Messari releases BNB Chain Q2 Report: Daily active Addresses and Transaction volume increase by 25.6% and 24.4%, respectively
Messari, a cryptocurrency research institution, released its Q2 2023 report on BNB Chain. The report highlights include: The daily active addresses and transaction volume on BNB Chain increased by 25.6% and 24.4%, respectively, mainly driven by LayerZero activity.BNB Chain's daily active addresses reached approximately 1.4 million, almost reaching the historical average level of the previous bull market cycle ending in Q4 2021 (about 1.5 million). The average new unique address increased by 91.1% month-on-month, reaching a historical new high after a surge in activity in late April
Bank of Italy's Innovation Hub Partners with Polygon Labs and Fireblocks for Institutional DeFi Project
The Bank of Italy's innovation hub has selected a decentralized finance (DeFi) project involving Polygon Labs and Fireblocks to help financial institutions experiment with DeFi and tokenized assets. The Milano Hub will support the development of the Institutional DeFi for Security Token ecosystem for six months, which aims to assist traditional financial institutions in experimenting with security tokens and executing transactions using DeFi rails in a safe, regulated manner. The project will involve Italian banks, asset managers, and financial institutions, including Intesa Sanpaolo, the country's largest banking group. The initiative aims to create a safe and open operating environment for supervised entities to use DeFi.
BadgerDAO Unveils eBTC Protocol Allowing Fee-Less Borrowing of Synthetic Bitcoin
BadgerDAO, a decentralized autonomous organization focused on bringing Bitcoin into DeFi, has released a "purple paper" for its eBTC Protocol. This protocol allows users to borrow synthetic Bitcoin without any upfront fees or interest by using Lido's liquid staking ether derivative token, stETH, as collateral. The protocol generates revenue by taking a percentage of accrued staking yield from the total system collateral, and employs a liquidation mechanism to ensure solvency. eBTC aims to be a trustless synthetic version of Bitcoin in DeFi, with a minimized governance mechanism and reliable oracle infrastructure for price feeds.
The Evolution of LSDfi
Everyone knew the Merge would have positive implications for DeFi, but not even a year has gone by and it’s exceeded the wildest of bull cases. One of the places we can see this most clearly is in LSDfi - the growing world of DeFi built on liquid staked derivatives. The narrative has been around for a while at this point, so it’s worth examining where it came from and - more importantly - where it’s going.
Binance's Half-Year Report 2023: Insights into the Current State of the Crypto Market
Binance's "Half-Year Report 2023 July 2023" provides insights into the current state of the crypto market, showing positive growth in market capitalization on a quarterly, half-yearly, and annual basis. Despite facing challenges in the first half of the year, the crypto industry has demonstrated resilience, with a surge in institutional interest and adoption.
DeFi Can Recover Former Glory with Infrastructure Development Outside the U.S.
Decentralized finance (DeFi) projects gained popularity in the summer of 2020, with a total value locked of $248.84 billion by the following fall. However, a decline in DeFi occurred due to a series of scandals and hacks, combined with the onset of crypto winter. Boris Revsin, managing partner of Tribe Capital, believes that DeFi can make a comeback with the development of more infrastructure in open markets outside the US, and sees new infrastructure and developers as key to turning crypto into a $10 trillion industry.
Pendle announced the Launch of Mantle Network and received an Allocation from the Ecosystem Fund
According to Pendle team, DeFi yield market Pendle Finance announced its launch on the Ethereum L2
network, Mantle Network, and received allocation from the Mantle
Ecology Fund.
Infinex and UniswapX: Decentralized Exchanges Competing with Centralized Exchanges
Decentralized exchanges are becoming more user-friendly and are now able to compete with centralized exchanges while still allowing users to maintain control of their crypto. Synthetix founder Kain Warwick has announced the launch of Infinex, a new DEX that aims to compete directly with CEXs by providing a streamlined interface for users.
Parrot IDO Participants Fuming at Redemption Proposal That Will Wipe Out Their Investment
The team behind Parrot Finance, a DeFi lending protocol on the Solana blockchain, is proposing a transition to a tokenless system and redeeming existing PRT tokens for USDC. However, early investors are unhappy about the potential loss they may face.
Aave's V3 Deployment Attracts 10,000 Unique Addresses and $2.24 Billion in Deposits Within Six Months
Aave's V3 lending protocol has attracted over 10,000 users in less than six months due to increased user activity. The value of assets locked (TVL) has grown by 60% since the launch of V3, reaching $6.12 billion at present. Aave's TVL growth has propelled it to replace MakerDAO as the second-largest DeFi protocol after Lido Finance.
