An Ape's Prologue Weekly (17 Mar)

This Week’s Alpha

• Arbitrum's airdrop was announced, with 11.5% of the $ARB supply going to Arbitrum users

• The Ethereum Shanghai Upgrade date is set for April 12th

• Ethereum was declared security in Kucoin Lawsuit

• CZ announced a $1B recovery fund conversion into $BTC, $ETH, and $BNB

• $USDC dips to $0.87 amidst fears of Circle's exposure to the bankrupt Silicon Valley Bank

• $LDO stETH withdrawals delayed by 2 weeks, expected to happen by mid-May

• BackedFi's short-term treasury bonds ETF are live on Uniswap

• MakerDAO's proposals to increase $DAI resilience after the $USDC crisis are now live, including a reduced USDC daily mint limit and implementing a PSM Breaker

• Replicated Security is live on Cosmos, allowing chains to inherit Cosmos’ security in exchange for $ATOM tokens

• Gearbox V3 has been announced. The upgrade includes improved tokenomics, significant protocol upgrades, and multichain plans

• Stargate Foundation advises rejection of the $SGT V2 re-issuance proposal. If approved, they could face regulatory crackdowns, as liquidators are likely to control the wallet keys

• Euler suffered a $191M exploit attack, making it the sixth-largest DeFi hack. Angle Protocol, TempleDAO, and Yield Protocol were significantly impacted

• Angle Protocol's $agEUR stablecoin trades at a 26% discount following the Euler exploit

• $DYDX proposal to reduce trading rewards by 45% passed on March 13th

• Uniswap has launched on BNB Chain

• Shibarium announced as it faces allegations of cloning Rinia's codebase

• LayerZero has been deployed on Base, Coinbase's L2

• Voting for Optimism's RetroPGF round 2 began. 10m $OP tokens will be allocated to fund public goods that support the development and usage of the OP Stack

• Nexus Mutual V2 is now live on Ethereum, featuring an on-chain risk marketplace

• Filecoin Virtual Machine went live, supporting smart contracts and user programmability

• Convex went live on Polygon, 4 months after Arbitrum's multi-chain launch

• Meta is developing a decentralized social media Twitter competitor

• Aztec Connect shut down to focus on Noir, Aztec's blockchain smart contract language

• SEC has denied the spot BTC ETF application by VanEck

• NFT phishing attacks using Blur signatures were revealed

Next Week’s Alpha

• The $ARB airdrop happens on March 23rd, with 11.5% of the supply going to Arbitrum users

• 40M $APE tokens are unlocking today, which represents 10.8% of the circulating supply

• GMX is launching synthetics, enabling the listing of new assets

• Starknet alpha v0.11.0 is imminent

• $GHO and $crvUSD stablecoins are launching soon

Tweets of the Week

• Liquity overview by DeFi Cheetah

• Mega-thread following the live action of $USDC depeg over the past week by Delphi Digital

• SVB risk factor not witnessed before in modern finance by Professor Stam

• How $OHM performed during the $DAI depeg by OlympusDAO