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Notum’s wDeFi: DeFi Wrapped in a Week

By Bella

Feb 02, 20243 min read


Here is another interesting and exciting week full of ups and downs in the DeFi space. Don’t you believe that? Then check out our weekly DeFi digest bringing together all the highlights worth coming across.


  1. Manta Pacific, having $1.7B, became the third-largest Ethereum Layer 2 network in terms of TVL and surpassed Base protocol. The protocol is up 51% in the past week, moving it the top gainer among the 100 most valuable digital assets. CoinGecko claims that.
  2. Liquid restaking protocols surpass $900M or 45% of EigenLayer’s TVL. The loudly buzzing liquid restaking sector continues to grow, with Swell becoming the latest project to launch a token offering yields via EigenLayer.
  3. Ethereum’s Dencun upgrade is live on Sepolia testnet, with mainnet scheduled for March. This upgrade will introduce the Proto-Danksharding proposal, allowing L2s to reduce gas costs when posting rollup data on Ethereum.
  4. Not only unicorns and leprechauns live in the DeFi space. Some Abracadabra Finance contracts were drained of $6.49 million and led to its Magic Internet Money ($MIM) stablecoin to depeg. PeckShield revealed that the unknown hacker was funded through Tornado Cash.
  5. dYdX has upgraded to V3, launching interchain accounts and providing liquid staking of $DYDX. Apart from staking Users securing dYdX Chain, users can convert their staked DYDX tokens into liquid assets and trade or use them in DeFi applications. 
  6. Camelot will be the infrastructure for Orbit networks. That potentially might lead to new users and more transactions. Thus, end up with increasing trading volumes and APY. Check those strategies right now on Notum.
  7. LayerZero v2 is live! This goes to $ZRO, a LayerZero native token issuing that will make transactions even cheaper. There will be an airdrop with about $3B of tokens issued. For the best experience of providing liquidity through the Stargate bridge, use the Notum app. Read more on how to use bridging in a cool article from Coinbase Venture.
  8. Swell has announced the launch its new asset LRT— Restaked Swell Ether (rswETH) that gives users an opportunity to earn Pearls, @EigenLayer Points, and future restaking rewards. This token empowers users to earn Ethereum staking rewards and native restaking yield from EigenLayer without locking up periods, meaning users can also use their tokens in other DeFi protocols.
  9. Talking of a hot restaking narrative, EigenLayer delayed its cap raise to 5th February. It will introduce new assets: $sfrxETH, $mETH, and $LsETH. Check these investment strategies here and learn more about Frax to make smarter decisions.
  10. Synthetix will launch Synthetix Perps on Base network soon, making it possible to use $USDC as collateral on top of the currently possible option — $sUSD.

As you can clearly see, DeFi this week was more about a positive outlook, and it’s full of energy to create and evolve. Let’s see what the future has prepared for the upcoming week. See you in our next digest!