🌉LayerZero In Hot Water Over stETH Bridge Deployment

GM Defiers!

LayerZero is copping backlash for launching a bridge allowing stETH transfers to Avalanche, BNB Chain, and Scroll via its OFT protocol. Many in the Lido community are outraged that the deployment happened without approval from the Lido DAO.

Vodafone Digital Asset Broker announced the execution of a proof of concept in partnership with Chainlink. The Vodafone subsidiary also joined Chainlink as a node operator.

The supply of Liquidity's LUSD stablecoin is down 25% since early August amid the surge of redemptions. Researchers attributed a recent acceleration in the trend to arbitrage bots taking advantage of spreads between LUSD and sDAI.

Arbitrum launched Orbit, a tech stack allowing users to build bespoke chains leveraging Arbitrum's Layer 2 infrastructure. The move follows similar product deployments from rival Ethereum scaling teams Optimism and ZkSync.

Polygon launched migrations from MATIC to its new POL token. The token will serve as the basis of Polygon's forthcoming revamped staking layer, which is set to support restaking.

Plus, Cami gives us her reaction to Bloomberg's new documentary looking into the fraud perpetrated by Sam Bankman-Fried.

✍️ In today’s newsletter:

• Tempers flare over LayerZero's stETH bridge deployment
• Vodafone subsidiary onboarded as Chainlink node operator
• LUSD supply shrinks 25% in three months
• Arbitrum Orbit opens doors to mainnet deployments
• MATIC to POL token migrations are live
• Bloomberg's SBF documentary falls flat

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