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.

CZ Responds to Slew of Binance Resignations

Binance CEO, Changpeng Zhao (CZ), has responded to recent rumors about senior executive resignations within the company, dismissing them as "FUD" (Fear, Uncertainty, and Doubt). Addressing the situation on social media, CZ explained that the resignations were due to executives pursuing "bigger roles" and "exciting ventures" rather than internal issues, likely prompted by regulatory pressures.

Find more information in this article. 

Base Network Announces Funding for Six Innovative Onchain Projects, Plans to Expand Ecosystem

Coinbase-incubated Layer2 blockchain, Base Network, has announced the first six projects to receive funding from its Base Ecosystem Fund following careful evaluation. Earlier in the year, the fund was introduced to support innovative onchain projects. 

Learn more about the six projects in this article. 

ARKInvest Files for First ETH ETF

ARK Invest and 21Shares have jointly submitted a formal request to the U.S. Securities and Exchange Commission (SEC) for approval to launch the Ark 21Shares Ethereum ETF. This pioneering move marks the first-ever attempt to introduce a U.S.-based exchange-traded fund (ETF) focused on Ethereum (ETH), the second-largest cryptocurrency. The fund will custody the assets via Coinbase Custody Trust Company.

Get full details here.

Visa Expands to Solana: SOL Jumps On The News

Payment giants Visa recently revealed plans to extend its stablecoin settlement capabilities to Solana. Visa's Head of Crypto, Cuy Sheffield, stated that the move aims to enhance cross-border settlement speed and offers a modern solution for clients to facilitate fund transfers from Visa's treasury using stablecoins like USDC on global blockchain networks like Solana and Ethereum.

Learn more about the development here.

Stake.com Hacked For $41.3 Million

Speculated to have originated from a potential key leak, leading crypto casino platform Stake.com fell victim to a $41.3 million hack during the week. The incident was flagged on X by a number of security platforms. Despite the severity of the breach, Stake.com quickly confirmed on X that their services had been fully restored.

Get the full details in the article.