Babylon Labs, a Bitcoin infrastructure company, announced the creation of a system that allows native Bitcoin to serve as collateral for borrowing assets on Ethereum.
On Wednesday, co-founder David Tse, who is also a professor at Stanford University, stated that the company has developed a proof-of-concept enabling “trustless” use of native Bitcoin as collateral for loans on Ethereum.
This announcement coincided with the release of a white paper detailing a Bitcoin trustless vault system. This system utilizes Bitcoin smart contract verification, BitVM3, to secure BTC in user-specific vaults. Withdrawals are then controlled by proofs of external smart contract states verified on Bitcoin.
With this system, users can lock their Bitcoin and transfer it to Ethereum without the need for a custodian or bridge.
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BNB Chain witnesses record user engagement, transactions rise by 151% in 30 days
On Monday, daily active addresses on BNB Chain reached a historic high, coinciding with a new price record for the network’s native crypto token.
Nansen reported that the number of sender-only active addresses on the blockchain reached 3.46 million on Monday, surpassing the previous record of 3.44 million from December 2023.
Additionally, over the past 30 days, BNB Chain has recorded 500 million successful transactions, marking a significant 151% increase from the prior period. This positions the network just behind Solana, which remains the leader in transaction volume.
In terms of active wallet addresses, BNB Chain secured third place with nearly 200 million addresses engaged during this time, coming close to surpassing the layer-2 network Base.
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Hyperliquid introduces capability for users to deploy perpetual futures, at a cost
Decentralized exchange Hyperliquid has released an update that enables third parties to create their own perpetual swap contracts on its platform.
Hyperliquid Improvement Proposal 3 (HIP-3) was implemented on Monday, allowing for permissionless deployment of perpetual futures contract listings by builders.
Participants who stake 500,000 HYPE tokens, roughly valued at $20 million, can now launch their own perpetual swap contract with independent margining, order books, and parameters.
Contract deployers can establish a fee share of up to 50% over the base fee rate and will determine market specifics, including oracle and contract features. They are also responsible for setting oracle prices, leverage limits, and related settlement processes.
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Uniswap integrates Solana support on web app, tapping into a $140 billion market
Uniswap has added Solana network support to its web application, enabling Solana users to link their wallets and trade Solana-based tokens alongside those from other networks.
In a recent blog post, the decentralized exchange mentioned its plans to explore bridging, cross-chain swaps, and comprehensive support for the Uniswap Wallet on the Solana network. Transactions via the web app will be facilitated by the DEX aggregator Jupiter.
A Uniswap engineer clarified that the integration wasn’t specifically developed for Solana, but rather that the design emphasizes platform-agnostic architectural layers.
Uniswap’s trading engineering lead, Danny Daniil, remarked that Solana’s introduction will position Unichain, a layer-2 network by Uniswap Labs, as the “best chain” for trading.
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Overview of the DeFi market
Data from Cointelegraph Markets Pro and TradingView indicates that most of the 100 largest cryptocurrencies by market capitalization closed the week with losses.
A token named BNB Attestation Service (BAS) surged by 456%, emerging as the week’s top gainer after reaching a new all-time high on Thursday. Following closely was Nockchain (NOCK), which experienced 379% growth in the same period.
Thank you for reading our summary of the week’s most noteworthy DeFi developments. Join us next Friday for more updates, insights, and education related to this rapidly evolving sector.
