Decentralized Finance行业双周报

Decentralized Finance Industry Observation

1. Some trading platform invests in Bitcoin liquid staking token LBTC issuer Lombard

Lombard is a company focused on the development and issuance of LBTC. LBTC, as a security-focused Bitcoin liquid staking token (LST), allows individual and large institutional holders to earn yields in Decentralized Finance and leverage their Bitcoin assets. By collaborating with Babylon, Lombard is committed to connecting the economic value and security of Bitcoin with the diverse opportunities of DeFi.

Since its launch in August, Lombard has captured 40% of the Bitcoin liquid staking market, with a total locked value of (TVL) exceeding $500 million or 8,500 BTC, and the number of users surpassing 12,500. To achieve the goal of connecting Bitcoin to Decentralized Finance, over 60% of LBTC has been used for Pendle's yield strategies, institutional lending on Maple Finance, and lending on platforms such as Morpho and ZeroLend. Lombard has also introduced the first Bitcoin liquid re-staking token in collaboration with ether.fi.

2. A trading platform launched packaged Bitcoin KBTC

A trading platform has launched kBTC, a cross-chain ERC-20 token fully backed 1:1 by Bitcoin, aimed at extending the value of Bitcoin to DeFi ecosystems such as Ethereum and the OP mainnet. kBTC not only brings liquidity to Bitcoin but also offers strict security guarantees, allowing users to verify on-chain reserves at any time. The launch of this token marks a new application scenario for Bitcoin in a multi-chain ecosystem and creates new opportunities for developers and investors.

The first-day partners include several well-known DeFi platforms such as deBridge, Gauntlet, and Yearn, highlighting the ecological integration potential of kBTC. The launch of kBTC allows Bitcoin to more flexibly integrate into Decentralized Finance, becoming an important choice for on-chain diversified asset allocation.

3. The new proposal of ZKsync plans to distribute 300 million ZK tokens to DeFi users within 9 months.

ZKsync launched its first governance proposal "ZKsync Ignite" on the forum, planning to distribute 300 million ZK tokens to DeFi users over a period of nine months, with the goal of making ZKsync Era the liquidity hub of the Elastic Chain. The plan aims to invigorate the DeFi ecosystem of ZKsync Era by enhancing the liquidity of assets like ETH, USDC, and WBTC, attracting liquidity providers and developers to participate. Additionally, the proposal requests 25 million ZK tokens to cover management fees. If approved, ZKsync Era will further solidify its position in the DeFi space, becoming a liquidity hub in the multi-chain ecosystem.

4. Aptos plans to integrate stablecoins such as Tether and USDY.

Aptos has rapidly risen in two years, driving its integration of Tether and USDY stablecoins to become a new foundation for global payment solutions. The integration of these stablecoins enables Aptos to achieve faster, lower-cost, and secure cross-border flow of funds, supporting application scenarios such as Decentralized Finance and cross-border payments.

The Aptos network, with 27.7 million active addresses and a total transaction volume of 17 billion, also set a record of 326 million transactions in a single day in the third quarter of 2024, showcasing its outstanding transaction processing capabilities and stable low fee advantages. Its technology stack, including the latest Move 2 language, Raptr consensus protocol, and Block-STM v2 parallel execution engine, makes Aptos an ideal platform for DeFi, gaming, and payments, laying a technological foundation for future global financial applications.

5. The modular DeFi L2 network Mode has opened the Q2 airdrop claim.

The modular DeFi L2 network Mode has officially announced that the airdrop for Q2 is now open for collection, and the staking activities for Q3 have also begun. Q3 will be a key moment for Mode. As the first protocol on Superchain to adopt the ve-model, Mode will focus on staking ( without lock-up ), protocol voting, and dynamic governance for long-term growth, laying the foundation for the continuous evolution of DeFi and innovative governance models. The official calls this new governance mechanism the "governance game."

