Aerodrome Boosts Base TVL

Quick Take

• Ethereum developers prepare for a final Dencun devnet.
• Unifying Verkle Trie and State Expiry implementations.
• Gearbox introduces leveraged Curve V2 pools.
• Aerodrome surpasses $190 million in TVL.

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Superchain Highlights 🔴✨

Aerodrome Boosts Base TVL
Aerodrome, an AMM and liquidity layer by Velodrome, has increased TVL on Base by two-fold. Since launching earlier this week, Aerodrome has attained $190 million in TVL, accounting for roughly 50% of Base’s current TVL. The protocol provides LP stakers with AERO token emissions. Users can lock AERO in exchange for veAERO, which can be used to vote on pool incentives. veAERO voters are then rewarded with protocol trading fees proportional to their vote. The mechanics for Aerodrome are inspired by Curve Finance and OlympusDAO. Various DeFi protocols have committed to integrating with Aerodrome, including Liquity, Synthetix, and Yearn.

Developers Prepare For Final Dencun Devnet

Ethereum core developers are working towards launching one final development network (devnet) for the Dencun upgrade. Ethereum client teams agreed to continue addressing outstanding issues in the current devnet to ensure stable implementations in Devnet #9. After a successful devnet test, the Dencun Ethereum Improvement Proposals (EIPs) will be rolled out on the Holesky, Goerli, and Sepolia testnets. Holesky, the most recent Ethereum testnet, is scheduled to be deployed on September 15th. Following the upgrade of all testnets, developers typically initiate a series of mainnet shadow forks, leading up to the final mainnet upgrade. The Dencun upgrade is anticipated to be deployed on the Ethereum Mainnet by the end of this year.

Verkle Trie And State Expiry Roadmap

Ethereum developers are considering executing both Verkle Tries and State Expiry implementations in tandem. Verkle Tries, a component of The Verge upgrade in Ethereum's roadmap, introduce a more efficient data structure with smaller proof sizes, with the goal of enabling stateless clients on the Ethereum network. State Expiry, which is part of The Purge upgrade on the Ethereum roadmap, aims to reduce Ethereum's state size by removing historical data that is no longer in active use. Ethereum creator Vitalik Buterin acknowledged that implementing Verkle Tries alongside a large state presents complexities, suggesting that it may be more beneficial to implement both upgrades together.

Gearbox Introduces Leveraged Curve V2 Pools

Leverage defi protocol Gearbox introduced new leveraged Curve V2 pools with up to 8x native leverage. The pools include Tricrypto, LDO/ETH, CVX/ETH, and TriCRV. Users can now access leverage with assets borrowed from Gearbox lending pools. Each pool has a $1 million borrow limit and a $5 million max quota limit. There is also a 30 ETH minimum borrow limit to open an account. Gearbox Protocol uses a Credit Account system that allows users to deposit collateral in isolated smart contracts that can be used to execute leveraged orders in external DeFi protocols. Gearbox Protocol holds over $27 million in TVL, according to Defillama.