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🪙 Ethereum liquid restaking drove DeFi TVL to $100B in first quarter
Decentralized finance total value locked (TVL) almost doubled in the first three months of this year compared to the previous quarter, partially driven by Ethereum liquid restaking initiatives, according to recent research. DeFi total value locked surged from a Q4 2023 low of $36 billion to peak at almost $97 billion in the first quarter of 2024, according to DefiLlama. Since the beginning of the year, it has increased by 81% to a two-year high of $98 billion last week.
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📣 Aptos Strikes DeFi Partnership With Microsoft, Brevan Howard, SK Telecom
Aptos Labs, the developers behind the Aptos layer-1 blockchain, said it is collaborating with Microsoft, Brevan Howard and South Korean wireless telecommunications operator SK Telecom to offer institutions a gateway into decentralized finance. The partnership will offer Aptos Ascend, a suite of end-to-end institutional solutions like regulatory requirement help, tools to maintain account and transaction privacy and embedded features for know-your-customer (KYC) checks.
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📣 DeFi Firm Usual Labs Raises $7M Round Led by Kraken Ventures and IOSG Ventures
Usual Labs, the firm behind the decentralized finance (DeFi) protocol Usual, has raised $7 million and received $75 million commitment in total value locked (TVL) for the launch of its stablecoin USD0, the company said in a statement on Wednesday. The French company raised money from more than a hundred firms, including two leading co-investors, IOSG Ventures and Kraken Ventures. Other investors included GSR, Mantle, Starkware, Flowdesk, Avid3, Bing Ventures, Breed, Hypersphere, Kima Ventures, Psalion, Public Works and X Ventures.
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📣 ICP’s Schnorr integration ushers in Bitcoin DeFi era
The Internet Computer Protocol (ICP) plans to use advanced threshold cryptography to unlock decentralized finance capabilities and smart contract functionality on Bitcoin’s base layer. Speaking to Cointelegraph during Paris Blockchain Week, Dfinity senior research scientist Aisling Connolly outlined how ICP’s integration of threshold-Schnorr signatures will enable the protocol’s smart contracts to obtain addresses and authorize transactions directly to the Bitcoin blockchain.
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🚨 DeFi-Focused Berachain Raises $100M in Funding Round Led by Brevan Howard Digital
Decentralized finance (DeFi) -focused Layer 1 blockchain platform Berachain, announced it has secured $100 million in a funding round led by Brevan Howard Digital and Framework Ventures. In an announcement made using the social media platform X, the firm said additional funding came from Polychain Capital, Samsung Next, Hack VC, Animoca Brands, and Hashkey Capital, as well as Polygon co-founder Sandeep Nailwal and more.
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📣 Ripple CTO 'Very Excited' About New XRPL Lending Protocol Proposal for DeFi Expansion
David Schwartz, the CTO at Ripple, has published a comment on the recent proposal of a native lending protocol to be launched on XRPL. His comment is all the more interesting since Schwartz was one of those software engineers who built this ledger.Schwartz tweeted to approve the above-mentioned proposal made by developers Aanchal Malhotra (also the head of research at RippleX) and Vito Tumas, submitting it for review and feedback. The Ripple CTO said that if this proposal is passed, it will add new utility to XRP Ledger.
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📣 Ether.Fi Strikes $500M Restaking Deal with Redstone Oracles, Bolstering DeFi Ecosystem
Ether.Fi, the largest liquid restaking protocol on EigenLayer, has agreed to a whopping $500 million restaking deal with Redstone Oracles. With this deal, Ether.Fi will power RedStone’s oracle protocol which it uses to transfer information both on and off chain. Redstone Oracles is a prime example of an “Actively Validated Service” (AVS) network. Like many other AVS networks, Redstone has been looking to tap into EigenLayer amid the buzz of its new “restaking” protocol.
