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🖇️MetaMask Eyes Support For All Chains With 'Snaps'

The Defiant

DeFi Daily

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GM Defiers!

Today, we dive into MetaMask's upcoming Snaps protocol. Developers can use snaps to build out new web3 experiences, including cross-chain smart contract execution and advanced security features.

We also explore the new stablecoin report from Kaiko, which found decentralized exchanges account for only 5% combined stablecoin trading. However, a new breed of DeFi-native stablecoins seeks to capture market share from centralized exchanges.

✍️ In today’s newsletter:

  • MetaMask targets advanced cross-chain features with Snaps
  • Stablecoins make up three-quarters of trading on centralized exchanges

📈 Markets in last 24 hrs:

TickerValue24h
BTC$29,857 -0.96%
ETH$1,898 -0.73%
S&P 500$4,556 0.24%
GOLD$1,978 0.02%
Arch WEB30.90pts +0.89%
FINANCE0.97 1.36%
INFRA0.80pts 0.56%
CONSUMER1.09pts 0.75%
Arch WEB3

Learn more about Arch Indices here.

🎬 WATCH

Watch our video on how crypto security is evolving in 2023. And check out our podcast with Nicolas Liochon, Global Lead for Linea, which is a new zkEVM rollup by Consensys.


THANKING OUR NEWSLETTER SPONSORS

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Wallets

MetaMask To Support Cross-Chain Interactions With 'Snaps' By 2024

TLDR MetaMask will launch its long-awaited Snaps protocol before the end of the year, allowing developers to build out new web3 wallet experiences for users. Snaps can facilitate cross-chain smart contract interactions from within MetaMask and advanced security mechanisms designed to protect users.

SO WHAT Development on Snaps was first announced in 2020, making it highly anticipated in developer circles. While wallet providers have historically prioritized security and simplicity, MetaMask believe Snaps will kick-start a vibrant community of developers working on innovative new use cases for wallets.


SPONSORED POST

Stader Labs is a non-custodial, multichain liquid staking platform. With a presence on 6 chains—including Polygon, BNB, Hedera—they’ve recently expanded to their 7th chain, Ethereum.

ETHx, Stader’s liquid staking token, is designed to keep Ethereum decentralized while being accessible, reliable and rewarding.

ETHx smart contracts are triple-audited by leading blockchain security providers Sigma Prime, Halborn and Code4rena.

With exciting rewards for early stakers, ETHx clocked in a TVL of ~$13M in the first 72 hours of launch.

They’re offering stakers:

  • 1.5x staking rewards for the first 30 days
  • $800k in upcoming LP rewards for the first 90 days
  • Additional exclusive rewards for DAOs and communities
  • 100% staking boost for ETHx email subscribers

If that’s not enough, here’s some alpha for you: ETHx DeFi with Balancer went live just today!

With the ETHx / Aave Boosted ETH liquidity pool, unlock benefits of both ETHx and Aave lending market in one power-packed pool! Currently, ~10-25% rewards are up for grabs.

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Get in early. PowerUp your ETH with ETHx.

Stake now!


Markets

DEXs Account For 5% Of Global Stablecoin Trading: Kaiko

TLDR Decentralized exchanges account for just 5% of global stablecoin volumes. Stables are big business for centralized exchanges, with three-quarters of CEX activity comprising stablecoin trades.

SO WHAT The data comes after DEXs' stablecoin market share briefly spiked to 45% in March amid turmoil in the U.S. banking sector. However, new DeFi-native stablecoins from Aave and Curve offering yield on collateral deposits appear poised to disrupt the stablecoin status quo.


🔎 OUR REPORTERS ARE WATCHING


🌍 ELSEWHERE

  • You Can Now Bet Crypto on Hamster Races. What Could Go Wrong? ( Decrypt)
  • US Justice Department to double its crypto team, target ransomware crimes ( Cointelegraph)
  • Coinbase to Wind Down Lending Program Over Coming Months ( CoinDesk)