Aztec Network Introduces ERC-4626 Bridge

Friday, September 30, 2022

Quick Take

  • Aztec Network releases an ERC-4626 bridge.
  • Polygon integrates Push Protocol.
  • Gravity unveils its borrowing protocol.
  • Gemini offers MakerDAO a 1.25% yield on GUSD.

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Aztec Network Introduces ERC-4626 Bridge

Aztec Network released an ERC-4626 bridge, allowing yield protocols to integrate with the rollup without having to launch their own bridge. ERC-4626 is a token standard for the creation of tokenized vaults that represent shares of an underlying token. The standard is being used by Aave, Compound, and Yearn Finance for interest-bearing tokens.

The standard makes it simpler for lending markets and aggregators to integrate tokenized vault tokens. The new bridge allows users to issue and redeem shares of any ERC-4626 vault after the vault is listed in the contract. Euler Finance is the first protocol to use the ERC-4626 bridge to integrate with Aztec Connect.

Polygon Integrates Push Protocol

Push Protocol now supports on-chain notifications on Polygon mainnet. Dapp developers on Polygon can now set up on-chain communication channels that users can subscribe to. Users can also set up wallet-to-wallet communication. Push notifications can be triggered by either on-chain or off-chain events.

The integration comes after the protocol’s rebrand from Ethereum Push Notification Service (EPNS), with a new focus on becoming multi-chain. Push Protocol aims to address the lack of communication between dapps and users. The protocol is also building a cross-chain generalized messaging system.

Gravity ETH-Centric Borrowing Protocol

Gravity announced its ETH-centric borrowing protocol aiming to reduce concentration among ETH liquid staking derivatives (LSDs). The protocol allows users to borrow the protocol’s native vUSD stablecoin using ETH and LSD’s such as stETH, rETH, and cbETH as collateral. Loans on the protocol are interest-free.

Gravity claims to be LSD neutral and will manage liquidations with a single stability pool for all collateral assets. Gravity also plans to launch a DAO to govern the evolution of the protocol, Gravity is inspired by Liquity, a borrowing protocol that also offers zero-interest loans against ETH collateral.

Gemini Offers MakerDAO 1.25% APY On GUSD

Gemini Founder Tyler Winklevoss published a MakerDAO governance proposal, offering MakerDAO 1.25% APY on GUSD held in the Peg Stability Module (PSM). The module allows users to swap DAI one-to-one with other stablecoins. MakerDAO would need to maintain a monthly balance of $100 million GUSD to receive the promotion.

MakerDAO currently holds less than $30k in the GUSD PSM. Winklevoss advised keeping all GUSD on-chain to fulfill DAI redemptions. The offer comes one month after Coinbase proposed 1.5% APY on a $1.6 billion USDC deposit into Coinbase Custody. Gemini’s offer remains open for acceptance through the rest of this year,

Uniswap Labs Seeks $100 Million Raise

Uniswap Labs is looking to raise between $100 million and $200 million at a $1 billion valuation, according to Tech Crunch. The project’s previous round was raised in August 2020. The deal is still in its early stages with potential participation from Polychain. Uniswap holds over 50% of DEX marketshare. UNI is currently the largest governance token by market cap.