Babylon claims breakthrough in using native Bitcoin collateral in DeFi: Finance Redefined

Bitcoin infrastructure institution Babylon Labs claimed to person developed a strategy that enables autochthonal Bitcoin to beryllium utilized arsenic collateral for borrowing assets connected Ethereum.

Babylon Labs co-founder and Stanford University prof David Tse said connected Wednesday that the institution built a proof-of-concept that allows autochthonal Bitcoin to beryllium utilized “trustlessly” arsenic collateral for loans connected Ethereum. 

The comments travel a achromatic insubstantial merchandise from the company, revealing a Bitcoin trustless vault strategy that leverages Bitcoin astute declaration verification BitVM3 to fastener BTC successful per-user vaults. Here, withdrawals are gated by proofs of outer astute declaration authorities verified connected Bitcoin. 

This strategy allows users to fastener Bitcoin and bring it to Ethereum without relying connected a custodian oregon bridge. 

A schematic of the Bitcoin vault-based lending system. Source: Babylon Labs

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BNB Chain sees grounds idiosyncratic activity, transactions up 151% successful 30 days

Daily progressive addresses connected BNB Chain deed an all-time precocious connected Monday, arsenic the network’s autochthonal crypto token reached a caller terms record. 

According to Nansen, sender-only progressive addresses connected the blockchain reached a grounds 3.46 cardinal connected Monday, surpassing its erstwhile precocious of 3.44 cardinal successful December 2023. 

The information analytics level besides showed that successful the past 30 days, BNB Chain’s palmy transactions reached 500 million, a 151% surge from the erstwhile 30-day period. This puts the web 2nd to Solana, which holds the apical spot for transactions. 

In presumption of progressive wallet addresses, BNB Chain ranked 3rd with astir 200 cardinal addresses progressive during the clip frame. This grounds enactment it adjacent to surpassing layer-2 web Base. 

Addresses that sent a transaction connected BNB Chain. Source: Nansen 

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Hyperliquid present allows anyone to deploy perpetual futures, for a price

Decentralized speech Hyperliquid introduced a caller update that allows 3rd parties to motorboat their ain perpetual swap contracts connected its platform. 

On Monday, Hyperliquid Improvement Proposal 3 (HIP-3) came into force, allowing permissionless, builder-deployed perpetual futures declaration listings. 

This update allows anyone who staked 500,000 HYPE tokens, astir $20 million, to deploy their ain perp swap declaration with autarkic margining, orderbooks and parameters. 

Deployers tin acceptable a interest stock of up to 50% connected apical of the basal interest complaint and volition beryllium defining the markets, including oracle and declaration specifications. They volition besides beryllium mounting the oracle prices, leverage limits and settling if necessary. 

Discord connection announcing the upgrade. Source: Hyperliquid

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Uniswap adds Solana enactment connected web app successful $140 cardinal opportunity

Uniswap added enactment for the Solana web to its web app, allowing Solana users to nexus their wallet and commercialized Solana-based tokens alongside those from different networks. 

In a blog post, the DEX said it was exploring bridging, crosschain swaps and afloat Uniswap Wallet enactment for the network. Transactions made done the web app volition beryllium routed done the DEX aggregator Jupiter. 

A Uniswap technologist said the squad did not specifically physique the integration for Solana, but alternatively designed “architect layers” that were platform-agnostic. 

Uniswap's trading engineering lead, Danny Daniil, said that Solana's motorboat volition assistance Unichain, a layer-2 web made by Uniswap Labs, go the “best chain” for trading. 

Source: Uniswap Labs

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DeFi marketplace overview

According to information from Cointelegraph Markets Pro and TradingView, astir of the 100 largest cryptocurrencies by marketplace capitalization ended the week successful the red.

A token called BNB Attestation Service (BAS) had a 456% gain, becoming the week’s largest gainer aft reaching a caller all-time precocious connected Thursday. The token was followed by Nockchain (NOCK), which recorded 379% successful gains past week. 

Total worth locked successful DeFi. Source: DefiLlama

Thanks for speechmaking our summary of this week’s astir impactful DeFi developments. Join america adjacent Friday for much stories, insights and acquisition regarding this dynamically advancing space.