Important DeFi News
$SYN’s price plummeted 25% after a notable LP removed liquidity and sold $9M worth of tokens at an average price of $0.26. The wallet is widely rumored to be related to Nima Capital
Banana Gun, a Telegram trading bot, has announced an 800 $ETH pre-sale capped at 1 $ETH per allocation for 20% of total $BANANA supply. Token holders will also have revenue sharing from protocol tax and bot revenue. In comparison to Unibot, it has 30% more users and similar trading volume; however, it has gathered a total revenue of 88.52 $ETH over the past week, which is 8x lower than Unibot
Circle has deployed $USDC natively on Optimism and Base
Offchain Labs has released the code and public testnet for Arbitrum Stylus, a contract that enables developers to deploy Rust-based applications on Arbitrum network
Prisma Finance, an LSD-backed stablecoin protocol, has hit its debt cap of $20M just 8 hours after going live
Raft Finance V2 is live, featuring a 6% Savings Rate for its $R stablecoin and a Peg Stability Module that ensures a stable peg facilitating fixed-rate swaps between $R and $DAI
Lybra Finance V2 is live, featuring expanded LST collateral base, flashloans, and a token burn mechanism. Lybra V2 currently has $5.5M in TVL
Hxro, a liquidity provider for derivatives and gambling applications, has launched Zero-Day Futures, introducing futures contracts with 25-hour expiration cycles
Lootbot, a Telegram bot for airdrop farming, has launched a new reward system. This system grants a greater share of commissions to loyal token holders, up to 2 times more
unshETH, an LSD protocol, has reduced its total monthly emissions by 60% to 860k $USH
Decentral Games DAO will direct 20% of its casino profit to buyback and burn $ICE. The project has burned 2.4M $ICE, or $10.8k, 0.6% of its circulating supply, in the past week
Angle Protocol has launched its stablecoin $agEUR on Base
Curve Finance is live on Base and has attracted $26.6M in TVL so far
Aevo, a decentralized perpetuals and options trading platform, has enabled $USDC deposits directly from Arbitrum and Optimism without bridging fees or slippage
Metamask has announced Sell, a feature that allows users to convert crypto to fiat, paid directly into their bank or PayPal accounts
The CEO of Matter Labs, the main developer of zkSync, has proposed an Ethereum Supreme Court system to govern on-chain disputes
SOMA Finance, an issuance platform for tokenized equities and digital assets, is set to launch the first retail compliant digital security token for US and global customers
Concave Finance launched a Rage Quit event, allowing $CNV holders to exchange it for $USDC at a fixed rate of $5 per $CNV. The 2.1M $USDC pool was fully claimed in 30 minutes
StarkWare has restored access to accounts that have not upgraded their Argent and Braavos wallet software, following user complaints about zeroed accounts
MYSO, a non-liquidation lending protocol is live on Mantle and is set to deploy on Ethereum next
Governance Proposals
MakerDAO’s co-founder Christensen Rune is proposing utilizing Solana’s code to build a new blockchain for the final phase of Maker’s major protocol overhaul Endgame
Frax Finance is proposing launching $sFRAX, allowing $FRAX depositors to earn yield from Frax’s AMO controllers and RWA strategies
Arbitrum DAO is proposing a short term incentive program of 75M $ARB for Arbitrum protocols, with applications for the program set to open on September 15th
dYdX is proposing a 6 months incentives program of $20M $DYDX for the upcoming launch of V4
Lido DAO is proposing using bridging provider Axelar to deploy $wstETH on Cosmos by September 2023, and has also received a proposal by P2P for $1.5M funding to manage the protocol’s liquid staking service on Solana
Stargate DAO is discussing deploying on Mantle and Zora Network, and has proposed to make Aerodrome the main $STG liquidity hub on Base
1inch DAO is voting to swap 1M $USDC to $DAI and depositing into MakerDAO’s DSR to generate protocol revenue. The proposal is currently set to pass with 99% in favour of it
Osmosis DAO is discussing recognizing $wstETH issued by Neutron as the canonical version of $wstETH
DeFiEdge, an on-chain asset management protocol, has proposed to manage GMX’s liquidity positions
Next Week's Alpha
dYdX is rumoured to launch V4 by late September, and will migrate its native $DYDX token to the dYdX chain upon mainnet launch. The chain will also implement revenue sharing with its token holders
Polygon zkEVM Mainnet Beta will undergo its first major upgrade, Dragon Fruit, on September 11th, enabling the network to operate as EVM equivalence
Vertex, a decentralized perpetuals trading platform, will have its token genesis event occur in October. Trading incentive allocations will be vested for 3 months, and can be claimed instantly at a 50% discount
Votium V2 is set to launch on September 13th, featuring enhanced UX, multiple deposits in a single transaction, and support deposits from multiple chains
TON wallet, a wallet integrated with Telegram, is set to launch by the end of September
$IMX is set to unlock 1.6% of the circulating supply worth $9.94M on September 9th
$APT is set to unlock 2.0% of the circulating supply worth $24.90M on September 12th
News
SEC has delayed making a decision on spot $BTC ETF applications, with the new deadlines set for October 7th and October 16th
Swift and Chainlink have successfully transferred tokenized value across multiple blockchains in recent experiments, potentially enabling seamless cross-chain interoperability and liquidity
Visa has expanded its stablecoin settlement pilot to include Solana
Genesis Global Trading will halt its OTC trading platform on September 18th
Binance is set to gradually end support for $BUSD products as Paxos halts minting of the stablecoin
Coinbase has launched a new crypto lending service in the US for institutional clients to fill the void left by firms like Genesis and BlockFi
HashKey Capital, the first licensed retail crypto service provider in Hong Kong, aims to raise and utilize its $100M fund primarily for altcoin investments
A $10M move of digital assets from FTX’s Solana wallet to Ethereum earlier in the week has sparked fears of an oncoming token dump
The Graph Foundation has launched Chain Integration Process, a community-driven method for adding new chains to the Graph Network
The London Stock Exchange is testing creating a trading platform on blockchain
China has encouraged e-commerce platforms to provide CBDC payment option
Gemeni and other creditors are opposed to Genesis’ bankruptcy plan for its lack of detail. Genesis currently owes $3B in claims to its creditors
Robinhood is set to buy back Sam Bankman-Fried’s stake for $605.7M
Robinhood, a crypto-friendly trading app, is the 5th largest $ETH holder and 3rd largest $BTC holder
Stroom Network has raised $3.5M to develop liquid staking for Bitcoin’s Lightning Network, and has released a corresponding wrapped token on Ethereum, $InBTC
Anoma Foundation is set to create a standalone blockchain for Namada protocol with a focus on privacy
Active addresses on Solana has fallen to lowest level in more than two years
OKX is planning to expand its business to India
Tweets of the Week
Upcoming Redacted Cartel catalyst by Reflexivity Research
Report on Prisma Finance by Arete Research
Breakdown of $sFRAX proposal by ASXN