Circle & Ethereum & Avalanche | Lens Protocol & Bonsai | Robinhood & On-Ramp | Curve Finance & Stablecoin launch | Alibaba Cloud & Avalanche | &more
25.04.-08.05.2023
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1 | Circle launches cross-chain USDC transfer protocol for Ethereum, Avalanche
Circle, the creator of US Dollar Coin, has launched a mainnet protocol that lets users transfer USDC between Ethereum and Avalanche, according to an April 26 announcement. Previously, Avalanche users who held USDC on Ethereum had to deposit their coins with a Circle partner or use a third-party bridge to transfer their USDC from one network to the other. The new Cross-Chain Transfer Protocol (CCTP) protocol appears to do away with this need for USDC bridges. The team released a video on April 13 showing how the new protocol works. Unlike a traditional bridge, it doesn’t lock tokens sent to its contract. Instead, it completely destroys them and issues new tokens on the receiving network. Users can redeem these new tokens for bank deposits directly, by depositing the tokens with Circle or its partners.
2 | Lens Protocol introduces Bonsai, an Optimistic L3 scaling solution
Lens Protocol announced the launch of a new Optimistic L3 scaling solution called Bonsai, which aims to process transactions at hyperscale and support the next generation of web3 social users. The solution is designed to serve as a scaling solution that processes Polygon transactions off-chain, achieving hyperscale and reducing costs. Unlike L2 solutions, Bonsai doesn't compress transactions into L1, but sends and stores them on a data availability layer.
https://tokeninsight.com/en/news/lens-protocol-introduces-bonsai-an-optimistic-l3-scaling-solution
3 | Robinhood launches fiat-to-crypto on-ramp for self-custody wallets and DApps
The launch of "Robinhood Connect," a fiat-to-crypto on-ramp featuring support for decentralized applications (DApps) and self-custody wallets, was announced at Consensus 2023 on April 27.Positioned as a competitor to similar services such as Coinbase Pay and MoonPay, Robinhood Connect essentially allows users to purchase and sell cryptocurrency directly to and from their self-custody wallet or natively in DApps using a credit or debit card. Robinhood Connect features integration with Web3 projects, as developers can embed the service directly into applications. This allows customers to access their Robinhood credentials natively in DApps without having to open the Robinhood website or app separately to log in and conduct transactions.
4 | DeFi Protocol Curve Finance Deploys Native Stablecoin on Ethereum Mainnet
Decentralized finance (DeFi) protocol Curve Finance deployed its highly anticipated native stablecoin called crvUSD on the Ethereum mainnet Wednesday afternoon. Blockchain data on Etherscan shows that the contract has minted a total of $20 million in crvUSD tokens in five transactions within five minutes. After the first tokens were minted, a crypto wallet labeled as Curve.Fi Team by blockchain intelligence firm Arkham Intelligence created a $1 million crvUSD loan using $1.8 million of frxETH, a type of ether (ETH) derivative token issued by DeFi protocol Frax Finance.
https://www.coindesk.com/tech/2023/05/03/curve-finance-deploys-native-stablecoin-on-mainnet/
5 | Alibaba Cloud Builds Metaverse Launchpad on Avalanche
The cloud division of Chinese tech behemoth Alibaba (BABA) has built a launchpad for businesses to deploy metaverses on the Avalanche blockchain. Named Cloudverse, the launchpad is designed to provide an end-to-end platform for companies to customize and maintain their metaverse spaces to try and find new ways of engaging with their customers. Avalanche will provide the technology for building the metaverse spaces, while Alibaba Cloud will provide the computing and storage, according to an emailed announcement on Thursday.
https://www.coindesk.com/business/2023/05/04/alibaba-cloud-builds-metaverse-launchpad-on-avalanche/
6 | Binance to List FLOKI and PEPE in Innovation Zone
The announcement from Binance caused some excitement in the market as PEPE saw a surge of over 40%, while FLOKI increased by over 60%. Binance, the world’s largest cryptocurrency exchange, has confirmed the listing of Floki Inu (FLOKI) and PEPE in the Innovation Zone on its platform. According to the firm, a listing fee of 0 BNB applies to trade pairs featuring the duo of FLOKI and PEPE. As per a published statement, Binance also ascertained that by the latter part of today, the exchange would have opened trading for the spot pairs like FLOKI/USDT, FLOKI/TUSD, PEPE/USDT, PEPE/TUSD. Hence, users are encouraged to start depositing any or both of the two memecoins in anticipation of trading. Deposits of FLOKI and PEPE will be made possible from today but users will not be allowed to withdraw until May 6th.
https://www.coinspeaker.com/binance-floki-pepe-innovation-zone/
7 | Aave DAO Passes Proposal to Deploy on Ethereum Layer 2 Metis Network
Lending protocol Aave will deploy its version 3 (V3) on the Ethereum layer 2 ecosystem Metis Network following an overwhelmingly positive community vote that concluded over the weekend. A community vote on Aave’s governance forum saw 100% of all voters signal support for the move. No voter was against the move. Aave’s deployment on Metis is said to increase market liquidity for both ecosystems while allowing Metis users to benefit from the borrowing and lending features of Aave, such as earning rewards for providing token liquidity to the platform.
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