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.

Tether to Invest $1B+ in Various Projects Within a Year

Tether Holdings, the issuer of stablecoin USDT, plans to invest over $1 billion in various sectors over the next year, Bloomberg reported on June 11. CEO Paolo Ardoino highlighted the firm's focus on financial infrastructure, AI, and biotech. Tether aims to offer AI computing to its investments, reducing reliance on major tech companies like Google, Amazon, and Microsoft.

Read the full story. 

Nigeria Drops Tax Evasion Charges Against Binance Executives

The Federal High Court in Nigeria has discharged American Tigran Gambaryan and Nadeem Anjarwalla from a tax evasion case against Binance. This follows the Federal Inland Revenue Service (FIRS) amending charges after Binance appointed Ayodele Omotilewa as its Nigerian representative. Judge Emeka Nwite struck out charges from March and May 2024 and removed both individuals from the case. The next hearing is scheduled for July 12.

Details here. 

BNB Chain Launches 'BNB Incubation Alliance' with Binance Labs to Support Web3 Projects 

BNB Chain and Binance Labs have introduced the BNB Incubation Alliance (BIA) to support early-stage Web3 projects. Announced on June 13, the BIA program offers resources, mentorship, and funding. It includes a 10-week accelerator program with BNB Chain awards, funding from Binance Labs, and $300,000 in complimentary security and infrastructure services via the Launch-as-a-Service (LaaS) program.

Find more information in the article.

Terraform Labs to End Operations Amid $4.47B SEC Settlement

Terraform Labs will close after settling its civil fraud case with the SEC on June 12. CEO Chris Amani announced on X that the company will sell its assets to Pulsar Finance, Station Wallet, and Enterprise Protocol. Key Terra projects will be sold, and the Terra blockchain will be managed by the community.

Learn more in the article. 

Everything You Need to Know About ZKSync's ZK Token

ZKSync's much-anticipated ZK token launch and community airdrop are imminent. The tokens will enable holders to vote on protocol upgrades, pay network fees, and propose new features via governance. The ZK token aims to facilitate technical innovation as more ZK chains launch. Upcoming debuts include Lens Network, Cronos zkEVM, and GRVT, among others.

Read the full details.