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This Week In DeFi – April 7

This Week In DeFi – April 7

This week, LayerZero achieves a $3B valuation, PancakeSwap launches V3 on Ethereum and BNB Chain, S&P Global is hiring for DeFi and Unbound will issue a stablecoin against Uniswap LP tokens.

April 07, 2023

To the DeFi community,

This week, Blockchain interoperability protocol LayerZero raised $120 million in Series B funding, reaching a very significant total valuation of $3 billion.

Investors in the round included a16z Crypto, Sequoia Capital, Circle Ventures, Samsung Next, OpenSea and Christie's. LayerZero plans to expand into the Asia-Pacific region and the gaming sector. The protocol's total value locked has crossed $7 billion, and transactional volume has hit more than $6 billion.

LayerZero also supports NFT transfers through its Omnichain Non-Fungible Tokens (ONFT) standard. The Series B round brings LayerZero Labs' total funding to $263 million to date.

https://twitter.com/nansen_ai/status/1643858899320311808

BNB Chain-based DEX PancakeSwap has introduced version 3 of its platform and expanded to the Ethereum network.

The platform is based on Uniswap’s recently open-sourced v3 code, and is compatible with all tools built for the version 3 of Uniswap. PancakeSwap V3 is PancakeSwap had over $2.5 billion in total value locked as of Monday.

PancakeSwap V3 offers the cheapest fees for on-chain trades among counterparts such as SushiSwap and Uniswap, and increased returns for liquidity providers.

The exchange also plans to introduce a V3 "VIP" trading rewards program and a position manager feature in the future.

https://twitter.com/DefiIgnas/status/1642940267442630657

S&P Global is seeking a director of DeFi to help develop and implement its strategies in decentralized markets. The successful candidate will report to the firm's chief DeFi officer, Chuck Mounts.

S&P Global's hiring for the space highlights mainstream interest in cryptocurrencies and blockchain technology, with other traditional firms like Nasdaq and Boerse Stuttgart also exploring the space.

The role requires a deep understanding of crypto finance and DeFi, and the salary range is between $107,100 to $212,975 depending on experience and qualifications.

https://twitter.com/napgener/status/1642937706551427081

Unbound Finance will launch its Version 2 on Arbitrum One on April 11, allowing liquidity providers to use their LP tokens as collateral for loans on Uniswap and access higher returns.

Unbound V2 is among the first protocols to offer collateralization of Uniswap V3 positions, making it easier for LPs to earn more from their capital. Unbound will allow Uniswap V3 LPs to borrow its stablecoin, UND, interest-free, secured against their concentrated liquidity positions.

The new version of the platform also expands collateral support to LP tokens of volatile asset pools, such as WETH-DAI, and introduces price stability mechanisms to ensure UND's value remains stable.

https://twitter.com/unboundfinance/status/1643141292904382466

DeFi development and platform launches continue to soar, as the sector appears to be thriving in terms of technical progress.

zkEVM platforms are attracting value to their ecosystems, platforms are releasing new-and-improved versions of their protocols, and innovation is peaking.

Uniswap’s V3 Business Source License (BSL) expired this month, leaving other protocols free to copy and improve upon the code of the popular decentralized exchange – most notably, PancakeSwap, which has decided to compete with Uniswap itself on Ethereum. Several other smaller projects are also forking the code and adding their own twists.

Uniswap has beaten Coinbase in monthly trading volume for the second month in a row, highlighting a shift in interest and activity from centralized platforms to decentralized ones – a trend that could likely continue.

DeFi has made it onto the US Treasury’s radar, as it releases a report noting money laundering in the sector – flagging it for a potential tightening of regulation.

The biggest event to look out for next week is Ethereum’s Shapella upgrade on April 12, which will see more than 1 million staked ETH be enabled for withdrawals. A sell-off event, or a non-event? Let’s see…