Frax V3, USDC on Cosmos and more - DeFi keeps building despite bear market.
Stablecoin protocol, Frax Finance releases the documentation for their next phase, Frax V3, while Cream Finance and Manifold Finance announce the latest token in the ETH liquid staking derivative space, mevETH. Finally, the popular stablecoin, USDC, arrives on Cosmos’ Noble testnet, with plans to hit the mainnet soon.
Big week for DeFi! Let’s dive deeper into what went down in DeFi this past week.
Overview
Total value locked (TVL) across all chains retraced the pump from the VanEck ETH Futures ETF launch as dismal volumes show after a week of trading. Notable exceptions include Binance Smart Chain L2, opBNB and Cosmos chain, Canto, which both saw increases in the 20-30% range.
Source: https://coinmarketcap.com/chain-ranking/
Welcome to Alpha Central
Aylo gives us an overview of the latest updates on the Chainlink roadmap, the “verifiable web” and where Chainlink is headed, from the recent SmartCon 2023.
Jing Ling dives deep into the architecture and unique characteristics of Monad, an Ethereum Virtual Machine (EVM) compatible L1 blockchain, which alleges a 10K TPS through parallel processing.
Mippo discusses the topics of enshrinement in Ethereum and the Cosmos, its risks and how it will likely happen regardless of what the decentralization maximalists think about it.
Ethereum: Frax V3 Incoming
DeFi suite, Frax Finance, releases the highly anticipated documentation for Frax V3, the latest leg of the Frax roadmap, which incorporates bonds, real-world assets and staked FRAX into the protocol.
Money market platform, Cream Finance, and Ethereum infrastructure protocol, Manifold Finance, release MEV Protocol, a new ETH staking service designed to maximize returns from maximal extractable value (MEV) for validators via Manifold’s custom auction solution.
DAI stablecoin issuer, MakerDAO, announces the offboarding of the rETH-A vault from the protocol. Users who have taken out DAI loans against rETH will have to repay their loans and withdraw to prevent liquidation when the offboarding takes place.
Redacted Cartel releases their very own ETH liquid staking derivative, Pirex ETH (pxETH), on the Goerli testnet, ahead of the launch of the Dinero stablecoin. PxETH gives holders a variety of options for yield, through holding, staking or liquidity provision.
Real-world asset protocol, TProtocol, unveils USTP, a stablecoin backed by US Treasury yield. USTP comes in three variants, USTP, Rebasing USTP (rUSTP) and Interest-bearing USTP (iUSTP), to cater to the preferences of investors.
Fixed-rate money market protocol, Yield Protocol, winds down citing a lack of sustainable demand for the product in the market. The protocol will support lending until 31st December, after which, only limited support for withdrawals will continue.
Decentralized exchange (DEX) aggregator, Matcha, delivers upgrades on their limit order functions, including percentage-based price settings, duplicating past orders, batch order cancellation and more.
Popular GambleFi protocol, Rollbit, brings their RLB token buybacks on-chain, enabling users to track token buyback and burns for themselves, bringing greater transparency to the protocol.
Bridging protocol, Orbiter Finance, releases a public statement after a week of stuck transactions on the protocol, non-responsiveness on Discord and Twitter, and rumors of a slow rug of the protocol.
L2s: IntentX, a DEX with CEX Liquidity
IntentX introduces its omnichain perpetuals DEX model, which uses intent-based architecture to combine liquidity from centralized exchanges (CEXs) with the security of DEXs, taking DEX trading to the next level.
Arbitrum-based hybrid DEX, Vertex, introduces Margin Manager, a tool designed to track and manage a user’s deposits and loans, perpetual positions, liquidity pools, spread positions and more, to better manage users’ margin across all products.
Synthetic asset trading platform, Synthetix, opens up the Perps V3 Testnet Trading Competition on the Base testnet, with $15K worth of SNX and other prizes to be won. The competition will take place on Synthetix frontends, Kwenta and Polynomial.
Arbitrum derivatives platform, Perennial, unveils Perennial V2, a rebuilt version of V1, with lower latency oracles, lower trading fees, a more efficient funding mechanism and deeper liquidity to provide the optimal experience to users.
The OATH Foundation introduces Aurelius, a lending protocol built for BitDAO-backed L2, Mantle. On the platform, users will be able to borrow AUSD against blue-chip assets such as ETH, MNT, USDC and USDT, as well as stake their governance token, AU, to earn yield.
Arbitrum-based lending protocol, Radiant Capital, delays migration to Ethereum mainnet to 15th October, citing additional contract upgrades and optimizations as the reason for doing so.
https://twitter.com/RDNTCapital/status/1708894522850398488
Cosmos: Native USDC Now on Cosmos Testnet
USDC’s Cross-Chain Transfer Protocol (CCTP) is now on the Noble chain, making it the first non-EVM chain to be part of the CCTP network. This enables native USDC to be transferred to the chain seamlessly from the other CCTP chains. CCTP is now live on Noble’s testnet and will hit the mainnet shortly.
Nomic drops nBTC, a BTC token compatible with the Inter-Blockchain Communication (IBC) protocol. NBTC enables BTC to be bridged into the Cosmos ecosystem without the need to swap for other tokens.
Mesh liquidity protocol, Side Protocol, partners up with Cosmos chain, Neutron, to increase interoperability of the chain by enabling cross-chain swaps in the Cosmos ecosystem without having liquidity providers bridge their liquidity continuously to new chains.
Cosmos chain, Stride, proposes to merge completely with the Cosmos Hub. If passed, the entire STRD supply will be converted to ATOM, and ATOM will become the governance token for the chain.
Another Week, Another Airdrop
Cosmos-based privacy chain, Namada, announces their upcoming airdrop at Cosmoverse 2023. The full details have not been released yet but it has been announced that the airdrop will be distributed to ATOM holders.
Apathy remains high towards the crypto space, but the space continues to grow as builders keep shipping. Stay updated on your favorite projects and stay tuned for next week’s edition, and keep supporting your favorite projects, degens!
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.
