Weekly Update - DeFi and Layer 1 & Layer 2 News (Week 6, 01/02/2024 - 07/02/2024)
Weekly Update - DeFi and Layer 1 & Layer 2 News (Week 6, 01/02/2024 - 07/02/2024)EigenLayer TVL surges after staking cap is temporarily removed. Solana network resumes operations after 5-hour outage. dYdX unveils 2024 roadmap with software enhancements and Permissionless Markets.Weekly DeFi IndexThis week's market cap, volume, and volatility indices were positive at +4.75%, +45.82%, and +10.74%, respectively. Chart of the WeekEigenLayer, an Ethereum-based liquid restaking protocol, saw a significant surge in its total value locked (TVL) hours after temporarily removing its staking cap. On 5 February, the protocol announced that it would lift the per-protocol staking cap of 200,000 ETH until 9 February to “invite organic demand” to the network. EigenLayer is pioneering restaking, allowing users to simultaneously earn Ethereum staking rewards while securing Actively Validated Services (AVSs) to generate additional yield. It introduced the caps last year to ensure security and decentralisation, mainly as a way to prevent any single token from dominating the network. The protocol’s TVL saw a US$1.9 billion (92%) increase from last week following the announcement, jumping from just over $2 billion on 31 January to nearly $4 billion as of 7 February.
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Wednesday, February 7, 2024
Bitcoin's NFT sales dropped by 61% in January 2024. Immutable has launched its zkEVM Mainnet. Pudgy Penguins' OverpassIP is offering licensing for NFTs.
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US Spot Bitcoin ETFs see total net inflow of US$731M in first 11 days. SEC delays decision timeline on BlackRock's proposed Spot Ethereum ETF. BIS focusing on tokenisation in 2024 priorities.
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