Important DeFi News
On-chain investigations have revealed that the wallet controlled by Sui Foundation has been transferring $SUI staking rewards to Binance. The foundation has faced scrutiny for lacking transparency about token unlocks and emissions, effectively diluting holders by 20% on a monthly basis
Despite these findings, the SUI Foundation has denied the selling rumors and released a detailed token emission schedule
Azuki has raised $37.5M with Elementals, its latest NFT collection. However, its price quickly fell by 44% after similarities with the original collection were found out
Superstate, a mutual fund founded by $COMP founders, was announced. It aims to bridge traditional markets and blockchain ecosystems. As a result $COMP is up 70% in the week.
zkSync has announced the upcoming launch of ZK Stack, a modular scaling framework to build ZK-powered Hyperchains, with the testnet schedule for the end of the year
Yearn V3 was announced, introducing new tokenized vault strategies and simplified contracts that are easy to build and deploy on other EVM chains. There is also a proposal to activate $veYFI rewards with oYFI as reward emissions
Tokenized public securities on Ethereum have experienced a 33% growth in the past month, with $264M worth of Real-World-Assets (RWA) currently represented
MakerDAO is diversifying its balance sheet by reducing $USDC exposure by 78% and increasing Ethereum derivatives like $WETH and $wstETH, which now account for 68% of DAI's total collateral
Circle's Cross-Chain Transfer Protocol (CCTP) has been added to Arbitrum, facilitating the native integration of $USDC
Maverick Protocol, a DEX incubated by Binance Launchpad, has introduced its ecosystem incentive program, which is currently in Season 1 and will run until the launch of their ve-model
Optimism has rebranded to OP Mainnet, while also considering a proposal by O(1) Labs for integrating a ZK-proof and a fraud-proof program
Polygon announced its plans to transition from PoS to a zkEVM validium by Q1 2024, offering improved scalability and transaction speed at the expense of security
Vela Exchange, a Perpetual DEX featuring crypto, stocks, and forex with up to 250x leverage has launched. Users can check airdrop eligibility and claim their allocation starting today
Velodrome, a Solidly fork, has launched its V2 upgrade with bribable emissions and concentrated liquidity for its trading pools
Chainlink data feeds are now live on the Celo mainnet
Chibi Finance, an Arbitrum DeFi project, has conducted a rug pull, resulting in $1M of user funds being lost
Yield Protocol has fully recovered $1.5M of funds lost in the Euler hack
Balancer has temporarily disabled its fee collection to investigate issues
OPNX, from the 3AC founders, has announced their stablecoin $oUSD
Governance Proposals
Level DAO is voting on burning the accumulated 181k $LVL tokens on TraderJoeLP and implementing a weekly 1:1 $LVL burn for every $1 of accumulated trading fee
Aave DAO has put forth a proposal to update risk parameters on Aave V2 for 10 assets, including freezing $TUSD and $CRV as collateral
MakerDAO is proposing a plan to generate revenue by providing liquidity on Uniswap using excess $DAI from the Surplus Buffer
Rarible has proposed an integration with Arbitrum and is seeking $650k in funding for the implementation
The Kava Origin Foundation has proposed for Stargate to deploy on the Kava mainnet
Next Week's Alpha
$PLS V2 is set to launch soon with improved tokenomics
$SUI is set to unlock 11.6% of circulating supply worth $41.5M on July 3rd
$DYDX is set to unlock 3.9% of the circulating supply worth $13.0M on July 4th. Their V4 public testnet will go live on July 5th, with their mainnet set to go live soon
Tezos is set to implement Nairobi upgrade, which will introduce faster consensus, Smart Rollups that evolves with protocol upgrades, and 8x increased TPS
The public beta of Umami DAO’s $GLP vault is set to launch soon, offering improved returns on yield strategies
Sparta DEX, a gamified DEX on Arbitrum, will conclude the testnet on June 30th, with the lockdrop mainnet set to launch on July 24th and TGE on August 3rd
Ghast Protocol, a lending market, has announced its roadmap and is set to support borrowing against different assets and lending pairs
Maple Finance will launch their lending arm Maple Direct in July, facilitating institutional borrowing and lending for Web3 and off-chain customers
The redemption for Gravita Protocol’s $GRAI will go live on July 18th
News
MicroStrategy announced its purchase of 12,333 $BTC at an average price of $28,136 between 29th April and 27th June, revealing where some of $BTC’s recent buy pressure came from
3AC liquidators seek a return of $1.3B from Su Zhu and Kyle Davies
FTX bankruptcy team says the exchange owes customers $8.7B. The team has also halted plans to sell their $500M stake in AI firm Anthropic
Creditors seek BlockFi liquidation, accusing the CEO and senior management of acting in their own interest by delaying bankruptcy proceedings
Nevada regulator has petitioned to place Prime Trust in receivership, alleging it does not have funds to cover customer deposits and had lost access to wallets
Binance was ordered to terminate crypto services in Belgium and has withdrawn its license application in Austria. Binance has also failed to obtain a crypto custody license to operate in Germany.
3AC liquidators seek to sanction Kyle Davies for ignoring the subpoena
Coinbase has filed a motion to dismiss the recent lawsuit brought on by the SEC
Tether has signed an MOU with the government of Georgia to develop blockchain, Bitcoin, and P2P infrastructure
Bitfinex has launched P2P services in Argentina, Colombia, and Venezuela
Bybit has obtained a license to operate in Cyprus
Sotheby’s has launched a blockchain-based program for generative artists
Circle plans to expand to Hong Kong to meet the growing stablecoin markets
HSBC Hong Kong has permitted customers to trade $BTC and $ETH ETFs
Paxos has partnered with payment provider Mercado Pago to make Pax Dollar available in Mexico
KuCoin is set to introduce mandatory KYC on all users
ARK Invest is reportedly ‘first in line’ to obtain a spot $BTC ETF as Fidelity prepares to submit its own
Swiss central bank is set to launch a pilot CBDC program
Crypto exchange KuCoin is set to introduce mandatory KYC on all users
Ouroboros, a platform for trading bankruptcy claims, is developing a software tool that will enable smaller creditors to sell their claims
Tweets of the Week
GMX Trader Liquidation Analysis by An Ape's Prologue
An overview of $ARB DAO airdrop by Castle Capital
A deep-dive on SUI's supply distribution by DeFiSquared
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