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💰 Solana DeFi Marginfi CEO resigns, sparking fund exodus
Edgar Pavlovsky, the chief executive officer of the Solana-based decentralized finance (DeFi) platform Marginfi, has resigned amid internal conflicts, triggering a 25% reduction in the platform’s total value locked. Pavlovsky announced his resignation on X, where he cited disagreements with the company’s practices, a statement confirmed by Marginfi. The CEO’s exit has prompted a substantial outflow of funds.
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📣 DEX adoption needs greater capital efficiency — PancakeSwap product lead
Decentralized finance (DeFi) needs greater capital efficiency to increase the market share of decentralized exchanges (DEXs), according to PancakeSwap. PancakeSwap is a popular multichain DEX that launched concentrated liquidity automated market maker (CLAMM) options trading on Arbitrum on April 8 by merging the DEX platform with Stryke’s options trading protocol. The new options are live for the ARB/USDC, ETH/USDC, and wBTC/USDC trading pairs. CLAMM options aim to offer more intricate options trading features for crypto investors along with new opportunities for liquidity providers.
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📊 Portal DeFi Announces Plans to Integrate Stacks into Portal DEX and Enable Cross-Chain sBTC Trading
Portal DeFi, the first trust-minimized, Layer 2 cross-chain that involves no bridges, custody or wrapping, today announced plans to integrate with Stacks, the leading Bitcoin Layer 2 technology that enables smart contracts and decentralized applications to use Bitcoin as a secure base layer. The integration will bring sBTC, a 1:1 Bitcon-backed asset on the Stacks layer that enables smooth movement of BTC from Layer 1 to Layer 2 and back while remaining decentralized, to the Portal DEX Network.
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🪙 DeFi Firm 1inch Introduces Web3 Debit Card in Partnership With Mastercard and Baanx
Decentralized exchange (DEX) aggregator 1inch Network has created a Web3 debit card in partnership with crypto card developer Baanx and powered by payments giant Mastercard, the companies said on Monday. The 1inch Card will allow users to use their crypto for online and in-person purchases and make cash withdrawals at supported ATMs through seamless crypto-to-fiat conversion, according to a press release. Baanx’s “Crypto Life” card is also used by crypto storage firm Ledger.
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🔵 Aave contemplates fee distribution in DeFi shake-up
A proposal may be in the works at the decentralized lending platform Aave as deliberations about the activation of a “fee switch” to distribute fees to holders is set to get underway, according to Aave Chan Initiative founder Marc Zeller. Zeller said, “Temp check to activate ‘fee switch’ next week,” after noting that Aave DAO — the community-driven decentralized autonomous organization (DAO) behind the Aave platform — current net profits total about $60 million per year.
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🪙 Restaking Emerges As Ethereum’s Second Largest DeFi Sector
The study highlights EigenLayer’s restaking protocol as an important component for new services and middleware on the Ethereum network, potentially offering significant ETH rewards for validators in the future. Ethereum’s proof-of-stake (PoS) consensus mechanism is the largest economic security fund in the crypto space, with nearly $112 billion. While validators securing the network traditionally earned base rewards on locked-up ETH, the introduction of liquid staked tokens (LSTs) paved the way for participants to engage with DeFi by trading or leveraging their staked assets.
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💰 SushiSwap governance proposal suggests shifting DAO treasury assets to new Sushi Labs vault
SushiSwap governance proposal suggests transferring assets from the DAO-controlled treasury to a new one controlled by Sushi Labs, while also ensuring that all future airdrops are directed to the Sushi Labs vault. "We request that Sushi DAO award a grant of 25 million Sushi tokens to Sushi Labs, including assets from the Arbitrum airdrop, business development, and partner grants, Kanpai 2.0, Sushi 2.0, rewards, stablecoins, and 'Sushi House' funds," the proposal by SushiSwap developer Jiro said.
