Balancer Unveils V3 Upgrade

Balancer V3 is set to go live in Q2 2024.

Balancer Unveils V3 Upgrade

Quick Take

  • Safe introduces SafeAuth social login.
  • Coinbase Wallet integrates payment links.
  • A proposal to end SNX inflation is introduced.
  • Balancer announces a V3 upgrade.

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Safe Introduces SafeAuth

Safe, in collaboration with Web3Auth, introduced SafeAuth, an extension to the Safe{AA} SDK. SafeAuth leverages Multi-Party Computation (MPC) to enable social login and seedless wallet onboarding. SafeAuth allows users to set up and access a Safe Smart Account with a single social account. SafeAuth is compatible with Safe, providing users with access to over 190 dapps in the Safe ecosystem. It also uses deterministic address generation, allowing a single social login account to be accessed and ported across applications. SafeAuth also supports multi-factor authentication options for enhanced security.

Coinbase introduced a new feature in Coinbase Wallet, enabling users to send free USDC transfers using payment links. Users can create a payment link and share it with a recipient. The recipient then has a two-week window to claim the assets. The funds are automatically returned to the sender if unclaimed. The transfers are no-cost for both the sender and receiver, catering to remittance use cases, A fiat onramp within Coinbase Wallet is now supported in over 130 countries. The wallet already offers free USDC transfers across Arbitrum, Avax, Base, Optimism, and Polygon. This feature is available in v28.72 of the Coinbase Wallet app.

Proposal To End SNX Inflation

Synthetix founder Kain Warwick has put forward SIP-2043, a proposal to end SNX token inflation. Currently, SNX stakers can claim a weekly SNX reward based on their stake. Initially, inflation was crucial for boosting liquidity in the protocol’s early stages. Inflation is now seen as less effective due to the low inflation rates. The proposed change is intended to align with the Andromeda update, which includes a buyback and burn for SNX. Andromeda marks the launch of Synthetix V3 on Base Mainnet. Without the change, ongoing inflation would undermine the effectiveness of the buyback strategy. By stopping inflation, any fees generated on Base would contribute to making SNX deflationary. The proposal is currently open for discussion before a vote goes live.

Balancer Unveils V3 Upgrade

Balancer unveiled the upcoming launch of Balancer V3, an upgrade that will introduce new pool constructs, improved AMM tooling, and native yield-bearing features. Balancer V3 seeks to offer a more standardized base layer for AMMs, aiming to simplify development processes, reduce complexities, and encourage collaboration with defi protocols. According to Balancer, its V2 suffers from a complex codebase that impedes growth. Balancer V3 is set to go live in Q2 2024. Balancer is the 4th largest DEX by TVL with over $900 million in locked liquidity.

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