Babylon Labs, a Bitcoin infrastructure company, has announced the development of a system that allows for the use of native Bitcoin as collateral for borrowing assets on Ethereum.
David Tse, co-founder of Babylon Labs and a professor at Stanford University, stated on Wednesday that the company has created a proof-of-concept enabling Bitcoin to be utilized “trustlessly” as collateral for loans on Ethereum.
This announcement follows the release of a white paper outlining a trustless vault system that employs Bitcoin smart contract verification, BitVM3, to secure BTC in individual user vaults. Withdrawals from these vaults are contingent on proofs of external smart contract states verified on Bitcoin.
The system empowers users to lock their Bitcoin and transfer it to Ethereum without the necessity of a custodian or a bridge.
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Record user activity on BNB Chain, transactions surge 151% in 30 days
BNB Chain recorded an all-time high in daily active addresses on Monday, coinciding with a new price milestone for the network’s native cryptocurrency.
According to Nansen, sender-only active addresses on the blockchain reached a record 3.46 million on Monday, exceeding the previous peak of 3.44 million in December 2023.
The data analytics platform also reported that BNB Chain witnessed 500 million successful transactions in the last 30 days, marking a 151% increase from the prior 30-day period, placing it in second place behind Solana for transaction volume.
In terms of active wallet addresses, BNB Chain ranked third with nearly 200 million addresses during this period, nearing the figures of layer-2 network Base.
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Hyperliquid introduces perpetual futures deployment for a fee
The decentralized exchange Hyperliquid has rolled out an update allowing external parties to create their own perpetual swap contracts on the platform.
Effective Monday, Hyperliquid Improvement Proposal 3 (HIP-3) allows for permissionless deployment of perpetual futures contract listings by builders.
This new feature allows anyone staking 500,000 HYPE tokens, approximately $20 million, to establish their own perpetual swap contract with independent margining, order books, and parameters.
Deployers can set a fee share of up to 50% in addition to the base fee rate, defining the markets, including oracle and contract specifications, while also setting oracle prices, leverage limits, and necessary settlements.
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Uniswap integrates Solana support on web app targeting $140 billion market
Uniswap has introduced support for the Solana network on its web app, enabling Solana users to connect their wallets and trade tokens native to Solana alongside those from other networks.
In a blog post, the DEX indicated plans to explore bridging, cross-chain swaps, and complete Uniswap Wallet support for the network. Transactions conducted via the web app will be processed through the DEX aggregator Jupiter.
A Uniswap engineer revealed that the integration was not specifically tailored for Solana but instead involved creating “architectural layers” adaptable to various platforms.
Uniswap’s trading engineering lead, Danny Daniil, mentioned that the launch on Solana will bolster Unichain, a layer-2 network created by Uniswap Labs, aiming to establish it as the “best chain” for trading.
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Overview of the DeFi market
Data from Cointelegraph Markets Pro and TradingView indicates that the majority of the 100 largest cryptocurrencies by market capitalization ended the week with losses.
A token named BNB Attestation Service (BAS) reported a 456% increase, making it the biggest gainer of the week after reaching a new all-time high on Thursday. Following closely was Nockchain (NOCK), which achieved a 379% gain last week.
Thank you for reading our summary of this week’s significant developments in the DeFi sector. Join us next Friday for more stories, insights, and educational content regarding this rapidly evolving space.
