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The new infrastructure will enable institutional traders to increase storage capacity and process large data sets with minimal delay.

De.Fi claims to have recorded and analyzed over 12 million issues from 1.15 million contracts in the past two years.

The cross-chain interoperability and messaging protocol last raised funds in March 2022 at a $1 billion valuation.

DeFi lending leader Aave is rapidly looking to expand its reach to other blockchain ecosystems.

On Monday, a temperature check vote was initiated to deploy Aave V3 on Starknet, with voting concluding on April 11.

The proposal details a two-stage integration process between Aave and Starknet. The first phase, which centered on establishing a cross-chain bridge between Ethereum and Starknet, has already received community approval. The proposal seeks to finalize the second phase by fully implementing the Aave protocol on Starknet.

This progress follows the community’s prior endorsement to deploy the Aave V3 minimal viable version on the recently-launched Polygon zkEVM mainnet, which was approved during the temperature-check phase.

The accepted proposal advised restricting asset inflows and implementing conservative risk parameters, allowing development and risk service providers to analyze the zkEVM network comprehensively. To mitigate risk, the proposal recommends including only three collateral types — WETH, WMATIC, and USDC — and one lending asset, USDC.

Polygon zkEVM and Starknet are zero-knowledge rollup networks, conducting off-chain computations on a secondary layer for swifter, more cost-effective transactions while focusing on security.

Aave V3 represents the third major iteration of the Aave protocol, a decentralized and non-custodial liquidity market protocol. Aave enables users to lend, borrow, and accrue interest on various crypto assets, encompassing stablecoins and other tokens. The protocol is governed by its community through the AAVE token, which is used for voting on proposals and updates.

It introduces new features and optimizations, including implementing more sophisticated risk management tools and parameters to better protect users and the protocol.

Aave V3 deployment on BNB Chain proposed

Aave-Chan Initiative founder Marc Zeller proposed today to deploy Aave V3 on BNB Chain. The expansion aims to grow Aave’s presence further, tap into the Binance-associated blockchain’s user base and add revenue.

“This deployment aims to enhance the growth and collaboration between the Aave and BNB Chain communities, providing new opportunities for both ecosystems,” the proposal states.

While the deployment would provide Aave access to BNB Chain’s user base and decentralized finance ecosystem, BNB Chain also stands to benefit — as it currently lacks a flagship DeFi lending platform with Aave’s reputation and user base. (Venus Protocol is currently the most-significant such protocol on BNB Chain.)

If approved, Aave V3 will deploy on BNB Chain and allow BNB, WBTC, BETH, WETH, USDC and USDT as collateral.

Before Aave V3 can be deployed on BNB Chain, feedback and input will be gathered from the Aave community — particularly regarding the proposed risk parameters and technical deployment details.

Consensus must also be reached and the proposal must be finalized and put to a governance vote.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The latest price moves in bitcoin (BTC) and crypto markets in context for April 4, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.

“ETH looks to regain ground against BTC as part of a broader capital rotation play,” one observer said.

Web3 technology is already being used in the film industry to build communities and monetize niche content offerings. NTFs are the next big step.

The integration of Tap Network will allow companies to build out their Web3 strategies by incorporating commerce, data and loyalty programs.

The payroll company is the second skunkworks project developed internally at boutique Web3 marketing firm Serotonin, founded by Ethereum mainstay Amanda Cassatt.

Dragonfly Capital, the San Francisco-based crypto venture firm, announced a $10 million strategic investment in Bitget, the fast-rising crypto derivatives exchange.

The deal comes in a busy period for Bitget, which acquired crypto wallet BitKeep in March after investing an additional $30 million in the startup. BitKeep claimed to be Asia’s largest crypto wallet with 9.5 million users, while Bitget — a Seychelles-registered exchange founded in 2018 — had eight million users before the deal was signed.

Founded in 2018, Bitget serves customers mainly in Asia, Latin America and Europe. Best known as a futures trading venue, it was ranked as a top three derivatives exchange last July in a Boston Consulting Group report.

The contest for derivatives volume has since been blown wide open thanks to the sudden collapse of Sam Bankman-Fried’s FTX late last year. FTX accounted for as much as a quarter of open interest across Ethereum futures before it imploded in November, according to The Block Research data. Since then, Binance has become all the more dominant, boasting close to 40% of open interest in Ethereum futures.

CoinGecko, the analytics site, places Bitget fifth among derivative exchanges ranked by open interest and trade volume. The exchange currently logs 24-hour open interest of about $2.4 billion. 

Bitget is planning to double down on expanding its product set, according to today’s announcement. It will use the $10 million capital injection from Dragonfly to continue expanding into spot trading and yield-generating products, and to grow its launchpad initiative — which helps early-stage token projects get off the ground.

The money will also be used for “global initiatives” to try to get more people to buy into crypto, the announcement said. Bitget has already struck marketing deals with soccer star Lionel Messi and Juventus, the Italian club, over the past two years. There are also plans for educational campaigns to help drive adoption. 

“Except for the cash inflow, what will benefit us more from the Dragonfly partnership is their crypto savvy and insights. Together, we will be able to discover more growth opportunities and contribute more to the sustainable growth of our industry,” Gracy Chen, Managing Director of Bitget, said.

Dragonfly is one of the crypto sector’s most active venture investors. It raised $650 million for its third fund in April last year.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.