Total value locked (TVL) on all chains dip significantly as the crypto markets take a large hit over the week, with majors falling over 10%. Strong outliers include Coinbase L2 chain Base, which continues to see a strong 65% increase in TVL, and THORChain, which saw a 14% jump leading up to the launch of THORChain’s lending product.
DeFi yield farmer, Taiki Maeda, on how sustainable stablecoin farming with the integration of real-world assets (RWAs) can lead to the next bull market for the crypto space.
0xCygaar breaks down how rollups work, down to the very basics, from how they scale Ethereum to how they interact with the L1.
MEV-protected DEX, CoWSwap, unveils CoW TWAP, allowing traders to use time-weighted average pricing (TWAP) to average into the market, evening out fluctuations in price while still being protected from MEV attacks.
Ethereum liquid staking protocol, Diva, launches its testnet this week, allowing users to set up their own operator nodes. Diva is powered by distributed validator technology, which seeks to reduce single points of failure and increase validator resilience.
Stablecoin automated market maker (AMM), Curve Finance, enables leverage on their stablecoin, crvUSD, up to 9x.
Option vault protocol, Ribbon, passes the proposal to merge with their option trading platform, Aevo. On August 25, veRBN holders will be able to unstake without penalty and convert to AEVO at a 1:1 ratio. Throughout September, Ribbon products will be shifted to Aevo and RBN-AEVO conversions will be enabled.
Lending protocol, Aave, passes the governance proposal to add Liquity USD (LUSD) as collateral to the platform. The loan-to-value for LUSD will be set at 77%, similar to USDC on Aave.
Cross-chain settlement layer, THORChain, pauses trading on several chains and the roll out of THORChain Lending in light of an uncovered security vulnerability discovered in TSS libraries. The patch has since been deployed and trading has been resumed.
Decentralized casino, Rollbit, unveils the Degen EXchange, building an AMM product into their suite of games and degen products. The platform currently supports the buying and selling of RLB, OX, UNIBOT and BITCOIN.
Zero-knowledge Ethereum Virtual Machine (zkEVM) chain, Scroll, releases their final testnet this week as well, on the Sepolia testnet. The prior phase on the Goerli testnet processed more than 47 million transactions, with nine million wallets interacting with the chain and 4 million contracts deployed.
ConsenSys-backed zkEVM chain, Linea, releases their official ERC-20 token bridge, enabling seamless bridging onto the chain. In addition, purchases of USDC.e via MetaMask’s Buy Crypto function will be zero-fee till the end of the month.
Memecoin Shiba Inu launches their L2, Shibarium on mainnet. Although the chain faced issues in the initial launch, with transactions halting just hours after the launch, the chain has since resumed operations.
Arbitrum Odyssey’s quest involving GMX V2 is now live. The campaign is expected to last over a duration of three months, ending in around the end of October.
Ethereum L2 chain, ImmutableX, launches the testnet for its very own zkEVM chain, Immutable zkEVM, a chain centered around gaming products. Immutable zkEVM is built on Polygon’s technology.
Lending protocol, Exactly Protocol, has been exploited on Optimism for $12 million in ETH. The protocol was paused for the bug to be patched, and has since been unpaused.
Trading-focused Cosmos chain, Sei, launches Pacific-1 on mainnet. Users can now bridge to the chain and stake their SEI tokens. The SEI airdrop has also been opened for claims.
Cosmos chain, Sei, opens up their airdrop to eligible users. Users who participated in their Atlantic-2 testnet or the Sei Ambassador Program will be eligible. In addition, active users on a handful of selected chains will also be eligible for a portion of the airdrop. An additional reward will also be granted for bridging funds onto the chain.
Bridging service, Connext Network, announces the release of their token, NEXT, and its airdrop. Users can check their eligibility on the Connext site and the claim will go live on September 5 on Arbitrum, Polygon, Optimism and Gnosis Chain.
SocialFi application, Friend.tech, announces their airdrop mechanism, with 100 million reward points to be airdropped to users weekly over the next six months, with the first distribution taking place last Friday.
The crypto market remains a volatile environment, but builders stay heads down building. 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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