Babylon Labs, a Bitcoin infrastructure company, announced it has created a system that allows native Bitcoin to be used as collateral for borrowing assets on the Ethereum network.
David Tse, co-founder of Babylon Labs and a professor at Stanford University, revealed on Wednesday that the company has developed a proof-of-concept enabling “trustless” use of native Bitcoin as collateral for Ethereum loans.
This announcement follows the release of a white paper detailing a trustless vault system that uses Bitcoin smart contract verification, BitVM3, to secure BTC in user-specific vaults. Withdrawals are contingent upon proofs of external smart contract states verified on the Bitcoin network.
The system facilitates the locking of Bitcoin for use on Ethereum without the need for a custodian or bridging mechanism.
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BNB Chain sees record user activity, transactions up 151% in 30 days
BNB Chain recorded an all-time high in daily active addresses on Monday, coinciding with its native cryptocurrency reaching a new price peak.
As reported by Nansen, sender-only active addresses on the blockchain reached 3.46 million on Monday, surpassing the previous high of 3.44 million from December 2023.
Additionally, the analytics platform noted that BNB Chain completed 500 million successful transactions in the last 30 days, marking a 151% increase from the prior period, positioning it behind only Solana for total transactions.
Regarding active wallet addresses, BNB Chain ranked third, with nearly 200 million addresses active during this timeframe, nearing the layer-2 network Base.
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Hyperliquid now allows anyone to deploy perpetual futures, for a price
Decentralized exchange Hyperliquid has launched an update enabling third parties to create their own perpetual swap contracts on the platform.
Effective Monday, Hyperliquid Improvement Proposal 3 (HIP-3) permits permissionless, builder-deployed perpetual futures contract listings.
To deploy their own perpetual swap contract with distinct margining, order books, and parameters, users must stake 500,000 HYPE tokens, equivalent to approximately $20 million.
Deployers can determine a fee share of up to 50% atop the base fee rate, as well as define the markets, including oracle and contract specifications. They will also configure oracle prices, leverage limits, and settlement processes as needed.
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Uniswap adds Solana support on web app in $140 billion opportunity
Uniswap has expanded support for the Solana network in its web app, enabling Solana users to connect their wallets and trade Solana-based tokens alongside those from other networks.
In a blog update, the decentralized exchange stated it is investigating bridging, cross-chain swaps, and complete Uniswap Wallet integration for the network. Transactions via the web app will be facilitated through the DEX aggregator Jupiter.
A Uniswap engineer noted that the integration was not explicitly designed for Solana but rather involved creating “architect layers” that are platform-neutral.
Uniswap’s trading engineering lead, Danny Daniil, mentioned that Solana’s introduction will aid Unichain, a layer-2 network developed by Uniswap Labs, in becoming the “best chain” for trading.
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DeFi market overview
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) saw a 456% increase, emerging as the week’s top performer after hitting a new all-time high on Thursday. Following closely was Nockchain (NOCK), which exhibited a 379% rise last week.
Thank you for reading our recap of this week’s most significant DeFi developments. Join us next Friday for more stories, insights, and education surrounding this rapidly evolving space.
