Welcome to our latest blog post, where we highlight the industry’s progress, innovation, and growing adoption, reflecting the dynamic nature of the cryptocurrency ecosystem.
Chainspot team
🌉 “Bridge Assessment” is out
The Uniswap Foundation has released its Bridge Assessment Report, shedding light on the winners and losers in the search for reliable bridge providers. Wormhole and Axelar emerged as the top choices after a rigorous evaluation process conducted by a panel of nine experts. The assessment aimed to address concerns regarding Uniswap’s previous bridge selection practices and focused on the core infrastructure supporting its governance process. While other bridges such as LayerZero, Celer, DeBridge, and Multichain did not meet the committee’s criteria, the report allows for potential reevaluation in the future. Uniswap’s community will have the final say on bridge platforms when expanding to new blockchains. Find your bridge with the largest blockchain bridges aggregator!
🔗 Polygon zkEVM Surpasses 1 Million Transactions
Polygon’s zkEVM has achieved a significant milestone by surpassing 1 million transactions on its network. Additionally, the total value locked (TVL) on Polygon zkEVM continues to climb. Despite the challenging market conditions faced by the crypto industry in recent years, Polygon has shown improvement with its newly-launched zkEVM.
👛 Curve Founder-Linked Wallet Repays $1.3M to Aave Amid $CRV Downtrend
A wallet associated with Curve Finance founder, Michael Egorov, has made a repayment of $1.3 million worth of tether ($USDT) to lending protocol Aave, alleviating concerns surrounding the substantial debt taken by the wallet. Aave DAO had previously recommended freezing millions worth of $CRV. The decline in the broader crypto market, including the $CRV, prompted the partial payback, mitigating risks associated with the sizable loan.
📈 Bitcoin Surges Above $26.3K, Reaching One-Week High Amid BlackRock’s Positive Outlook
Bitcoin has experienced a second surge in less than 24 hours following the announcement by BlackRock, a prominent fund management giant, that it has initiated the process of establishing a spot bitcoin exchange-traded fund (ETF). The cryptocurrency swiftly surpassed the $26,000 mark, reaching its highest level in a week. Just a few days ago, Bitcoin was hovering near its three-month low of $25,000.
⛓ Frax Finance to Launch Fraxchain, an EVM-Compatible L2 Blockchain
Frax Finance, the DeFi project behind popular decentralized stablecoins like $FRAX, $FPI, and $frxETH, has announced plans to launch its own L2 blockchain called Fraxchain before the end of this year. The upcoming blockchain solution will be based on a hybrid technology combining Optimistic rollups and zero-disclosure proofs, providing several advantages such as faster transaction finalization, increased security, improved bandwidth, and decentralized opportunities. You can easily swap FRAX tokens between different networks using cross-chain router.
This was a roundup of the most exciting news in the cryptocurrency world. From developments in blockchain technology to significant market movements, join us as we delve into the latest updates shaping the DeFi landscape.
Chainspot team
