An Ape's Prologue Weekly (25 January)
Important DeFi News
EigenLayer will reopen deposits on February 5th, adding three new LSTs, resuming uncapped deposits, and limiting restaking points at 33% for individual LSTs
Celestia’s DA has experienced increased adoption as it offers the lowest costs to rollups, most recently being integrated by Lyra, Aevo, Plume, and RSS3
Aevo, an options and derivatives L2, is set to open their network for app development, and has integrated Celestia’s DA for greater profitability and network scaling
Cosmos Hub has rejected the proposal to reduce minimum $ATOM inflation to zero, with 48.6% of voters against it
Polygon is set to launch Aggregation in February, a novel scaling solution featuring unified liquidity and composability across networks in Polygon ecosystem
FXB, a mirror of short term US Treasury Bills, is live, enabling exposure to RWA strategies without the assumption of RWA risks on Frax V3. In other news, Fraxtal, Frax Finance’s L2 blockchain, is set to launch in February with $frxETH as the gas token
Oval, a mechanism specializing in MEV capture by UMA Protocol, is live, enabling lending protocols to capture up to 90% of Oracle Extractable Value for position liquidation
Magic Eden, a multichain NFT marketplace, has announced their token airdrop in the coming months and launched a rewards program. Users can farm for rewards by utilizing the platform
0x has launched Tx Relay API, a feature enabling simplified trading experience and gas-less swaps on DEXs
CoWSwap is testing fee models for the next 6 months, and has turned on fees capped at 1% of total trade volume
Tensor, an NFT marketplace on Solana, has introduced Price Lock, enabling users to secure a buy or sell price for NFTs over a 7-day duration
Eigenpie, a LST SubDAO by Magpie built on EigenLayer, is set to go live soon, featuring points system for token airdrop and Isolated Liquid Restaking Tokens for LSTs $mETH, $sfrxETH, and $OETH
Picasso, a Cosmos network hub, is set launch $SOL restaking capped at 50k tokens on January 28th, and will initially support $SOL, $jitoSOL, $mSOL, and $bSOL
Jupiter Exchange, Solana’s leading DEX aggregator, has announced their LFG Launchpad Beta, and will launch $JUP on January 31st, airdropping 40% of its supply to its community over four rounds
BTC Connect, an account abstraction protocol for Bitcoin ecosystem, is live, enabling native Bitcoin wallets to connect to EVM-compatible dApps on BTC L2s
Metamask has introduced Validator Staking, enabling users to run an Ethereum validator node through MetaMask Portfolio
Umami Finance has launched GM Vaults, a single-sided LP pools built on GMX V2
SushiSwap has resumed Sushi Bar, sharing 0.05% of trading fees with $SUSHI stakers
GammaSwap, has launched DeltaSwap, a fee-less spot swap feature
Curve Finance is currently developing lending and borrowing markets for $crvUSD
GMX has launched BNB market on their V2 platform, and will be directing 100k $ARB worth $170k to early LPs
Governance Proposals
Cosmos Hub is discussing launching $ATOM Wars, an $ATOM liquidity injection initiative where the locking of $stATOM up to one year provides boosted voting power on Cosmos Hub
Aave DAO is discussing to freeze low-cap collateral assets on Polygon
Frax Finance is discussing investing $20M in treasury product $tfBILL for a 0.2% fee
Gnosis DAO is voting to onboard Centrifuge Prime for treasury RWA investments. The vote is currently set to pass with 100% of the voters in favour of the proposal
SNX is voting to increase base OI limits for $BTC and $ETH markets to $1M $USDC, and is set to pass with 100% of votes in the proposal
News
Since the launch of Bitcoin ETF the combined net flows $824.4M, with Grayscale seeing the largest net outflow of $4.4B, 23% of it being done by FTX, and BlackRock the largest net inflow at $1.9B. Currently, Grayscale holds 523.5k $BTC worth $20.9B
The SEC has delayed their decision on Fidelity’s spot Ethereum ETF to March. In other news, Hong Kong could debut spot crypto ETF by mid-2024, and South Korea officials were urged to reconsider negative stance on spot Bitcoin ETFs
Mt. Gox has begun confirming creditor repayment addresses, signaling the distribution of 142k BTC, 143k Bitcoin Cash, and 69B Japanese yen in the coming months to creditors
Geth, an Ethereum execution client, saw heightened concerns about centralization dominance and increased risk of black swam event
OKX exchange has pledged to fully compensate $6.5B for users affected by $OKB crash
Abra, a crypto asset lender, has resolved a lawsuit and is set to enable withdrawals for $13M in user funds
Kiln, an Ethereum staking platform, has raised $17M for global expansion
Terraform Labs has filed for bankruptcy in Delaware
Tornado Cash co-founder has promised to deliver strong defense at US criminal trial
DWF Labs has launched a grants program
Reddit is set to launch their IPO in March
Alameda has dropped their Grayscale lawsuit
Crypto industry are worried that EU AML rules are too stringent
Flowdesk, a Grayscale Bitcoin ETF liquidity provider, has raised $50M Series B
Japanese lawmakers are planning for new and relevant Web3 policies