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.

Ripple Defeats SEC in Landmark Case: XRP Token Cleared of Security Status

Ripple Labs has won a significant long-standing legal battle against the United States Securities and Exchange Commission (SEC). Judge Analisa Torres of the United States District Court in the Southern District of New York ruled in favor of Ripple Labs, stating that the XRP token is not a security. The SEC had sued Ripple Labs in December 2020, alleging that they had offered an unregistered security. The court's decision has not only strengthened Ripple's position in the market but has also had a profound impact on the cryptocurrency industry. Following the ruling, the price of XRP experienced a surge of over 20%, and it has now become one of the top five largest cryptocurrencies based on market capitalization.

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Linea Rolls Out Mainnet Alpha Release; to Open for the Public Next Week

Linea, a novel zkEVM rollup network, has finally launched its mainnet alpha release after a successful testnet phase with 5.5 million unique wallets and over 46 million transactions. The mainnet alpha brings improvements to the zkEVM architecture, enhancing performance, user experience, and transaction costs. Linea is committed to building the most scalable, efficient, secure, and user-friendly Ethereum layer 2 (L2) rollup.

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Introducing Polygon (POL): Polygon Proposes Technical Upgrade for MATIC Token

Polygon has announced its plans for a significant upgrade of its native MATIC token to POL, a versatile token that can validate multiple chains. This upgrade is part of the  Polygon 2.0 roadmap and is designed to improve scalability across all Polygon protocols while maintaining security. Pending approval, MATIC holders will have their tokens upgraded to POL in a 1:1 ratio.

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BNB Chain Launches Hackvolution to Empower Next-Gen dApps with opBNB and BNB Greenfield

BNB Chain is organizing Hackvolution, an online event from July 13 to September 1. The hackathon aims to empower next-gen dApps using opBNB and BNB Greenfield. Developers, researchers, and scientists worldwide can participate and create innovative dApps, leveraging the potential of Web3 technologies.

Get details here.

Starknet Continues Journey to Scalability with v0.12.0 Release on Mainnet

Starkware has achieved a significant breakthrough in boosting Ethereum's capacity with the successful deployment of Starknet Alpha V0.12.0 on the Mainnet. With notable enhancements to the Sequencer, the network's throughput has increased tenfold, substantially improving the network's efficiency and processing capabilities. This update introduces transaction fees for failed transactions, discouraging wasteful attempts and ensuring optimal performance.

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