Here’s Everything That Is Happening Today in DeFi

Decentralized Finance (DeFi) is bustling with innovative developments today, showcasing many opportunities.

From innovative lending protocols to strategic mergers and incentivized programs, the sector promises to redefine user experiences. These advancements highlight the relentless evolution of DeFi, underscoring its potential to revolutionize the financial ecosystem.

DeFi Updates

Solana’s lending protocol, MarginFi, has launched flash loans. This development breaks new ground in DeFi lending practices. As stated by MarginFi, “Users can max borrow any supported token without collateral if the loan is repaid within the same block,” and remarkably, there are no fees attached to these transactions.

In another exciting development, Splits has introduced Swapper on multiple platforms, including Optimism, Base, and Polygon. Swapper, a payable smart contract, enables swapping ETH & ERC20 tokens into a predefined output token. This token is then forwarded to its beneficiary.

The introduction of Swapper on these platforms could enhance liquidity and accessibility, making DeFi interactions more seamless for users.

Read more: 11 Best DeFi Platforms To Earn With Lido’s Staked ETH (stETH)

For Ethereum 2.0 stakers, there is noteworthy news from Lido. Lido’s wrapped staked ETH (wstETH) is now live on the zkSync Era. This integration is a significant milestone, finally allowing users to bridge their wstETH to zkSync and enhancing transaction efficiency and scalability.

In October 2023, BeInCrypto reported that Lido allowed BNB chain users to use wstETH through a LayerZero integration.

“zkSync users can expect to find wstETH available as collateral, lending, farming, indexing and much more over the coming weeks,” Lido announced.

Upcoming Developments

The Ondo community has also taken a decisive step by approving the token unlock proposal. As a result, ONDO tokens will be released from the global lockup on January 18 and subsequently listed on Bybit CEX. This development could potentially boost the liquidity and trading activity of ONDO tokens, offering new opportunities for investors and traders.

Moreover, Klaytn L1 has submitted a governance proposal to merge with Finschia. According to the proposal, a new integrated token, provisionally named PDT, will be issued. Holders of KLAY and FNSA will have the opportunity to claim this new token, which will be operational on both LINE and Kakao messengers.

The development did not significantly impact the price of KLAY. Indeed, the token trades at $0.22, up by 1.3% in the past 24 hours.

KLAY Price Performance. Source: BeInCrypto

Dusk L1 is gearing up for a significant leap by introducing its incentivized testnet, a critical step before the launch of the Dusk mainnet. Consequently, the project has invited users to participate as stakers or node runners, offering a hands-on experience in the network’s development and fine-tuning.

Airdrops and Farming

Finally, the Arbitrum community has given the green light to the Long-Term Incentives Pilot Program proposal. This program will distribute 25-45 million ARB to protocols over 12 weeks. Additionally, ARB STIP incentives on Notional V3 have kicked off, with 500,000 ARB set aside as incentives for Notional V3 LPs on Arbitrum until March 31.

Read more: Best Upcoming Airdrops in January 2024

These developments underscore the continuous innovation and growth in the DeFi sector, offering new avenues for decentralized finance and blockchain technology.