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.

MakerDAO Rebrands as 'Sky' and Introduces New Stablecoin USDS

MakerDAO has rebranded to Sky as part of its “Endgame” overhaul to make DeFi more accessible. The protocol introduces new tokens: USDS, replacing Dai, and SKY, the new governance token replacing MKR. Starting September 18, users can upgrade their MKR and DAI tokens to SKY and USDS, with MKR converting to 24,000 SKY tokens, and DAI converting to USDS at a one-to-one rate.

Details in the article.

Crypto.com Announces Strategic Partnership with Standard Chartered Bank to Expand Global Retail Services

Crypto.com has partnered with Standard Chartered Bank to enhance its global retail services, focusing on improving crypto transaction efficiency. The collaboration will enable seamless deposits and withdrawals in over 90 countries. Starting next month, the new services will launch in the UAE, offering users access to over 250 cryptocurrencies via the Crypto.com App, with plans to expand globally.

Read the full story.

Web3 Payment Platform Bridge Raises $58M to Transform Global Payments with Stablecoins

Bridge, a Web3 payment platform co-founded by ex-Square and Coinbase employees Zach Abrams and Sean Yu, secured $58 million in funding. The firm plans to develop a global payment network using stablecoins, aiming to rival traditional systems like SWIFT and credit cards. Major Silicon Valley venture firms, including Sequoia and Ribbit, are among the backers.

Find more information in the article.

Russia to Test Cryptocurrency for Cross-Border Payments Amid Western Sanctions

Starting September 1, Russia will begin trials using cryptocurrencies for cross-border transactions. This move, reported by Bloomberg, is seen as a response to Western sanctions due to the ongoing Ukraine conflict. The trials will involve the National Payment Card System (NPCS), which currently handles domestic payments and operates the Mir payment cards.

Read the full story.

Hamster Kombat to Launch $HMSTR Token and Airdrop on Sept. 26

Hamster Kombat, the popular tap-to-earn game on Telegram, will launch its $HMSTR token on September 26, 2024, alongside an airdrop event. The token will enable new reward opportunities and community engagement. The airdrop will distribute 60% of the tokens to active players, while the remaining 40% will support market liquidity, rewards, and partnerships.

Learn more here.