Recapping the Week in DeFi

As the DeFi and crypto space continues to evolve at a rapid pace, it's essential to stay informed about the latest developments and trends. Our weekly recap provides you with a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space, helping you stay informed and up-to-date with the latest happenings.

Terraform Labs, Architect of TerraUSD, Files For Chapter 11 Bankruptcy

Terraform Labs, creator of the defunct TerraUSD stablecoin, has officially filed for Chapter 11 bankruptcy in the U.S. Following the collapse of TerraUSD in 2022, the company aims to navigate financial challenges while assuring stakeholders of honoring commitments to employees and vendors. Terraform Labs sees the filing as a strategic move to sustain operations and address ongoing legal issues, including litigation with the SEC in Singapore and the U.S.

Read the full story.

Binance.US Faces Regulatory Ban in Alaska and Florida Over Founder's Guilty Plea

Alaska and Florida regulators have barred Binance.US, the American arm of cryptocurrency exchange Binance, from operating in their states. This move follows Binance founder Changpeng Zhao's legal troubles last fall when he pleaded guilty to charges related to violating U.S. anti-money laundering laws.

Learn more about Binance’s latest challenge here.

Solana Foundation Announces Long-Awaited Token Extensions: What to Expect?

The Solana Foundation has unveiled token extensions for the Solana Program Library (SPL) standard, providing turnkey solutions for businesses entering the on-chain space. These extensions offer advanced token functionality with security and compliance controls, streamlining development and reducing engineering time. 

Find more information here.

Avalanche Shares Details on Which Memecoins it Will Buy

The Avalanche Foundation has unveiled details of its "Culture Catalyst" initiative. Reportedly using its $100 million fund, the foundation has started acquiring meme coins, following strict eligibility criteria. Meme coins must be independent of creators and native to the Avalanche blockchain to qualify, as per CoinDesk's recent report.

Learn more about the criteria here. 

OKX Begins Investigation After Sudden $OKB Plunge

OKB, the native token of OKX exchange, faced a sudden and significant drop from $52 to $25 on January 23. OKX CEO Star Xu addressed the issue, assuring the community that the team is investigating the volatility. Details were not disclosed, but Xu committed to releasing a report later.

Details in the article.