$1B of US Treasurys Tokenized, Base TVL to Double in Month: Finance Redefined
Welcome to Finance Redefined, your weekly volume of decentralized finance (DeFi) insights – a newsletter designed to bring you the most relevant developments from the past week.
More than $1 billion in US Treasuries has been invested in Ethereum, Polygon, Solana and other blockchains, a growing trend towards real-world asset tokens.
A US judge has ruled Coinbase's self-sustaining crypto wallet a broker, which lawyers say is a “huge setback” for the US Securities and Exchange Commission (SEC) and good for DeFi.
Coinbase's Layer-2 platform, Base, has recently benefited from the memecoin frenzy, with its total value locked (TVL) on-chain doubling within a month.
More than 1 billion dollars of US Treasury money is now chained
More than $1 billion worth of US Treasuries are now available across Ethereum, Polygon, Solana and other blockchains, helped in part by the recent launch of BlackRock's USD Institutional Digital Liquidity Fund.
BlackRock's product ticker “BUIDL” was launched on Ethereum on March 20 and currently has a market cap of $244.8 million.
According to Eterscan, four transactions in the fund totaled $95 million during the week, making it the second-largest government securities fund.
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Coinbase Wallet's victory over SEC lawsuits is a “huge victory” for DeFi.
Crypto advocates are hailing a recent US judge's decision to dismiss allegations against Coinbase Wallet as defeating self-sustaining wallets and DeFi apps.
On March 27, U.S. District Judge Catherine Failla denied Coinbase's bid to dismiss the SEC's lawsuit, saying the SEC had “sufficiently pleaded” that Coinbase was unlicensed and that the crypto staking offering was unregistered securities.
The judge also ruled that the SEC failed to allege that Coinbase engaged in arbitrage activity through Coinbase Wallet, a self-managed crypto wallet app that gives users full control over their assets.
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Solana's Jupiter DEX launched its native DAO with an initial capital of $137 million.
Solana-based decentralized exchange (DEX) Jupiter is allocating 10 million USD coins (USDC) and 100 million USD worth of its native JUP token to launch the Jupiter DAO.
In a March 27 announcement, Jupiter said the budget would “provide the ability for the DAO to fund its proposals with USDC and provide JUP allocations with long-term incentives for JUP contributors.” The exchange added, “We aim to fill the same budget every year to ensure the DAO can deliver on these milestones in the long term.
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Base TVL doubles in a month when researchers offer memecoins to drive adoption
Ethereum's layer-2 network's base TVL has doubled in less than a month to $2.13 billion, and analysts say it could be the next hub for memecoins.
Beth has earned $1 billion in TVL on February 27, 226, 226 days after its launch in August 2023. But the network managed to breach the $2 billion mark 25 days later on March 23, according to L2Beat data.
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Overview of the DeFi market
According to data from Cointelegraph Markets Pro and TradingView, DeFi's top 100 tokens had a heavy week by market capitalization, with most trading in the red on the weekly charts. The total value locked in DeFi protocols has grown to over $100 billion.
Thanks for reading this week's roundup of the most impactful DeFi developments. Join us next Friday for more stories, insights and lessons about this dynamic and evolving space.
