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.

Leading DEX Sued by Trader Joe’s Supermarket Over Name Misuse

Trader Joe's, a prominent US grocery chain, has initiated legal action against the decentralized exchange, Trader Joe, for using a name deemed "confusingly similar." The supermarket alleges that the DEX leveraged its brand recognition and reputation without permission. Trader Joe's filed the lawsuit on October 5, naming the DEX platform and its co-founder as defendants. The grocery chain also questioned the DEX's logo in this ongoing dispute.

Read the full story here.

Mastercard Unveils CBDC Integration Technology for Blockchain Networks

MasterCard has launched a new technology designed for central bank digital currencies (CBDCs), aiming to reshape the digital currency landscape. The key objective is to enable the tokenization of CBDCs on different blockchain networks. This technology offers various capabilities, such as enforcing transaction control on public blockchains, ensuring higher security and compliance by restricting CBDC transactions to approved Ethereum wallets.

Learn more about the development in the article.

Stars Arena Reclaims 90% of Stolen Funds After $3M Heist

SocialFi protocol Stars Arena has successfully reclaimed 90% of the funds stolen in an October 7 breach. The breach led to the loss of 266,000 AVAX tokens, valued at approximately $3 million. To resolve the issue, Stars Arena reached an agreement with the hacker, offering them a 27,610 AVAX token bounty worth nearly $239,054.

Find more information here.

Binance Labs Invests in New L1 Blockchain as it Emerges From Stealth

Binance Labs, the venture arm of Binance, has invested in Initia, a new layer-1 blockchain network designed for modular rollups. Initia, built on Cosmos, aims to simplify the development of application-specific blockchains on layer-2 scalability networks, reducing complexity for developers.

Get details in the article. 

LayerZero and Magic Eden Join Forces to Boost NFT Industry

LayerZero has partnered with Magic Eden to boost interoperability. Magic Eden users can now create and trade 'Omnichain Non-Fungible Tokens (ONFTs)' across all supported networks. Additionally, LayerZero Labs is introducing an "open-source gas abstraction tool" called the 'Gas Station,' accessible to Magic Eden users.

Learn more here.