Research Summary
This report provides an overview of significant developments in the DeFi space. Key highlights include the liquidation of the BNB Chain exploiter on Venus Protocol, friend.tech’s growth, Spark Protocol’s agreement with Aave and MakerDAO, Balancer V2’s vulnerability, and ThorChain’s introduction of native loans. Collaborations, launches, governance proposals, upcoming events, news, and warnings from authorities like the FBI and SEC are also covered. The report concludes with notable tweets and comments.
Key Takeaways
DeFi Developments and Collaborations
- Liquidation on Venus Protocol: The BNB Chain exploiter was liquidated for $63M to safeguard BNB prices.
- friend.tech’s Growth: The platform generated $1.68M in protocol fees and reached 35k active users in 24 hours.
- Spark Protocol’s Agreement: A revenue-sharing agreement between Aave and MakerDAO has come into effect for using Aave’s V3 codebase.
- Balancer V2’s Vulnerability: A critical vulnerability in Balancer V2 pools was found, putting $11.8M at risk.
- ThorChain’s Native Loans: ThorChain introduced native BTC and ETH-backed loans without liquidations, interest, or expiration.
Governance Proposals and News
- Mantle DAO’s Staking: Mantle DAO staked 40k of its treasury ETH with Lido and proposed freezing FTX’s $43M conversion.
- Uniswap’s Proposal: Uniswap DAO is proposing to deploy V2 on all chains to avoid potential exploits.
- FBI’s Warning: The FBI issued a warning about Lazarus Group’s potential cash-out of more than $40M in BTC.
- SEC’s Actions: SEC charged Titan Global Management with securities violation and appealed against Ripple’s decision.
- Mastercard’s CBDC Program: Mastercard formed a CBDC partner program involving Ripple, Consensys, and Fireblocks.
Actionable Insights
- Monitor DeFi Platforms: The growth of platforms like friend.tech and agreements like Spark Protocol’s with Aave and MakerDAO indicate potential investment opportunities.
- Stay Alert to Vulnerabilities: The discovery of Balancer V2’s vulnerability emphasizes the need for caution in interacting with DeFi protocols.
- Consider Governance Proposals: Proposals by Mantle DAO and Uniswap DAO may influence token values and should be monitored by investors.
- Heed Regulatory Warnings: Warnings from the FBI and SEC’s actions against crypto firms highlight the importance of compliance and risk management.
- Explore New Collaborations: Mastercard’s CBDC program and other collaborations in the crypto space may offer new business opportunities.
