INSRT Finance partnered with Caviar
By integrating with Caviar, INSRT Finance can offer new sources of yield and increased liquidity for both old and new collections.
For ShardVaults that are integrated with Caviar, the capital deployed into the vaults will provide liquidity to Caviar's two-sided liquidity pools. Yield is generated by other traders on Caviar interacting with pools where liquidity has been provided via ShardVaults. As ShardVaults will provide liquidity on both sides, Shard holders can earn trading fees.
Recap of Protectorate ETH Capsule and Event Horizon
Protectorate is a protocol that aims to provide deep and sustainable liquidity for NFTs and NFTfi. The token distribution events took place in two phases, and after the token distribution event, the protocol accrued around 620E.
Additionally, Protectorate partnered with Arrakis Finance to seed a protocol-owned liquidity pool for PRTC/ETH. Staking for PRTC and call options will be launched in Protectorate V1.
For more details, please follow this link: https://mirror.xyz/0x1a61d6736eA5D3AA9aC6982a583fC15f0aaDF427/hJMqatDsJxlu4PRUzeIIIDma9NbNVr3sBEmwpDRrPUY
Sudoswap enabled $PRIME as payment token
Sudoswap v2 has recently enabled $PRIME as a payment token, following Opensea. This means that users can now list and purchase Parallel cards using $PRIME on Sudoswap v2. This expands the utility of $PRIME, and Parallel NFT collectors who hold $PRIME can now use these tokens to acquire Parallel NFTs on Sudoswap v2.
Fungify moved its testnet to the Polygon PoS Mainnet
In just three weeks, over 1000 people signed up for Fungify's testnet. As a result of high gas costs, Fungify team decided to transition to the Polygon PoS Mainnet. This mainnet offers lower transaction costs and more closely replicates the actual production environment. Additionally, it is EVM compatible.
To access the Fungify Testnet, users should join the Fungify Discord Community and submit their address for approval. Once approved, they can mint mock assets at https://testnet.fungify.it/.
Hook Protocol announced fundraising.
Hook Protocol has raised $3 million in funding, led by @Collab_Currency and @lattice_fund, to build a decentralized options trading platform for NFTs.
They have also announced "The Treasure Hunt," an incentive program for users to participate in. To join, users can visit Hook, connect their wallet, and follow the steps to begin their hunt and claim their first chest. The majority of treasure chests will be distributed to users who use the protocol.
For more details about The Treasure Hunt, please follow this link: https://blog.hook.xyz/how-to-earn-in-treasure-hunt-season-1/
Renkin is an NFT borrowing aggregator platform that sources loans from protocols such as X2Y2, Blur, BendDAO, and NFTfi.
The platform aggregates these lending sources to offer users the most competitive borrowing rates in the market. Renkin can find the best rates for users seeking NFT-backed loans. Borrowers can use Renkin to compare rates across lending platforms and choose the loan with the lowest interest and easiest terms.
Non Fungible Finance (NFF) decided to sun set Backed Protocol
Non Fungible Finance (NFF), the team behind the Backed Protocol has made the decision to wind down the project. Backed Protocol is a peer-to-peer borrowing protocol that uses NFT as collateral. Although the protocol has been live for five months, the team has determined that there is insufficient demand for the product.
Current users of the protocol's interfaces at withbacked.xyz and papr.wtf do not need to take immediate action. The interfaces will remain functional through the end of August to give users time to find alternative options.
Reservoir now supports ERC-721C
ERC721c is a new standard developed by LimitBreak.
The ERC721 and ERC1155 standards have resulted in inconsistent implementation of royalties across different marketplaces. This new standard aims to eliminate workarounds and make on-chain royalties enforceable by using transfer security policies. It allows creators to determine how permissive token transfers are for their own collections, which opens the door to new forms of royalties that can reward creators, communities, partners, and affiliates.
NFTperp partnered with Baton Finance to launch liquidity mining program
On June 12th, NFTperp seeded the pool with 40 Mafias Nuts and gave the yield to holders. Now, they can deposit their NFT and ETH on Baton Finance to earn up to ~98% yield. Users also have the option to participate in NFTperp's NFT staking, which offers reduced trading fees on their platform.
Astaria Protocol addresses critical vulnerability
On June 20th, the Astaria team discovered a vulnerability in their protocol that could be exploited by attackers to manipulate smart contract functions. This posed a risk to users' funds and assets. As a result, the team decided to pause the protocol.
Recently, the team executed a successful whitehat recovery script, which rescued all the ERC20s and ERC721s of all LPs and borrowers. All users who had an active loan on Astaria before the protocol pause now have their NFT collateral available to claim. The team is working directly with affected borrowers to coordinate returning their NFTs.
NFTperp sun set its v1 beta
On July 7th, the Nftperp team made the decision to close its V1 beta to avoid causing unwanted bad debt for the protocol and users. This decision was made due to scalability issues with the v1 vAMM model, internal team mistakes regarding liquidation logic, and accounting errors.
All user funds are safe and will be returned to their wallets. Users with positive unrealized PnL will receive their margin back in addition to their unrealized PnL pro rata to a share of $VNFTP tokens. Users with negative PnL will receive their initial margin back in full.
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