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💰 Botanix Labs raises $8.5 million to build a Bitcoin-native DeFi ecosystem
Bitcoin development startup Botanix Labs has raised $8.5 million in a seed series funding round from Polychain Capital, Placeholder Capital, Valor Equity Partners and ABCDE to build a Bitcoin-native DeFi ecosystem. Angel investors, including Andrew Kang, Fiskantes, Dan Held, The Crypto Dog, Charlie Spears, Altcoin Sherpa, Dovey Wan, Jebus, Icebergy, Crypto ISO, Davis (a.k.a., “KarbonBased”), Walt Smith and Domo (creator of the BRC-20 token standard) also participated in the round, according to a statement shared with The Block.
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💰 Runes and BRC-20s are just a stepping stone for Bitcoin DeFi
Bitcoin Runes and BRC-20 tokens may only be a stepping stone in the evolution of Bitcoin-native decentralized finance (DeFi). Runes is a new protocol for issuing fungible tokens on the Bitcoin network that launched on April 20, the day of the Bitcoin halving. Runes are part of a wider developer movement known as Bitcoin DeFi, or BTCFi, aiming to add more utility to the Bitcoin network.
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🇺🇸 CFTC Commissioner Highlights Concerns Over AI Risks In DeFi
Concerning the use of AI in the financial markets, particularly decentralized finance, Kristin Johnson of the Commodity Futures Trading Commission (CFTC) has suggested measures including increased fines. Johnson expressed her worries on artificial intelligence and its implications for deregulation of financial markets in a speech she gave at the Fintech and Blockchain Symposium co-hosted by Sidley Austin and Rutgers Law School.
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📣 dWallet Network Bringing Native Multi-chain DeFi To Monad
dWallet network brings native multi-chain capabilities into Monad via their recent partnership. Integrating dWallet and Monad gives developers within Monad access to high-tech tools. These tools can be utilized to create native multi-chain defi applications. This integration allows you to access different blockchain protocols within the Monad ecosystem.
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🪙 Total number of Uniswap wallets more than doubles in the past year
The total number of wallets on the decentralized exchange (DEX) Uniswap skyrocketed from 3.03 million in May 2023 to 7.26 million in May 2024—an increase of approximately 140%, according to Dune Analytics data. Uniswap's rise in swappers coincides with other records on the platform. On Apr. 5, Uniswap surpassed a historic $2 trillion in cumulative trading volume. The DEX is also the largest by total value locked at $5.31 billion, with PancakeSwap coming second at nearly $2 billion.
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📉 DeFi’s total value locked falls $10 billion in April
The total value locked (TVL) on decentralized applications fell $10 billion in April, according to data aggregator DefiLlama. That’s a 7% drop in 30 days, as the decentralized finance (DeFi) ecosystem closed last month with $138.6 billion, including liquid staked amounts.
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🪙 Uniswap enables crypto purchases via Robinhood Connect
Uniswap users can now use Robinhood Connect to buy cryptocurrencies using funds from Robinhood, a debit card or via bank transfer. Robinhood Connect became available this week to users on the Uniswap mobile app, the decentralized exchange (DEX) said Monday in a statement. The service is one of three providers enabling crypto purchases on Uniswap, joining Coinbase Pay and Moonpay, according to the protocol.
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🔵 Jellyverse Joins Sei Network to Bring DeFi 3.0 to Mainstream
Decentralized finance (DeFi) promises to revolutionize traditional finance by eliminating intermediaries and providing greater financial inclusion. However, it still faces challenges such as scalability and integration of real-world assets. This collaboration marks a milestone as Jellyverse becomes one of the first decentralized exchanges (DEXes) to utilize the Sei Network, specifically as the official fork of the well-known Balancer protocol.
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💰 Solana-based DePIN io.net CEO claims network was attacked in detailed postmortem
Ahmad Shadid, the CEO of decentralized compute provider io.net, has responded to critics who had questioned the number of GPUs truly available on the platform with a detailed post-mortem claiming the network had been attacked by users attempting to spoof GPU availability in return for future rewards.
