Today in the world of decentralized finance (DeFi), there have been several notable developments. Firstly, the US Securities and Exchange Commission (SEC) has announced further delays in its decisions on spot Bitcoin ETF applications from major players like BlackRock, Bitwise, and VanEck. The next deadlines for these applications are expected to be around mid-October.
In other news, the core members of Quickswap have launched Kinetix, a 50x leverage perpetual decentralized exchange (perp dex) built on the Kava Chain. Initially, Kinetix will support several assets including ATOM, KAVA, USDT, axlwBTC, and axlWETH, providing users with enhanced trading options.
On the technical side, Offchain Labs has released the code and public testnet for Arbitrum Stylus. Stylus is a tool that allows developers to use both traditional Ethereum Virtual Machine (EVM) tools and WebAssembly (WASM)-compatible languages such as Rust, C, and C++ to build applications on Arbitrum Nitro chains. This opens up new possibilities for developers seeking to leverage the power of both EVM and WASM.
LSD protocol Lybra has also launched its version 2 (V2). V2 introduces peUSD, an Omnichain DeFi utility version of eUSD, which allows for easier conversion between the two. Additionally, V2 supports a greater range of Lybra stable tokens (LSTs) as collateral, providing users with more options and flexibility.
In other developments, PancakeSwap, a popular decentralized exchange on the Binance Smart Chain, is now live on Base L2. This expansion brings PancakeSwap’s offerings to a wider audience, and the Galxe campaign is already available for users.
Additionally, the LST stablecoin project Prisma has deployed on Ethereum. The upcoming guarded launch will implement debt caps on each collateral, with interest rates initially set at 0%. Prisma will initially support assets such as wstETH, cbETH, rETH, and sfrxETH, giving users a diverse range of collateral options.
These developments highlight the ongoing growth and innovation within the DeFi space. While the SEC’s delays on Bitcoin ETF applications may disappoint some, the progress in other areas demonstrates the increasing diversity and capabilities of decentralized finance platforms. As the industry continues to mature, it will be interesting to see what other exciting developments lie ahead.
