This week, stablecoin automated market maker (AMM), Curve Finance, is launching its much-anticipated native stablecoin, crvUSD. In the latest memecoin season, a popular memecoin, WSB, created by moderators of the popular subreddit WallStreetBets, the rug is pulling down after one of the moderators emptied the team’s stash. Finally, Aztec Network is back, this time with a hybrid zero-knowledge rollup (zk-rollup) that combines a private and public execution environment. Quite an exciting week! Let’s see what happened in DeFi in the past week.
Join us as we showcase the cryptocurrency revolution, one newsletter at a time. Sign up now to receive daily news and market updates straight to your inbox along with our millions of other subscribers (that’s right, millions love us!) – what are you waiting for?
The total locked value (TVL) across all chains remained largely flat in the $49 billion range, despite volatile moves in both the crypto and traditional markets. Most chains only saw slight increases or decreases in TVL, with the recently launched zkSync era seeing a 22% drop in TVL, a sharp reversal from weeks prior.
Source: DeFiLlama
Tim Beiko takes a look at the next big upgrade for Ethereum, Cancun, which will feature the much-anticipated EIP-4844 — known by many as proto-thanksharding, which is expected to significantly reduce fees for ETH L2 chains. Arndxt covers the hottest developments in Real World Asset (RWA) and touched on protocols like Maple Finance, Credix, Clearpool, Polytrade and many more. Ethereum gas price surged to a peak above 200 Gwei over the weekend as memecoin trading mania continues after the blast run of PEPE and more. With most of the activity taking place on Uniswap, DEX accounted for 34% of all fees paid in the last week. While this has cost users over $100 to swap on the mainnet, the network has burned 59,916.31 ETH in the last 7 days. Stablecoin AMM, Curve Finance is deploying the long-awaited contract for their native stablecoin, crvUSD. Unfortunately, after a peer review, a small error was discovered which led to a reallocation which has since been completed. Dynamic AMM, Maverick Protocol, publishes Maverick Boosted Positions, which allows protocols to introduce their own incentives for specific liquidity pool positions on Maverick. This allows for more targeted and efficient use of incentives, rather than incentivizing the entire pool. Popular multichain decentralized exchange (DEX), SushiSwap is deploying concentrated liquidity pools across all of its 13 supported chains at once, taking on its main competitor Uniswap head-on. Oracle-free perpetuals trading platform GammaSwap opens for testing on Goerli testnet. GammaSwap aims to reduce impermanent loss (IL) losses for liquidity providers through a gamma lending market, allowing liquidity providers to hedge their positions directly or simply earn higher returns from borrowers to avoid potential IL.OlympusDAO fork, Redacted Cartel, Launch Pirex to balance V2 . Pirex is designed to improve the management of staked tokens and their rewards through auto-compounding and liquid wrappers. V2 brings Pirex a more intuitive user interface as well as support for Redacted’s own token, BTRFLY. Jump-backed blockchain bridge Wormhole releases Wormhole Connect – a simple widget that enables any decentralized application (DApp) to integrate cross-chain asset bridging through Wormhole technology. Interest-bearing stablecoin issuer Lybra Finance discovers a flaw in the vesting contract for its locked tokens, esLBR, affecting around 20-30,000 LBR tokens that have been transferred. Since then, a new contract has been introduced and affected users have been compensated. Vault Protocol, Yearn Finance and Maximum Extractable Value (MEV) protected DEX, CoWSwap come together to release Dump Services, a simple platform to dump multiple tokens in a single transaction. Fraxlend, the lending arm of Frax Finance, announces support for Curve and Convex liquidity pool positions as collateral for Fraxlend, which is expected to boost Fraxlend’s interest income. The memecoin WSB, created by the moderators of popular investing subreddit WallStreetBets, is moving to One of the moderators, zjz.eth, is shedding a significant chunk of the team’s supply grid of 334 ETH in return. Zjz.eth claims it drew liquidity because the main moderator WSBMod took “secret airdrops” of the token, although WSBMod refutes this. The optimized rental protocol Morpho is provided on the mainnet. It introduces more efficient borrowing and lending of WETH and ETH liquid staking (LSD) derivatives by combining Morpho’s peer-to-peer mechanism and Aave’s efficiency mode to settle privately without their address on Ethereum.ETH LSD issuer Unsheth to disclose, published by vdUSH. This is the protocol’s voting-custodial governance token, which can be obtained by locking USH, USH-ETH liquidity, or 80-20 USH-unshETH balancer liquidity. The dynamic Vault protocol, Sommelier Finance, enters the Arbitrum ecosystem through multiple chains. Sommelier uses the Axelar interchain communication protocol and its technology to bring its vaults on-chain and is expected to expand to other chains in the near future. DeFi infrastructure protocol FactorDAO announces Factor V2, enabling no-code deployment of vaults, liquidity pools, money markets, tokenized assets and more with Factor V2’s middleware layer. Options trading protocol Lyra announces that they will be airdropping the 400,000 ARB tokens they received as part of their airdrop to traders and liquidity providers on the Lyra platform. The rewards will be spread across six two-week epochs over a total of 12 weeks.