6. Arbitrum ecosystem derivative trading protocol Variational completes $10.3 million seed round financing.

The cryptocurrency derivatives trading protocol Variational has announced the successful completion of a $10.3 million seed round financing on the Arbitrum network. This round of financing was co-led by Bain Capital Crypto and Peak XV Partners, with other participants including Coinbase Ventures, Dragonfly Capital, North Island Ventures, and Hack VC.

Variational was founded in 2021 and initially operated as a proprietary market maker for two years, before transitioning into a DeFi protocol after becoming profitable. The first application of this protocol is the Omni platform aimed at the retail market, offering perpetual contract trading and allowing users to leverage trade on new tokens, asset portfolios, and products such as yield/volatility. In addition, Omni's liquidity provider (OLP) can aggregate liquidity from centralized and decentralized exchanges, and supports community users to participate in deposits to earn yields.

Variational is currently testing on Arbitrum Sepolia and plans to launch an invite-only mainnet by the end of the year, with a public mainnet set to launch in the first quarter of 2025. With the launch of the mainnet, the protocol's tokens will also be issued next year. Variational stated that although it debuted on Arbitrum, it does not rule out the possibility of expanding to other Layer 1 and Layer 2 blockchains in the future.

7. The European Commission approves the New York Stock Exchange and the Chicago Board Options Exchange for spot Bitcoin ETF options trading.

The European Commission recently approved the listing of options trading for the spot Bitcoin ETF by the New York Stock Exchange (NYSE) and the Chicago Board Options Exchange (Cboe). This decision injects an important force of financial innovation into the European and global markets, marking further legalization and mainstreaming of Bitcoin in regulated markets.

With this approval, investors can not only directly hold the value of Bitcoin through a spot Bitcoin ETF, but also utilize options for more flexible investment strategies, such as hedging risks or engaging in leveraged trading. This move not only expands the application scope of Bitcoin as a financial asset but also helps to enhance the liquidity and stability of the market.

8. Pump.fun launches advanced trading terminal and announces token issuance

The Solana-based memecoin trading platform Pump.fun has announced the launch of a new advanced trading terminal "Pump Advanced" aimed at advanced users, and has previewed that it will issue tokens in the future. This news has attracted widespread attention.

Pump Advanced terminal provides a variety of powerful features for high-frequency traders, including price charts, TOP holder statistics, advanced filters, and real-time updated discussion threads, aimed at meeting the needs of professional users. The platform allows users to log in through non-custodial wallets and offers a promotion period of 0% fees for the first 30 days. The Pump.fun team stated that the first batch of users will receive special rewards in the token issuance and revealed that all profits have been reinvested into platform development, with the goal of creating a platform that matches or even surpasses certain trading platforms.

According to data from The Block, Pump.fun's daily revenue has reached or exceeded one million dollars multiple times recently, and it surpassed a cumulative fee of 100 million dollars at the end of August. Recently, it has once again triggered a surge in users due to the hot trading of the memecoin Moo Deng.

9. ApeCoin launches L2 Apechain mainnet on Arbitrum Orbit and goes live with cross-chain bridge.

ApeCoin announced the launch of its Layer 2 mainnet ApeChain on Arbitrum Orbit and officially launched a cross-chain bridge, providing more efficient capital circulation and yield opportunities for the Ape ecosystem. Now, users can transfer tokens to ApeChain through the official bridging website of ApeChain and earn native yields on APE, ETH, and stablecoins. Stablecoins will automatically be converted to DAI after being bridged to ApeChain and deposited into the sDAI account, accumulating yields based on MakerDAO's savings rate.

The ApeChain official website has been updated, providing not only cross-chain bridge functionality but also showcasing various partners and launched applications, further expanding the global exposure of the Ape ecosystem.

An NFT trading platform also announced that it will support ApeChain, becoming its first Launchpad and Marketplace based on ApeChain, providing issuance and trading services for projects within the ApeChain ecosystem.

