Last Week in DeFi - Aave GHO on Testnet, Liquity Live on Aztec, Paxos to Stop Issuing BUSD, and More...

1 year ago 394

Product Launches 🚀

Aave GHO on Testnet
Aave launched its stablecoin GHO on the Ethereum testnet Goerli. The GHO code has been audited and is available on GitHub.

Zhejinag Shapella Live
The Shapella upgrade is activated on the Zhejiang testnet, meaning the testnet successfully simulated withdrawals of staked ETH for the first time.
Zhejiang is the first of three testnets to run through a simulation of Shanghai. The next testnet upgrade will happen sometime in the next few weeks to Sepolia, followed by Goerli.

Flux Finance Live
Flux Finance, a lending project that connects US treasuries with DeFi, is live. Users can either deposit stablecoins to earn yield or put US treasuries (OUSG) as collateral to borrow against.

Cryptex JPEGz Live
Index tokens protocol Cryptex launches JPEGz on Arbitrum. JPEGz is an NFT index token that tracks the total market cap of the top 10 NFT collections.

Acala EVM Live
Acala launches the EVM+ mainnet, an EVM-compatible chain running on Polkadot’s modular blockchain framework, Substrate.

Chiliz L1 Live
Chilliz launched its EVM-compatible L1 and the genesis block was produced.
The Chiliz Chain focuses on the sports industry and fan tokens.

Project Updates 🚩

Liquity Live on Aztec
Lending protocol Liquity is now available on Aztec Network, allowing users to lend/borrow at a low cost and remain private.

Silo Live on Arbitrum
Lending protocol Silo launched on Arbitrum, initially supporting risk-isolated markets for DPX, UMAMI, and MAGIC.

Mellow Live on Polygon
Liquidity management & strategy protocol Mellow is now live on Polygon and deployed two strategies for BOB pairs. BOB is a stablecoin with privacy features.

Trader Joe Integrates LayerZero
Trader Joe has integrated with LayerZero, and JOE is now an ‘omnichain fungible token’ (OFT), meaning users can bridge JOE across Avalanche, Arbitrum, BnB, and more chains to be supported.

Lyra x Camelot
Camelot announced the partnership with Lyra. Users can now provide liquidity on Camelot and deposit LP tokens on Lyra to earn incentives.

Plutus x Camelot
Arbitru-based governance aggregator PlutusDAO announces partnership with Camelot. Plutus will move pools over to Camelot, and Plutus LPs will get rewards in both xGRAIL, GRAIL, and trading fees in addition to PLS emissions.

Dell Joins Hedera Council
Tech giant Dell will join the likes of Google, FIS, and Abrdn on the governing council of the enterprise network Hedera, a distributed ledger technology that uses a hashgraph consensus mechanism.

Sandbox x Saudi Arabia DGA
Metaverse project Sandbox and Saudi Arabia DGA (authority concerned with everything related to digital government) signed an agreement to collaborate on metaverse projects, but without revealing details.

Clearpool 2023 Roadmap
Clearpool releases the 2023 roadmap. Clearpool plans to launch Clearpool Prime, a lending product for institutional investors, and other plans such as support for more assets, Term Pools, ETP, etc

OP Drop #2
Optimism distributed 11.7m OP to 300k eligible addresses that have delegated the voting power of their OP tokens and/or spent more than $6.10 on L2 gas since March 25, 2022.

Governance Highlights 📝

Passed: Uniswap BnB Chain Deployment
UniswapDAO passed the vote to deploy Uni V3 to the BNB Chain. The vote caused intense debate among delegates about bridging solutions, the biggest opponent a16z voted against the proposal as the firm prefers LayerZero, the competitor of the proposed bridging solution Wormhole, but was overpowered by other major voters.

Passed: Re-Issue STG
Stargate passed the vote and will re-issue a new STG and airdrop it to all STG holders. On March 15th, a snapshot will be taken of all user balances, and a new token will be sent to every user on a 1:1 basis.

Aave to Add cbETH, sfrxETH
Aave passed the proposal to onboard cbETH to Aave's Ethereum V3 pool. Adding cbETH allows Aave to attract new users and deposits, pre-Shanghai upgrade.
Meanwhile, an ongoing vote to add sfrxETH to the Ethereum V3 market as a reserve is ongoing and likely to pass.

Optimism Augora
Optimism launches its new governance portal on Nouns Agora, enabling on-chain governance for OP holders.

Regulations 🏛️

Paxos to Stop Issuing BUSD
New York regulators ordered Paxos, the issuer of Binance’s stablecoin, to stop creating more BUSD. Paxos will continue to manage redemptions of the product.

Nexo to Stop Earn Interest Product
CeFi lender Nexo agrees to pay $45M in penalties to settle SEC and state charges for failing to register the offer and sale of its Earn Interest product. Nexo will stop offering the product to US clients on April 1.

Kraken Discontinues Staking Service
The SEC charged Kraken for offering the staking program, which is an illegal offer and sale of securities. Kraken entities agreed to cease offering its staking programs and pay $30m to settle SEC charges.

Potential Threat to Crypto Staking
Coinbase CEO tweets about SEC potentially banning crypto staking in the US. If true, retail customers will likely leave regulated service providers like Coinbase for decentralized staking solutions.

Hacks/Issues/Closures 👾

Umami Soft Rug
The CEO of Umami Finance seems to be dumping coins while the withdrawal function is disabled on the interface. The rest of the team seems to be still working on the project and planning to move forward without the (former) CEO.

CowSwap Exploit
CowSwap settlement contract was exploited for $150k. Many recommend revoking approvals, yet CowSwap explains that the lost funds are fees collected by the protocol and the contracts have no access to users’ funds.

LocalBitcoins Closure
LocalBitcoins, a P2P bitcoin marketplace, announced its closure after 10+ years of operation. Customers are suggested to withdraw funds in the next 12 months.

Upcoming ⏳

Lido V2
Lido introduces V2 which will bring two major upgrades:

Staking Router: A new modular architecture that allows anyone (incl. solo stakers) to become a Node Operator.

Withdrawals: An upgrade allowing stETH holders to withdraw directly from the Beacon Chain.

Sushi Perps Trading
Sushi acquired Cosmos-based derivatives dex Vortex and will roll out a rebranded perpetual dex on Sei Network around Q2.

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