Welcome to Finance Redefined, your weekly source of essential insights on decentralized finance (DeFi) – a newsletter designed to bring you the most important developments from the past week.
The tokenization of real-world assets is on the rise, with over $1 billion worth of United States Treasurys now tokenized on Ethereum, Polygon, Solana, and other blockchains.
In a significant setback for the U.S. Securities and Exchange Commission (SEC), a U.S. judge has ruled that Coinbase’s self-custody crypto wallet does not make it a broker. This ruling is seen as a boon for DeFi and self-custody wallets.
Coinbase’s layer-2 platform Base has experienced a surge in total value locked (TVL) on-chain, doubling in just one month. This increase in TVL is attributed to the memecoin frenzy.
The tokenization of U.S. Treasurys on-chain has surpassed $1 billion in value. This growth has been supported by the recent launch of the BlackRock USD Institutional Digital Liquidity Fund, which now has a market cap of $244.8 million.
A recent ruling by U.S. District Judge Katherine Failla has been hailed as a victory for self-custody wallets and DeFi apps. The judge dismissed SEC allegations against Coinbase Wallet, stating that the SEC failed to prove that Coinbase conducted brokerage activity through the wallet.
Solana-based decentralized exchange (DEX) Jupiter has launched its native DAO with an initial capital of $137 million, consisting of 10 million USDC and 100 million JUP tokens. This budget will enable the DAO to fund ideas and align incentives for J.U.P Contributors.
Base, an Ethereum layer-2 network, has seen its TVL double in less than a month, reaching $2.13 billion. Experts believe that Base could become a hub for memecoins, driving further adoption on the platform.
In the DeFi market, the top 100 tokens by market capitalization had a bearish week, with most trading in the red on the weekly charts. However, the total value locked in DeFi protocols has risen back above $100 billion.
Thank you for reading our summary of the most impactful DeFi developments this week. Join us next Friday for more stories, insights, and education on this rapidly advancing space.