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📣 DeFi DAO introduces permissionless listings with AI enhancement
Ooki, a decentralized finance DAO, innovates by combining artificial intelligence and permissionless listings. The decentralized finance (DeFi) space is crowded with thousands of tokens with varying use cases, while coins with new utilities emerge occasionally. While enriching the DeFi ecosystem with diverse investment options, this proliferation of tokens also introduces a significant challenge for users.
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💰 Polygon leads in EVM efficiency as DeFi users favor low transaction costs
Layer-1 blockchains are foundational networks supporting various applications directly on their protocol, while Layer-2 blockchains operate atop these foundational layers, enhancing scalability and efficiency. Comparing the usage and efficiency of EVM-compatible L1 and L2 blockchains and side chains helps us better understand the market values and where most of the DeFi activity comes from.
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📣 DeFi Lens builds advanced Generative AI for Technical Analysis
DeFi Lens – an innovative AI platform combining generative AI and Web3 trustworthy proofs to equip traders, especially those using technical analysis (TA) strategies, and crypto enthusiasts with better market signals and insights. DeFi Lens transforms how traders or crypto users search for alphas, exchange signals & data, and analyze trading strategies. The project is incubated by Oraichain Labs.
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💰 DeFi Protocol Lido investors withdraw $2.5bn in Ether from staking giant as rivals circle
In a sign that new rivals are gobbling up Ether, Lido’s share of the multibillion-dollar staking market on Ethereum fell to a two-year low this month as deposits plummeted. Since March 1, investors have withdrawn around 800,000 Ether deposited in Lido, which is worth about $2.5 billion, according to DefiLlama data. In the last 30 days, it has lost more Ether than any other staking service. Lido’s share of the staking market has fallen from about 32% in November to just under 29%.
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💰 Umoja Integrates Portal DeFi Enabling Trustless Swapping of Lower Risk, Higher Yield Assets on Bitcoin
Umoja, the world's first DeFi protocol to structure low-risk, high-yield digital assets, today announced an integration with Portal DeFi, the world's first trust-minimized Layer 2 cross-chain swaps protocol that involves no bridges, custody, or wrapping. The partnership will integrate Bitcoin’s first high yield synthetic dollar, USDb, and the native $UMJA token into the Portal DEX Network, making it one-click, cross-chain tradable with Native BTC, BRC20s, and native assets on various chains.
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📣 Saddle Raises $7.5M to Reduce Slippage in DeFi Trading
Saddle, an open-source automated market maker (AMM) for trading between pegged value crypto assets, has closed a $7.5 million funding round led by Polychain and Electric Capital with participation from Nascent, Project Galaxy and others. The fundraise follows a $4.3 million raise in January. Founded in 2020, San Francisco-based Saddle is a decentralized AMM on the Ethereum blockchain that’s optimized for tokens that have their value pegged to an underlying asset in some way.
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💰 Bitcoin-Backed Synthetic Dollar Promises High Yields for DeFi Users
Jakob Schillinger, founder and CEO of Hermetica, believes USDh will be a game-changer for Bitcoin DeFi. It will allow users to earn interest on their dollar holdings without leaving the Bitcoin network or relying on traditional financial institutions. This functionality caters specifically to Bitcoin enthusiasts who may be hesitant to venture outside the Bitcoin ecosystem. Hermetica is a DeFi protocol built on the Stacks blockchain, a layer-one solution designed to bring smart contract functionality to Bitcoin.
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🪙 Uniswap CEO weighs In on ethical token distribution
Hayden Adams, Uniswap’s founder and CEO, has outlined his take on ethical considerations for effective token distribution. This comes a few days after the crypto community raised concerns about the transparency and fairness of token distribution on EigenLayer. In an X post, Adams emphasized that he was discussing tokens, not points. He then criticized the practice of teasing and creating ambiguity during token distribution to inflate engagement metrics.
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🔵 Coinbase's Base could make it the NVIDIA of DeFi
Coinbase’s first-quarter earnings report — released May 2 — indicated the company has been thriving thanks to a vibrant market for Bitcoin and Ethereum over the last several months. However, the numbers indicated Base platform has shown even greater potential — and could make Coinbase the NVIDIA of decentralized finance (DeFi). Launched in August 2023, Base is a secure, low-cost Ethereum layer-2 solution built to scale Coinbase’s user base on-chain to make transactions faster.
