DeFi Hits $100B Milestone; MakerDAO, Unizen Make Moves; Ethena Tops DApp Earnings; BNB chain Unveils Layer-2 Solution
Summary:
This week in DeFi saw the total value locked (TVL) surpass $100 billion, MakerDAO ready for its "Endgame" scalability transformation aiming to scale their stablecoin from $4.5 billion to $100 billion, and DeFi platform Unizen plans to reimburse users after suffering a hack. Ethena became the highest-earning DApp with over $6.8 million in revenue over the last week, while BNB Chain unveiled a rollup-as-a-service solution for building layer-2 blockchains on its network.
Introducing Finance Redefined, the go-to weekly dispatch for indispensable insights into the world of decentralized finance (DeFi) — a thoughtfully curated newsletter that breaks down the paramount advances from the previous week. The DeFi realm continues its bullish trend as the total value locked (TVL) surpasses the $100 billion mark for the first time in over two years, MakerDAO readies for its revolutionary “Endgame” scalability overhaul, Ethena rises to the top as the highest-earning decentralized app (DApp), and DeFi platform Unizen pledges to compensate its users following a multimillion-dollar security breach. Also, new developments emerge as BNB Chain unveils its innovative rollup-as-a-service solution for layer-2 networks.
Maker’s “Endgame” initiative targets the $100 billion DAI in quest to rival Tether. DeFi protocol MakerDAO is bracing for the debut of its eagerly-anticipated “Endgame” transformation, a move that will see the platform pivot towards the goal of scalable resilience and sustainable user expansion,” asserts co-founder Rune Christensen. In posts made on social media platform X and the MakerDAO forum on March 12, Christensen declares it's “launch season” for the DeFi lending protocol's five-stage plan, with the first phase planned around mid-2024 and involving the hiring of an external marketing firm to revamp the entire operation, aiming to simplify and amplify its appeal. The end objective of Endgame is scaling the protocol's Dai (DAI) stablecoin from a $4.5 billion market cap to a whopping $100 billion and beyond, directly competing with Tether (USDT).
Unizen, a DeFi Protocol, moves to “swiftly reimburse” users after a $2.1 million security breach. After a security compromise leading to a loss of around $2.1 million in user funds, DeFi Protocol Unizen has announced plans to recompense its users who lost $750,000 or less "at the earliest”. The compromise was flagged by blockchain analytics firm PeckShield on March 9, which reported losses exceeding $2 million. The security firm called on users to cancel their approvals from the trade aggregator to avert additional losses. The total exploit losses, as estimated by Security company SlowMist, were around $2.1 million, with the aggressor swapping USDT for DAI.
Ethena takes the crown as the highest-earning DApp in the crypto space. After notching up over $6.8 million in aggregate daily revenue over the previous week, Ethena now holds the title of the highest-earning DApp, according to a March 8 X post by Seraphim Czecker, Head of Growth at Ethena Labs. The only blockchain networks surpassing Ethena’s total revenue were Tron, boasting $38.6 million, and Ethereum, leading with $182.5 million in daily aggregate revenue throughout the past seven days.
BNB Chain's new rollup service set to bolster layer-2 ecosystem. BNB Chain, the ecosystem fuelled by the BNB (BNB) token, has announced a new rollup service solution designed for creating layer-2 blockchains on its network. On March 14, BNB Chain revealed its rollup-as-a-service (RaaS) solution that would enable projects to gain access to the essential technological groundwork required for deploying layer-2 networks on the blockchain, thereby expanding BNB Chain’s ecosystem.
Looking at the DeFi market, data from Cointelegraph Markets Pro and TradingView reveals an optimistic week for the top 100 DeFi tokens by market capitalization, with many charting in the green on a weekly scale. The TVL in DeFi protocols surpassed $110 billion for the first time in two years.
That sums up the most significant developments in the DeFi space this week. Return next Friday for more exciting stories, insights, and learning opportunities from this rapidly evolving sector.
Published At
3/15/2024 10:25:00 PM
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