Important DeFi News
MakerDAO's proposal to implement the Enhanced DAI Savings Rate will pass today, allowing $DAI holders to earn up to 8% yields, the highest in DeFi by a large margin
Worldcoin mainnet went live along with its $WLD token. It initially launched with a low float of 1.1% and a fully-diluted valuation of $22B, which puts it amongst the Top 10 by market cap
Gains Network is set to increase $GNS's total supply by 14% in September, increasing $GNS’ revenue capture from 33% to 60%. The remaining $GNS minted will be distributed to GNS NFT owners and developers
Unibot demand continues to surge, hitting all-time highs in fees, users, and token price. It has also recently hit $658k in daily fees, surpassing leading projects such as GMX and Arbitrum
Optimism has introduced The Law of Chains, establishing the standards for OP governance for chains within the Superchain. Optimism is also set to integrate zk-proofs into OP chains
Lido DAO teases dual governance token model, where $stETH holds veto power over proposals approved by $LDO holders
BNB Chain has conducted its quarterly burn of $BNB tokens, burning 1.99M $BNB, worth $481M and reducing the circulating supply by 1.28%
Y2K Finance has launched Repeg Vaults, a market allowing users to speculate on the re-pegging of stablecoin assets starting with $MIM and $MAI
Lyra Finance is planning to launch a CLOB exchange an OP L2 chain, Lyrachain. It is rumored that all revenue from this venture will accrue to its legal entity instead of the Lyra DAO
Camelot’s proposal on Arbitrum DAO requesting 9M $ARB over a period of 6 months, valued at about $10M, has failed, with just 30% support from the community. The proposal's main objective was to fund liquidity incentives for Arbitrum-focused projects on Camelot
LSDFi protocol PSY is live on Arbitrum, allowing the minting of mint its $SLSD stablecoin with $sfrxETH collateral
RabbitX announced RBX Chain, a zk Starknet App Chain built for derivatives trading
UniDex Perps has been deployed on Arbitrum, offering a multitude of collateral options for coin-margined trades
Wormhole has announced Gateway, a Cosmos app chain aimed at connecting and bringing liquidity to the Cosmos ecosystem
ThenaFi released early access for Alpha, its perp trading platform offering over 100 assets with up to 40x leverage starting with a deposit cap of 3k $USDT
Alchemix has adopted Connext’s xERC20 token standard aimed at reducing bridging risks
Liquity announced the launch of $LUSD on Polygon zkEVM, with Starknet set to be next
BadgerDAO has released its Purple Paper for $eBTC, a synthetic Bitcoin minted with $stETH
Gitcoin announced the mainnet launch of its L2, Public Goods Network (PGN), a low-cost Layer 2 network aiming to fund public goods
In a diversification move, Nexus Mutual has swapped 14,390 $ETH for $rETH through CoW Swap. It now holds 47,033 $ETH in LSTs earning staking rewards
Stride blockchain has transitioned to interchain security, with 15% of block rewards now directed to Cosmos Hub
Governance Proposals
MakerDAO is now voting to raise the debt ceiling from 20M $DAI to 200M after nearly 3 months of successful growth in Spark Protocol, with TVL doubling to $52M over the past week
Parrot Finance team has proposed ending the $PRT token with a pro-rated liquid asset redemption price of $0.0045, an 89% drawdown from its IDO price of $0.04, affecting early investors. The proposal is on track to pass
Aave DAO put up a proposal on how to split veBAL voting weight to incentivize upcoming $GHO liquidity pools
Osmosis DAO is discussing the addition of Wormhole Gateway as its canonical bridge service provider
Hop Protocol is currently discussing a proposal to launch on Base mainnet
Decentral Games is voting to sell Decentraland Land held in its treasury
Decentraland DAO is voting to allocate 5-10% of the treasury to yield-generating strategies
Next Week's Alpha
$LTC halving is estimated to take place on August 2nd
Frax V3 is set to launch within 30 days
Evmos 2.0 is set to launch on 2nd August
Pearl v1.5 is set to launch on 3rd August, with contract updates fixing previous design flaws inherited from forking Solidly
Coinbase will fully sunset its Borrow program for retail customers, effective November 20th
PancakeSwap and zkSync have teased a potential partnership announcement happening today
Granary Finance’s $GRAIN airdrop is near, with claims set to go live July 28th on Optimism. The list of eligible users has been published on GitHub
$YGG is set to unlock 7.04% of circulating supply worth $2.34M later today
$OP is set to unlock 3.56% of circulating supply worth $36.48M on July 30th
$DYDX is set to unlock 3.81% of the circulating supply worth $13.5M on August 1st
News
Stablecoin market cap has fallen to its lowest level in two years, with DeFi daily volume also reaching 7-month lows
Arbitrum Odyssey 2.0 has been announced. Participants can claim native protocol tokens and other bonus assets as they progress through the event to its conclusion
Celsius network has reached settlements that could potentially return customer funds
US Federal Reserve has officially launched its instant payment service, FedNow, with 35 banks and credit unions participating
Flashbots has raisied approximately $60M at a $1B valuation
Russia has allowed its central bank to issue its own CBDC
Binance is planning to roll out services on its Japan platform in August fully, and has withdrawn its crypto license application in Germany
Binance has listed First Digital USD stablecoin, offering zero trading fees for select $FDUSD trading pairs. However, they have currently halted trading due to unexplained technical issues.
Avalanche Foundation has launched Avalanche Vista, a $50M incentive program to purchase tokenized RWAs minted on the Avalanche blockchain
Italy central bank chooses Polygon, Fireblocks to help financial institutions with tokenizing assets
Sui Foundation ends relationship with MovEx after token contract breach
Quanstamp fined $3.4M by SEC for $28M unregistered ICO
The UK government has rejected plans to regulate crypto as gambling
The DOJ is looking to increase crypto investigations, merging its National Cryptocurrency Enforcement Team with its Computer Crime and Intellectual Property Section unit for greater synergy
Utopia Labs announced $USDC Bank Transfers for Businesses, allowing fiat payments to banks using $USDC
McDonalds Hong Kong is set to build first Web3 experience McNuggets Land on The Sandbox
Crypto firm Rain has obtained permission to operate as a virtual asset brokerage and custody service provider in Abu Dhabi
FTX caretaker alleges SBF is using company funds to finance his criminal defense and is suing him and other former execs for $1B in misappropriated funds
PancakeSwap and zkSync have teased a potential partnership announcement happening today
Crypto lender Credix has launched new credit pool on Solana
The Lazarus Group is believed to be responsible for the $60M hack of crypto payments processor Alphapo and the $37M CoinsPaid exploit.
Era Lend was exploited on zkSync for $3.4M
Conic Finance’s $ETH Omnipool was exploited for 1,724 $ETH. The team is working on adding safety mechanisms and evaluating potential LP reimbursement plans
Tweets of the Week
A dive into SNX by nay_gmy
$WLD price analysis by Menya Research
Issues with Worldcoin by ZachXBT
The art of longing cults by Zoomer Oracle