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What’s Happening in DeFi? dYdX, 3Jane, MakerDAO, and More

Published

10 months ago

June 5, 2024

Coin2049 Newsletter

The decentralized finance (DeFi) sector continues to evolve, with several significant launches and updates making waves. BeInCrypto has examined the latest happenings, providing a comprehensive overview of the most noteworthy developments in the DeFi space.

From the launch of dYdX’s Android app to 3Jane’s derivatives yield layer, the sector is brimming with innovation and progress.

Term Structure’s Mainnet Launch

Term Structure has now launched its mainnet on Ethereum (ETH). This marks the debut of the first market-driven, institutional-grade fixed-income protocol. It is changing how lenders and borrowers manage liquidity in DeFi.

This platform lets users borrow tokens at fixed rates and terms using their liquid staking tokens (LSTs) and liquid restaking tokens (LRTs). They can also earn points and staking rewards. The auction mechanism in the primary markets facilitates borrowing and lending.

Additionally, the secondary markets offer a real-time order book. This feature enhances liquidity by supporting the trading of fixed-income tokens.

With this launch, Term Structure aims to set new global standards in liquidity management. It enables users to lock in a fixed cost of funds. This move is crucial for leveraging opportunities to possibly earn higher floating annual percentage yields (APYs) or capitalize on token price appreciation.

“Our mainnet, designed to cater to institutional clients, traders, and retail investors, marks a pivotal development in DeFi. It allows users to leverage their digital assets with fixed rates and terms,” Jerry Li, Term Structure CEO, said.

Term Structure is a fixed-rate lending and borrowing protocol powered by a customized zero-knowledge (ZK) rollup, zkTrue-up. The Taiwanese DeFi platform specializes in non-custodial fixed-income protocols for peer-to-peer borrowing and lending.

dYdX Android App Launch and Chain Upgrade

On another front, dYdX, a perpetual trading decentralized exchange (DEX), now offers its app on Android. The app contains all the current features of the dYdX chain.

“dYdX Chain for Android includes some of your favorite features like 24/7/365 markets, 20x leverage, 65 Markets and counting, low gas fees, and so much more,” the dYdX team noted.

Additionally, dYdX revealed its upgrade to dYdX Chain v5.0. This software upgrade was scheduled for block 17,560,000 around June 6 at 15:16 UTC.

This decision followed a dYdX community vote, with 90% supporting the upgrade to version 5.0 and 98.5% voting in favor. The upgrade introduces several improvements: Isolated Markets, Batch order cancellation, Protocol-enshrined liquidity provider (LP) Vault, Slinky Sidecar/Vote Extension, Performance Enhancements, Soft Open Interest Cap, and Full Node Streaming. As per DefiLlama data, dYdX Chain’s total value locked (TVL) stands at $146.28 million as of this writing.

3Jane Revolutionizes Restaking with Derivatives Yield on EigenLayer

3Jane, a derivatives yield protocol, is live on EigenLayer. It unlocks a novel derivatives yield layer by enabling the collateralization of restaked ETH in derivatives contracts.

Chudnov Glavniy, founder of 3Jane, announced the protocol launch. According to Glavniy, the protocol unlocks a new derivatives yield layer for restakers by enabling the collateralization of restaked ETH in derivatives contracts, specifically call options.

“3Jane is the first ETH yield source for all EigenLayer assets and the first step towards ‘financializing’ EigenLayer by sourcing yield not just from [Actively Validated Services] AVS security but also from financial derivatives,” Glavniy explained.

The protocol enables collateralizing all exotic yield-bearing ETH and Bitcoin (BTC) variants across EigenLayer, Babylon Chain, and Ethena in options contracts. Users can wrap natively restaked ETH, restaked LSTs, ether.fi Staked ETH (eETH), Renzo Restaked ETH (ezETH), Ethena Staked USDe (sUSDe), and Savings DAI (sDAI) on 3Jane to earn additional options premium yield. 3Jane Vaults sell deep out-of-the-money options and accrue premiums to wrapped deposits.

Everclear: Connext’s Rebranding and Clearing Layer Introduction

Interoperability protocol Everclear has introduced the first “Clearing Layer” after rebranding from Connext. These layers coordinate transactions between chains, netting fund flows before settling them on the underlying chains and bridges. The live test net begins today.

