Important DeFi News
US appeals court has ruled in favor of Grayscale in its case against the SEC to convert its $GBTC Trust into a spot $BTC ETF. The class action lawsuit against Uniswap has also been dismissed.
Polygon has unveiled a Chain Development Kit for developing ZK-powered L2 blockchains on Ethereum. Developers will be able to launch their own customized appchains that are connected by a shared ZK bridge, allowing for interoperability
Base and Optimism have released details regarding their fee-sharing economics, with both parties sharing a 2/2 multi-sig upgrade authority. Base will share the greater of 2.5% of total sequencer revenue or 15% of its net on-chain sequencer revenue with the OP team, and in return will receive a grant of 118M $OP, or $174.6M, vested over 6 years.
Unibot, a crypto trading bot on Telegram, now supports trading on Base. The platform has generated an ATH of 48.15 $ETH, or $82.6k, in fees on August 29th. The revenue for trading bot fees is on track to overtake tax fees, with tax fees currently making up 2 thirds of the collected fees compared to bot fees.
MakerDAO is facing a $1.84M loan default and a potential $2.7M liquidation of its largest borrower, Steakhouse Financial
Pendle Finance has revealed its plans to build an RWA product. MakerDAO’s $sDAI and Flux Finance’s $fUSDC will be the first stablecoins to be used in this project
Shibarium bridge is now live and fully functional weeks after an unsuccessful launch that caused $2.5M in assets to be stuck on-chain
1inch, a DEX aggregator, is live on Base
Prisma Finance has acquired and locked 2M $CRV to create liquidity depth for its stablecoin $mkUSD
Thales, an on-chain derivative, is live on Base, offering $ETH and $BTC markets to Base users
Aerodrome, a DEX marketplace, has gone live on Base
Silo Finance’s $crvUSD silo will emit doubled $CRV rewards from August 31st
$DAI’s market cap has surpassed $5B since the implementation of EDSR
PancakeSwap V3 is live on Linea
Membrane Finance, a Finnish Fintech company, has launched the first euro stablecoin on Solana. $EUROe is now available on DEXes such as Orca and Raydium, and can be used for payments to over 40M merchants through the Wirex app
Magic Eden has partnered with Polygon to launch a $1M NFT creator fund to spark the next wave of NFT adoption on the network
Peso stablecoin, launched by Num Finance, has gone live on Polygon
Kamino Finance, an automated liquidity provider on Solana, has launched Creator Vaults, enabling LPs to create customized automated LP strategies for any token pair
New Order, a protocol incubation DAO has passed a proposal to merge with Synonym Finance, a cross-chain lending protocol utilizing Wormhole tech. There will be a 1:1 token migration from $NEWO to $SYNO over a 15 -month staking period when the token launches. The integration of New Order incubated projects will also be worked into Synonym’s future products
Governance Proposals
dYdX DAO is voting on the adoption of its V4 open-source software and the migration of its native governance token from Ethereum to the dYdX Chain upon mainnet launch
Yearn DAO is voting on Wintermute’s 12 month $YFI loan proposal. The proposal is set to fail, with 94% currently voting against it
Aave DAO is proposing to increase $GHO’s borrow rate from 1.5% to 2.5% to mitigate potential peg deviation from bringing on $sDAI
Mantle DAO is discussing the allocation of 30k $ETH and 120M $MNT worth $60M from its treasury to incentivize liquidity for Mantle Network applications. In a separate discussion, a partnership with Redacted was proposed, where Mantle will stake 50k $ETH for $pxETH as a means to bootstrap $pxETH liquidity across Mantle and sends batch transactions through Redacted’s private mempool
Stargate DAO is proposing a 12 month budget of $1.8M as operational expenses for the Stargate Foundation
In a series of proposals, Aave DAO is proposing to:
Acquire more $vlAURA to retain maximum emission capacity of voting power held by Aave DAO
Swap $475k $DAI for 443k $AURA from Olympus DAO
Swap $475k $veBAL for $475k $USDC
Raft is discussing enabling $WBETH as collateral to mint its stablecoin $R
Next Week's Alpha
Chainlink Staking v0.2 is set to launch in Q4 this year. The update will feature increased staking flexibility, a modular architecture for future service expansions, and a dynamic reward mechanism that supports other sources of rewards such as user fees
Lybra, a stablecoin protocol backed by LSTs, will launch V2 on August 31st. The update will feature support for multiple LSTs as collateral, flashloans, and a token burn mechanism.
$USDC is set to launch natively on Base, Polygon PoS, Polkadot, NEAR, Optimism and Cosmos
The SEC has a deadline to decide on seven $BTC ETFs within the next six days, the earliest being Sept 1st through to Sept 4th
$HBAR is set to unlock 3.9% of the circulating supply worth $62.04M on September 1st
$RDNT is rumored to launch on Base soon
News
Shopify has integrated Solana Pay to enable $USDC payments on its platform
Robinhood currently holds $3.2B of $BTC in a cold wallet, making it the third-largest holder behind Binance and Bitfinex
SEC has fined Impact Theory, a podcast studio, $6.1M for allegedly selling NFTs which are deemed as securities
Pepecoin’s team has blamed its rogue developers for the theft of 16T $PEPE worth $15M; the tokens were illicitly transferred to centralized exchanges and sold, causing a 20% drop in price
Bitstamp is set to end $ETH staking services in the US starting September
Mukesh Ambani’s, Asia’s richest man, company will venture into blockchains and CBDCs with BlackRock as a partner
Quantstamp has unveiled a tool to detect flash loan vulnerabilities in DeFi protocols
Tornado Cash developers were charged and arrested on money laundering and sanction violations
Paypal’s $PYUSD faces low demand, with the largest wallet holding less than $10k $PYUSD
Binance is contacting low cap crypto projects to boost trading on its platform. The exchange is also considering exiting from Russia due to the legal risks of operating in the country.
HashKey Exchange and OSL has launched retail crypto trading in Hong Kong
DCG has reached an agreement with Genesis creditors to deliver recoveries of up to 90% for it’s $3.6B debt
Hashdex, a crypto asset management company, has applied for spot $BTC ETF
FTX and BlockFi’s claimant data was compromised on the platform of bankruptcy claims agent Kroll
X has acquired a crypto payment license, allowing them to offer digital asset services on its platform
OpenZeppelin, a crypto security firm, has released Defender 2.0, a program that utilizes machine learning to detect smart contract vulnerabilities
Robinhood and Jump Trading has reportedly ended their crypto partnership
Swiss crypto bank SEBA has received approval in-principle to provide crypto services in Hong Kong
Circle has partnered with payments company Mercado Pago to introduce $USDC to customers in Chile
Tweets of the Week
Fraxbonds & $sfrxETH, the new barbell strategy? by FlywheelDeFi
Design differences between CCIP and LayerZero by CatfishFishy and ChainLinkGod
Summary of Arthur Hayes’ “Kite or Board” by 0xjaypeg
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