French Startup Narval Raises $4 Million To Build Governance Layer for web3 Wallets
French startup Narval has raised $4 million in a seed round led by BlockTower VC, with participation from existing backers Fabric Ventures and Frst Capital, as well as new investors a16z, Cherry Crypto, Motier Ventures, Bpifrance, and angel investors.
1inch Network User Base Surges by 36% in Q2, Onboarding Millions
The DEX aggregator 1inch Network experienced significant growth in Q2 2023, with just under 5 million unique users. A report by Messari highlights that the platform's user base grew by 38% from the previous quarter.
Blockchain Gaming Sector Remains Strong Amid Regulatory Turmoil, DeFi and NFT Sectors Struggle: DappRadar Report
The crypto industry faced increased regulatory pressure in the previous quarter, with sectors such as DeFi and NFTs experiencing difficulties. However, the blockchain gaming sector remained strong, commanding 37% of the dApp market. Daily active engagement with dapps also saw an increase of nearly 8%, indicating a potential market recovery.
Penpie Integrates with LayerZero Labs for Enhanced DeFi Accessibility and Support
Penpie, a next-generation decentralized finance (DeFi) company, has partnered with LayerZero Labs, an omnichain interoperability forum, to enhance its versatility and efficiency. The integration will provide consumers with cutting-edge technology and services, as well as dependable message transmission throughout diverse blockchains. Penpie believes that the adaptable scales of trustlessness possessed by LayerZero can potentially revolutionize sectors such as media, gaming, lending, borrowing, and trading. The newly integrated OFT-20 standard powers the PENDLE and PNP tokens, enabling unparalleled integration and remarkable token swaps through different DeFi ecosystems.
DeFi Lending Market Sees 20.5% TVL Increase in 2023 Midpoint, Attracting Both Traditional and Crypto Institutions
Robert Alcorn, CEO and co-founder of Clearpool, has predicted a 20.5% growth in the DeFi lending market in 2023. DeFi is gaining traction among both traditional and crypto-native institutions as a potential solution to the systemic failures of CeFi in 2022. To facilitate institutional adoption, DeFi protocols are being developed to comply with KYC and AML regulations. The resilience of DeFi is attributed to its unique architecture and community of innovators, making it an integral part of the global economy alongside traditional financial services. Clearpool aims to address the issue of over-collateralization for DeFi borrowers.
FilFi: Can a license-free liquidity marketplace be created for the Filecoin ecosystem with DeFi?
FilFi is a DeFi protocol designed to create liquidity for Filecoin assets and drive the Filecoin ecosystem to thrive through innovative products and services.
European trade body warns exclusion of DeFi from New Crypto Regulations could Pose Risks to Financial Stability
The Association for Financial Markets in Europe (AFME) has cautioned that excluding decentralized finance (DeFi) from new crypto regulations could lead to unintended risks to financial stability. In a white paper published on Thursday, the AFME argued that DeFi activities should not be overlooked as the European Union and the UK move ahead with crypto regimes. The AFME recommended further research and global cooperation between regulators to classify DeFi activities, including giving legal status to decentralized autonomous organizations (DAOs). Regulators may have to turn their attention to either the user or the business providing a web interface to the user in order to apply regulations, as DeFi products often have no 'home' jurisdiction due to their decentralized nature.
Compound Labs has launched the Encumber Mechanism, which allows users to Separate Token Ownership and Transfer Rights
According to official sources, decentralized finance (DeFi) company Compound Labs has launched the Encumber mechanism, which allows users to separate token ownership from transfer rights. When token owners pledge their tokens to another account, they grant that account exclusive rights to transfer the tokens while retaining ownership.
Report: Crypto and DeFi Attacks Increase in Q2, But Total Stolen Funds Decrease
According to a report by Immunefi, there was a 65.3% increase in the number of attacks on crypto and DeFi in Q2 compared to the same period last year, but the total amount of funds stolen decreased by 60.4%. The losses for the quarter amounted to around $265.5 million, with the majority of losses attributed to hacks.
Global Millennial Capital Launches Web3 Investment Program for Pre-Seed to Series A Companies
Global Millennial Capital has launched a Web3 investment program that aims to invest in Pre-Seed to Series A companies operating in various verticals such as data ownership, Web3 privacy tools, NFTs, cryptocurrency platforms, blockchain technology, and DeFi.
