Velvet Capital Launches DeFi Asset Management Operating System to Simplify Trading
Velvet Capital, backed by Binance Labs, offers a cross-chain DeFi asset management operating system that allows emerging fund managers to create and manage on-chain funds and structured products with ease. Velvet Capital is integrated with major DeFi protocols, enabling asset managers, banks, fintech companies, and traders to trade on-chain and leverage its DeFi-as-a-Service offerings.
Maya Protocol and Dash Join Forces, Expanding Cross-Chain and Privacy Capabilities
Maya Protocol has announced its integration with the Dash blockchain, allowing Dash users to trade and earn using a decentralized and permissionless exchange for the first time. Maya Protocol is a decentralized liquidity protocol that enables users to exchange cryptocurrency assets across various networks without losing custody of their tokens. Dash, one of the oldest cryptocurrencies, is known for its speed, privacy, and self-governance, and its integration with Maya adds a new layer of connectivity in the ecosystem. The integration of Dash into Maya highlights the power of DeFi, specifically interoperability and composability, and demonstrates their commitment to driving innovation in decentralized systems.
DeFi Platforms Offer 10% Bounty to Recover Stolen Funds from Recent Exploits on Curve's Pools
Curve, Metronome, and Alchemix, three decentralized finance (DeFi) platforms, have announced a joint initiative to recover stolen funds from the recent exploits on Curve's pools. The protocols are offering a 10% bounty of the stolen funds as a reward, with a guarantee of no further legal actions or involvement of law enforcement. The trio has provided a direct channel for communication via email and urged the responsible parties to respond immediately. The attack occurred due to a critical vulnerability in versions of the Vyper programming language, raising concerns about a possible domino effect on the DeFi ecosystem.
Curve Finance Founder Offloads DeFi Positions to Alleviate Debt, but Liquidity Sources Raise Questions
Michael Egorov, founder of Curve Finance, is selling some of his DeFi positions to pay off his debt. However, some have raised concerns about his liquidity sources. Egorov sold around 50 million CRV tokens over the counter to several buyers at a below-market rate of $0.40 per token, including Tron founder Justin Sun and tech entrepreneur Jeffrey Huang.
Polygon zkEVM Records 100k Daily Transaction
Polygon's zkEVM has achieved a significant milestone in the blockchain industry by processing 100,000 transactions in a single day for the first time. This demonstrates the trust and confidence that the community and developers have placed in Polygon's Layer 2 scaling solution. The platform has also produced over 401,000 ZK-Proofs and has over 297,000 wallets, with 246 active wallets on the network. Polygon's success is closely tied to its growing ecosystem, with developers and projects across various industries recognizing the potential of its Layer 2 solutions, particularly in the DeFi space, NFT markets, and gaming dApps.
Exploit at Curve Finance Causes Major Losses for Ethereum DeFi Coins and Raises Concerns of a Wider Crash
Several major DeFi coins, including Compound, Aave, Curve, Frax, and Synthetix, have suffered significant losses in the past 24 hours due to an exploit on Curve Finance, which caused around $100 million in damage and triggered a liquidity crisis. The founder of Curve, Michael Egorov, may face liquidation, potentially leading to cascading effects on the DeFi sector and reducing CRV to almost zero. However, the DeFi sector's operations remain unaffected, as they are governed by code and math.
Binance Japan to Launch Trading of 34 Cryptocurrencies in Mid-August, Including BNB's First Domestic Listing
Binance Japan has unveiled its plan to launch services in mid-August, which will include trading of 34 cryptocurrencies. The plan will offer two types of trading, "Cryptocurrency Exchange" and "Cryptocurrency Sales," but will not provide leverage trading. Additionally, the plan will provide services such as "Simple Earn" and "NFT Marketplace," as well as automated purchasing and API connection functionality. This includes the first domestic listing of Binance's exchange token, BNB. Binance Japan will offer cryptocurrencies in the DeFi and Web3 fields to attract experienced users.
CZ: Plan To Increase Investment in the DeFi Field and Hope To See More NFT Use Cases
CZ, the founder of Binance, said in an AMA that he personally does not know which field will become the biggest or most interesting in encryption. trading platform. It believes that CEX has helped many people in the encryption field. CZ added that there are many other interesting areas where Binance plans to invest heavily, and DeFi is obviously one of them. NFTs may be difficult at the moment, but hopefully people will find more practical and common use cases for using NFTs, not just for selling digital art. In addition, fields such as games and e-commerce will continue to develop.
Tokenization of Real-World Assets Emerges as 10th Largest Sector in DeFi, Driven by Rising Adoption of RWA Protocols and Tokenized US Treasuries
Real-world asset (RWA) tokenization has gained significant traction in recent years, with RWAs emerging as the 10th largest sector in DeFi based on protocols tracked by DeFi Llama. The rise in the ranks of RWAs as a sector is a testament to the increasing adoption of RWA protocols, with stUSDT being a major factor catalyzing the trend. Tokenized US Treasuries have gained prominence in the RWA sector, with the tokenized treasury market holding an approximate value of $603 million.
DeFi Funds Trim Positions Despite Significant Growth in July
Several large and established assets in the DeFi space have seen significant growth in July, with Index Coop's DeFi Pulse Index (DPI) up 25% on the month. However, some crypto funds have been selling into the DeFi bounce rather than increasing their positions. Despite this, the rise in the DPI has outperformed major cryptocurrencies such as ETH and BTC, with traders speculating on tokenomic updates and new products from DeFi development teams. The number of new wallets and users is also increasing for many DeFi assets, but trading firms and venture capital funds appear to be selling, according to on-chain data.
