Maker founder proposes endgame, Singapore explores DeFi and more

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Maker founder proposes endgame, Singapore explores DeFi and more
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The past week has seen many new developments in the decentralized finance (DeFi) ecosystem, including the rebirth of the Terra 2.0 blockchain. At the same time, Binance Incubation platform Binance Labs launched a $500 million fund to support and promote Web3 adoption.

The Central Bank of Singapore has partnered with JPMorgan to explore the use of DeFi in wholesale funding markets by establishing a tokenized bond. KuCoin has launched a very decentralized wallet that supports DeFi and non-fungible tokens.

The top 100 DeFi tokens are showing signs of breaking out of a month-long bearish trend, with most of them showing an overall uptick in the past seven days.

Maker founder proposes MetaDAO and synthetic ETH in “Endgame plan”

MakerDAO co-founder Rune Christensen has released a new landmark proposal to advance the project into its final form, dubbed The Endgame Plan.

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In 3,000 words, including 35 detailed infographics, Christensen explained that Maker’s current governance model has created a gridlock that makes it difficult for the protocol to effectively handle “complex real-world financial transactions” and damages its relationship with financial institutions. Competitiveness.

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Binance Labs’ $500M Fund to Boost Crypto, Web3 and Blockchain Adoption

Binance Labs, the investment arm of crypto giant Binance, has launched a $500 million fund in partnership with global investors including DST Global Partners and Breyer Capital to drive innovation in crypto, Web3 and blockchain.

Binance Labs plans to allocate the latest $500 million in funding to projects at all stages: incubation, early and late-stage growth.

Binance CEO Changpeng Zhao shared his views on accelerating adoption of the crypto ecosystem, noting the importance of the connection between values, people and the economy.

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Singapore explores the tokenization of public chain digital assets

The Monetary Authority of Singapore (MAS) has launched Project Guardian, a blockchain-based digital asset trial that will use tokenization. The project will include regulated financial institutions acting as “trust anchors”, with a pilot involving JPMorgan Chase, DBS Bank and SGX bond joint venture Marketnode.

The Project Guardian initiative was announced on the sidelines of the Asia Tech x Singapore Summit on Tuesday and is spearheaded by Deputy Prime Minister and Coordinating Minister for Economic Policy Heng Swee Keat. It will see MAS explore DeFi applications in wholesale funding markets by building liquidity pools of tokenized bonds and deposits to execute lending and borrowing on public blockchain-based networks.

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KuCoin taps into Web3 with new decentralized wallet

As interest in Web3 continues to heat up, cryptocurrency exchange KuCoin has launched a new decentralized wallet platform.

KuCoin Wallet is now live for users, and the browser-based platform paves the way for mobile applications that are still in development.

The platform plugs into the KuCoin ecosystem and has cross-blockchain integration capabilities. Users will be able to buy, sell, trade, and send a variety of cryptocurrencies, including Bitcoin (BTC), Ether (ETH), and Tether (USDT), in addition to other tokens.

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DeFi Market Overview

Analysis data shows that the total locked value of DeFi has reversed its trend, reaching over $80 billion again. Data from Cointelegraph Markets Pro and TradingView shows that the top 100 tokens by DeFi market cap saw wild price swings over the week but broke out of a bearish trend over the past few days.

Among the top 100 DeFi tokens by market cap, most traded in green, with Aave (AAVE) gaining the most with a 10.42% gain, followed by CurveDAO (CRV) with a 10% gain. Theta Network (THETA) is up 8%, while Chainlink (LINK) is up 7%.

The relaunched Terra 2.0 network was listed on major exchanges after it resumed on May 28, and price action has been volatile since then. Terra (LUNA) fell 70% on its first day of trading and is now trading at a third of its listing price.

Thank you for reading our roundup of the week’s most influential DeFi developments. Join us again next Friday for more stories, insights and education in this dynamically growing space.



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