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 Launch Dirham-Pegged Stablecoin for UAE, Eyes Gulf Expansion

Tether, the top stablecoin issuer, is launching a new stablecoin pegged to the UAE Dirham (AED). This move aims to expand Tether's global reach, adding to its existing lineup of fiat-backed tokens like USDT and EURT.

Find details in the article.

Sony Unveils Ethereum Layer-2 Blockchain 'Soneium' to Accelerate Web3 Adoption

Sony has unveiled Soneium, a new Ethereum Layer-2 network, to boost Web3 innovation. Set to launch soon, this blockchain platform aims to mainstream blockchain technology, targeting sectors like entertainment, finance, electronics, and gaming.

Read the full story

Polygon’s MATIC to POL Token Migration on September 4: Everything You Need to Know 

Ethereum scaling solution, Polygon, will undergo a significant change as the MATIC token migrates to POL on September 4, 2024. The new POL token will replace MATIC as the native gas and staking token in the Polygon Proof-of-Stake (PoS) network. This transition, part of a multi-phase rollout, aims to bolster the network's functionality and support Polygon's ambitious AggLayer project, which is crucial for its scaling solutions.

Learn more here.

Russia Plans New Crypto Exchanges and Stablecoin Linked to RMB and BRICS Basket

Russia is planning to launch two new cryptocurrency exchanges, one in Moscow and another in St. Petersburg, to boost foreign economic activity. Initially, these exchanges will operate in a test mode with limited users, focusing mainly on large exporters and importers. Small and medium-sized businesses, as well as individuals, may have restricted access at the start.

Find more information in the article.

Magic Eden Announces Official Ecosystem Token, ME

NFT platform Magic Eden has launched its new ecosystem token, ME. Originally Solana-based, Magic Eden has expanded into a multi-chain platform, with the ME token enabling smooth transactions across Solana, Ethereum, Base, and Polygon networks.

Details in the article.