In this blog post, we bring you a roundup of news that highlight the ongoing advancements in the crypto industry. From central bank digital currencies leveraging AMM technology to the surging growth of DeFi tokens and strategic partnerships between major players, these news demonstrate the transformative potential of blockchain technology.
Chainspot team
🏦 BIS Collaborates with Curve’s AMM Technology for CBDC Pilot, Project Mariana
The Bank for International Settlements (BIS) has released an interim report on Project Mariana, a cross-border central bank digital currency (CBDC) pilot program that utilizes Curve’s automated market maker (AMM) design. The initiative, involving the BIS, the Bank of France, the Swiss National Bank, and the Monetary Authority of Singapore, explores the potential of AMMs to enhance the efficiency and transparency of foreign exchange trading and settlement.
The report highlights the transformative potential of tokenized financial markets and emphasizes that the project is purely experimental and not indicative of CBDC issuance or endorsement of DeFi.
📈 DeFi Tokens Soar
Top DeFi tokens, including Aave ($AAVE) and Compound ($COMP), have experienced significant gains, outperforming the broader market. Meanwhile, DeFi assets overall have seen a breakout, with the total value locked in DeFi protocols and the market cap of DeFi assets both rising more than 10% in the past ten days. The rise of liquid staking tokens (LSTfi) has also contributed to the growth of the DeFi sector. Chainspot offers a user-friendly Router that enables seamless swapping of DeFi tokens between different networks. This functionality brings accessibility to the DeFi market, amplifying the benefits of participating in the booming sector.
⛓ Matter Labs Releases ZK Stack for Customizable ‘Hyperchains’ on Ethereum
Matter Labs has unveiled ZK Stack, an open-source modular framework that enables developers to build customized blockchains, known as “hyperchains”, on Ethereum. Using cryptographic zero-knowledge proofs, ZK Stack offers an alternative approach to rollups, allowing transaction validity to be proven rather than assumed. With ZK Stack, developers can easily configure various components, such as the sequencer and data availability mechanism, to suit their specific needs and preferences. While data availability limitations currently exist, ZK Stack promises a seamless experience for complex interactions between decentralized parties in transactions.
💰 Metaverse Projects Garner 44% of Web3 Investments in 2023
Metaverse projects continue to attract significant investment, with venture capital firms injecting $707 million into the sector, accounting for 44% of all Web3 investments in the first half of 2023, according to a report from DappRadar. The report suggests that the growing augmented reality/virtual reality (AR/VR) sector could further fuel the metaverse’s growth. However, digital land markets experienced a decline in the second quarter due to the resurgence of memecoins speculation and renewed interest in DeFi protocols.
🤝 Chainlink and Celo Forge Partnership to Boost DeFi and Real-World Impact
Chainlink ($LINK), a vital component in sustainable DeFi growth, continues to expand through strategic collaborations. Celo developers can utilize Chainlink’s oracle data for DeFi development, benefiting both networks. This partnership enhances Celo’s ecosystem and attracts mainstream users, while Chainlink solidifies its position in blockchain oracle solutions.
At Chainspot, we remain committed to bringing you the latest updates and insights on blockchain advancements and their impact on various sectors. Stay tuned for more news and developments in the world of DeFi.
Chainspot team
