The decentralized finance (DeFi) sector continues to attract increased attention from cryptocurrency investors. Cryplogger has collected the most important events and news of recent weeks in a digest.
The main indicators of the DeFi segment
The volume of funds blocked (TVL) in DeFi protocols fell to $47.11 billion. Lido became the leader with $11.83 billion, while MakerDAO ($6.87 billion) and AAVE ($5.19 billion) hold the second and third lines of the rating, respectively. .
TVL in Ethereum applications fell to $27.12 billion Decentralized exchange (DEX) trading volume for the last 30 days made up $74.6 billion
Uniswap continues to dominate the non-custodial exchange market, accounting for 53.4% of total turnover. The second DEX in terms of trading volume is PancakeSwap (29.7%).
Lido Opens Ethereum Withdrawal With Protocol Version 2 Activated
On May 15, the Lido Finance liquid staking platform team rolled out the second version of the protocol following a successful community vote.
The update received 100% support.
The main points in the protocol update to Lido v2 were:
- the ability to withdraw Ethereum from staking by burning stETH in a ratio of 1:1;
- the launch of a staking router (Staking Router), which is designed to diversify the set of validators and promote further decentralization.
A number of other changes, including updates to the Oracle smart contract and back-end off-chain software, aim to support two new key options.
Lido v2 has passed several security audits by Sigma Prime, ChainSecurity, Oxorio, Statemind, HEXENS, MixBytes() and Certora.
Bakkt conducted a large-scale delisting of DeFi tokens from the Apex Crypto platform
The institutional platform Bakkt has delisted the majority of DeFi tokens from the previously acquired Apex Crypto. The decision was explained by the desire to comply with regulatory requirements.
Bakkt closed the deal to buy Apex Crypto in April 2023. The latter is an integrated cryptocurrency trading platform that provides transaction execution, clearing, and also offers custodial services and a tax-related service.
The company delisted 25 of the 36 previously available assets, including Aave (AAVE), Avalanche (AVAX), Cosmos (ATOM), Fantom (FTM), Filecoin (FIL), GALA (GALA), Sushiswap (SUSHI) and Uniswap (UNI ).
The deal with Apex Fintech Solutions (the former owner of Apex Crypto) was part of the company’s transition to a B2B model. In February, the platform closed the cryptocurrency retail app.
Unstoppable Finance to Launch Europe’s First DeFi Bank
German startup Unstoppable Finance has announced the launch of Europe’s first fully regulated DeFi bank and stablecoin.
The project promises to fully secure the reserves of the new “stablecoin”, as provided for by EU law.
On April 20, the European Parliament approved the rules for regulating the crypto assets market. The new provisions will come into force in 2024.
Unstoppable Finance co-founder Peter Grosskopf said that the traditional banking system is far from stable, and the recent collapse of the financial sector proved “the need to rethink it from scratch.”
“With the advent of stablecoins, money has become programmable, they are sent around the clock in a matter of seconds and provide transparency in transactions. Now is the time to take advantage of this important innovation and rebuild the financial system the way we would build it today,” he explained.
According to Grosskopf, the euro-backed stablecoin will be classified as an “electronic money token” and will serve as “a bridge between traditional finance and the decentralized economy.”
The co-founder of the company noted that thanks to the DeFi bank, they will be able to deposit money into the account at any time ECB to secure its “stablecoin” and other operations.
MakerDAO Launches Competitor to DeFi Landing Project Aave
MakerDAO developers have launched Spark Protocol, a liquidity marketplace based on the DAI stablecoin and assets backed by a DeFi platform.
Spark Protocol is set to be the first native Maker-powered landing interface. A DeFi platform can generate an additional revenue stream by lending to its users as part of its reserve asset strategy.
The functionality of the solution is based on the third version of the smart contract system of the Aave project.
Initially, users will be able to borrow DAI at an annual rate of 1.11%.
Spark Land interest rates are set by community members through voting. This distinguishes the project from competitors, where they are formed under the influence of supply and demand.
