1 year ago
Welcome to Finance Redefined, your play dose of indispensable decentralized concern (DeFi) insights — a newsletter crafted to bring you the astir important developments from the past week.
The past week successful DeFi saw caller advancements successful zero-knowledge proofs (ZK-proofs) arsenic a scaling solution arsenic much DeFi protocols embraced the technology.
A caller United States Senate DeFi measure attracted a batch of scrutiny — though not needfully of the affirmative benignant — arsenic galore stakeholders came retired to slam the “unworkable” legislation.
The CEO of the dydx Foundation made a bold prediction that centralized exchanges volition yet go a gateway for DeFi, portion Polygon 2.0 laid the groundwork for decentralized governance.
The apical 100 DeFi tokens had different mixed week of ups and downs, with astir tokens continuing to commercialized successful the aforesaid scope arsenic the erstwhile week.
Centralized exchanges volition go gateways for DeFi — DYdX Foundation CEO
The dYdX Foundation — an autarkic DeFi nonprofit founded to enactment the dYdX protocol — precocious launched a nationalist testnet for its latest version, v4. According to the foundation, this puts dYdX up of docket for the impending motorboat of the v4 mainnet, thing the instauration claims represents implicit decentralization for dYdX.
As Cointelegraph precocious reported, the July 5 testnet launch represented the 4th of 5 milestones dYdX laid retired successful its 2022 roadmap toward decentralization.
Polygon 2.0 begins groundwork for decentralized governance
Polygon Labs has started enactment connected an enlargement intended to see each blockchains and applications moving connected the Polygon network, and seeks to democratize the upgrade process and promote assemblage participation.
On July 19, the company’s developers projected revamping the governance mechanics for the forthcoming Polygon 2.0 roadmap to found respective furniture 2s connected the network.
Coin Center and Blockchain Association slam ‘unworkable’ U.S. Senate DeFi bill
Crypto manufacture advocacy bodies person slammed a recently projected U.S. Senate measure for what they accidental is simply a confused attack to regulating the DeFi sector.
On July 20, crypto deliberation vessel Coin Center and crypto advocacy radical the Blockchain Association released abstracted statements describing the authorities arsenic a “messy,” “unworkable” and “unconstitutional” mode of regulating DeFi.
Chainlink launches cross-chain protocol bridging blockchain to TradFi
The improvement steadfast down the Chainlink protocol and its autochthonal LINK token has gone unrecorded with its cross-chain protocol aimed astatine providing interoperability betwixt accepted fiscal firms, and nationalist and backstage blockchains.
In a July 17 station connected the Chainlink blog, Chainlink Labs main merchandise serviceman Kemal El Moujahid announced that its cross-chain interoperability protocol has launched nether aboriginal entree connected Ethereum, Avalanche, Polygon, Arbitrum and Optimism.
DeFi liquidity protocol adds ConsenSys-developed zkEVM rollup Linea
Amid the increasing popularity of layer-2 scaling solutions based connected ZK-proofs, decentralized concern liquidity protocol Symbiosis has added enactment for Linea, a zero-knowledge Ethereum Virtual Machine (zkEVM)-based scaling solution for cross-chain swaps developed by ConsenSys.
Symbiosis said successful a connection that Linea is simply a developer-ready zkEVM rollup, which means it is Ethereum-compatible and frankincense lets developers reuse a batch of existing infrastructure for creating multi-asset solutions. Linea comprises 100+ protocols, developer tools and decentralized applications, making it a perchance adjuvant scaling instrumentality for developers successful the Ethereum ecosystem.
DeFi marketplace overview
DeFi’s full marketplace worth saw a bullish surge aft 3 bearish weeks. Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s apical 100 tokens by marketplace capitalization had a bullish week, with astir tokens trading successful the green. The full worth locked successful DeFi protocols remained beneath $50 billion.
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.
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