Kyber Network was exploited in a carefully orchestrated strategy, resulting in $47 million in losses across five chains. Dopex launched its Arbitrum Frontier quest campaign and PancakeSwap announced plans to revamp its token, CAKE.
It’s a big week in the DeFi world! Let’s take a closer look at what happened in DeFi last week.
outline
Total value locked (TVL) across all chains has surged along with the markets this week as the ETF decision approaches. Notable performers include ZkSync, a zero-knowledge rollup (zk-rollup), with a 40% increase, while smaller performers include fellow zk-rollup StarkNet and alt L1, Sui, both up about 12%.
Source: https://coinmarketcap.com/chain-ranking/
Welcome to Alpha Central
0xKun discusses the challenges of applying traditional investment frameworks to cryptocurrency investing and how investors can adapt and play the market accordingly.
summary:
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Traditional value investing is difficult because cryptocurrencies are still in the early adoption stages and future use cases tend to take precedence.
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The growth investing mindset doesn’t work. Because it is difficult to predict historical growth into the future with such early projects.
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Key skills for a successful cryptocurrency investment include being able to handle volatility well, compensate for risk and capitalize on the fear and greed of market participants.
Ethereum: Kyber Network Exploitation
Kyber Network, a multi-chain DEX aggregator, has generated $47 million in revenue from Ethereum, Arbitrum, Optimism, Polygon, and Base through its concentrated liquidity solution, Kyber Elastic.
Superform, a universal yield marketplace, introduces a protocol that allows users to use their tokens to deploy to any number of vaults among the eight supported chains. The platform is built on top of LayerZero, Hyperlane, and Wormhole, and includes two bridge aggregators inside: Socket and LiFi.
Other product releases and updates
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Timeless Reveal Bunni V2, an advanced DEX built on Uniswap V4Give liquidity providers greater control over how they provide liquidity to the pool through all forms of liquidity, automated liquidity movements, re-collateralization to earn returns on out-of-bounds liquidity, and dynamic fees.
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money Market Protocol, Studdy, Studdy V2 released, which enables isolated lending without the need for isolated liquidity. This is achieved through aggregation via the vault protocol, Yearn Finance V3.
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lending Protocol, Beta Finance distributes Beta Finance OmniIt introduces risk pools, gasless sub-accounts, and liquidity fragmentation to the protocol, providing greater capital efficiency for borrowers and lenders.
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Revest Finance releases a white paper on its upcoming project, Resonate.A project designed to bring fixed income real assets (RWA) on-chain in a fully compliant manner.
L2: Arbitration Frontier
Dopex, an Options protocol, is collaborating with Arbitrum, Galxe, and OKX to launch Arbitrum Frontier, a DeFi-based quest campaign via protocols like Camelot, Radiant, JonesDAO, and more. Participants can receive rewards such as a 100K ARB reward pool share and Soulbound NFTs.
UnshETH, an LSDFi protocol, is launching blETH, a liquid wrapper representing ETH deposits on Blast, the latest L2 locked for the next three months. Once Blast is withdrawn, blETH holders can withdraw their ETH with the expected airdrop converted to ETH.
Other product releases and updates
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Dopex launches rDPX v2, rDPX can be combined with ETH to receive rtETH, a yield-bearing derivative token. Users can also deposit ETH directly into perpetual put vaults, which are used to purchase rDPX at certain thresholds.
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Zero-knowledge-based fiat onramp solution, ZKP2P, Coinbase L2, launched on Base. The platform currently supports onramping with Venmo, and onramping takes less than 60 seconds to complete.
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Movement Labs launches M2Move-based L2 built on Celestia and Celestia’s Blobstream for data availability, enabling high-performance applications and high chain throughput.
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derivatives platform, Deri V4 is now live on Arbitrum mainnet.. Deri V4 is built on top of Arbitrum Orbit, Arbitrum’s extension solution for applications to deploy their own chains within the Arbitrum ecosystem. Deri V4 offers liquidity, faster execution, lower gas, and more products integrated into the platform.
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that much Pendle yield booster Equilibria’s EQB/WETH liquidity pool has been exhausted. A phishing attack on the wallet that controls the pool’s liquidity resulted in the loss of approximately 141.5 ETH worth of EQB and ETH tokens. Some of the leaked funds have been seized by OKX and a compensation plan is being discussed.
Solana: Unlock more bridging options
Synapse, a multi-chain bridging protocol, now supports the Solana ecosystem, enabling seamless transfers of SOL, ETH, and USDC between the Ethereum mainnet and Solana.
Phantom, a Solana wallet, is launching cross-chain swaps within the wallet based on Bridge, LiFi, and Allbridge. You can also exchange a portion of your bridged tokens for SOL to provide gas tokens on Solana.
BNB Smart Chain: CAKE token economics revamp
PancakeSwap, the leading decentralized exchange (DEX) on Binance Smart Chain, has announced revamped tokenomics plans for its CAKE token, with plans to introduce a voting escrow mechanism through veCAKE and gauge voting.
Another week, another airdrop
Stride Zone, the Cosmos liquid staking protocol, has announced plans to airdrop 250,000 STRD tokens to DYDX token stakers in the first two months following the launch of the upcoming stDYDX liquid staking derivative token.
NFT trading platform Blur is wrapping up Blur Season 2 by airdropping BLUR tokens to traders and NFT creators on the platform. Eligible users can claim their tokens within 45 days. Blur Season 3 has also begun and will last for six months until May 2024.
Tweet of the Week
Binance CEO CZ stepped down from Binance after leading the market’s largest cryptocurrency exchange for six years, ushering in the era of his successor, Richard Teng.
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