• Ethena Labs USDe mainnet launch.

• Starknet DeFi Spring campaign.

• Zaros introduces dual-restaking.

• Gearbox leveraged EigenLayer restaking.

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Ethena Labs announced the public launch of USDe on Ethereum Mainnet. USDe is an overcollateralized stablecoin that offers yield and is backed by stETH and balanced positions in derivatives markets. Ethena describes this stablecoin as an "Internet Bond," reflecting its intention to mirror U.S. treasury bonds. Ethena Labs also raised a $14 million seed extension funding round. sUSDe is a value-accrueing token, representing the value of staked USDe. Ethena also launched the Shard Campaign, a points program for early adopters. The program includes multiple epochs spanning three months, during which users can earn shards by engaging in liquidity provision, bridging to certain Layer 2s, and holding specific governance tokens. USDe has already reached a $270 million marketcap.

The Starknet Foundation unveiled the Starknet DeFi Spring Campaign, a program that allocates 40 million STRK tokens in incentives. The campaign adopts a dynamic allocation that rewards participating DeFi protocols based on their activity levels. The campaign starts on February 22nd and will last six to eight months. The campaign includes a series of quests hosted on Intract, offering 15 quests until March 22nd. The initial phase focuses on DEXs such as Ekubo, Jediswap, and Nostra Swap. Subsequent phases will focus money markets and derivatives. A reserve of 10 million STRK tokens is set aside for further incentives in late 2024.

Zaros, a perpetuals DEX native to Arbitrum, introduced dual restaking vaults, enabling liquidity providers to deposit Liquid Restaking Tokens (LRT) for earning both restaking yields and Zaros trading fees. This initiative builds upon the LRTfi ecosystem, which comprises of protocols that use LRTs. Initially, the feature will support EtherFi's eETH, the largest LRT with $1.25 billion in TVL. Like LSTs, LRTs provide the staking yield, but with the added benefit of restaking yield from EigenLayer once actively validated services go live later in the year. Zaros is yet to deploy its perpetual DEX to mainnet.

Leverage defi protocol Gearbox launched leveraged EigenLayer restaking, allowing users to gain exposure on up to 10x leverage on their collateral. The launch features an initial integration with EtherFi for leveraged EIGEN and EtherFi points. Gearbox Protocol uses a Credit Account system that allows users to deposit collateral in isolated smart contracts that can be used to execute leveraged orders across DeFi protocols.

• AltLayer raises $14.4m

• Argent introduces a portfolio dapp

• Vitalik looking forward to Verkle Trees

• EIP-7623: Increase calldata cost

• RSS3 mainnet update

• Safe grants round 1 writeup

• Collective DAO Catalog

• Worldcoin bug bounty

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• Karpatkey proposes spin-off DAO.

• Yuga Labs acquires PROOF Collective.

• Optimism opens mission grant applications.

• Uniswap to launch on Zora Network.

Karpatkey DAO Spin-Off From Gnosis

Karpatkey proposes to launch a spin-off DAO. Yuga Labs acquires the PROOF Collective. Optimism opens mission grant applications. And Uniswap plans to...

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Harpie is an onchain security solution that protects your wallet from theft in realtime. Harpie helps you detect and block suspicious transactions before they execute, safeguarding your assets from malicious attacks and scams. Try Harpie for free at harpie.io/ethdaily.

Karpatkey, a DAO treasury risk manager, proposed Gnosis Improvement Proposal 92, aiming to establish Karpatkey as a spin-off DAO from Gnosis, alongside its own governance token, KPK. The move mirrors the successful spin-offs of sister projects CowDAO and SafeDAO. KPK holders would influence treasury management strategies. As part of the proposal, GnosisDAO, along with early contributors, team members, and as well as an airdrop, would be allocated KPK tokens. Karpatkey offers financial services, including yield farming and portfolio diversification, to prominent DeFi projects such as CoW Protocol, ENS, Gnosis, Balancer, Aave, and Lido Finance.

Optimism is now accepting applications for token house missions, which are initiatives that OP delegates approved to be funded. A total of 6.8 million OP tokens are available across 27 approved missions. Optimism users and developers are encuoraged to apply for grants through the Grants Council forum on Charmverse. The deadline for the first round of grant applications closes on February 21st, with selections finalized by March 27th. The second round of grants will begin on March 14th, with selections finalized by May 7th. Token House missions aim to further the four collective intents for Optimism Season 5 Governance, which now includes initiatives for OP Stack chains that are part of the Superchain.

Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) NFTs, has acquired the PROOF Collective, along with the Moonbirds NFT collection. This acquisition includes the PROOF team and intellectual property of the collection. Kevin Rose, the founder of PROOF Collective, will transition into an advisory role for the project. The move follows a period of declining floor prices for Moonbirds over the last year. Yuga Labs plans to integrate the Moonbirds collection into its Otherside Metaverse, a web3 virtual universe that offers personalized gaming avatars tied to its NFT collections. Yuga Labs is also the owner of the CryptoPunks and Meebits NFT collections.

Zora announced that Uniswap will launch on Zora Network, enhancing liquidity and infrastructure for ERC-20 tokens on the network. Zora Network is an NFT-focused Layer 2 network built on the OP Stack. The optimistic rollup has amassed a TVL of $13 million since its launch in June 2023. Uniswap marks the first DEX to support the network.

• ACDC #181 Recap

• Nethermind Dencun livestream

• Teku v24.2.0 release

• Superfluid distribution pools

• MEW staking via Coinbase

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• PayPal’s PYUSD on Aave V3.

• Prisma introduces $ULTRA stablecoin.

• Linea upgrades to v2 alpha mainnet.

• L2 ecosystem reaches $25 billion in TVL.

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Harpie is an onchain security solution that protects your wallet from theft in realtime. Harpie helps you detect and block suspicious transactions before they execute, safeguarding your assets from malicious attacks and scams. Try Harpie for free at harpie.io/ethdaily.

PayPal's stablecoin, PYUSD, is now available for lending and borrowing on Aave's V3 Ethereum Mainnet market. The listing launched with a supply limit of 10 million PYUSD that was quickly filled within hours. Currently, PYUSD can be borrowed at a variable APY of 0.65%, with around 1 million PYUSD already borrowed by users. The integration of PYUSD was initiated by a proposal from Aave Chan. PYUSD is a dollar-denominated stablecoin backed by dollar deposits and short-term U.S. Treasuries.  and is issued by Paxos, a trust company under the regulatory oversight of the New York State Department of Financial Services. According to Coingecko, PYUSD's market cap stands at approximately $300 million.

Prisma Finance unveiled ULTRA, a new stablecoin fully collateralized by Liquid Restaked Tokens (LRTs), powered through a new lending protocol called PrismaLRT. The new stablecoin expands Prisma Finance's existing mkUSD stablecoin, which is backed by Liquid Staking Tokens. The first LRT to be accepted will be EtherFi's weETH. The addition will be integrated into Prisma's existing user interface and governed by PRISMA token holders. LRTs are receipt tokens issued protocols for natively restaked ETH on EigenLayer, offering enhanced yield and liquidity. PrismaLRT depositors gain access to PRISMA emissions in addition to underlying points and staking APY.

Linea, an EVM-equivalent ZK-rollup by ConsenSys, deployed its Alpha V2 to mainnet. The update brings significant reductions to gas fees for the Layer 2 network by incorporating proof aggregation and data compression. With proof aggregation, the system bundles multiple transaction batches into a single final proof. The Linea prover leverages a lossless compression algorithm to process compressed inputs, enabling a 66% reduction in gas fees for end users when compared to Alpha 1 mainnet. Upcoming support for EIP-4844 will further reduce data posting costs for the rollup.

The TVL in all Ethereum L2 networks is now more than $25 billion, according to data from L2Beat. Arbitrum One is still the leading rollup by TVL with assets worth $12.3 billion on the chain. OP Mainnet's TVL stands at just over $6 billion. A year ago, the TVL for the entire Ethereum L2 ecosystem was below $5 billion. The top seven leading chains are optimistic rollups. zkSync is the largest ZK rollup with just over $500 million in TVL.

• MetaMask supports Refuel feature

• Syndicate Farcaster Frame L3 Chain

• Coinbase releases its Q4 2023 Report

• STRK vest cliff in 2 months

• OP Fault Proof deep-dive

• Liquity V2 features

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