Aave proposes to remove DAI as a collateral on the platform after aggressive DAI minting from MakerDAO. Solana protocols, Tensor and Kamino Finance, both announce their upcoming tokens and airdrops, while Blast launches Blast multipliers on the chain.
Overview
Total Value Locked (TVL) across all chains pull back again as the market continues to consolidate within a range. Notable outliers to the trend include the Degen L3 built on Base, which saw its TVL spike 400% this week, as well as L2s, Linea and Mantle, which both saw increases in TVL of 45% and 18% respectively.
Source: https://coinmarketcap.com/chain-ranking/
Welcome to Alpha Central
Stephen drops his very own Pendle Yield Token (YT) calculator, allowing users to speculate better on the return on investment on Pendle YTs with respect to EigenLayer’s upcoming launch and the various liquid restaking protocols built on it.
Ethereum: Aave Seeking to Drop DAI as Collateral
Money market protocol, Aave, sets up proposal to offboard popular stablecoin, DAI, as a collateral on the platform in light of “contagion risks” identified relating to the stablecoin and MakerDAO’s Direct Deposit Module (D3M), citing aggressive minting of DAI tokens.
DeFi suite, Frax Finance, passes the governance vote for the Frax Singularity roadmap. The roadmap kicks off revenue share to veFXS holders, a partnership with Ethena Labs to supply FRAX liquidity to sUSDe lending pools and FXS buybacks, among other plans.
Other Product Launches and Updates
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MakerDAO-backed lending protocol, Spark, successfully deploys 100 million in DAI to Morpho’s USDe/DAI and sUSDe/DAI vaults, allowing MakerDAO to tap in DeFi opportunities in the market as part of MakerDAO’s Endgame.
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Threshold Network deploys thUSD, a stablecoin backed by BTC and ETH. Users can deposit either tBTC or ETH to mint thUSD, at a collateralization ratio of 110%. Currently, no interest is charged, but a one-time fee is charged for the minting of thUSD.
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Binance Smart Chain lending protocol, Venus Protocol, lands on Ethereum mainnet, with incentives from Lido Finance and Curve as well as XVS incentives from Venus.
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Undercollateralized lending platform, Goldfinch, suffers another default from the Lend East pool, which will only be repaying ~42% of their $10.25 million loan. The pool represents 7.7% of all active loans on Goldfinch.
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Liquidity bootstrapping pool (LBP) platform, Fjord Foundry, will be launching their token, FJO, in an LBP and token airdrop, with the LBP starting on April 16th. The LBP will distribute 7.5% of the token supply, with the initial circulating supply being 15 million tokens (15% of supply).
L2s: Blast Multipliers Now Live
Blast Multipliers are now live. Blast Multipliers can be obtained through specific activities on the chain and permanently increase a user’s point balance and the rate at which points are earned. Users can now earn a Multiplier by using any of the featured spot or perpetuals decentralized exchanges (DEXs) on Blast.
Data availability layer, Celestia, releases Blobstream on Arbitrum One, enabling developers to deploy Arbitrum Orbit chains on Arbitrum and Base while leveraging Celestia under the hood.
Other Product Launches and Updates
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Memeland teases their upcoming L2, Memenet, a safe and low-cost environment for degens to build on-chain. The network will use MEME as their gas token and is looking to launch testnet in June before mainnet launch in September this year.
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Staking infrastructure protocol, StakeStone, partners with Bitcoin L2, Merlin, to release mSTONEBTC, the first yield-bearing BTC token, based on the Proof-of-Stake mechanism of Bitcoin L2s.
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Ethereum top DEX, Uniswap, launches on Blur L2, Blast, enabling liquidity providers to earn additional native yield on their positions due to Blast’s rebasing functionality. Additionally, a commemorative NFT mint has been launched on Zora to celebrate the launch.
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Payment-focused blockchain, Fuse Network, announces their upcoming airdrop program. Fuse Network is in a transition from an L1 to an L2 powered by Polygon’s chain development kit (CDK) as a zero-knowledge rollup.
Solana: Synthetix Coming Soon to Solana
Optimism-based synthetic asset trading protocol, Synthetix, gains approval from governance to deploy on Solana as well as Move-based chain, Sui, in a bid to expand the Synthetix ecosystem beyond Ethereum Virtual Machine (EVM) chains.
Cosmos: Sei Network x AltLayer
Sei Network partners up with Rollup-as-a-Service provider, AltLayer, to easily deploy parallelized execution application-specific rollups, leveraging the upcoming Sei V2 upgrade, which will bring the parallelized EVM to the chain.
Privacy-focused chain, Namada, unveils their upcoming roadmap, leading up to their mainnet launch and genesis airdrop. The rollout will take place over five phases, including the rollout of features such as staking, cross-chain transfers and more.
Another Week, Another Airdrop
ETH-backed synthetic dollar protocol, Ethena Labs, opens claims for their governance token, ENA, simultaneously kicking off season 2 of their airdrop campaign, the Sats Campaign, which will last until USDe hits $5 billion market cap or for five months, whichever is earlier.
Solana leading money market platform, Kamino Finance, releases the airdrop checker for their genesis token drop. 303 points in the first season of their points program translates approximately to 1 KMNO token.
Interoperability layer, Wormhole, opens claims for the W token airdrop, launching as a Solana-native SPL token. Upcoming on the roadmap will be delegation of W tokens for governance and multi-chain governance.
Solana NFT aggregator platform, Tensor, announces the end of Season 3 and their upcoming TNSR token airdrop. Users will receive Treasure Boxes for the points accumulated in Seasons 1-3, with the boxes containing TNSR tokens. All boxes will be visible and can be opened on 8th April.
Tweet of the Week
Humble DeFi Farmer explains that memes will continue to catalyze the cycle and the chains that facilitate this speculation will continue to excel.
Stay updated on your favorite projects and stay tuned for next week’s edition, and keep supporting your favorite projects, degens!