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🔵 DeFi lending giant Aave unveils V4 protocol overhaul
Aave Labs, the firm behind the decentralized finance (DeFi) lending protocol Aave has outlined a proposal for an upgrade and evolution of its protocol as part of a five-year roadmap. The proposal also includes “major upgrades and expansions,” to the Aave Network, a cross-chain liquidity layer, non-Ethereum Virtual Machine (EVM) layer-1 deployments, and a “fresh new visual identity,” the team stated.
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📣 Cross Finance Announces DeFi Conferences in Vietnam to Showcase Innovative Products
Cross Finance, a next-generation digital ecosystem of cutting-edge payment solutions, is excited to announce two DeFi conferences «CrossFi changes everything» coming to Hanoi and Ho Chi Minh in May. The conferences aim to present Vietnamese users and partners to CrossFi APP, Cross Finance's non-custodial web3 banking app, as well as demonstrate the full range of CrossFi products and services. About 3,000 people will attend the conferences.
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📣 dWallet Network Integrates Native Multi-Chain DeFi with Monad
Monad ecosystem developers will be use dWallet Network to create natively multi-chain DeFi applications. According to the official press release shared with CryptoPotato, within the Monad ecosystem, dWallet Network plans to enable developers to leverage decentralized building blocks for creating DeFi applications across multiple chains without collusion and with high decentralization.
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💰 Lido Finance hits 1M validators, fueling the growth of DeFi
Liquid staking protocols like Lido Finance make staking more accessible for retail users with limited capital, who would otherwise need 32 Ether (ETH $3,181) to run their own validator nodes on Ethereum. Lido Finance accounts for the majority (28.5%) of staked Ether, while 13.6% is staked through the Coinbase exchange, according to Dune data. Over 27% of all the Ether supply is currently being staked.
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💰 ShibaSwap’s Shibarium Migration Signals DeFi Evolution
Decentralized exchange ShibaSwap has completed its transition to the Shibarium blockchain, departing from its original Ethereum foundation. Shibarium operates as an Ethereum layer-2 network, utilizing SHIB tokens for transaction fees. ShibaSwap has historically incorporated canine-themed applications for intricate DeFi functions, which has sometimes perplexed new users.
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📣 AI-powered DeFi platform secures $10M investment with upcoming DAO
NFA Labs recently partnered with Quantix Capital, receiving a $10 million capital commitment to be used to grow the ecosystem. The latest rally in crypto has not gone by without bad actors intensifying their illicit efforts. The first two months of 2024 witnessed a 15.4% increase in stolen funds, with more than $200 million lost to hacks and rug pulls, while decentralized finance (DeFi) remains the biggest target for culprits.
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📣 Paystand acquires Teampay to be DeFi version of ‘Venmo for B2B payments’
Paystand has acquired spend management software startup Teampay to create what the companies describe as a “no-fee B2B digital payment and spend powerhouse.” The combined company services over 1 million businesses running on a commercial blockchain to more than 1 million participants. It processed more than $10 billion in transactions to date, which it touts is nearly 2% of annual U.S. business-to-business payments.
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📣 Crypto Custody Firm Fireblocks Now Offers DeFi Threat Detection for Institutions
Cryptocurrency custody specialist Fireblocks is helping institutions exploring decentralized finance (DeFi) from interacting with bad actors and falling victim to malicious attacks with new threat detection and smart contract evaluation tools. Fireblocks’ dApp Protection and Transaction Simulation products, which have been in beta testing since December of last year with Galaxy and Flowdesk, are now available to check decentralized applications across over 40 blockchains.
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/channel/DeFi_Ethereum
📣 DeFi whales have millions ‘forgotten’ in bridge contracts: Arkham
Several identified crypto addresses have millions of dollars either “stuck” or “forgotten” about in at least two large bridge contracts, according to blockchain intelligence firm Arkham. “There are dozens of accounts with 6-7 figures stuck in bridge contracts, forgotten about,” said Arkham in an April 22 X post., including wallets connected to Ethereum co-founder Vitalik Buterin, crypto exchange Coinbase, and several DeFi whales.
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🪙 L2 volume on Uniswap has officially passed $250B — link
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