Last week, the world of decentralized finance (DeFi) was abuzz with several exciting developments. From the launch of new chains and tokens to the introduction of innovative features and protocols, there were plenty of noteworthy events in the DeFi space. Let’s take a closer look at some of the highlights from last week.
The opBNB mainnet went live, offering an EVM-compatible Layer 2 solution built on the Optimism OP Stack. With over 150 projects already building on opBNB, it has quickly gained traction in the DeFi ecosystem.
Yearn Finance launched yETH, a yield-bearing token that comprises five different LSTs. This new token provides investors with exposure to various assets, including sfrxETH, swETH, wstETH, ETHx, and cbETH.
The Synapse Interchain Network (SIN) and the Synapse Chain testnet also went live. SIN serves as the first PoS bridge, while the Synapse Chain acts as the interchain data availability layer. These developments are crucial for improving interoperability within the blockchain ecosystem.
IndexCoop introduced the $ic21 index token, which provides exposure to the top ten large-cap cryptocurrencies. This token, based on 21co’s wrapped assets, includes assets such as BTC, WETH, BNB, XRP, ADA, SOL, LTC, DOT, MATIC, and BCH.
Enjin Chain went live, enabling users to access the Enjin wallet and Enjin apps. Enjin governance and staking features are also set to be launched soon.
Manta launched its Pacific alpha mainnet, offering a modular EVM Layer 2 solution that integrates ZK features directly into decentralized applications.
Votium also released V2, an enhanced version of its Curve/Convex bribing platform. V2 includes new features for depositors and improves the user experience.
Mountain protocol introduced USDM, the first regulated, yield-bearing stablecoin backed by short-term T-bills. Users can mint USDM by having a Mountain account.
Various wallet and platform upgrades were also launched last week. For example, Know Nothing Labs showcased an account abstraction wallet that allows users to sign transactions with Face ID instead of seed phrases. MetaMask launched Snaps, which enables users to add features and functionality from independent developers to their wallets.
These are just a few of the highlights from the past week in DeFi. With the rapid pace of innovation in the space, it’s clear that the DeFi ecosystem is thriving. As new projects, tokens, and platforms continue to emerge, it’s an exciting time for DeFi enthusiasts and investors alike.
