In the fast-paced world of decentralized finance (DeFi), the communities behind various protocols are constantly evolving. It also expands their reach. Today we will bring you updates from five major DeFi platforms that are making significant strides in the altcoin space. Here are the details…
Altcoin AAVE is making an assertive move to Polygon zkEVM
The Aave community is stepping up its game with the launch of the ARFC offering to “Deploy Aave V3 to Polygon zkEVM” on September 24th. This groundbreaking offering aims to deploy the Minimum Viable Product (MVP) version of Aave V3 onto the Polygon zkEVM network. Thus, Aave aims to diversify its presence in layer-2 and strengthen its position in the DeFi ecosystem. Aave V3.0.1, proposed on Polygon zkEVM, will include collateral assets such as WETH, WMATIC, and USDC, along with USDC as the loanable asset. Risk parameters are open for community discussion and feedback from risk service providers is actively sought.
MakerDAO expands to Gnosis with Spark Protocol
MakerDAO, another DeFi giant, is preparing to expand its lending protocol to Gnosis Chain. In a recent community vote held on September 24, the proposal to integrate Spark Protocol with Gnosis Chain received approval. GnosisDAO will replace the D3M module on the mainnet with temporary DAI deposits to enable liquidity, opening doors for Spark Lend to participate in mortgage products, create liquidity and strengthen its lending infrastructure.
Altcoin dYdX’s governance upgrade with DIP 27 attracted attention
The dYdX community is taking an important step towards inclusivity with the successful adoption of the DIP 27 proposal. This upgrade includes migration from GovernanceStrategy smart contract to GovernanceStrategyV2, ensuring wethDYDX has the same benefits and functionality as ethDYDX. With this change, wethDYDX will be integrated into the governance system of dYdX v3. It will also allow ethDYDX to be used for voting and bidding rights, reflecting its role in the ecosystem.
Terra Classic to cease USTC minting
In other news, the Terra Classic (LUNC) community has made a very important decision by voting to stop all minting of Terra Classic USD (USTC), formerly known as UST. This proposal, which received 59 support, aims to protect the community and outside investors by halting USTC minting and ultimately stabilize the peg. The community has burned only 1% of the approximately 6 trillion tokens in circulation, with 75 billion tokens already destroyed. As a result, USTC currently stands at $0.012.
There is also an important vote for Curve
The Curve community is undertaking a governance initiative with the proposal titled “Return the crvUSD/USDC pool rate to 1 bps (i.e. 0.01%).” This proposal, whose voting started on September 23, will be open to participation until September 30. Curve Finance users have the opportunity to voice their opinions on this rate adjustment, which could potentially impact liquidity and trading dynamics.
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