Title: Last Week in DeFi: Maker Savings DAI, Polygon POS to ZK L2, Regulation Updates, and More
The decentralized finance (DeFi) market continues to evolve rapidly, with new projects and updates being announced regularly. In the past week, several notable developments took place, including the launch of Maker Savings DAI, the upgrade of Polygon to a ZK L2, regulatory updates, and the introduction of new platforms and features. Let’s dive into the key highlights of Last Week in DeFi.
MakerDAO Introduces Savings DAI (sDAI)
MakerDAO, one of the leading DeFi projects, announced the launch of Savings DAI (sDAI), a tokenized version of DAI enabled with the Dai Savings Rate (DSR). Users can now deposit DAI on the Spark Protocol to receive sDAI in exchange. This new offering provides DAI holders with additional flexibility and earning opportunities within the Maker ecosystem.
Polygon Upgrades to ZK L2
As part of its Polygon 2.0 plan, Polygon Labs proposed upgrading its Proof-of-Stake (PoS) chain to a zkEVM Validium. This upgrade aims to enhance the security, scalability, and affordability of the Polygon network. The transition to a zero-knowledge (ZK) Layer 2 solution will enable Polygon to support a higher volume of transactions at significantly lower costs.
Regulation Updates and Partnerships
The regulatory landscape for DeFi continued to evolve, with several developments during the past week. Stablecoin protocol Reserve invested $20 million in governance tokens from Curve, Convex, and StakeDAO to increase its voting power and enhance liquidity for its stablecoins. Circle, the issuer of USDC stablecoin, resumed purchasing U.S. Treasury securities following a temporary halt due to the U.S. debt ceiling standoff. These moves demonstrate a commitment to compliance and building stronger liquidity infrastructure within the DeFi ecosystem.
New Platform Launches and Integrations
Various new platforms and integrations also made waves in the DeFi space. Ghast, a yield and lending protocol, went live on Arbitrum, enabling liquidation-free lending for WBTC, WETH, and USDC. Texture, a zero-fee aggregator for NFT holders, launched on Solana, allowing users to borrow against their NFT holdings. Dopex introduced Option Scalps V2, offering traders access to short-term trading strategies with up to 110x leverage.
Other notable developments last week included the launch of Velodrome V2 with new features, the release of the EDX crypto exchange targeting institutional investors, the introduction of Magpie Bridge for cross-chain swaps, and the integration of Magpie with Radiant to offer a yield optimizer. Syndr Chain, the first Layer 3 rollup powered by Arbitrum Orbit, entered its testnet phase. Avalanche developers introduced Litevm, enabling stateless token transfers with significant storage reduction, and Aevo, a derivatives DEX launched by Ribbon Finance, introduced incentive programs for traders.
Last week witnessed significant developments in the DeFi space, including the introduction of Maker Savings DAI, the upgrade of Polygon to a ZK L2, regulatory updates, and the launch of new platforms and features. These advancements contribute to the ongoing growth and maturation of the decentralized finance ecosystem. As DeFi continues to expand, it is important to stay informed about the latest updates and opportunities in this exciting and rapidly evolving sector.
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