Research Summary
This report provides an overview of the latest developments in the DeFi space, including the migration of SankoGameCorp’s $DMT liquidity to the Ethereum Mainnet, the announcement of Debank Chain, the integration of Unibot X’s trading terminal, and the mainnet launches of Sei and Shibarium. It also covers expansions, new features, and updates from various projects such as PancakeSwap, Convex Finance, Safe, Immutable X, and Wormhole.
Key Takeaways
Important DeFi News
- Migration of SankoGameCorp’s $DMT liquidity: SankoGameCorp has migrated $DMT liquidity to the Ethereum Mainnet and is rumored to launch an L3 built on Arbitrum, with $DMT as the gas token.
- Debank Chain’s Announcement: Debank, a wallet tracker, has announced Debank Chain, an L2 built on the OP Stack. Its testnet is live, featuring account abstraction and low gas fees, with mainnet planned for 2024.
- Unibot X’s Integration: Unibot X went live, featuring a webapp trading terminal integrated with Unibot’s telegram bot.
- Sei’s Mainnet Launch: Sei, an L1 blockchain, mainnet has gone live; concurrently, $SEI has been listed on Binance, Coinbase, and Kraken, with an FDV of $1.6B. However, bridging congestion has resulted in delayed bridge-out transactions, leaving users’ funds stuck.
- Shibarium’s Bridging Issues: Shibarium mainnet is live; however, $1.8M bridged $ETH is potentially unrecoverable, as there have been reports of bridging issues due to a large volume of transactions.
Expansion of PancakeSwap and Convex Finance’s Introduction
- PancakeSwap’s Expansion: PancakeSwap, BNB Chain’s native DEX, has expanded to Arbitrum.
- Convex Finance’s New Feature: Convex Finance has introduced $cvxPRISMA, where users can optionally claim liquid $cvxPRISMA in a 1:1 conversion when the $PRISMA airdrop goes live. Alternatively, they can instantly unlock $PRISMA at a discount.
- Safe’s Transaction Batching: Safe, previously Gnosis Safe, has introduced transaction batching, which aggregates multiple transactions under one execution to reduce transaction fees.
- Immutable X’s zkEVM Testnet: Immutable X has launched its zkEVM testnet.
- Wormhole’s Bridge Service: Wormhole is now the canonical bridge service provider for Osmosis Network.
Actionable Insights
- Consider the Potential of Arbitrum: With multiple projects migrating or expanding to Arbitrum, it may present new opportunities for investment and development.
- Monitor Bridging Issues: The reported bridging issues with Shibarium and Sei highlight the importance of careful consideration and due diligence when interacting with new mainnet launches.
- Explore New Features and Expansions: The introduction of new features by Convex Finance and Safe, as well as expansions by PancakeSwap, may offer new avenues for traders and liquidity providers.
- Stay Informed About Regulatory Developments: The report’s mention of SEC delays and regulatory approvals emphasizes the need to stay abreast of legal and regulatory changes in the crypto space.