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📣 DeFi Technologies Subsidiary Valour Inc. Launches the First Short Spot Bitcoin ETP in the Nordics
DeFi Technologies Inc. (the "Company" or "DeFi Technologies") (CBOE CA: DEFI) (GR: R9B) (OTC: DEFTF), a financial technology company that pioneers the convergence of traditional capital markets with the world of decentralised finance ("DeFi"), is pleased to announce that its subsidiary Valour Inc. ("Valour"), a leading issuer of exchange traded products ("ETPs") that provide simplified access to digital assets, is breaking new ground in the Nordic financial markets with the launch of the region's first Short Spot Bitcoin ETP.
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📣 The new Fintopio DeFi Wallet launches in open beta on Telegram and web app
Fintopio, a Web3 company creating a wallet that enables digital asset sending and receiving via messaging apps, recently launched the beta version of the Fintopio DeFi Wallet. This launch is Fintopio’s first salvo in its mission of improving and simplifying digital asset transactions. The Fintopio DeFi wallet has been launched via Telegram bot and web app, and the company is working on a mobile application for iOS and Android. Fintopio's DeFi Wallet is built on Telegram, a messaging tool with 900 million monthly active members.
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📊 Runes Will Help Bitcoin DeFi ‘Close the Gap’ on Ethereum, Solana: Franklin Templeton
The launch of Runes will help Bitcoin “close the gap” with Ethereum and Solana in the fungible digital asset space, investment firm Franklin Templeton Digital Assets said in a new report released Monday. “Currently the fungible token market for Bitcoin is quite small in comparison to ETH and SOL,” the investment firm said. “However, with the launch of a more efficient token standard (Runes), Bitcoin is positioned well to close the gap between its fungible market cap versus that of other blockchains.".
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📣 An atomic swap protocol aims to bring DeFi on Bitcoin without wrapped tokens
AtomiqDeFi, powered by Mintlayer’s innovative atomic swap technology, aims to enhance interoperability, eliminate reliance on custodians and unlock new possibilities for decentralized finance on Bitcoin. Creating a decentralized finance (DeFi) ecosystem on Bitcoin had never gained mainstream blockchain adoption before the Taproot upgrade, which has opened the door to smart contracts —self-executing codes that eliminate intermediaries— on Bitcoin’s layer 1 blockchain.
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🆘 Crypto sleuth warns of scammers behind DeFi protocol
Pseudonymous blockchain investigator ZachXBT issued a warning about a group of scammers attempting to entrap more victims in a new fraud using millions of stolen funds. In a thread on X, ZachXBT disclosed the findings of an investigation over Leaper Finance, a lending protocol based on Blast. According to the analysis, the group is behind several rug pulls, including those that hit users of Magnate ($6.5 million), Kokomo ($4 million), Solfire ($4.8 million), and Lendora.
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📊 MarginFi outflows $190M as CEO rage quits amid token controversy
Nearly $200 million of user funds have exited Solana-based lending protocol MarginFi over the last two days amid an abrupt resignation of the platform’s CEO and followed by accusations of wrongdoing from its competitors. On April 10, the now-former CEO of MarginFi, Edgar Pavlovsky, suddenly announced he had resigned from MarginFi, citing disputes that had arisen from both within his firm and from outside of it.
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🪙 Binance Labs shifts investment focus to Bitcoin DeFi
Binance Labs, the venture capital (VC) arm of the world’s largest cryptocurrency exchange, has announced an investment in Bitcoin-native restaking protocol BounceBit. BounceBit merges centralized finance (CeFi) and decentralized finance (DeFi) features in an effort to create more utility for Bitcoin , wrote Yi He, co-founder of Binance and head of Binance Labs, in an April 11 announcement. BounceBit is among a new wave of protocols aiming to bring DeFi capabilities to Bitcoin in a new technological paradigm known as Bitcoin DeFi (BTCFi).
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🪙 Crypto industry reacts to SEC serving Uniswap with Wells Notice: ‘The war on DeFi has begun’
Uniswap Labs revealed today that the U.S. Securities and Exchange Commission had served it with a Wells Notice, indicating a potential incoming lawsuit. “This is the big one folks,” posted Bankless co-founder Ryan Adams on X. “Massive escalation by the SEC and whitehouse. Uniswap is a poster child for crypto decentralization - instead of celebrating Hayden Adams as a generational entrepreneur they're taking him to court. A war on crypto is a war on the internet.”.
