Last Week in DeFi - Ethereum Zhejiang Live, Uniswap Governance Drama, Optimism Bedrock Coming, and More...

1 year ago 388

Product Launches 🚀

Ethereum Zhejiang Testnet Live
Etheruem launches the Zhejiang testnet, and will implement the testnet version of Shanghai/Capella upgrade on Zhejinag at epoch 1350 (around 2/6~2/7).

Lyra Newport Live
Optimism-based options protocol Lyra launches Newport on Arbitrum. This upgrade enables cash collateral, tighter spreads, and a modular design. Check our premium guide below on how to earn rewards with Lyra.

Mean Finance DEX Aggregator
DCA protocol Mean launches a DEX meta aggregator. The meta aggregator sources quote from 9 aggregators and supports swapping on 22 major chains.

Connext Amarok Live
Bridging protocol Connext launches Amarok. This upgrade enables developers to build cross-rollup apps that directly rely on the security of Ethereum. Users can now access the bridge UI, passively LP for the ecosystem by depositing USDC & ETH or actively running a router.

Pirex for GMX Live
Redacted Cartel launches Pirex for GMX (liquid wrapper for staked GMX and staked GLP). Users are now able to deposit GMX and/or GLP and receive either pxGMX or pxGLP that earn yield as if the underlying tokens were max staked on GMX natively.

Threshold tBTC v2 Live
Threshold (merger protocol of NuCypher & Keep Network) launches tBTC bridge v2, allowing users to mint and bridge tBTC between Bitcoin and Ethereum.

Arrakis V2 & PALM Deployed
Uni v3 LP management protocol Arrakis deployed V2 and PALM. V2 infrastructure allows funds and traders to easily deploy strategies on UniV3, and PALM is for protocols to acquire liquidity by utilizing the Uniswap V3 market.

Shardeum Sphinx Live
EVM-bsed L1 Shardeum launches Sphinx, the public testnet before the mainnet goes live. On Sphinx, validators can run a node and stake test SHM, devs can build/run test apps, and users can participate to earn bounties & rewards.

Cardano DJED Live
The Djed stablecoin was released on Cardano. Djed tracks the US dollar and is backed by a surplus of Cardano’s ADA tokens. Djed was developed by blockchain firm Coti in collaboration with Cardano's core developer Input Output.

Membrane EUROe Live
Finnish fintech company Membrane Finance launches EUROe on Ethereum (later on Solana, Polygon, and Arbitrum. EUROe is claimed to be Europe’s first EU-regulated full-reserve stablecoin.

Damus App Live
Built by Jack Dorsey, Damus is a web3 social app running on Nostr, a decentralized social protocol based on cryptographic key pairs. Most implementations of Nostr support Bitcoin payments over Bitcoin’s Lightning Network.

Project Updates 🚩

Universal Bridge Introduced
Timeless, Sudoswap dev Zefram introduced Universal Bridge, a unified interface for sending messages from Ethereum to other chains and rollups. This allows devs to implement cross-chain things without relying on third-party protocols like layer zero.

Dopex Launches on Polygon
Options protocol Dopex launches MATIC Straddles vault on Polygon.

Camelot x Redacted Cartel
Arbitrum-based DEX Camelot announces partnership with Redacted Cartel.
This partnership will be first formed through seeding pxGMX/ETH liquidity on Camelot. Moving forward, Camelot will support future Redacted liquidity on Arbitrum, for example, the $BTFRLY token and future stablecoin $DINERO.

GMD x Trader Joe
GMD, a yield aggregator protocol built on top of GLP & GMX, partners with Trader Joe to build up liquidity for its upcoming launch on Avalanche.

Migrating Friktion to Ribbon
Ribbon will airdrop to Friktion users that migrate their positions to Ribbon before Feb 17th. Friktion is a Solana-based yield protocol that recently announced that it will sunset its platform.

Mars Hub Deloyed on Osmosis
Previously on Terra, lending protocol Mars is deployed on Osmosis, and eligible users can access the MARS airdrop. The first Mars governance proposals to enable IBC + staking and LP rewards are headed to on-chain votes, and Mars Hub’s first Red Bank outpost will follow soon.

SUDO Token Live
Sudoswap launches its governance token, enabling lockdrop, airdrop, and governance participation. SUDO is initially non-transferable, and the transferability will be enabled by a governance vote.

Governance Highlights 📝

A16Z Votes Against Deploying Uniswap on BnB Chain
A16Z used $15m worth of UNI to quash a proposal to launch Uniswap protocol on BNB chain using Wormhole bridge.
A16Z is an investor of LayerZero (Wormhole’s competitor), and partners at the firm previously noted intentions to vote for LayerZero in last week’s temperature check on which bridge to use for the deployment. 

Proposal: Optimism Bedrock
Optimism Foundation proposed Bedrock, the next upgrade to Optimism that will bring improvements to the network including transaction costs, throughput characteristics, and sync speeds

Voting: Synthetix V3
Synthetix governance is voting to launch V3. The new version will have a modular mechanism supporting multi-collateral staking, customizable debt positions, and permissionless synths.

Voting: Convex Reward/Fee Changes
Convex is running 3 votes to change rewards and fees, including the vote to Lower idle $vlCVX kick reward, create single-sided staking for $cvxFXS, and change rewards for $vlCVX from cvxFXS to FXS.

Passed: Nexus Mutual v2
Nexus Mutual passed the vote to upgrade to v2. The first stage of v2 would be implemented ahead of FTX, BlockFi, and Gemini Earn claims in February.

Upcoming ⏳

Radiant v2 Launching 2/16
Omnichain lending protocol Radiant sets to launch v2 on Feb 16th. V2 includes improvements on Tokenomics, cross-chain borrowing, Higher barrier to entry for emissions, Multiple new chain launches, and LayerZero OFT implementation.

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