DeFi Weekly Roundup: Treasure DAO Announces MagicSwap AMM for NFTs, Vela Exchange Launches Beta, Lyra Finance Becomes Multichain.

Uniswap Has a Plan for the FX Market

The world of DeFi has seen rapid growth in recent months and has become a hot topic in the financial world. DeFi offers financial services that are decentralized, meaning they are run on blockchain networks and don’t rely on traditional financial intermediaries. This allows for greater access to financial services and increased security, transparency, and autonomy, which is what most users desire. The past week was full of events, especially in the Arbitrum ecosystem.

 

TreasureDAO, which is building an NFT marketplace on Arbitrum, announced a new innovative AMM. MagicSwap is an AMM designed to provide the best trading experience possible for all NFT collectibles in a Web3 game economy. MagicSwap is expected to be released on Arbitrum in Q2 2023

Dopex, a decentralized perpetual exchange also built on Arbitrum, released 3 new products. The Dopex team has been quietly building since they launched, and it’s a notable project to consider for a long-term bag. In January 2023, they launched:

  • wstETH option vault.
  • Options Liquidity Pools -Options traders can now exit their positions at any time.
  • Atlantics Insured GMX Perps – liquidation insurance for GMX traders.

Apart from the developments by Treasure DAO and Dopex, Vela Exchange, another perpetual exchange that launched its utility token on Camelot Dex, announced that its beta program is now live. The open beta begins on February 9th, when everyone will be able to access the platform. The $VELA token was also launched this month, and it tripled in value in less than a week.

Lyra Finance, a very popular dex on Optimism, became multichain and launched on Arbitrum. And in just one week since its launch, Lyra has achieved a Total Value Locked (TVL) of $6 million, making it one of the fastest-growing DeFi projects in the market. Lyra Finance, which was previously on the Optimism layer 2 chain, built a committed community and thus was able to successfully launch on Arbitrum.Ā 

Another innovative DEX, Bebop, has also been launched on Arbitrum. Bebop differentiates itself from other DEXs by allowing traders to execute multiple token trades in a single transaction. The platform guarantees traders the exact price they see before initiating the trade, eliminating the issue of slippage.

With the launch of Lyra and Bebop and all these other protocols on Arbitrum, the ecosystem is now home to some of the most popular DeFi projects. The combination of Arbitrum’s scalability and the unique offerings of these DEXs is set to bring a new level of innovation to the DeFi space.

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