Also on Cryplogger:
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
The decentralized finance (DeFi) sector continues to attract increased attention from cryptocurrency investors. Cryplogger has collected the most important events and news of recent weeks in a digest.
The main indicators of the DeFi segment
The volume of funds blocked (TVL) in DeFi protocols fell to $47.11 billion. Lido became the leader with $11.83 billion, while MakerDAO ($6.87 billion) and AAVE ($5.19 billion) hold the second and third lines of the rating, respectively. .
TVL in Ethereum applications fell to $27.12 billion Decentralized exchange (DEX) trading volume for the last 30 days made up $74.6 billion
Uniswap continues to dominate the non-custodial exchange market, accounting for 53.4% of total turnover. The second DEX in terms of trading volume is PancakeSwap (29.7%).
Lido Opens Ethereum Withdrawal With Protocol Version 2 Activated
On May 15, the Lido Finance liquid staking platform team rolled out the second version of the protocol following a successful community vote.
The update received 100% support.
The main points in the protocol update to Lido v2 were:
- the ability to withdraw Ethereum from staking by burning stETH in a ratio of 1:1;
- the launch of a staking router (Staking Router), which is designed to diversify the set of validators and promote further decentralization.
A number of other changes, including updates to the Oracle smart contract and back-end off-chain software, aim to support two new key options.
Lido v2 has passed several security audits by Sigma Prime, ChainSecurity, Oxorio, Statemind, HEXENS, MixBytes() and Certora.
Bakkt conducted a large-scale delisting of DeFi tokens from the Apex Crypto platform
The institutional platform Bakkt has delisted the majority of DeFi tokens from the previously acquired Apex Crypto. The decision was explained by the desire to comply with regulatory requirements.
Bakkt closed the deal to buy Apex Crypto in April 2023. The latter is an integrated cryptocurrency trading platform that provides transaction execution, clearing, and also offers custodial services and a tax-related service.
The company delisted 25 of the 36 previously available assets, including Aave (AAVE), Avalanche (AVAX), Cosmos (ATOM), Fantom (FTM), Filecoin (FIL), GALA (GALA), Sushiswap (SUSHI) and Uniswap (UNI ).
The deal with Apex Fintech Solutions (the former owner of Apex Crypto) was part of the company’s transition to a B2B model. In February, the platform closed the cryptocurrency retail app.
Unstoppable Finance to Launch Europe’s First DeFi Bank
German startup Unstoppable Finance has announced the launch of Europe’s first fully regulated DeFi bank and stablecoin.
The project promises to fully secure the reserves of the new “stablecoin”, as provided for by EU law.
On April 20, the European Parliament approved the rules for regulating the crypto assets market. The new provisions will come into force in 2024.
Unstoppable Finance co-founder Peter Grosskopf said that the traditional banking system is far from stable, and the recent collapse of the financial sector proved “the need to rethink it from scratch.”
“With the advent of stablecoins, money has become programmable, they are sent around the clock in a matter of seconds and provide transparency in transactions. Now is the time to take advantage of this important innovation and rebuild the financial system the way we would build it today,” he explained.
According to Grosskopf, the euro-backed stablecoin will be classified as an “electronic money token” and will serve as “a bridge between traditional finance and the decentralized economy.”
The co-founder of the company noted that thanks to the DeFi bank, they will be able to deposit money into the account at any time ECB to secure its “stablecoin” and other operations.
MakerDAO Launches Competitor to DeFi Landing Project Aave
MakerDAO developers have launched Spark Protocol, a liquidity marketplace based on the DAI stablecoin and assets backed by a DeFi platform.
Spark Protocol is set to be the first native Maker-powered landing interface. A DeFi platform can generate an additional revenue stream by lending to its users as part of its reserve asset strategy.
The functionality of the solution is based on the third version of the smart contract system of the Aave project.
Initially, users will be able to borrow DAI at an annual rate of 1.11%.
Spark Land interest rates are set by community members through voting. This distinguishes the project from competitors, where they are formed under the influence of supply and demand.
Also on Cryplogger:
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!