Important DeFi News
The BNB Chain exploiter was liquidated for a total of $63M on Venus Protocol following a decline in the health factor of its loan position. The liquidation was conducted by the BNB Chain team to safeguard $BNB prices
friend.tech, a social network platform, has generated $1.68M in protocol fees and 35k active users in the past 24 hours. Hyperliquid and Aevo have launched friend.tech index, allowing users to trade friend.tech shares
Spark Protocol has exceeded 100M in $DAI borrows and a revenue-sharing agreement between Aave and MakerDAO has come into effect. In exchange for using Aave’s V3 codebase, 10% of profits from the $DAI market will be paid out to Aave until 8th August, 2025
Balancer V2 pools’ critical vulnerability has been found. About $11.8M, 1.4% of the protocol’s TVL was reported to be at risk at the time of the announcement. In its latest update, $5.6M, 0.89% remains at risk
Eigenlayer’s liquid restaking cap raise of 100k $ETH has been filled, raising TVL from $78M to $238M in a matter of hours
ThorChain lending went live, introducing native $BTC and **$ETH-**backed loans with no liquidations, interest, or expiration
Anja Finance’s permissionless pools are live on SummerFi, allowing anyone to deploy lending pools for any ERC 20 token
Opensea has disabled support for BNB Chain and turned creator fees optional
Stader Labs has launched $rsETH, a liquid restaked $ETH token
Stargate Finance has gone live on Linea mainnet, a zkEVM rollup backed by Consensys
Mantle DAO has staked 40k of its treasury $ETH with Lido following MIP-25
LiFi and Uniswap have collaborated to launch a multi-bridge governance solution, allowing users to vote on governance proposals through a cross-chain messaging system
LooksRare launched YOLO, a winner-takes-all raffle game where players deposit $ETH, $LOOKS and NFTs to participate
Encryption protocol Elusiv has introduced a “private token swaps” feature for users to exchange assets privately on Solana
Acala’s Multichain Asset Router 1.0 has launched, enabling seamless liquidity across any Wormhole-supported blockchains and Polkadot parachains
Governance Proposals
Mantle DAO has paused its token migration and has proposed freezing FTX’s $43M $BIT to $MNT conversion. Some are supporting the proposal citing concerns regarding the FTX assets' liquidation, while others are against it due to the potential relaunch of the exchange.
Maker DAO is proposing doubling the $wstETH market supply cap to 400k on SparkLend, and has passed a vote to cap the EDSR rate at 5% from the current 8%. Since the EDSR implementation, $DAI in the DSR vault has increased by 180%, and currently holds 1.11B $DAI, or 21.7% of $DAI's total supply; however, $DAI’s market cap has only increased by 10.4%.
Stargate DAO is discussing restricting its $10M $STG annual liquidity incentives to profitable liquidity pools, and swapping the accumulated rewards for $ETH or stablecoins to increase treasury holdings
Uniswap DAO is proposing deploying Uniswap V2 on all chains to avoid potential exploits of future V2 forks
Synthetix Governance Elections is ongoing, with nominations and voting to close by August 30th. The elected members will serve a 4-month term
dYdX DAO is discussing the adoption of $DYDX as the native L1 token for dYdX Chain
Safe DAO, previously Gnosis Safe, is proposing to launch an ecosystem grants program. Wave 1 applications are set to close on September 6th
Next Week's Alpha
Curve is rumored to launch on Tron and BTTC
OpenSea is set to add a 0.5% listing and bidding fee on the platform starting on 31st August
Connext's token airdrop will go live on September 5th. The $NEXT token will be claimable on supported chains such as Arbitrum, Optimism, Polygon, and Gnosis
Radiant Capital announced its plan to launch on Ethereum mainnet on October 3rd
$USDC is set to launch natively on six more blockchains by October
Ethereum developers are set to launch a new testnet named Holesky in September
Shiba Inu developers are working towards a public restart of the Shibarium Network
$LDO is set to unlock 1.0% of the circulating supply worth $14.11M on August 26th
$AVAX is set to unlock 2.8% of the circulating supply worth $97.33M on August 26th
$YGG is set to unlock 6.6% of the circulating supply worth $2.78M on August 27th
News
The FBI has issued a warning to crypto operators that Lazarus Group is poised to cash out more than $40M in $BTC
Coinbase will be more involved in Circle operations after taking an equity stake in the stablecoin issuer. The exchange has also suspended $USDT trading for Canadian users
SEC has charged fintech firm Titan Global Management with securities violation while filing an appeal against Ripple’s decision. In other news, Gemini has filed to dismiss SEC lawsuit, while the cryptocurrency outlook has improved on news of potential $ETH ETF approval
Binance has partnered with MoonPay to continue allowing its users to buy and sell crypto with fiat
Fidelity-backed EDX Markets has selected Anchorage Digital for clearinghouse custody
Mastercard has formed a CBDC partner program involving Ripple, Consensys and Fireblocks
Bank of International Settlements is warning emerging economies about the financial stability risks associated with embracing crypto
Bitget, a crypto exchange, will require KYC verification for users starting on September 1st
Yuga Labs is set to cut ties with OpenSea following its shift to a royalty-optional model
Rarible will cease aggregating orders from OpenSea, LooksRare and X2Y2 by September 30th
Crypto startup Risc Zero has open-sourced its block prover technology, Zeth
Phantom, a Solana wallet, has launched a Sign in with Solana feature that facilitates seamless user authentication on self custody wallets
Terra, an L1 blockchain, had their website compromised by hackers attempting to scam users
Tether has halted $USDT issuance on Bitcoin due to lack of usage
Tweets of the Week
Guide to Friend Tech by DaanCrypto
Understanding Aave Governance V2 by Callen
Friend Tech airdrop valuation by ASXN