Important DeFi News
Arbitrum has voted to distribute 50M $ARB to protocols for the Short-Term Incentive Program. Applications for the program are now open, with the two rounds of token distribution set to occur on October 7th and November 4th
Yearn Finance has launched $yETH, a basket of $ETH LSTs consisting of tokens by Frax, Swell Network, Lido, Stader and Coinbase. The $yETH pool has $7.7M in TVL, and staking $yETH currently earns 18.7% APR. In the future, stakers can vote to direct incentives to the underlying LST token
Banana Gun has flipped Unibot in revenue, generating 754 $ETH in the past week
Abracadabra has passed a vote to loan 4.6B $SPELL worth $2.2M and sell $1M $SPELL at a 15% discount to DWF Labs for market making purposes. After DWF Labs received the tokens and deposited it on Binance, $SPELL price has increased by 20%
Optimism has announced and distributed its $OP Airdrop #3; unclaimed allocations from Airdrop #1 has also been distributed directly to the respective wallets.
Injective announced the launch their L2, inEVM, a multichain VM that supports dApp deployed on it across Solana and Cosmos
Eigenlayer announced EigenDA, a data availability solution for Ethereum L2 rollups. Projects like Celo, Mantle, Fluent, Offshore, and Layer N are considering integrating it with their L2 networks
Lido Finance has selected Neutron and Axelar to launch its $wstETH token on Cosmos
Spark Protocol has raised its debt ceiling from 200M to 400M $DAI
Lybra’s LST-backed stablecoin, $eUSD, is now live on Pendle
Unibot, a Telegram trading bot, has integrated friend.tech, allowing users to trade keys without a FT account
Galxe, a web3 credential data network, has announced Galxe 2.0, featuring an official mobile app, cross-chain transactions, and a unique Soulbound NFT
TProtocol, an RWA liquidity protocol, V2 is live on mainnet, featuring up to 5% lending rate. The protocol is preparing for their upcoming IDO, with the token set to be used for governance and earning protocol rewards
Convex DAO has successfully voted for the redirection of all $vlCVX rewards to staked $CVX
Gamma, an active LP management protocol, has announced its tokenomics update, introducing $vlGAMMA for multipliers on $ETH revenue distributions based on token lock time and a bribe system to direct rewards to their pools
Metis, an L2, has launched a $5M incentive program Metis Journey to boost ecosystem activity. The first allocation was a $1.2M allocation to all Aave liquidity pools.
Eclipse, a rollup powered by Solana Virtual Machine, has announced their Ethereum L2 architecture. The rollup will execute on SVM, settle on Ethereum and post its data to Celestia
Prisma Finance has raised its $mkUSD debt cap from 8M to 10M. The cap raise was filled within 2 hours of launch
Sturdy Finance, a leverage yield farming protocol, has announced V2, featuring aggregators and silos for optimized yield and risk isolation
Canto will be migrating to its own ZK L2 built using the Polygon CDK. The blockchain will be heavily focused on RWA, building with the goal of “neofinance”, the protocolization of existing finance.
Native $USDC is now live on Near Protocol and Polkadot
Enjin Blockchain, a network designed for NFTs, is live
JonesDAO has announced incentives of 255 $ETH and 15k $AURA to buy-back 450k $JONES from Q4 2023 through Q1 2024. The team will also implement a tokenomics overhaul
Governance Proposals
Polygon has begun the implementation of Polygon 2.0
Curve DAO is proposing a stableswap implementation for $crvUSD allowing for pools like crvUSD-stUSDT and crvUSD-sDAI to be created
Merit Circle DAO is proposing to convert $MC to $BEAM on a 1:100 basis in preparation for the new token to be used as gas on the Beam network
Aave DAO is discussing using $1.6M in treasury assets to acquire $GHO for short term funding, with the goal of transitioning DAO expenses to being denominated in $GHO
SushiSwap is proposing to ArbitrumDAO to manage 12.5M $ARB, generating 80-90% return on emissions and ensuring profitability in 450 days at a 5% success fee
Origin Dollar Governance is voting to deploy $OETH’s underlying $ETH holdings into other LSTs. $OETH is the token allowing holders to earn yield from LSTs
Threshold DAO is discussing partnering with Mango and Dual Finance to boost tBTC’s liquidity and utility on Solana
Stargate DAO is voting to integrate the Google Cloud Oracle into LayerZero’s infrastructure
Next Week's Alpha
Frax Finance V3 is expected to launch soon, allowing users access to US T-Bills yield on-chain through FraxBonds
Radiant Capital, an Arbitrum Money Market Protocol, is set to expand to Ethereum on October 3rd
Manifold Finance, an infrastructure provider, is set to launch $mevETH, a liquid staking token, on September 22nd
Arbitrum Odessey: Reignited, a protocol exploratory event on Arbitrum, will begin on September 26th
Notional Finance, a lending protocol, is set to launch V3 Beta on September 25th, featuring fixed and variable lending rates, and leveraged yield strategies
Mars Protocol, a lending protocol, is set to launch V2 in the coming week, featuring cross-collateralized trading vaults and high leverage trading strategies
Threshold, a stablecoin protocol backed by $BTC and $ETH, will be launching their stablecoin $thUSD soon
Raft Finance, an LST-backed stablecoin protocol, will soon be available on mobile
Ethereum’s Holesky testnet is expected to be live by September 23rd
Othersidemeta, a Yuga Labs NFT project, will be launching Season 1 open beta of their game Legends of the Mara on September 26th
News
SEC has claimed that Binance.US has not been cooperating with investigation process as Binance pushes back against document requests by the SEC
SEC official says more crypto exchanges could face charges and that DeFi may come into the spotlight too
Genesis, a major crypto trading desk owned by DCG, has ceased all of its crypto trading services
Swift has announced that three central banks are beta testing its CBDC interoperability project
Grayscale has submitted another filing for an $ETH ETF
The FTX claims portal is now back online following a security incident which affected user data, and customers have until September 29th to file a proof of claim. In other news, the parents of FTX founder SBF have been sued for misappropriating millions from the crypto exchange
Ledger, a crypto hardware wallet maker, plans to roll out its private-key recovery service before the end of 2023
South Korean taxpayers have reported $98.5B worth of crypto holdings in overseas crypto asset accounts
South Korea is set to focus its regulatory efforts on crypto OTC trades
Hong Kong is planning to launch its stablecoin regulations by mid 2024
UK crime bill authorizes authorities to freeze crypto faster and channel seized digital assets to public funding
JPEX, an unlicensed Hong Kong-based exchange, has halted operations and raised withdrawal fees amid liquidity crisis
Bybit is set to exit UK as enforcement of new regulations loom
Silicon Valley Bank Financial Group is close to selling its venture capital arm
NFT sleepdropping scam have drained over $11.5M since December 2022
Tweets of the Week
Maker DAO’s future plan by Christensen Rune
Friend Tech analysis by jay
Analysis of $DAI’s exposure to RWA by LlamaRisk
Market Watch #1 by Apes Prologue