The Chain Abstraction stack aims to solve fragmentation by eliminating the need for users to care about the chain they are on. However, it faces challenges in rebalancing and settling liquidity between chains.

Everclear addresses this issue by creating Clearing Layers. These layers coordinate market actors to net funds flows between chains before settling with underlying chains and bridges. They form the foundation of the Chain Abstraction stack, enabling seamless liquidity and permissionless chain expansion for protocols built on them.

Everclear reduces the cost and complexity of rebalancing by up to 10 times. The system is built as an Arbitrum Orbit rollup (via Gelato RaaS) and connects to other chains using Hyperlane with an Eigenlayer Interchain Security Module (ISM).

On average, about 80% of daily cross-chain capital flows are nettable. For every $1 bridged into a chain, $0.80 is bridged out. If solvers, market makers, and centralized exchanges coordinated, they could reduce bridging fees by more than five times.

TrueFi’s Deployment on Arbitrum

TrueFi is now live on Arbitrum, marking a significant expansion in partnership with Cicada Credit to bring on-chain credit to Arbitrum with market-neutral borrowers. The TrueFi team explained several reasons they chose Arbitrum.

“Arbitrum is the largest Layer 2 by TVL, number of DeFi protocols, and balance of stablecoins. According to L2beat, Arbitrum is the furthest along the path of decentralization. They are investing significant funds from their treasury into [real-world assets] RWAs, as seen in their recent STEP program, where we have also applied with Adapt3r Digital,” the team outlined.

In the coming days and weeks, TrueFi will share more about the pools’ specific configuration and details on each of the borrowers. The first two pools will be with Gravity Team and AlphaNonce, and many more will come.

Nostra’s NSTR Tokenomics and Launch Events

Nostra revealed their tokenomics for NSTR, featuring a total supply of 100 million tokens unlocked entirely at launch. NSTR will serve as the governance token for the Nostra ecosystem.

They plan to distribute 11% to the community through an airdrop. Launch events include an upcoming Snapshot, a Liquidity Bootstrapping Pool (LBP) running from June 10 to 13, and the Token Generation Event (TGE) on June 17.

Nostra claims NSTR will be the fairest launch in DeFi. The Liquidity Bootstrapping Pool (LBP) pre-listing event aims to fund DEX liquidity.

They will airdrop tokens to the most active users and community members. All proceeds will go towards Treasury-owned DEX liquidity.

Solv Protocol Integrates Ethena for Yield Vault

Solv Protocol, a platform for optimizing yield and liquidity across major assets, has integrated Ethena to introduce the first yield vault for SolvBTC. This vault will enable users to earn yields from Ethena’s strategies while retaining exposure to Bitcoin.

Users can earn attractive yields with SolvBTC through two methods. Firstly, by utilizing Solv’s Yield Vaults, users can deposit their SolvBTC into these vaults to access premium yield sources such as BTC staking, restaking, and delta-neutral trading strategies.

Secondly, users can explore DeFi opportunities using SolvBTC across diverse DeFi protocols. This allows access to various yield-generating options, maximizing earnings within the vibrant DeFi ecosystem.

The ‘SolvBTC Yield Vault – Ethena’ is the first of many planned collaborations by Solv Protocol. These partnerships aim to introduce new yield sources and strategies to the expanding SolvBTC ecosystem.

MakerDAO’s New Proposal: Etherfi’s weETH into SparkLend

MakerDAO has opened a new proposal to onboard Etherfi’s weETH into SparkLend. weETH is the largest Liquid Restaking Token (LRT) on the market. It is also the only large LRT with fully enabled withdrawals, ensuring stable liquidity and a strong peg to ETH.

Phoenix Labs has proposed listing weETH to increase DAI borrowing on SparkLend, given the low competition for borrowing USD stablecoins using LRT collateral. The initial parameters and risk assessment are based on current market and liquidity conditions for weETH:

Liquidation Threshold: 73%

“If approved, this change will be part of an upcoming Executive Vote in SparkLend,” the MakerDAO team said.

These advancements emphasize the evolution of the DeFi sector, showcasing the relentless innovation and progress that are propelling the industry forward. With projects like dYdX, 3Jane, and MakerDAO continually breaking new ground, the future of decentralized finance appears exceptionally promising.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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BNB Price Faces More Downside—Can Bulls Step In?

