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The Defiant

Weekly Recap

Happy weekend Defiers!

It was a strong week for DeFi assets, which outperformed the broader crypto markets. The combined capitalization of DeFi tokens gained 6% over the past seven days.

Layer 2 teams continue to forge new frontiers for Ethereum scaling, with Matter Labs unveiling its ZK Stack and vision for “Hyperchain” scaling. The tech stack is based on ZkSync Era and is Matter Labs’ answer to the OP Stack. Both teams now envisage interconnected multi-chain ecosystems of networks leveraging their respective technology.

Not to be outdone, Polygon also announced plans to merge its zkEVM and PoS Chain as part of its roadmap to create the multi-chain Polygon 2.0 ecosystem. The Polygon PoS Chain will inherit the cutting-edge technology underpinning ZkEVM, unifying to create a nearly $1B network.

In NFT news, a U.S. judge granted an injunction request from French fashion house, Hermes, against the MetaBirkins NFT creator, Sonny Estival. The MetaBirkins NFT collection depicts 100 furry handbags in the style of Hermes’ Birkin bags.

The once seemingly unstoppable Bored Ape Yacht Collection continues to shed value, with its floor price sagging to its lowest level since late 2021. ApeCoin recently crashed to a new all-time low as its DAO faces criticism for exorbitant team salaries. Both ApeCoin and BAYC NFTs have crashed more than 90% from their all-time highs.

However, things aren’t all doom and gloom in the NFT sector, with research from DappRadar revealing metaverse projects attracted 44% of VC investments in web3 during 2023. Investors piled $707M into metaverse projects over the past six months.

CyberKongz also launched its modified ERC-721 token standard this week. The ERC-721x standard offers multi-wallet authentication for NFT holders, and also facilitates non-custodial staking and NFT staking.

And in this week’s podcast, Custodia Bank CEO and Wall Street veteran, Caitlin Long, offers a critical take on the recent regulatory climate in the U.S. as goliath financial institutions vie to secure web3 market share.

Enjoy!

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