DeFi
🚀 S&P says tokenization is the future
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S&P Global Rankings, a leading credit rating agency, has released a report praising real-world tokenized assets (RWA). The company said on-chain RWAs are poised to transform the asset management industry by delivering unparalleled efficiency to managers and investors.
Aave has revealed its development of a layer 2 network to host the protocol and ecosystem of its web3 social graph, Lens. Aave said Lens Network would deliver the high throughput and low fees needed to support mainstream adoption.
Additionally, Infinex raised $60 million in two days, Degen Chain resumed operations after a 50-hour outage, and Sonne Finance suffered a $20 million exploit.
✍️ In today’s newsletter:
- S&P vouches for RWA tokenization
- Aave announces lens array based on ZK Stack
- Infinex claims $60 million in TVL after two days
- Degen Chain back online after 50-hour outage
- Hackers ravage Sonne Finance
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📈 Markets of the last 24 hours:
| Bitcoin | $63,2843.38 | % |
| Ethereum | $3,054 2.64 | % |
| Gold | 1st Future2 $332 0.80 | % |
| S&P500 | 5214.08 0.51 | % |
| Web Arch | 32:15 4:45 | % |
| Learn more about Arch Indices,[object Object] | % |
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Discover our latest podcast with Haseeb Qureshi, Managing Director of Dragonfly Capital. And look at our explainer on using DeFi to borrow crypto.
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🏦S&P Global Ranking Urges Asset Managers to Adopt Tokenization
A new report from the S&P Global Rankings claims that On-chain tokenization and RWA hold the key to revolutionizing asset management industry. Tokenized treasures can help money market funds and their investors to manage liquidity“, said Andrew O’Neill, managing director of digital assets at S&P Global Ratings. “In the longer term, tokenization could bring new efficiencies to the asset management sector.
👀Avara announces Lens Network L2 leveraging the ZK stack
Avara, the parent company of Aavebuilt a Layer 2 based on ZK stack network to accommodate a new deployment of Lens, its decentralized social media graphics, alongside the protocol’s ecosystem of applications. “Lens array overcomes the scalability limitations of blockchain and can support mass adoption“, said Matter Labs, the team behind ZkSync. “This advancement in scalability provides a user experience on par with traditional social networks while retaining the advantages of web3.
💰Infinex attracts $60 million in deposits in two days
Infinixa non-custodial cross-chain DeFi platform from Synethix founder Kain Warwick has accumulated over 60 million dollars in just TVL two days after having authorized the deposits to its points campaign. Warwick said Infinex would merge DeFi Services with the user experience of a centralized exchange.
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💡Degen channel back online after 50-hour outage
Degen Chain, a Layer 3 network running on top of Base, has finally resumed operations after failing to produce a block for over 50 hours. DEGEN price collapsed 22% from its local high on May 12 amid the outage.
🏴☠Sonne Finance suffers $20 million exploit
Users rush to get out Sonne Finance After hackers ransacked the protocol for $20 million which is equivalent to 57% of its TVL. Sound TVL is down 87.5% since before the attack, with losses compounded by a wave of user withdrawals the day after the attack.
🌍 SOMEWHERE ELSE
- The Stablecoin Issuer Circle will be legally established in the United States before listing (Bloomberg)
- Former head of BlackRock Bitcoin ETF named new CEO of Vanguard (Bitcoin Magazine)
- Oklahoma signs bill protecting crypto spending, mining and self-custody (CryptoSlate)