Bitcoin crosses $35K and pushes the market higher — but what about the DeFi sector? Check out the latest happenings and DeFi alpha now!
Ethereum top decentralized exchange (DEX), Uniswap, adds a new fee for selected token swaps, while popular Ethereum wallet Rabby launches Rabby Desktop, a desktop client for interacting with DeFi applications safely. Finally, Celestia’s genesis block time has been released, which will also be the timing for their token airdrop.
Big week in the world of DeFi! Let’s dive deeper into what went down in DeFi this past week.
Overview
Total value locked (TVL) across all chains climbed higher amidst overall improved sentiment in the crypto space as speculators attempted to frontrun the Bitcoin ETF decision from the SEC. Notable increases include newly launched L2, Scroll, and BitDAO-backed L2, Mantle, which saw bigger than average jumps in TVL.
Source: https://coinmarketcap.com/chain-ranking/
Welcome to Alpha Central
Three Sigma drops their latest research piece, which covers the prevailing tokenomics models in the DeFi space and how they are utilized by the respective protocols.
Stacy Muur dives deep into the topic of intents, intent-centric architecture and the current projects building in this space.
Tom Wan shares seven Dune dashboards on trends and data in the real-world assets (RWA) sector.
Ethereum: Uniswap Slaps on Frontend Fees
Ethereum top DEX, Uniswap, implements a 0.15% fee on trading of specific tokens on the Uniswap interface and wallet. The fee will take effect on Tuesday, October 24, and includes tokens such as ETH, WETH and stablecoins. The fees, however, do not go to UNI token holders, much to their dismay.
Oracle network, Chainlink, introduces Chainlink Staking v0.2, which will introduce a staking platform with a pool size of 45 million tokens. The rollout will be done in three phases, and users that are currently staking in v0.1 will be able to migrate their positions and accrued rewards.
Ethereum vault protocol, Yearn Finance, revamps their tokenomics, finally launching veYFI. VeYFI gives increased rewards to veYFI holders and yields to vault depositors. Similar to most vote-escrow models, veYFI can be locked for 1-4 years for higher reward boosts.
Other Product Launches
- Automated vault protocol, Sommelier Finance releases their Turbo stETH vault, enabling stETH holders to earn increased yields through leveraged staking, Uniswap V3 liquidity provision and peg arbitrage strategies.
- Money market protocol, Myso Finance, deploys Myso V2, which introduces liquidation-free borrowing, assets that are unavailable on other platforms, customized and transparent loan terms among others.
- Popular wallet, Rabby, launches Rabby Desktop, a desktop client for the Debank-backed wallet. Rabby Desktop focuses on security, creating a controlled and secure environment to interact with DeFi applications.
- Ethereum liquid staking protocol, EtherFi, ships their liquid staking token, eETH, the first liquid staking token on EigenLayer, while allowing stakers to retain control over their keys.
- Telegram sniper bot, Unibot, unveils Token and Auto Sniper, enabling users to automatically sell tokens that haven’t been launched yet, snipe tokens based on the number of users sniping a token, and more.
Layer-2s: Base Is Now Open Source
Coinbase-backed L2 chain, Base, open sources their codebase and smart contracts in the spirit of collaboration and building in the open.
Optimistic rollup, Manta Network, announces their decision to transition into a zero-knowledgeEthereum Virtual Machine (zkEVM) chain, in collaboration with the Polygon team. Manta Network is currently built on the OP Stack as part of the Superchain network.
Other Product Launches
- Stablecoin protocol, Angle Protocol, releases their Euro-pegged stablecoin, agEUR on the Arbitrum network. Users can now stake agEUR to receive stEUR and earn a real yield of 5.85% APY.
- Arbitrum-based options trading platform, Rysk Finance, introduces Atomic Credit Spreads, enabling simultaneous buying and selling of options in a spread position.
- Options DEX, Bracket Labs, launches on Arbitrum testnet with a currently ongoing trading competition. Bracket Labs focuses on range-bound products to enable traders to capitalize on sideways markets.
- Options protocol, Ribbon Finance, begins their transition to their options and perpetuals DEX, Aevo, as the two protocols merge into one. The transition will take place over the upcoming month.
Solana: Lido Exits Solana
Liquid staking solution, Lido Finance, has begun the sunset of their operations on the Solana blockchain. Deposits have since been stopped and the withdrawal frontend will continue to be supported until 4th February 2024, after which users can only withdraw via the command line interface (CLI).
Cosmos: DYdX Final Testnet
Perpetuals DEX, dYdX, winds down their third testnet to launch their fourth and final testnet before their launch as a Cosmosappchain.
Another Week, Another Airdrop
The genesis block for Celestia mainnet is slated to be on October 31 at 14:00 GMT. The airdrop for the Celestia token will also be released for trading directly in eligible wallets when the genesis block goes live.
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