Babylon Enables Native Bitcoin Collateral in DeFi: Finance Redefined

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 University professor David Tse mentioned on Wednesday that the corporate constructed a proof-of-concept that permits native Bitcoin for use “trustlessly” as collateral for loans on Ethereum. 

The feedback observe 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. Here, withdrawals are gated by proofs of exterior sensible contract state verified on Bitcoin. 

This system permits customers to lock Bitcoin and produce it to Ethereum with out counting on a custodian or bridge. 

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BNB Chain sees report consumer exercise, transactions up 151% in 30 days

Daily lively addresses on BNB Chain hit an all-time excessive on Monday, because the community’s native crypto token reached a brand new worth report. 

According to Nansen, sender-only lively addresses on the blockchain reached a report 3.46 million on Monday, surpassing its earlier excessive of three.44 million in December 2023. 

The information analytics platform additionally confirmed that in 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. 

In phrases of lively pockets addresses, BNB Chain ranked third with almost 200 million addresses lively throughout the timeframe. This report put it near surpassing layer-2 community Base. 

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Hyperliquid now permits anybody to deploy perpetual futures, for a worth

Decentralized alternate Hyperliquid launched a brand new replace that permits third events to launch their very own perpetual swap contracts on its platform. 

On Monday, Hyperliquid Improvement Proposal 3 (HIP-3) got here into drive, 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 impartial margining, orderbooks and parameters. 

Deployers can set a price share of as much as 50% on prime of the bottom price fee 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 needed. 

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Uniswap provides Solana help on net app in $140 billion alternative

Uniswap added help for the Solana community to its net app, permitting Solana customers to hyperlink their pockets and commerce Solana-based tokens alongside these from different networks. 

In a weblog publish, the DEX mentioned it was exploring bridging, crosschain swaps and full Uniswap Wallet 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 relatively 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, grow to be the “best chain” for buying and selling. 

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DeFi market overview

According to information from Cointelegraph Markets Pro and TradingView, many of the 100 largest cryptocurrencies by market capitalization ended the week in the purple.

A token known as BNB Attestation Service (BAS) had a 456% achieve, 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 positive aspects final week. 

Thanks for studying our abstract of this week’s most impactful DeFi developments. Join us subsequent Friday for extra tales, insights and schooling concerning this dynamically advancing house.