Here is what has been happening in the world of Defi in the last one week
- FriendTech team abandons the project: FriendTech was a thriving socialfi platform that uses tokenized “keys” that users buy to interact with influencers. There has been attempts to revive the project through airdrops and updates but it has not helped recover. The development team sent the smart contact to Ethereum burn address, essentially terminating the project for good. The announcement sent the FRIEND token plummeting to all-time-low
- Fantom, now Sonic Labs, launched a testnet to boost scalability and performance, enhancing decentralized apps. It offers developers a trial environment before the full launch
- Synthetix introduced SNAXchain, a governance-focused app chain leveraging Optimism, supporting staking and cross-chain liquidity
- EigenLayer announced a 86 million EIGEN token distribution, with most going to stakers
- ARPA Network will reward restakers with ARPA tokens
- Kujira formed the Rujira Alliance with three partners, targeting THORChain integration, despite recent liquidity struggles
- Uniswap Labs settled a CFTC lawsuit, paying $175,000 for unlawful leveraged trading.
- SushiSwap will launch a meme coin platform, Dojo, on 17 September. Partnering with Goat Trading, Dojo aims to prevent token dumping by using Sushi V3 and a higher market cap.
- Aave has launched a V3 deployment for EtherFi, allowing users to stake Ether and earn rewards more efficiently. The integration offers lower fees and better liquidity for stakers.
- The Trump family is working with AAVE on a DeFi project, leveraging AAVE’s expertise for innovative financial solutions. Though details are scarce, this indicates their growing interest in blockchain
That’s it for this Defi weekly, check back next week.
