Hardware wallet provider, Ledger’s Connect Kit library was exploited this week, resulting in several frontends being compromised. Synthetix ends token inflation for the protocol and finally, Rainbow wallet hops on the points bandwagon, with the launch of Rainbow Points.
Huge 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 retrace slightly as markets take a breather after weeks of pushing up against yearly highs. Notable outperformers in the market include Cosmos chains, Osmosis, Neutron and UX Chain, which saw jumps of 30-40% in TVL and Bitcoin L2, Stacks, which saw a similar rise as well.
Source: https://coinmarketcap.com/chain-ranking/
Welcome to Alpha Central
0xRain&Coffee dives deep into the intents vertical, the new hottest category of applications to hit the market.
TL;DR:
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Intents refer to a desired end-state, with no specification on how to get there
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Solvers are entities that compete to achieve this end-state, using their specialized skills and technologies
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Intent-based apps can provide improved UX to users, through abstracting complexities, no failed transaction costs and more swapping options to name a few.
Ethereum: Ledger’s Connect-Kit Compromises DeFi Frontends
Ledger’s Connect Kit package was exploited this week, resulting in multiple application frontends, including Sushi, Revoke.cash and Zapper, to be compromised, draining more than $600K in funds from victims. The malicious file has since been remedied by the team.
Interoperability protocol, LayerZero unveils LayerZero V2, unlocking greater programmability for applications, increased throughput, permissionless execution and increased decentralization across the protocol.
Other Product Launches and Updates
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Redacted Cartel launches Pirex ETH on Ethereum, enabling two options for users, pxETH or apxETH. PxETH provides users with more liquidity options while apxETH provides boosted staking yield. This represents the first phase of the eventual Dinero rollout for Redacted Cartel.
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ETH staking infrastructure platform, SSV Network, opens their permissionless mainnet, progressing from an initial launch to selected partners. Users can now run their validators on SSV and have full control and transparency over the operators they deploy to.
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Fixed rate auction platform, Term Labs, releases STBT, the first ever on-chain fixed rate loan backed by real-world assets (RWAs). The move is also supported by RWA platform, Matrixdock, and Chainlink’s Proof of Reserves.
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Cross-chain lending and leverage protocol, Pike Finance, launches on testnet, currently supporting Ethereum, Arbtirum, Optimism and Base. Pike Finance is built on Wormhole with support from Circle and Base.
L2s: Synthetix Ending Inflation for SNX
Synthetic asset trading platform, Synthetix, announces the halting of SNX token inflation after the successful passing of the recent governance vote. The protocol will also be testing out a new fee share and buyback and burn model on Base with their upcoming Andromeda release.
Other Product Launches and Updates
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Hybrid orderbook decentralized exchange (DEX), Vertex Protocol, partners up with Squid Router and Axelar to introduce cross-chain functionality, allowing users to deposit and bridge seamlessly across all eight supported chains without leaving the protocol.
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Lending protocol, Clearpool, launches Clearpool Prime on Optimism mainnet, enabling whitelisted institutional borrowers and lenders to interact in a controlled and KYC-ed environment.
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Options protocol, Lyra, unveils Lyra Chain, an L2 powered by the OP stack, enabling high throughput and low settlement fees for traders on the platform.
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Cronos Labs, the ecosystem accelerator of the Cronos chain, releases the Cronos zkEVM testnet. The chain is built in collaboration with Matter Labs, the team behind popular zkEVM chain, ZkSync.
Solana: Eclipse Testnet Live
Solana Virtual Machine (SVM) powered Ethereum L2, Eclipse, unveils their testnet for developers. Developers can now bridge over Sepolia ETH and deploy contracts on the testnet. Eclipse also uses Celestia for their data availability needs.
Real-estate trading platform, Parcl, announces Parcl Points, a point system to reward traders and liquidity providers on the platform. Holding Parcl’s HOA NFT will also boost points earned but do not directly earn points simply by holding.
Cosmos: Celestia x Polygon
Celestia partners up with Polygon Labs to integrate Celestia into the Polygon Chain Development Kit (CDK), enabling chains built on the CDK to save on gas fees. The feature will be available as a component with Polygon’s CDK starting 2024.
UX Chain (formerly known as Umee), announces the launch of their very own stablecoin, meUSD. MeUSD represents a basket of stablecoins including USDT, USDC, DAI, IST and USK, which reduces risk of depegging of the stablecoins within the basket.
Another Week, Another Airdrop
Wallet provider, Rainbow, hops into the points arena, rewarding users who import their wallets into Rainbow with Rainbow Points based on historical actions. Users can also earn more points via referring other users to do the same.
JOE token holders will be eligible for an airdrop from Merchant Moe, a franchise of the Trader Joe brand. Holder must bridge their JOE tokens to Mantle and deposit them as mJOE in Merchant Moe to qualify. 2.5% of the initial supply will be distributed to eligible users on the token generation event (TGE), with another 5% to be distributed over the coming year.
StarkNet lending protocol, HashStack, announces their airdrop, which will be based on a currently running point system. Users can earn points for borrowing and lending on the platform, as well as by referring new users to the platform until 22 January 2024, when the points will be converted to HASH tokens.
Tweet of the Week
DeFiLlama founder, 0xngmi, pokes fun at the current point system narrative that has spread across CT as airdrop farming intensifies.
Stay updated on your favorite projects and stay tuned for next week’s edition, and keep supporting your favorite projects, degens!
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