In the fast-paced world of decentralized finance (DeFi), things are constantly evolving and changing. Last week saw several developments that are worth noting, including Circle CCTP adding support for native USDC bridging, Swell Network launching its beta version, and the introduction of Robinhood Connect, a fiat gateway for custodial wallets and dApps.
One of the most significant developments was Circle CCTP’s announcement that it now supports native USDC bridging between Avalanche and Ethereum. Previously, users who held USDC on Ethereum had to deposit their coins with a Circle partner or use a third-party bridge to transfer their USDC from one network to another. This new feature simplifies the process and makes it more seamless for users to move their assets between these two networks.
Swell Network also made headlines last week with the launch of its beta version on Ethereum. The liquid staking protocol offers zero-fee staking and an opportunity to participate in Swell’s governance. Meanwhile, Blur launched NFT lending with initial support for Azuki, Punks, and Midaly, and Robinhood Connect debuted as a new fiat gateway for custodial wallets and dApps.
Other notable developments include the launch of Filecoin FWS, the web3 version of AWS, and Vertex going live on Arbitrum, enabling cross-margin trading for spot and derivatives. Zilliqa also rolled out EVM compatibility to its mainnet, while Phantom announced that it now supports users to manage tokens and NFTs on Ethereum, Polygon, and Solana without switching their wallets.
Optimism introduced the Superchain Token List, which serves as the source of the Optimism bridge UI and Base bridge UI, allowing devs to use it for token discovery when deploying apps on the Superchain. Additionally, ether.fi launched its Operation Solo Staker program, offering Solo Stakers a free machine to run an Ethereum validator node and the ETH to stake.
Arbitrum also made news when it airdropped the 1.13% token allocation to DAOs, with top recipients including Treasure, SushiSwap, Dopex, Radiant Capital, and Balancer. Furthermore, LayerZero went live on Polygon zkEVM, and Sui announced the upcoming launch of its mainnet on May 3rd.
One notable development was the announcement that asset management protocol Set will deprecate its protocol v2 and TokenSets and implement the change by the end of May. This decision highlights how evolving technology and changing market conditions can impact the long-term viability of even well-established players in the DeFi space.
In conclusion, last week saw a range of developments that point to the continued innovation and evolution of DeFi. These advancements highlight how decentralized finance is poised to disrupt and transform traditional finance in fundamental ways, making it a space that bears watching closely in the coming months and years.