There have been several major developments in the DeFi (decentralized finance) space this week, driven by community votes and project updates. Let’s take a closer look at the main news affecting cryptos such as ARB coin, AAVE…
deBridge wins launchpad spot on Jupiter DEX, AAVE approves tBTC
Solana-based decentralized exchange (DEX) Jupiter has announced the results of the third LFG Launchpad voting round. Cross-chain bridge protocol deBridge triumphed with an overwhelming 59% of community votes. This win gives deBridge a launchpad slot on Jupiter’s LFG platform in the coming months. deBridge recently introduced the DBR governance token, aiming to decentralize control to its community through a DAO (Decentralized Autonomous Organization). The launch on LFG is expected to further increase DBR’s visibility and adoption in the Solana ecosystem.
The Aave community, known for its highly active management, voted definitively on the proposal to integrate tBTC (wrapped Bitcoin) into Aave v3 on Ethereum. This move, approved through the ARFC (Aave Request Comment) bidding system, expands the borrowing and lending options available on the popular DeFi platform. tBTC is a synthetic Bitcoin derivative that allows users to invest their Bitcoin holdings within the Ethereum ecosystem. The addition of tBTC is expected to attract new users and increase liquidity in Aave v3.
Normie project makes amends after attack
cryptokoin.com As we reported, Base ecosystem meme coin Normie came to the fore with a hack. Now the project has taken a unique approach to solving this problem. The project’s official Twitter account announced that it accepted the attacker’s offer to return 90% of the stolen ETH. As a reminder, the attacker offered to keep 10% as a “bug bounty bonus” in exchange for avoiding legal consequences. Additionally, all ETH remaining in the developer wallet will be used to compensate affected NORMIE holders through a fair token issuance process. This unorthodox solution highlights the challenges and complexity of dealing with security breaches in the DeFi space.
ARB coin announces $200 million gaming incentive plan, Stargate launches new voting
The Arbitrum community is currently voting on an important proposal to strengthen the gaming ecosystem. The “200 Million ARB Gaming Catalyst Plan” aims to allocate 200 million ARB (Arbitrum’s native token) to incentivize game developers and studios over the next three years. This initiative reflects Arbitrum’s commitment to becoming a leading hub for Web3 gaming. The proposal, which is open for online voting for 12 days, has the potential to significantly accelerate growth and innovation across the Arbitrum gaming landscape.
Finally, the Stargate Foundation initiated a vote on a proposal outlining the allocation of LayerZero tokens within the Stargate ecosystem. LayerZero is a communications protocol for Stargate that facilitates seamless cross-chain bridging. The proposal details a multi-pronged approach that allocates tokens to various user groups contributing to the Stargate network. These categories include cross-chain bridge users, liquidity providers, veSTG holders (holders of Stargate’s locked governance token), and developers. Specifically, 60% of tokens will be distributed to bridge users based on transaction volume, highlighting the importance of active participation within the network. Voting ends on May 29 and it received an impressive 93.08% support in the first phase.
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