid $cvxPRISMA in a 1:1 conversion when the $PRISMA airdrop goes live. Alternatively, they can instantly unlock $PRISMA at a discount
$AURA AIP-42 tokenomics update introduces a 15% increased voting incentives by 15% while reducing token emissions by 60% annually
Safe, previously Gnosis Safe, has introduced transaction batching, which aggregates multiple transactions under one execution to reduce transaction fees
Immutable X has launched its zkEVM testnet
Tenet blockchain has launched its native bridge built using LayerZero tech
Pendle has gone live on Optimism, and is set to boost LSDfi liquidity on the L2 starting with $stETH and $rETH
Wormhole is now the canonical bridge service provider for Osmosis Network
CoW Swap, a DEX aggregator, has launched TWAP orders
Sushiswap is live on DefiEdge, a liquidity management protocol
Governance Proposals
Maker DAO co-founder Rune has proposed sharing 10% of revenue generated by Aave’s codebase on Spark Protocol with Aave. In a separate proposal, Maker DAO is voting to cap the EDSR rate from 8% to 5%
Yearn DAO is currently discussing launching V3 while simultaneously evaluating Wintermute's offer to provide $1.73M $CRV liquidity for a minimum of 6 months in exchange for a year-long $2.18M $YFI loan
Aave DAO is currently discussing the following proposals:
Freezing $CRV on V2, preventing additional borrowing against $CRV while incentivizing $CRV migration to V3
Onboarding $wGHO as a collateral-only asset
Converting $2M $ARB to $USDT, replenishing the funds used to purchase $CRV OTC
Allocating $2.4M, consisting of $1.9M in stables and 6k $AAVE, for phase 2 of collaboration with Bored Ghosts Development (BGD). BGD Labs will complete routine tasks such as maintaining Aave’s developer-experience tools, provide protocol analytics, and support any future platform development
Synthetix is voting to deploy V3 on Base. The vote is expected to pass with 100% in favor of the proposal
Raft Finance is proposing incentivizing single-sided $DAI liquidity to restore native stablecoin $R to its peg by increasing APR for $DAI depositors and reducing APR for $R depositors
Mantle DAO is proposing implementing a new token migration contract of $BIT to $MNT to restrict conversion of FTX’s $43M $BIT tokens
Uniswap DAO is proposing deploying Uniswap V2 to all chains
Rocketpool DAO is discussing directing increased $RPL rewards to incentivize $rETH deposits by node operators
Compound DAO is discussing deprecating its V2 market and incentivizing migration to V3
Olympus DAO is proposing accelerating the automation of protocol operations and introducing a new governance system Parthenon
Next Week's Alpha
EigenLayer will raise the cap for LST re-staking on August 22nd
Aevo is set to absorb Ribbon Finance and swap $RBN to $AEVO in a 1:1 conversion on August 25th. The platform will also begin support for multi-collateral trading
The decision on Grayscale's lawwsuit against the SEC to convert the $gBTC trust into a spot $BTC ETF is expected to be announced on August 18th
The beta launch of friend.tech saw a surge in active users on Coinbase's new L2 Base. The social network platform will be airdropping reward points to app testers
Level Finance's $LGO bridge is set launch on August 23rd
Ripple's response to the SEC's letter of intent against the $XRP security ruling is due by August 19th
Yield aggregators GMD Protocol and GND Protocol is set to launch on Base
$INJ is set to unlock 7.8% of the circulating supply worth $21.68M on August 21st
News
SEC has delayed $BTC ETF approval to early 2024. Meanwhile, Europe’s first spot $BTC ETF is listed in Amsterdam
Kraken Ventures aims to raise $100M for its second fund amidst difficult venture capital climate in the crypto industry
Coinbase has obtained regulatory approval to offer crypto futures to eligible clients
SpaceX has been reported by WSJ to have written down its $BTC holdings of $373M
Valkyrie, an asset management firm, has filed for $ETH ETF
Binance is set to shut down its fiat-to-crypto payment platform
GSR, crypto’s oldest market maker, has scaled back its operations amid the departure of top executives and bearish market conditions
Ledger, a crypto wallet company, has integrated PayPal, and will support crypto purchases through their newly launched Cryptocurrencies Hub
OPNX, a centralized exchange, was fined $2.7M by Dubai regulators
FTX has reached a deal with Genesis to settle a bankruptcy claim for $175 million, a significant reduction from the original claim of $4 billion
FTX founder Sam Bankman-Fried will be remanded until his trial in October
The Monetary Authority of Singapore has finalized its rules for governing stablecoins
Prime Trust, a crypto asset custodian, has filed for bankruptcy protection
Bittrex, a bankrupt crypto exchange, will pay $24M SEC fine
Visa has introduced an experimental solution on Goerli to reduce gas fees by leveraging Account Abstraction tech and the ERC-4337 standard
Celsius, a bankrupt crypto lender, will poll account holders on its plans to relaunch as a user-owned company
Mastercard has formed CBDC partner program involving Ripple, Consensys and Fireblocks
Tweets of the Week
Maker's EDSR program analysis by An Ape's Prologue
$GM vs $GLP comparison by Ken Chia
Learnings of an airdrop farmer by Mingo Airdrop
The current state of recently launched rollups by ahboyash
The four phases of a bull market by The DeFi Edge