Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.
The past week in DeFi saw new advancements in zero-knowledge proofs (ZK-proofs) as a scaling solution as more DeFi protocols embraced the technology.
A new United States Senate DeFi bill attracted a lot of scrutiny — though not necessarily of the positive kind — as many stakeholders came out to slam the “unworkable” legislation.
The CEO of the dydx Foundation made a bold prediction that centralized exchanges will eventually become a gateway for DeFi, while Polygon 2.0 laid the groundwork for decentralized governance.
The top 100 DeFi tokens had another mixed week of ups and downs, with most tokens continuing to trade in the same range as the previous week.
Centralized exchanges will become gateways for DeFi — DYdX Foundation CEO
The dYdX Foundation — an independent DeFi nonprofit founded to support the dYdX protocol — recently launched a public testnet for its latest version, v4. According to the foundation, this puts dYdX ahead of schedule for the impending launch of the v4 mainnet, something the foundation claims represents complete decentralization for dYdX.
As Cointelegraph recently reported, the July 5 testnet launch represented the fourth of five milestones dYdX laid out in its 2022 roadmap toward decentralization.
Polygon 2.0 begins groundwork for decentralized governance
Polygon Labs has started work on an expansion intended to include all blockchains and applications running on the Polygon network, and seeks to democratize the upgrade process and encourage community participation.
On July 19, the company’s developers proposed revamping the governance mechanism for the forthcoming Polygon 2.0 roadmap to establish several layer 2s on the network.
Coin Center and Blockchain Association slam ‘unworkable’ U.S. Senate DeFi bill
Crypto industry advocacy bodies have slammed a newly proposed U.S. Senate bill for what they say is a confused approach to regulating the DeFi sector.
On July 20, crypto think tank Coin Center and crypto advocacy group the Blockchain Association released separate statements describing the legislation as a “messy,” “unworkable” and “unconstitutional” way of regulating DeFi.
Chainlink launches cross-chain protocol bridging blockchain to TradFi
The development firm behind the…
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