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S&P Global Rankings, a leading credit rating agency, put out a report singing the praises of tokenized real-world assets (RWAs). The firm said on-chain RWAs are set to transform the asset management industry by offering unrivaled efficiency for managers and investors.

Aave unveiled its development of a Layer 2 network to host the protocol and ecosystem for its web3 social graph, Lens. Aave said Lens Network will offer the high throughput and low fees needed to support mainstream adoption.

Plus, Infinex amassed $60 million in two days, Degen Chain resumed operations after a 50-hour outage, and Sonne Finance suffered a $20 million exploit.

✍️ In today’s newsletter:

S&P vouches for RWA tokenization
Aave announces ZK Stack-based Lens Network
Infinex boasts $60M TVL after two days
Degen Chain back online after 50-hour outage
Hackers devastate Sonne Finance

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Ticker	Value	24h
Bitcoin	$63,2843.38	%
Ethereum	$3,054 2.64	%
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🏦S&P Global Rankings Urges Asset Managers To Embrace Tokenization

A new report from S&P Global Rankings argues that tokenization and on-chain RWAs hold the key to revolutionizing the asset management industry. Tokenized Treasuries can help money market funds and their investors to manage liquidity,” said Andrew O’Neill, digital assets managing director at S&P Global Ratings. “Longer term, tokenization may bring new efficiencies to the asset management industry.”

👀Avara Announces Lens Network L2 Leveraging ZK Stack

Avara, the parent company for Aave, is building a ZK Stack-based Layer 2 network to host a new deployment of Lens, its decentralized social media graph, alongside the protocol’s application ecosystem. “Lens Network overcomes the scaling limitations of blockchain and can support mass adoption,” said Matter Labs, the team behind ZkSync. “This breakthrough in scalability delivers a user experience on par with traditional social networks while maintaining the benefits of web3.”

💰Infinex Attracts $60 Million of Deposits in Two Days

Infinex, a non-custodial cross-chain DeFi platform from Synethix founder Kain Warwick, has amassed more than $60 million in TVL just two days after enabling deposits to its points campaign. Warwick said Infinex will combine DeFi services with the user experience of a centralized exchange.

💡Degen Chain Back Online After 50-Hour Outage

Degen Chain, a Layer 3 network running on top of Base, finally resumed operations after failing to produce a block for more than 50 hours. The price of DEGEN crashed 22% from its local high on May 12 amid the outage.

🏴‍☠Sonne Finance Suffers $20 Million Exploit

Users are racing to exit Sonne Finance after hackers ransacked the protocol for $20M equating to 57% of its TVL. Sonne’s TVL is down 87.5% since before the attack, with the losses compounded by a flurry of user withdrawals in the aftermath of the attack.

🌍 ELSEWHERE

Stablecoin Issuer Circle to Make US Legal Home Ahead of Listing (Bloomberg)
Ex-BlackRock Bitcoin ETF Lead Appointed New Vanguard CEO (Bitcoin Magazine)
Oklahoma signs bill into law protecting crypto spending, mining, and self-custody (CryptoSlate)