Today in DeFi, the UK parliamentarians have approved the Financial Services and Markets Bill (FSMB), which could potentially recognize cryptocurrencies as a regulated activity and stablecoins as a means of payment under existing laws. While the bill is still awaiting further approval to be put into force, this development signals a significant step forward for the crypto industry in the UK.
In other news, the BNB Chain has released the opBNB testnet, an EVM-compatible Layer 2 solution built on Optimism’s OP Stack. This testnet is expected to achieve speeds of 4,000 transactions per second with a targeted cost of only 0.005 U.S. cents per transaction. This advancement in scalability and cost efficiency could greatly benefit users of the BNB Chain and make it a more attractive platform for DeFi applications.
Aevo, the newly launched derivatives decentralized exchange (DEX) by Ribbon Finance, has announced a Taker Incentive Program that rewards top traders with up to $2,000 USDC. Additionally, the team is taking a snapshot until June 28, allowing all traders to potentially benefit from the incentives. Aevo offers users the ability to trade options and perpetuals with cross-margin and OTC trading options. With its fast processing orderbook, audited contracts, intuitive user experience, and $1 million insurance fund for securing user deposits, Aevo aims to provide a secure and user-friendly trading environment.
For those looking for mobile accessibility, Blur now allows users to sweep, bid, list, lend, buy now pay later, and manage portfolios from their phones. This new mobile functionality can enhance user convenience and make it easier for individuals to engage with DeFi platforms on the go.
The Curve community is currently voting on adding WETH (Wrapped Ether) as collateral for crvUSD. If approved, this move would allow up to 200 million crvUSD to be minted using WETH, providing more opportunities for users to engage in yield farming and other DeFi activities.
Lastly, the IoTeX community has proposed the introduction of the IoTeX Name Service (INS), which would provide human-readable domain names for IoTeX addresses and resources. This innovation could simplify the user experience and make it easier for individuals to interact with the IoTeX blockchain without having to remember complex alphanumeric addresses.
Today’s developments in the DeFi space showcase the continued growth and evolution of the industry. With the potential for crypto regulations in the UK, advancements in scalability and cost-efficiency on the BNB Chain, attractive incentives for traders on Aevo, mobile accessibility on Blur, and potential new collateral options on Curve, there are exciting opportunities for individuals to explore and participate in the world of decentralized finance.
