DeFi Herald: TVL Contracts Reduced, Lido Allows Ethereum Withdrawals

The decentralized finance sector (DeFi) continues to attract a lot of interest from cryptocurrency investors. ForkLog has collected the most important events and news from the past few weeks in a summary. Highlights of the DeFi sector

Total locked-in volume (TVL) in DeFi standards fell to $47.11 billion. Lido became the leader with $11.83 billion, while MakerDAO ($6.87 billion) and AAVE ($5.19 billion) hold the second and third lines respectively.

TVL in Ethereum app has fallen to $27.12 billion. The exchange rate (DEX) in the last 30 days is $ 74.6 billion.

Uniswap continues to dominate the unsecured exchange market, accounting for 53.4% ​​of the total amount. The second DEX in terms of trading volume is PancakeSwap (29.7%).

Lido opens Ethereum mining by enabling protocol version 2
On May 15, members of Lido Finance’s liquid staking platform released the second version of the protocol after the municipal elections. The update received 100% approval.

The main features of the protocol update in Lido v2 are:

the ability to remove Ethereum from staking by burning stETH at a ratio of 1:1;
The launch of the Staking Router, aims to make more people support different things and promote a wider release. Several other changes, including updates to Oracle’s smart contract and backend software, are aimed at supporting two key new options.

Lido v2 has passed numerous security checks from Sigma Prime, ChainSecurity, Oxorio, Statemind, HEXENS, MixBytes() and Certora. What is Lido?

Bakkt has made a large DeFi token sale through the Apex Crypto platform
Platform company Bakkt has removed several DeFi tokens and previously acquired Apex Crypto. This decision is explained by the desire to obey the law.

Bakkt closes deal to buy Apex Crypto in April 2023. The latter is an integrated cryptocurrency exchange that provides trade execution, clearing, and also provides security and tax-related services.

The company removed 25 out of 36 assets previously, including Aave (AAVE), Avalanche (AVAX), Cosmos (ATOM), Fantom (FTM), Filecoin (FIL), GALA (GALA), Sushiswap (SUSHI) and Uniswap (UNI). ).

The deal with Apex Fintech Solutions (former owner of Apex Crypto) is part of the company’s shift to a B2B model. In February, the platform shut down cryptocurrency trading applications. Endless Money will launch Europe’s first DeFi bank

German startup Unstoppable has announced the launch of the first fully-fledged DeFi bank and stablecoin bank in Europe.

The project promises to maintain the security of the new \”stablecoin”, as required by European law. On April 20, the European Parliament approved a law to regulate the crypto-asset market.

The new provision will take effect in 2024. Peter Grosskopf, the co-founder of Unstoppable Finance, said the traditional banking system was not healthy enough and the recent crisis in the financial sector had shown “the need to reinvent it from the ground up”.

“With the advent of stablecoins, money has become programmable, they are sent in hours and seconds and provide business insight. Now is the time to take advantage of this important new opportunity and rebuild the financial system as we will do today, ” he explained. According to Grosskopf, the euro-backed currency will be classified as “electronic money” and will be “a bridge between traditional money and the decentralized economy”.

The director of the company said that through the DeFi bank, they will be able to deposit money into the BCE account at any time to support their “stablecoin” and other services.

MakerDAO launches DeFi Landing Project Competitor Aave

The developers of MakerDAO have launched the Spark Protocol, a cryptocurrency exchange based on the DAI stablecoin and an asset powered by the DeFi system. The Spark protocol is designed to be a native failover detector that supports First Person.

The DeFi platform can provide another investment method by lending to its users as part of its asset protection strategy. The work of the solution is based on the third version of the smart contract system of the Aave project.

Initially, users will be able to borrow DAI at an annual rate of 1.11%. Community members set Spark Land’s interest rates by voting. This separates the work from competitors, as they develop under the influence of supply and demand. crvUSD, GHO and DAI: is there a future for stablecoins?

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