Published

21 minutes ago

April 2, 2025

Coin2049 Newsletter

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Market

VanEck Sets Stage for BNB ETF with Official Trust Filing

Published

1 hour ago

April 2, 2025

Coin2049 Newsletter

Global investment management firm VanEck has officially registered a statutory trust in Delaware for Binance’s BNB (BNB) exchange-traded fund (ETF).

This move marks the first attempt to launch a spot BNB ETF in the United States. It could potentially open new avenues for institutional and retail investors to gain exposure to the asset through a regulated investment vehicle.

VanEck Moves Forward with BNB ETF

The trust was registered on March 31 under the name “VanEck BNB ETF” with filing number 10148820. It was recorded on Delaware’s official state website.

VanEck BNB ETF Filing. Source: State of Delaware Official Website

The proposed BNB ETF would track the price of BNB. It is the native cryptocurrency of the BNB Chain ecosystem, developed by the cryptocurrency exchange Binance.

As per the latest data, BNB ranks as the fifth-largest cryptocurrency by market capitalization at $87.1 billion. Despite its significant market position, both BNB’s price and the broader cryptocurrency market have faced some challenges recently.

Over the past month, the altcoin’s value has declined 2.2%. At the time of writing, BNB was trading at $598. This represented a 1.7% dip in the last 24 hours, according to data from BeInCrypto.

BNB Price Performance. Source: BeInCrypto

While the trust filing hasn’t yet led to a price uptick, the community remains optimistic about the prospects of BNB, especially with this new development.

“Send BNB to the moon now,” an analyst posted on X (formerly Twitter).

The filing comes just weeks after VanEck made a similar move for Avalanche (AVAX). On March 10, VanEck registered a trust for an AVAX-focused ETF.

This was quickly followed by the filing of an S-1 registration statement with the US Securities and Exchange Commission (SEC). Given this precedent, a similar S-1 filing for a BNB ETF could follow soon.

“A big step toward bringing BNB to US institutional investors!” another analyst wrote.

Meanwhile, the industry has seen an influx of crypto fund applications at the SEC following the election of a pro-crypto administration. In fact, a recent survey revealed that 71% of ETF investors are bullish on crypto and plan to increase their allocations to cryptocurrency ETFs in the next 12 months.

“Three-quarters of allocators expect to increase their investment in cryptocurrency-focused ETFs over the next 12 months, with demand highest in Asia (80%), and the US (76%), in contrast to Europe (59%),” the survey revealed.

This growing interest in crypto ETFs could drive further demand for assets like BNB, making the VanEck BNB ETF a potentially significant product in the market.

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Market

XRP Recovery Stalls—Are Bears Still In Control?

Published

2 hours ago

April 2, 2025

Coin2049 Newsletter

XRP price started a fresh decline from the $2.20 zone. The price is now consolidating and might face hurdles near the $2.120 level.

XRP price started a fresh decline after it failed to clear the $2.20 resistance zone.
The price is now trading below $2.150 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $2.120 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might extend losses if it fails to clear the $2.20 resistance zone.

XRP Price Faces Rejection

XRP price failed to continue higher above the $2.20 resistance zone and reacted to the downside, like Bitcoin and Ethereum. The price declined below the $2.150 and $2.120 levels.

The bears were able to push the price below the 50% Fib retracement level of the recovery wave from the $2.023 swing low to the $2.199 high. There is also a connecting bearish trend line forming with resistance at $2.120 on the hourly chart of the XRP/USD pair.

The price is now trading below $2.150 and the 100-hourly Simple Moving Average. However, the bulls are now active near the $2.10 support level. They are protecting the 61.8% Fib retracement level of the recovery wave from the $2.023 swing low to the $2.199 high.

On the upside, the price might face resistance near the $2.120 level and the trend line zone. The first major resistance is near the $2.150 level. The next resistance is $2.20. A clear move above the $2.20 resistance might send the price toward the $2.240 resistance. Any more gains might send the price toward the $2.2650 resistance or even $2.2880 in the near term. The next major hurdle for the bulls might be $2.320.

Another Decline?

If XRP fails to clear the $2.150 resistance zone, it could start another decline. Initial support on the downside is near the $2.10 level. The next major support is near the $2.0650 level.

If there is a downside break and a close below the $2.0650 level, the price might continue to decline toward the $2.020 support. The next major support sits near the $2.00 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $2.10 and $2.050.

Major Resistance Levels – $2.120 and $2.20.

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