Last week, many new developments were seen in the Deficit Ecosystem (DeFi), including the rebirth of the Terra 2.0 blockchain. At the same time, Binance Binance Labs’ breeding platform launched a $ 500 million fund to support and promote Web3’s acquisition.
The Central Bank of Singapore has partnered with JP Morgan to explore DeFi applications in wholesale finance markets by creating bonded bonds. KuCoin launched its highly distributed wallet with DeFi and unchangeable token support.
The top 100 DeFi symbols showed signs of breaking from a month-long bearish trend, with most of the symbols showing total gains over the past seven days.
Founder Manufacturer Proposes MetaDAOs and Synthetic ETH in Endgame Plan
MakerDAO co-founder Rune Christensen has released a new great proposal to push the project into its final form called The Endgame Plan.
With over 3,000 words, including 35 in-depth information, Christensen explained that Maker’s current governance model creates a deadlock, making it difficult for ethics to process “complex real-world financial agreements” and reduce its competitiveness with financial institutions.
$ 500M Fund Binance Labs to Encrypt Encryption, Web3 and Blockchain Recording
Binance Labs, the investment arm of cryptocurrency giant Binance, launched a $ 500 million fund in partnership with international 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 to projects at various stages: cultivation, growth in the early stages and late stages.
Changpeng Zhao, CEO of Binance, noted the importance of the relationship between values, people and economies, as he shares his view on speeding up the adoption of the cryptocurrency ecosystem.
Singapore to explore the identity of digital assets in public chains
The Singapore Monetary Authority (MAS) has launched Project Guardian, a blockchain-based digital asset experiment that will use IDs. The project will involve regulated financial institutions that serve as a “trust anchor” with a pilot project involving JP Morgan, DBS Bank and Marketnode, SGX Bonding.
The Project Guardian initiative, announced at the Asia Tech x Singapore Summit on Tuesday, was led by Heng Swee Keat, Deputy Prime Minister and Minister for Economic Co-operation. It will see MAS examine DeFi applications in wholesale financing markets by establishing a liquidity pool of symbolic bonds and deposits to carry out borrowing and lending on a public network based on blockchain.
KuCoin connects to Web3 with a new distributed wallet
KuCoin’s cryptocurrency trading platform KuCoin has launched a new distributed wallet platform where interest in Web3 continues to accumulate steam.
The KuCoin wallet is now live for users, as a browser-based platform paves the way for mobile applications, which is still under development.
The platform is connected to the KuCoin ecosystem and has cross-blockchain integration. Users will be able to buy, sell, trade and send a variety of cryptocurrencies, including Bitcoin (BTC), Ether (ETH) and Tether (USDT), as well as other tokens.
DeFi market overview
Analytical data show that the total value of the locked DeFi led to a turnaround, with the value exceeding 80 billion dollars again. Data from Cointelegraph Markets Pro and TradingView show that the top 100 symbols of DeFi in terms of market value were listed in a week full of volatile price measures but broke out of the turning trend in recent days.
The majority of the DeFi symbols in the top 100 ranking by market value traded in green, Aave (AAVE) was the largest increase with a 10.42% increase, after CurveDAO (CRV) with 10%. Theta Network (THETA) recorded an 8% price increase, while Chainlink (LINK) increased by 7%.
The Terra 2.0 network, which was listed on major stock exchanges after its revival on May 28, has been fluctuating since then. The Terra (LUNA) price decreased by 70% on the first day of trading and is now one third of its listing price.
Thanks for reading our summary of this week’s most influential DeFi development. Join us again next Friday for more stories, insights and education in this powerful space for progress.
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