DeFi

Empowering Users with Self-Custody Debit Cards in DeFi

Wednesday. August 14 at 10:30 PM

1 min. read

Decentralized finance (DeFi) wallet MetaMask has collaborated with Mastercard and Baanx to introduce a self-custody debit card pilot program in the UK and EU. Users can hold their funds until transactions are processed, converting digital assets to fiat for payments. Consensys' Lorenzo Santos explained that users must keep their crypto on Linea network and set spending limits. Transactions involve swiping the MetaMask card, creating an onchain transaction, and converting crypto to fiat through a smart contract. This initiative, currently limited to Europe, aims to provide banking services to the unbanked and streamline crypto payments in high inflation environments. Countries like Nigeria and Argentina are already benefiting from digital assets for banking services and combating inflation. The potential of crypto in remittances is evident, with Venezuela receiving 9% of remittances in cryptocurrencies in 2023.

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Partnership Between Alchemy and Cross Finance to Revolutionize dApp Development

Saturday. September 14 at 1:00 AM

Alchemy, a prominent web3 development platform, has joined forces with Cross Finance, an innovative DeFi platform, to enhance dApp development on the CrossFi Chain. This collaboration positions Alchemy as a core development partner, facilitating the creation and expansion of dApps on the CrossFi Chain, thereby advancing decentralized finance. The CrossFi Chain serves as a bridge between traditional and DeFi, offering a scalable infrastructure for secure and transparent financial transactions. By leveraging Alchemy's dApp building tools, Cross Finance aims to streamline development processes and empower developers on the CrossFi Chain. This strategic partnership will provide developers with access to Alchemy's advanced API services, enhancing the performance and security of dApps. Both companies are dedicated to fostering innovation within the blockchain ecosystem and empowering developers to create groundbreaking financial solutions on the CrossFi Chain.

DeFi

Decentralized Finance Platform Sky Proposes Removing Wrapped Bitcoin as Collateral

Friday. September 13 at 9:30 PM

Sky, a decentralized finance lending and borrowing platform formerly known as Maker, has suggested eliminating Wrapped Bitcoin as collateral within its ecosystem due to concerns about its association with Justin Sun. The team announced plans to offboard Wrapped Bitcoin variants on SparkLend, their decentralized non-custodial liquidity protocol, through a series of steps starting on Sept. 26. Users were advised to close WBTC Legacy Vaults and positions to avoid liquidation. SparkLend currently has $73 million in debt collateralized against WBTC, with legacy vaults holding $127 million in collateralized debts. The decision was influenced by recent changes in WBTC ownership involving Sun or affiliates, raising significant counterparty risks. Alternative strategies for Bitcoin collateral, such as centralized and decentralized tokenized products, were proposed to fill the gap. The move aims to reduce exposure to potential risks associated with Sun-affiliated products and ensure a more secure ecosystem for users.

DeFi

Reshaping Energy Distribution with Cryptocurrency Incentives

Friday. September 13 at 4:30 PM

Fuse, a London-based renewable energy startup, is revolutionizing energy generation, distribution, and consumption by offering incentives through mobile apps and decentralized technology. The company's initiative, known as DePIN, leverages blockchain-based technology and tokens to promote renewable electricity. By encouraging local generation and consumption of energy resources like home solar and electric vehicle charging, Fuse aims to optimize efficiency and reduce costs. The Fuse Energy mobile app allows consumers to monitor their energy usage in real-time, promoting transparency and reducing waste. Additionally, the app promotes 'demand response,' where users adjust energy consumption based on renewable energy availability. To incentivize participation, Fuse introduced Project Zero and a utility token on Solana, allowing consumers to earn discounts on energy. Despite regulatory limitations, Fuse secured $12 million in funding to support Project Zero's expansion. The DePIN industry is rapidly growing, with companies like Spacecoin and Akash Network also making strides in decentralized infrastructure projects.

DeFi

SUI Price Surge and Market Performance

Friday. September 13 at 12:00 PM

SUI (SUI) price surged by 13% in a day, reaching $1.02 on Sept. 12, part of a rebound since Sept. 3, with a 27% rise in a week. SUI climbed from $0.9274 to $1.07 on Sept. 12. Compared to the total crypto market cap increase of 1.15% to $2.02 trillion, SUI emerged as the top gainer among the top 100 cryptocurrencies. Grayscale launched the Grayscale SUI Trust on Sept. 12, allowing accredited investors to access SUI. SUI, a top 30 layer-1 blockchain with over $711 million TVL, saw a 107.5% rise in TVL from Aug. 5 to Sept. 12. The rising TVL is driven by protocols like Cetus, Navi Protocol, Scallop Lend, DeepBook, and FlowX Finance. Analysts predict a potential breakout for SUI, with targets set at $2.58 and $3.60. This article does not provide investment advice, urging readers to conduct their research.

DeFi