Welcome to Weekly Roundup, where our team of experts selects buzzworthy pools, news, and announcements for you to have on your radar.

Weekly Roundup – 3.17

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It’s been a wild few weeks for DeFi. Here’s your frenly reminder of the week to help you #DegenResponsibly. 😎 

Circle partners with Cross River Bank to calm markets after USDC depeg.

 In a tumultuous weekend for crypto, USDC issuer Circle lost its dollar peg, leading to concerns about the safety of its reserves. However, Circle has partnered with Cross River Bank, a known favorite among traditional financial players like Visa, to mint and redeem USDC. The company has also ramped up ties to the Bank of New York Mellon, where it currently keeps most of its total $9.7B cash holdings. Crypto clients using Cross River include Coinbase and Stripe. Despite USDC dipping to an all-time low of around $0.87 last week, it has since regained its peg as investors have been assured the 1:1 redemption remains intact.

Euler protocol loses $200M in hack due to code vulnerability.

Euler, a prominent DeFi lending protocol known for its risk management, has suffered a $200M exploit in what may be the largest DeFi exploit of 2023. The protocol held over $400 million of user assets at the time, and the attacker was able to steal nearly $136M of Lido Finance's stETH, $34M of USDC, $18.5M of WBTC, and $8.8M of DAI. A vulnerability in a smart contract function that was added during a major overhaul eight months ago caused the exploit. It allowed the attacker to create an underwater position and liquidate themselves using another malicious contract they created. Flash loan attacks, which allow users to borrow large amounts of money without posting any collateral, are all too common in DeFi. The Euler team is working with security firms and law enforcement to track and recover the stolen funds. Many protocols that either deposited funds in Euler or had indirect exposure have been affected by the exploit.

Wen airdrop? Arbitrum debuts long-awaited ARB token.

After a week of unfortunate events, Arbitrum surprisingly announced the launch of its ARB token, which is set for March 23 in the most anticipated airdrop since Optimism’s OP token. The airdrop will distribute billions of governance tokens to its core users, investors, DAOs, and Offchain Labs (Arbitrum’s parent company). Arbitrum remains the clear leader in the L2 scaling wars, with a 55% market share. Offchain Labs also announced plans to allow “Layer 3” blockchains to be built on top of the Arbitrum network (reaction to Coinbase’s partnership with Optimism? 🤔). With the decentralization of governance, ARB holders will now effectively run the L2 rollup via on-chain governance. Importantly, a solid 9/12 multisig will still hold emergency powers in the event of any critical or time-sensitive bugs.

It’s ok, we’re all about redemption at Expo. Listen to our 

 with Rocket Pool. We’re also chatting with Liquity Protocol next 

 to talk about the most decentralized stablecoin in DeFi: LUSD.

 on Spotify, Apple Podcasts, or wherever you get your podcasts.

A few users were invited to our private alpha to give Invest a test drive. Soon, all accredited investors will be able to invest in DeFi pools across major chains directly on our platform.