Bitcoin infrastructure firm Babylon Labs claimed to have developed a system that permits native Bitcoin for use as collateral for borrowing property on Ethereum.
Babylon Labs co-founder and Stanford College professor David Tse mentioned on Wednesday that the corporate constructed a proof-of-concept that enables native Bitcoin for use “trustlessly” as collateral for loans on Ethereum.
The feedback comply with a white paper launch from the corporate, revealing a Bitcoin trustless vault system that leverages Bitcoin sensible contract verification BitVM3 to lock BTC in per-user vaults. Right here, withdrawals are gated by proofs of exterior sensible contract state verified on Bitcoin.
This method permits customers to lock Bitcoin and convey it to Ethereum with out counting on a custodian or bridge.
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BNB Chain sees document consumer exercise, transactions up 151% in 30 days
Each day lively addresses on BNB Chain hit an all-time excessive on Monday, because the community’s native crypto token reached a brand new value document.
In keeping with Nansen, sender-only lively addresses on the blockchain reached a document 3.46 million on Monday, surpassing its earlier excessive of three.44 million in December 2023.
The information analytics platform additionally confirmed that within the final 30 days, BNB Chain’s profitable transactions reached 500 million, a 151% surge from the earlier 30-day interval. This places the community second to Solana, which holds the highest spot for transactions.
When it comes to lively pockets addresses, BNB Chain ranked third with almost 200 million addresses lively throughout the time-frame. This document put it near surpassing layer-2 community Base.
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Hyperliquid now permits anybody to deploy perpetual futures, for a value
Decentralized trade Hyperliquid launched a brand new replace that enables third events to launch their very own perpetual swap contracts on its platform.
On Monday, Hyperliquid Enchancment Proposal 3 (HIP-3) got here into power, permitting permissionless, builder-deployed perpetual futures contract listings.
This replace permits anybody who staked 500,000 HYPE tokens, about $20 million, to deploy their very own perp swap contract with unbiased margining, orderbooks and parameters.
Deployers can set a charge share of as much as 50% on high of the bottom charge charge and might be defining the markets, together with oracle and contract specs. They may also be setting the oracle costs, leverage limits and settling if mandatory.
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Uniswap provides Solana help on internet app in $140 billion alternative
Uniswap added help for the Solana community to its internet app, permitting Solana customers to hyperlink their pockets and commerce Solana-based tokens alongside these from different networks.
In a weblog put up, the DEX mentioned it was exploring bridging, crosschain swaps and full Uniswap Pockets help for the community. Transactions made via the net app might be routed via the DEX aggregator Jupiter.
A Uniswap engineer mentioned the group didn’t particularly construct the combination for Solana, however quite designed “architect layers” that had been platform-agnostic.
Uniswap’s buying and selling engineering lead, Danny Daniil, mentioned that Solana’s launch will assist Unichain, a layer-2 community made by Uniswap Labs, develop into the “finest chain” for buying and selling.
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DeFi market overview
In keeping with knowledge from Cointelegraph Markets Professional and TradingView, a lot of the 100 largest cryptocurrencies by market capitalization ended the week within the purple.
A token referred to as BNB Attestation Service (BAS) had a 456% acquire, changing into the week’s largest gainer after reaching a brand new all-time excessive on Thursday. The token was adopted by Nockchain (NOCK), which recorded 379% in good points final week.
Thanks for studying our abstract of this week’s most impactful DeFi developments. Be a part of us subsequent Friday for extra tales, insights and training relating to this dynamically advancing house.