ETH money market protocol Galahad Finance goes live on zkSync Era, allowing users to borrow against their ETH collateral. Loans are secured with a collateral ratio of 110%.
StarkNet-based perpetuals trading platform RabbitX announces the migration of its original Strips token, STRP, to the new RBX token on Ethereum. The tokens are swapped at a ratio of 1:10 and facilitated by Uniswap. Consensys-backed zero-knowledge Ethereum Virtual Machine (zkEVM) chain Linea announces the start of Linea Voyage, a nine-week series of tasks to increase adoption and usage of the Linea testnet to earn exclusive NFTs.
Zk development company Aztec Network releases their next-gen hybrid Zk rollup, Aztec. It combines a public and a private execution environment in the same chain.
Decentralized derivatives protocol SynFutures launches its V2 after ending its closed alpha. Users can now trade perpetual swaps and futures on the platform. V2 also brings better user experience and more listings to SynFutures. The protocol is expected to be deployed in more chains in the future. Credit market protocol 0VIX Protocol manages to recover part of exploited funds deposited in Gotchi Vault. 0VIX was hacked via a flash loan attack the week before, resulting in $2 million in losses. The Steer Protocol also goes live on Polygon this week, bringing a streamlined no-code workflow for DApps running via their Steer Protocol SDK. Polytrade on-chain Finance starts on Polygon, bringing real-world assets on-chain in an accessible and democratized way. The GMX fork Level Finance was made for 214,000 LVL tokens (approx. The exploit only targeted the Referral Controller Contract, which fortunately was isolated. Liquidity providers and Level Finance Treasury remain unaffected. The on-chain trading infrastructure protocol DeusDAO was exploited at both BNB Smart Chain (BSC) and Arbitrum, resulting in an initial loss of $1.3M at BSC and $5M at Arbitrum.As of May 7, the exploiter has 80% of the stolen funds returned to BSC (approximately $1M) and keep 20% as white hat bounty Delphi Labs-backed DEX, Astroport, launches at finance-focused Cosmos chain Sei Network In partnership with Sei and tracked by Blocked Protocol, missions have also been released for Sei Testnet users to complete.Top StarkNet Wallet, Argent announces its StarkNet Xplorer campaign, designed to help users explore the StarkNet ecosystem (and hopefully qualify for the STRK -Airdrop to qualify). ). The campaign will last eight weeks and users can claim eight NFTs when all tasks are completed.
Polygon is distributing exclusive NFTs to holders of their “To Ethereum, With Love” NFT collection, launched alongside their zkEVM solution, Polygon zkEVM. Holders received one of three NFTs depending on the token ID of their original NFT.
ETH LSD issuer Swell Network again hints at an incoming token airdrop. A countdown was also published on their website, counting down to May 24, 2023.
Memecoins ran wild last week, causing gasoline to surge, although that wasn’t the only thing surging as the Fed hiked rates as expected. Stay tuned for next week’s issue and keep supporting your favorite projects, Degens!
This Article contains links to third-party websites or other content for informational purposes only (“Third-Party Sites”). The third-party websites are not under the control of CoinMarketCap and CoinMarketCap is not responsible for the content of any third-party website, including without limitation any link contained in any third-party website, or any changes or updates to any website of third party providers. party site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended for use and may only be used for informational purposes. It is important that you conduct your own research and analysis before making any material decisions regarding the products or services described. This article is not intended to be, and should not be construed as, financial advice. The views and opinions expressed in this article are those of the author [company’s] do not necessarily own and reflect those of CoinMarketCap.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.