The past week in the decentralized finance (DeFi) ecosystem saw many firsts, such as the revival of the Terra 2.0 blockchain. In the meantime, Binance incubator platform Binance Labs has launched a $500 million fund to support and promote Web3 adoption.
Singapore’s central bank has partnered with JP Morgan to explore DeFi applications in wholesale funding markets by establishing tokenized bonds. KuCoin launched its highly decentralized wallet with DeFi support and non-fungible tokens.
The top 100 DeFi tokens showed signs of breaking out of a month-long downtrend, with most tokens showing overall gains over the last seven days.
Maker Founder Proposes MetaDAOs and Synthetic ETH in “End Game Plan”
MakerDAO co-founder Rune Christensen has issued a monumental new proposal to push the project into its final form, called The Endgame Plan.
Through 3,000 words, including 35 detailed infographics, Christensen explained that the current governance model in Maker creates a deadlock, making it difficult for the protocol to effectively process “complicated real-world financial deals” and compromising its competitiveness with financial institutions.
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$500M Fund from Binance Labs to Catalyze Cryptocurrency, Web3, and Blockchain Adoption
Binance Labs, the investment arm of cryptocurrency giant Binance, has launched a $500 million fund in partnership with global investors including DST Global Partners and Breyer Capital to drive innovation in the cryptocurrency, Web3, and blockchain landscape.
Binance Labs plans to allocate the latest $500 million fund to projects in various stages: incubation, early stage, and late stage growth.
Sharing his thoughts on accelerating the adoption of the cryptocurrency ecosystem, Binance CEO Changpeng Zhao noted the importance of the connection between values, people, and economies.
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Singapore to Explore Tokenization of Digital Assets on Public Chains
The Monetary Authority of Singapore (MAS) has launched Project Guardian, a blockchain-based digital asset proof that will use tokenization. The project will include regulated financial institutions that will act as “fiduciary anchors”, with a pilot involving JP Morgan, DBS Bank and Marketnode, SGX’s joint venture for bonds.
The Project Guardian initiative, announced Tuesday at the Asia Tech x Singapore Summit, was spearheaded by Deputy Prime Minister and Coordinating Minister for Economic Policies Heng Swee Keat. In the, MAS will explore DeFi applications in wholesale funding markets by establishing a liquidity pool of tokenized deposits and bonds to execute loans and borrowings on a public blockchain-based network.
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KuCoin connects to Web3 with a new decentralized wallet
Cryptocurrency trading platform KuCoin has launched a new decentralized wallet platform, as interest in Web3 continues to grow.
KuCoin Wallet is now available to users, and the browser-based platform paves the way for a mobile app, which is still in development.
The platform is integrated into the KuCoin ecosystem and the blockchain. Users will be able to buy, sell, trade, and send a variety of cryptocurrencies, including Bitcoin (BTC), Ether (ETH), and Tether (USDT), in addition to other tokens.
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DeFi Market Landscape
Technical data reveals that the total value of DeFi locked underwent a trend reversal, once again reaching a value above $80 billion. Data from Cointelegraph Markets Pro and TradingView reveals that the top 100 DeFi tokens by market cap saw a week full of volatile price action but broke out of the downtrend in recent days.
Most of the DeFi tokens in the top 100 ranking by market capitalization traded in the green, with Aave (AAVE) rising the most at 10.42%, followed by CurveDAO (CRV) at 10%. Theta Network (THETA) posted an 8% gain, while Chainlink (LINK) grew 7%.
The relaunched Terra 2.0 network, which was listed by major exchanges upon its revival on May 28, has seen volatile price action ever since. Terra (LUNA) trading fell 70% on its first day of trading and is currently trading at a third of its listing price.
Thanks for reading our roundup of this week’s most impactful DeFi happenings. Join us again next Friday for more stories, perspectives, and education in this dynamically moving space.
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