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.

Changpeng Zhao Permanently Barred from Binance Management But Retains Power: Binance CEO

Binance CEO Richard Teng announced that Changpeng Zhao (CZ) is permanently banned from managing the cryptocurrency exchange. This comes after Zhao's conviction for money laundering and violating U.S. sanctions. The Department of Justice (DOJ) imposed the lifetime ban as part of Zhao's plea deal, countering earlier reports of a temporary suspension. Teng clarified that Zhao will not return to any operational role at Binance.

Details here. 

Magic Eden Launches New US Domain, Separates Services for US and International Users

Magic Eden has restructured its domain to better serve US and international users. Starting this month, US users will access the platform via magiceden.us, while international users will continue using magiceden.io. Despite the domain split, both sites will offer the same core services. The .io domain will focus on innovation, while the US site will maintain existing features. This move follows recent regulatory actions by the SEC against other NFT platforms, like OpenSea.

Learn more in the article. 

Nigeria’s EFCC Blocks Bail for Binance Executive Despite Health Concerns: Report

The Nigerian Economic and Financial Crimes Commission (EFCC) has rejected claims about the deteriorating health of Tigran Gambaryan, a Binance executive detained on money laundering charges. Despite visible signs of distress, the EFCC insists that Gambaryan's condition is not as serious as reported, resulting in a renewed denial of his bail, according to Nairametrics.

Read the full story. 

Polygon Upgrades $MATIC Token to $POL: What It Means for the Network and Holders

Polygon has migrated its $MATIC token to a new $POL token, as reported by CoinTelegraph on Sept. 4. The $POL token will now serve as the network’s native gas and staking token, marking a key step in Polygon's "Polygon 2.0" roadmap to integrate zero-knowledge (ZK) technology and evolve into a zkEVM system. The $POL token is set to be used across multiple blockchains within the Polygon ecosystem, with functions extending beyond gas fees and staking.

Find more information in the article. 

Ripple Announces Smart Contracts for XRP Ledger, Expanding Features for NFTs, AMMs, and DEXs

Ripple introduced smart contracts on the XRP Ledger mainnet, enhancing the blockchain with advanced programmability. This update will enable features like NFTs, AMMs, and decentralized exchanges (DEXs).

Learn more in the article.