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🔵 Filecoin’s Second Largest DeFi Protocol Team Under Investigation by Chinese Authorities
STFIL, a leadership liquid staking platform for Filecoin (FIL), finds itself caught up in controversy white its core technical team faces investigation by local Chinese authorities. The platform has hired lawers to assist the individuals currently in detention. In an official state, the STFIL disclosed that while the core technical team was under determination, FIL tokens on the platform were transferred to an "unknown, external address." This move has raised concerns within the community, especially considering the substantial amount involved. Approximately 2.5 million FIL tokens, valued at around $23 million, haveeen transferred to this undisclosed destination.
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📣 Frax Finance dives into DeFi liquidity with $250M USDe allocation
Decentralized finance (DeFi) lending protocol Frax Finance has recently passed a community governance proposal that greenlights a $250 million allocation of Ethena Labs’ USDe to a new liquidity pool. As part of Frax’s Singularity Roadmap, the proposal enables the creation of an automated market operation (AMO) that will allow the minting of new FRAX tokens backed by overcollateralized debt. The proposal was approved on April 5.
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📣 Slash and dYdX Japan Partner to Boost DeFi Adoption in Asia
Decentralized payment protocol, Slash has announced a joint marketing event with the perp DEX platform dYdX Japan. This collaborative effort aims to foster business development and drive cryptocurrency adoption in the Asian market. The campaign, running from April 3 to April 17, offers an exciting opportunity for participants to win exclusive dYdX branded merchandise. Five lucky winners will be selected through a lottery system, with the results announced after the campaign concludes on April 17.
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🇪🇺 MiCA Interpretation Threatens to Limit DeFi for Regular Users
The European Union’s (EU) regulatory landscape for cryptocurrency could be on the verge of a significant shift, potentially impacting everyday users’ access to decentralized finance (DeFi). Rune Christensen, co-founder of the MakerDAO project, a prominent DeFi protocol, has raised concerns about a strict interpretation of the Markets in Crypto Assets (MiCA) regulation. Christensen suggests that under a specific interpretation of MiCA, DeFi frontends, user interfaces that make interacting with DeFi protocols easier, might require licenses to operate within the EU. This, he argues, could have a crippling effect on DeFi adoption in the region.
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⚡️ BTCFi innovation to match Ethereum DeFi in the future — MerlinSwap co-founder
Bitcoin decentralized finance (DeFi), or BTCFi, is a recent paradigm seeking to bring DeFi capabilities to the world’s first blockchain network. Provided that its current adoption rate continues, BTCFi could match the innovation of Ethereum-based DeFi in the future. Showcasing investor demand for Bitcoin-native DeFi applications, decentralized exchange (DEX) MerlinSwap raised 6,599 Bitcoin worth $480 million during its initial DEX offering (IDO) on April 5. The IDO attracted over 52,000 participants.
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🇪🇺 Upcoming DeFi rules in Europe could ban non-decentralized protocols
Decentralized finance protocols in Europe could soon be under new regulations as the European Commission evaluates the space. According to the Markets in Crypto-Assets (MiCA) — the regulatory framework that governs digital assets within the region — the European Commission is required to prepare a report by Dec. 30, 2024, evaluating the decentralized finance market and the feasibility of specific regulations for the sector.
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📣 DeFi developers behind crypto exchange Phoenix close $20 million Series A round
Ellipsis Labs today announced $20 million in Series A funding, led by Paradigm with participation from Electric Capital. The company’s debut product, a decentralized exchange called Phoenix, went live in February 2023, with its public-facing user interface launching last August. The funding will accelerate its efforts to “create a new financial ecosystem that offers competitive financial products on top of high-throughput blockchains,” the company said in a statement.
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