Socket Launches OP Incentives

The program will reimburse users with a 90% fee discount in the form of OP tokens.

Socket Launches OP Incentives

Quick Take

  • DeFi Saver integrates Spark Protocol.
  • Arbitrum launches an audit contest.
  • SushiSwap deploys on Base Mainnet.
  • Splits now supports Zora Network.

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Optimism Highlights 🔴✨

Socket Launches OP Incentives
Socket launched an OP token incentive program for users who bridge to Optimism using Socket ecosystem dapps. The program will reimburse users with a 90% fee discount in the form of OP tokens. Eligible dapps include Synthetix, Kwenta, Bungee, Layer3, Premia as well as Rainbow, Zapper, Zerion, and Slingshot wallets. A total of 400k OP tokens are available for the program, which will run over the next four months. Socket is an interoperability protocol behind the Bungee bridge aggregator. Socket provides developers with a plugin for building their own custom bridge. The plugin allows dapps to select which chains and bridges to support.

SushiSwap Deploys On Base
Sushi, a multi-chain DEX, is now live on Base Mainnet. The deployment marks the 29th chain supported on Sushi. Currently, the largest pool is a BALD/ETH liquidity pool with close to $2 million in TVL. The deployment comes as Base is still in a genesis window release for developers and has not been publicly rolled out for all users. A full public rollout for Base is expected in the coming weeks.

Splits Now Supports Zora Network
Splits, an open-source protocol for splitting on-chain payments, now supports Zora Network. Users can now use Splits to split income from NFT sales on Zora’s L2 network. Splits supports payments in both native ether and ERC-20 tokens and is free to use. Zora Network is a layer 2 optimistic rollup built on the OP Stack.Disclosure: We are covering more Optimism news (than usual) to qualify for RetroPGF.

DeFi Saver Integrates Spark Protocol

Spark Protocol, a DAI-centric lending market by MakerDAO, is now live on DeFi Saver. Users can now access boost, repay, and automated leverage options when opening positions on Spark Lend. The integration also supports DeFi Saver’s loan shifter and recipe creator. Spark Protocol is only available on Ethereum Mainnet. Spark Protocol was deployed as a fork of Aave V3 and taps into Maker’s Dai Direct Deposit Module (D3M) for accessing DAI liquidity. The module currently has a debt ceiling of 20 million DAI with a planned 10x increase to 200 million DAI. Users can borrow DAI using ETH, WETH, wstETH, sDAI, and USDC as collateral.

Spark Protocol On Polygon ZK-EVM

Polygon published a MakerDAO proposal to deploy Spark Protocol on Polygon ZK-EVM. The proposal seeks to onboard WETH, wstETH, and DAI and initial collateral types powered by Chainlink price feeds. The proposal also seeks a minimum liquidity target of 500k DAI. Polygon offered to provide an initial grant to bootstrap DAI liquidity. The proposal is currently under community discussion before it moves forward to a temperature check vote. Polygon ZK-EVM is an EVM-equivalent ZK-Rollup with over $30 million in TVL. The scaling solution is a Type 3 ZK-EVM implementation, which enables easier application development and proof generation.

Arbitrum Security Council Audit Contest

Arbitrum is hosting an audit contest on Code4rena for its Security Council Election System. The audit contest will run from August 3rd to the 10th and features $90,000 in payouts for eligible reports. Last month, Arbitrum released a spec for replacing six council members as part of semi-annual elections. The 12-member security council holds the authority to expedite protocol upgrades without token-holder approval.