Babylon Labs Innovates Bitcoin Collateral Use in DeFi
- Babylon Labs developed a system enabling native Bitcoin to be used as collateral for loans on Ethereum.
- The proof-of-concept utilizes a Bitcoin trustless vault system, leveraging BitVM3 for smart contract verification.
- Daily active addresses on BNB Chain hit an all-time high of 3.46 million, with transactions up by 151% over the last month.
- Hyperliquid now allows users to deploy perpetual futures contracts by staking HYPE tokens, requiring around $20 million.
- Uniswap added support for the Solana network, allowing cross-chain trading of Solana-based tokens through its web app.
The advancements in using Bitcoin as collateral and the surge in activity on BNB Chain highlight significant developments in the decentralized finance (DeFi) landscape this week.
With BNB Chain’s transactions reaching over half a billion and Babylon Labs’ innovative approach to collateralization, these trends underscore the evolving dynamics within DeFi and blockchain technology.(Source)
