MakerDAO is releasing Spark Protocol - a lending platform, Aave rival. Sepolia to be pushed through the Shanghai update in less than two weeks time
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Ethereum’s Sepolia testnet is set to go live on 28 Feb. Polygon zkEVM mainnet beta will launch on 27 Mar. MakerDAO is releasing a lending platform called Spark Protocol.
Weekly DeFi Index
This week’s market cap and volatility indices were negative at -1.34% and -21.62%, respectively, while the volume index was positive at +2.66%.
- Lido DAO’s financial unit, Steakhouse Financial, submitted a proposal on Tuesday about whether the DAO should sell or stake its 20,304 ETH (~US$34 million) treasury.
News Highlights
- Ethereum developers agreed on 28 February as the target date for pushing the Sepolia testnet through the Shanghai upgrade, which will support withdrawals of staked ETH. After Sepolia goes through its own round of testing, Goerli will be the final testnet before Shanghai upgrade.
- Polygon’s zero-knowledge Ethereum Virtual Machine (zkEVM) mainnet beta will go live on 27 March. zkEVM is a type of Layer 2 scaling technology that allows Ethereum developers to deploy smart contracts from Ethereum’s mainnet without having to reprogramme.
- Decentralised exchange SushiSwap acquired Cosmos-based trading platform Vortex Protocol. Vortex Protocol is a decentralised derivatives exchange that aims to launch in Q2 2023.
- MakerDAO, the issuer of the DAI stablecoin, is releasing a lending platform called Spark Protocol that will rival Aave. The new platform is a fork of Aave’s V3 and will allow users to interact with DAI in the form of borrowing, lending, and staking, according to the announcement on the MakerDAO forum.
- Decentralised lending protocol Aave launched its stablecoin GHO on Ethereum’s Goerli testnet, according to the official tweet. Aave had been working on the stablecoin since last year and the GHO’s mainnet rollout is subject to community discussion and approval.
- Uniswap DAO has concluded the final vote to deploy Uniswap V3 on the BNB Chain. The vote passed with 66% approval amid intense debate among delegates about crypto-bridging solutions between Wormhole and LayerZero.
- DeFi protocol DForce suffered a loss of $3.6 million in a reentrancy attack on the Arbitrum and Optimism chains. The hacker exploited the protocol via the vulnerability in a smart contract function used to calculate oracle prices when connected to Curve Finance.
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