Sui & Red Bull Racing | MakerDAO & Paxos Dollar | Wall Street & Binance & Coinbase | redefined & Arbitrum | Multichain & CEO | &more
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1 | Sui Blockchain Signs Multiyear Deal With Red Bull Racing
Sui, whose blockchain went live less than a month ago, has signed a multiyear deal to become the blockchain partner of Formula One's Oracle Red Bull Racing team. The blockchain's native token (SUI) rose by 1.7% before receding on the news. This is not Red Bull's first foray into the crypto industry. Last year it signed a $150 million deal with derivatives exchange Bybit. The team said Sui will roll out a series of digital experiences for racing fans over the coming months.
2 | MakerDAO Votes to Ditch $500M in Paxos Dollar Stablecoin From Reserve Assets
Decentralized finance (DeFi) lending protocol MakerDAO’s community has voted to ditch $500 million Paxos Dollar (USDP) stablecoin from its reserves, impacting half of the token’s supply. Voters unanimously favored decreasing the debt ceiling for USDP to zero from $500 million, according to a vote concluded Thursday. The decision has a significant impact on embattled stablecoin issuer Paxos, as Maker’s treasury holds roughly half of USDP’s $1 billion supply. This comes after New York state regulators forced the company in February to halt minting Binance USD (BUSD), another Paxos-helmed stablecoin. The market capitalization of BUSD has cratered to $5 billion from $16 billion since then, according to CoinGecko data.
3 | Wall Street firms to take on Binance, Coinbase, other crypto-native exchanges
raditional financial firms, including Standard Chartered, Nomura, and Charles Schwab, are busy building or funding new crypto exchange and custody platforms, FT reported on May 31. These well-known Wall Street firms are betting that fund managers are still interested in trading crypto even after last year’s market downturn and the string of crypto scandals. The FTX bankruptcy and Terra ecosystem implosion, among others, highlighted the risk of investing through largely unregulated exchanges. But legacy firms believe asset managers prefer dealing with established players over crypto-native exchanges like Binance.
https://cryptoslate.com/wall-street-firms-to-take-on-binance-coinbase-other-crypto-native-exchanges/
4 | redefined launches its cross-chain unified identifier on Arbitrum
redefined introduces a game-changing approach to overcome this hurdle: utilizing email or usernames as a unified identifier. Email addresses are widely used in Web2, with billions of active users around the world. By leveraging this familiarity, redefined simplifies the onboarding process for users, allowing them to navigate the Web3 ecosystem effortlessly. Think of it like this: just as PayPal transformed online payments by linking payment information to an email address, redefined is poised to do the same for Web3. With a unified identifier, users can manage their identities like wallet addresses, name services, credentials, and badges on multiple blockchains and Layer 2 solutions with ease. This streamlined experience will unleash the full potential of decentralized applications and drive wider adoption. Make your email address Web3 ready.
5 | Multichain Can't Find Its CEO as Company Loses Access to Its Servers
Multichain continues to run into problems, now at the protocol level. Last week, rumors surfaced that Chinese authorities had arrested several Multichain executives, including Chief Executive Officer Zhaojun. Although the arrests still haven't been denied or confirmed by authorities, Binance was forced to respond to the news and suspend certain token deposits. Law enforcement officials are rumored to have taken control of a $1.6 billion wallet belonging to the company, according to several Twitter accounts. This week’s troubles began on Monday, according to Multichain’s Twitter account, which announced today the protocol has experienced multiple issues due to “unforeseeable consequences.” Despite the team’s efforts to maintain the protocol, they said they were “unable to reach” CEO Zhaojun in order to access key servers.
https://www.circle.com/blog/avalanche-euroc-expanding-access-to-the-euro
6 | Privacy-focused Aleo blockchain gets new wallet as mainnet launch approaches
Demox Labs has debuted a new wallet for the privacy-oriented Aleo blockchain network, according to a June 1 announcement. Called “Leo,” the wallet allows users to generate zero-knowledge (ZK) proofs within their browsers, letting them interact with Aleo’s ZK-based apps. Aleo is in its testnet phase but expects to launch a mainnet later this year. According to the announcement, Demox also raised $4.5 million from investors to further develop ZK-proof technology through Aleo and other networks. Over 40,000 users signed up for the Leo wallet waitlist in the period leading up to its debut.
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