Research Summary
The report provides a comprehensive overview of the past week’s events in the crypto world. It covers significant news in the DeFi sector, governance proposals, upcoming events, and general news. The report also highlights key developments in various crypto projects, including Polkadot, Raft Finance, Instadapp, and Vesta Finance, among others.
Key Takeaways
DeFi Sector Developments
- FTX Hackers’ Activities: The hackers who targeted FTX have transferred approximately 87.8k ETH to Thorchain and exchanged it for BTC. They still hold 95.7k ETH in their wallets.
- THORSwap’s Response to Money Laundering: THORSwap has entered maintenance mode following recent money laundering activity. The platform is working with industry leaders to block illicit addresses.
- Polkadot V2 Announcement: Polkadot V2 has been announced, featuring an increased number of parachains, improved tokenomics, and a lower entry cost for smaller projects.
- Instadapp’s New Lending Protocol: Instadapp has announced its lending protocol Fluid, which combines functionalities from Aave, Compound, Uniswap, Maker, and Curve. It is currently in testnet.
- Vesta Finance Shutdown: Vesta Finance has started shutting down their protocol, executing VSTA redemption, and enabling a 1:1 exchange of VST and USDC.
Governance Proposals
- Lido DAO’s Growth Plan: Lido DAO has received a comprehensive proposal by Hasu for a 3-year and 1-year growth plan aimed at increasing the protocol’s chances of fulfilling its purpose of keeping Ethereum decentralized and accessible to all.
- Maker DAO’s Debt Management: Maker DAO will be voting to shut down its RETH-A vault, currently housing 26.14M in DAI debt. They have also received a proposal to maintain a 120M debt ceiling for the USDP PSM in exchange for $3.25M and daily incentives of 2.25% of the PSM balance.
- Aave DAO’s Borrow Rate Discussion: Aave DAO is discussing increasing GHO borrow rate for greater GHO peg stability. They are also taking a temperature check for onboarding crvUSD to Aave V3.
Actionable Insights
- Investigate the Potential of Polkadot V2: With the announcement of Polkadot V2, it may be worthwhile to explore the potential benefits and opportunities that the increased number of parachains, improved tokenomics, and lower entry cost for smaller projects could bring.
- Monitor Instadapp’s Fluid Protocol: Instadapp’s new lending protocol Fluid, which combines functionalities from several major DeFi platforms, is currently in testnet. Keeping an eye on its development could provide insights into future lending protocol trends.
- Assess the Impact of Governance Proposals: The governance proposals received by Lido DAO, Maker DAO, and Aave DAO could have significant impacts on these protocols. Understanding these proposals and their potential effects could be beneficial for stakeholders.