10. Sushi releases Super Swap roadmap, which will launch multiple new liquidity protocols.

Sushi announced its latest Super Swap roadmap, further promoting the upgrade of liquidity and trading experience in decentralized finance (DeFi). Sushi boasts the most extensive exchange and aggregation features in DeFi, allowing users to trade seamlessly across over 35 blockchains through its multi-chain router, Route Processor, enjoying the best exchange paths and rates. The release of the Super Swap roadmap will enable Sushi users to "swap any assets anytime, anywhere," and launch several new products and protocols.

New features include the Blade impermanent loss (IL) automated market maker (AMM) designed for professional traders, aimed at reducing the risks for liquidity providers while stabilizing returns on blue-chip assets. In addition, Sushi plans to launch an innovative native protocol for perpetual contracts called Kubo, along with features such as ALM smart pools, to help liquidity providers achieve stable returns in a multi-chain environment.

Sushi's expansion plan also includes several newly launched native DEXs, each targeting different blockchain ecosystems:

• Saru: Designed for the ApeChain ecosystem, aimed at expanding liquidity for NFTFi and GameFi.
• Susa: Based on Layer N blockchain, providing a CeFi-like low-latency, high-efficiency liquidity trading experience.
• Wara: Designed specifically for Solana, connecting the cross-chain liquidity of EVM and Solana through Route Processor technology.

To celebrate the Super Swap roadmap, Sushi will hold a series of community interaction activities including the "SWAP ANYTHING" brand event, AMA, a new FAQ section, YouTube tutorial series, Gaxle NFT release, and provide rewards for loyal supporters.

11. A certain cryptocurrency exchange platform plans to launch its native blockchain network Ink in 2025.

A certain cryptocurrency exchange platform announced that it will launch its first native blockchain network "Ink" in Q1 2025. This is a Layer 2 blockchain based on Optimism Superchain and running on the Ethereum ecosystem. The launch of Ink aims to create a seamless and efficient entry point for users into Decentralized Finance, providing a bridge between centralized and decentralized finance.

Ink is based on the open-source OP Stack from Optimism, enjoying the security of Ethereum and consistent standard collaboration, which will make it a part of the Superchain, sharing security, governance, and scalability with other blockchains.

Core Features of Ink:

• Simplified DeFi entry barrier: Ink allows users to more easily transition from the centralized world into the on-chain DeFi ecosystem through aggregation and a frictionless approach.

• Seamless Interoperability: As a member of Superchain, Ink inherits the security of Ethereum and enhances the scalability of Decentralized Finance applications.

• Support for Developers: Ink provides extensive documentation, expert guidance, and financial support to assist developers in realizing their ideas, further promoting the development of Decentralized Finance.

Ink will become a significant achievement accumulated by the trading platform in the crypto field over the years, dedicated to bringing Decentralized Finance to a wider audience and allowing developers to explore a new financial revolution in this DeFi-centric environment.

12. Ethereum The Verge Roadmap: Reducing Node Operating Costs, Promoting Universal Blockchain Verification

One major advantage of blockchain is that anyone can run a node and verify its correctness, which makes it difficult for a minority to manipulate chains operating under either PoW or PoS consensus. Even if the majority of nodes agree to change the rules, as long as some nodes choose not to accept, the old rules will continue to be used, and they will still gain support from users running complete verification nodes.

However, this guarantee relies on a sufficient number of users being able to run full validation nodes. Currently, ordinary laptops can execute nodes, but the cost is high. Ethereum's "The Verge" roadmap aims to reduce the cost of running nodes, allowing smartphones, watches, and even browsers to perform node validation.

At the core of The Verge is the implementation of stateless verification technology, which means that nodes do not need to store the complete chain state but instead validate through a witnessing mechanism. This technology includes innovations such as Verkle trees and STARKs. As these technologies mature, the storage requirements for Ethereum nodes will significantly decrease, further enhancing the decentralization of the network.