Last week in the world of decentralized finance (DeFi) was filled with exciting developments and new opportunities. One of the major highlights was the launch of Circle’s native USDC bridging technology, CCTP, on Arbitrum. Unlike traditional bridges with liquidity pools, CCTP uses a burn and mint mechanism, which potentially increases security as there is no liquidity pool to be hacked. Several bridge providers, including Celer, Multichain, and Wormhole, announced their support for CCTP.
In other news, Robert Leshner, the founder of Compound Finance, launched Superstate Funds, a fund that aims to bring regulated financial products like Government bonds to the blockchain. This move highlights the growing interest in bridging the traditional financial world with the innovative capabilities of blockchain technology.
Curve, a leading decentralized exchange protocol, launched WBTC and ETH markets for crvUSD borrowing. This expansion provides users with more options for lending and borrowing assets on the platform. Additionally, the Centauri Bridge was launched, connecting the Polkadot and Cosmos ecosystems. This bridge facilitates interoperability between the two blockchain networks, opening up new possibilities for developers and users.
A notable project called Super Stake SOL also launched, offering a leveraged LSD project that loops staked SOL. This allows users to earn additional yields on their staked SOL. Another interesting development was the launch of Nevermined, a Data and AI marketplace, on Gnosis Chain, providing a decentralized platform for data exchange and AI capabilities.
Diva, an infrastructure protocol enabling custom derivative financial contracts, launched its mainnet and is now available on Ethereum, Polygon, Gnosis, and Arbitrum. With Diva, anyone can create and settle derivative assets, bringing new possibilities to the DeFi space. Privacy-focused chain Iron Fish also launched its Desktop Node app, making it easier for users to run an Iron Fish Node and perform private transactions.
Aptos, an NFT aggregator, introduced Mercato NFT Marketplace, offering market aggregation, portfolio profit and loss tracking, and lightning-fast data for NFT enthusiasts. Matter Labs released the ZK Stack, which allows developers to build “Hyperchains” by creating Layer 2s that run parallel to zkSync Era or Layer 3s that run on top of it. This framework provides greater scalability and efficiency for blockchain networks.
Polygon Labs announced Polygon 2.0 architecture, which includes an interoperability layer and a Staking Layer that utilizes Polygon’s token via restaking. This upgrade will enhance the functionality and usability of the Polygon ecosystem. Additionally, central banks from France, Singapore, and Switzerland are exploring the use of Curve’s v2 HFMM for the issuance of Central Bank Digital Currencies (CBDCs).
Neon EVM launched a closed beta on the Solana mainnet, allowing developers to explore its Ethereum virtual machine compatibility features. Oasis.app, the lending product by MakerDAO, rebranded to Summer.fi and now serves as a DeFi automation platform. Reserve Protocol obtained a license from OFAC to operate in Venezuela, making its Rpay stablecoin wallet available to users in the country.
DeBridge went live on Solana, enabling transfers between Ethereum Virtual Machine (EVM) and Solana blockchains. Sudoswap also introduced wrapped pools, which are NFT LP pools wrapped into their own NFTs. This innovation allows for composability and dynamically generated images based on on-chain data.
In other news, Arrington Capital recently filed with the SEC for an XRP-based hedge fund, showcasing continued interest and investment in the digital asset space. HSBC, the largest bank in Hong Kong, now allows its customers to buy and sell BTC and ETH ETFs listed on the Hong Kong exchange, marking a significant step towards mainstream adoption. Lido, a liquid staking protocol, approved a vote to stake all ETH in its treasury to stETH, making it the 13th largest holder of stETH.
Lastly, the Silo community proposed allocating 2 million $SILO tokens to provide incentives for vlCVX holders to vote for the XAI-3CRV pool or XAI-FRAXBP Curve pool. This proposal aims to generate deeper liquidity for $XAI and extend further credit lines to active markets.
Overall, it was an eventful week in the DeFi space, with various projects launching, partnerships formed, and new opportunities arising. These developments highlight the ongoing growth and innovation happening within the decentralized finance ecosystem.