Bitcoin infrastructure firm Babylon Labs announced the development of a system that allows native Bitcoin to serve as collateral for borrowing assets on Ethereum.
Co-founder and Stanford professor David Tse stated on Wednesday that the company has created a proof-of-concept enabling “trustless” use of native Bitcoin as loan collateral on Ethereum.
This follows the release of a white paper detailing a trustless vault system that utilizes Bitcoin smart contract verification, BitVM3, to secure BTC in individual user vaults. Withdrawals depend on proofs of external smart contract state validated on Bitcoin.
The system empowers users to lock Bitcoin and transfer it to Ethereum without needing a custodian or bridge.
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BNB Chain sees record user activity, transactions up 151% in 30 days
On Monday, daily active addresses on BNB Chain reached an all-time high, coinciding with a new price milestone for the network’s native token.
As reported by Nansen, sender-only active addresses on the blockchain hit a record 3.46 million on Monday, exceeding the previous peak of 3.44 million set in December 2023.
The analytics platform indicated that BNB Chain successfully processed 500 million transactions in the last 30 days, a remarkable 151% rise from the prior month, making it second to Solana in transaction volume.
In terms of active wallet addresses, BNB Chain placed third, with nearly 200 million addresses active during this period, nearing the figures seen on layer-2 network Base.
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Hyperliquid now allows anyone to deploy perpetual futures, for a price
Decentralized exchange Hyperliquid has rolled out an update allowing third parties to launch their own perpetual swap contracts on its platform.
Effective Monday, Hyperliquid Improvement Proposal 3 (HIP-3) enables permissionless, builder-driven perpetual futures contract listings.
This update permits anyone who stakes 500,000 HYPE tokens—approximately $20 million—to create their own perp swap contract with independent margining, orderbooks, and parameters.
Deployers can establish a fee share of up to 50% on top of the base fee and define markets, including oracle and contract specifications. They will also be responsible for setting oracle prices, leverage limits, and settlement as needed.
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Uniswap adds Solana support on web app in $140 billion opportunity
Uniswap has integrated support for the Solana network into its web app, enabling Solana users to connect their wallets and trade Solana tokens alongside others from different networks.
In a blog post, the DEX announced it is exploring bridging, crosschain swaps, and full Uniswap Wallet support for Solana. Transactions via the web app will be facilitated through the DEX aggregator Jupiter.
A Uniswap engineer noted that the team did not specifically create the integration for Solana but instead constructed “architect layers” that are platform-agnostic.
Uniswap’s trading engineering lead, Danny Daniil, emphasized that Solana’s integration will elevate Unichain, a layer-2 network developed by Uniswap Labs, as the “best chain” for trading.
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DeFi market overview
Data from Cointelegraph Markets Pro and TradingView indicates that the majority of the 100 largest cryptocurrencies by market capitalization closed the week in the red.
A token named BNB Attestation Service (BAS) surged 456%, making it the week’s biggest gainer after reaching a new all-time high on Thursday. Following closely was Nockchain (NOCK), which achieved 379% gains last week.
Thank you for reading our summary of this week’s key DeFi developments. Join us next Friday for more stories, insights, and education related to this rapidly evolving field.
