Important DeFi News
FTX has received the court’s approval to begin its asset liquidation process. In total, its assets amount to $3.3B, with $SOL being their largest holding valued at $1B. However, most of their $SOL tokens remain locked until 2028, with 14M-18M tokens distributed since 2020, totaling approximately $300M, which might be used as immediate sell pressure. It is speculated that the remaining $700M could be sold through OTC deals
DWF Labs and Justin Sun are considering acquiring FTX's assets through OTC deals to reduce the selling impact
MetaMask has announced Snaps, which allows users to install features and functionalities from independent developers into their MetaMask wallet. There currently are 34 listed Snaps from Starknet, Solana, Cosmos, and other parties
Layerzero has announced the integration of Google Cloud Oracle, a verifier to validate messages on LayerZero starting September 19th
Banana Gun, a Telegram trading bot, has sold out its 800 $ETH presale. However, the token launch was marred by an unfixable bug, and the team has refunded a total of 740 $ETH to 591 affected wallets. The token relaunch is expected to launch today
Rollbit is working on Degen EXchange, a spot exchange for low cap projects. The team has partnered with CT influencers to discover promising low cap projects to list on the platform
opBNB, BNB Chain's EVM-compatible L2, has gone live on mainnet
Synapse has announced Synapse Interchain Network, an optimistic proof of stake interchain network, and Synapse Chain, an Ethereum-based optimistic rollup
Uniswap has introduced a feature that highlights token taxes and adjusts the user’s swap to account for it
Hyperliquid has introduced Hyperps, perpetual contracts that do not rely on external prices. $ZRO, the unreleased LayerZero token, is the protocol’s first hyperp listing
dYdX has made its V4 Chain Github repositories open-source as a step toward full decentralization
Cosmos Hub V12 upgrade is live, offering a liquid staking module that eliminates the 21 days locking period
Wormhole Gateway has enabled token bridging to Osmosis, Cosmos’s leading DEX app chain
Squid, a cross-chain swap widget, has announced its token swap functionality across Cosmos and EVM ecosystems
Coinbase has started offering 5% rewards on $USDC deposits
Qredo, a crypto custody firm, has integrated $USDC into its non-custodial wallets. The implementation also allows $USDC to be used as gas fees
ALPHA, Thena Finance’s onchain perpetuals DEX is live on public beta, offering over 150 assets on BNB Chain with up to 60x leverage
ZKX Protocol, a self-custody perpetual DEX, has announced its governance token $ZKX
Mountain Protocol has announced the launch of $USDM, a short term US T-Bill backed stablecoin
Sushiswap is set to expand to Aptos for its first non-EVM chain deployment
Lybra has partnered with Silent Protocol to add extra privacy options to the protocol
Governance Proposals
ERC-5725, an NFT standard, has been proposed on the Ethereum Improvement Proposal forum. The NFT can be used to vest ERC-20 and other tokens over a vesting release curve
Arbitrum DAO is voting on the short term incentive program of 75M $ARB for Arbitrum protocols. The vote is currently 65.58% in favour of reducing the amount to 25M
PlutusDAO has proposed to activate $ARB staking on Arbitrum DAO, with up to 175M or 1.75% of total supply worth $140M being emitted
DWF Labs is requesting a loan of $1.8M of $SPELL at 5% APY from Abracadabra, paid in stablecoins every month. It also seeks to make a $1M investment in $SPELL at a 15% discount with a 24-month lockup period
Venus DAO is discussing reducing $XVS emissions by 75% as in anticipation of its Venus Prime Program, a reward system shifting to incentivize user participation and loyalty through revenue sharing instead of token emissions
Curve Finance is discussing creating four $CRV vests spanning two years to fund four SubDAOs. An allocation of 30M $CRV worth 12.3M is proposed to fund the venture
MakerDAO is discussing a proposal by Steakhouse to invest $100M to develop and experiment with tokenized T-Bill products. It is also discussing redeploying Stargate $DAI as the canonical version on Starknet
Ape DAO is discussing the allocation of 11M $APE for the purchase of blue chip Yuga NFTs
Aave DAO has proposed to create and fund a $GHO liquidity committee for 3 months at an initial cost of 406k and 5 $ETH
dYdX DAO is discussing adding CosmWasm to dYdX V4 to enhance feature development and encourage contribution from third-party developers
Next Week's Alpha
$UNIBOT will start its Revenue Share program on September 15th, allowing eligible token holders to receive 2% of all trading fees, which was recently reduced to 4%.
Prisma Finance, an LST-backed stablecoin issuer, will increase $mkUSD’s debt cap on all LST collateral vaults by 50% to $30M
Yearn Finance is teasing the imminent launch of $yETH
Mars Protocol V2’s alpha is expected to launch in the coming weeks
Ethereum is set to launch Holesky, a new testnet that will replace Goerli testnet
Binance will delist and halt the trading of privacy coins in Belgium by September 21st. The tokens are $XMR, $MOB, $FIRO and $ZEN
$APE is set to unlock 11% of the circulating supply worth $47.5M on September 16th
News
ARK Invest, 21Shares and Nasdaq’s Hashdex have filed for spot $ETH ETF
SEC Chair Gary Gensler says the agency is still reviewing a court ruling on the Grayscale case as well as filings for the $BTC ETF
BitMEX has launched a prediction market, allowing traders to bet on the outcome of real-world events. The first batch of contracts include FTX bankruptcy claim recoveries, the future of bitcoin ETFs, and Sam Bankman-Fried’s jail sentence
CoinEx was drained of $54M in user funds, and the exchange has assured that they will fully compensate affected parties
Coinbase, Aave, Circle and others have formed the Tokenized Asset Coalition to accelerate institutions' use of tokenized RWAs
Binance US CEO has resigned, and the exchange has laid off a third of its workforce
The FBI has linked North Korea affiliated Lazarus Group to the $41M hack on Stake, a crypto sports betting platform
The CFTC has filed and settled charges against 0x, Opyn and Deridex for failing to register the relevant licenses, failing to adopt a KYC program, and illegally offering digital asset derivatives trading
PayPal has enabled Web3 payment services, and crypto exchange Kraken is set to support PayPal deposits in the UK and Europe
Telegram has endorsed $TON as its blockchain of choice and will be integrating the network into its messaging app
Infura, a blockchain infrastructure service provider owned by Consensys, plans to release a decentralized version of its service by the end of 2023
Grab and Circle has partnered to start web3 wallet trials in Singapore
FTX has sued LayerZero Labs in an attempt to undo a $45M deal and claw back over $40M in withdrawals made by LayerZero’s COO before its bankruptcy filing
Vitalik Buterin’s X account was hacked, leading to the theft of $700k in crypto and NFTs
FASB, a US regulating body for accounting practices, has approved new rules allowing companies to report their crypto holdings at fair market value
Google’s advertising unit has permitted the promotion of NFT games that do not contain gambling-related content
Stoner Cats NFT was charged by SEC for offering unregistered securities
Tweets of the Week
Intro to EigenDA by EigenLayer
Privacy Abstraction with Aztec by Aztec Network
BTC if the Fed keeps raising rates by Arthur Hayes
How Vitalik’s X account hack could have been worse by Arkham Intel