There has been a flurry of activity in the blockchain space today, with major announcements from established players like Polygon, behind the MATIC coin project, and exciting developments from emerging projects. Here are some important news…
Critical developments for MATIC Coin, Centrifuge and more
Zignaly announced ZIGChain and ecosystem fund
Zignaly, a decentralized social investment platform, made a splash at Token2049 in Dubai with the launch of ZIGChain, a layer 1 blockchain built on Cosmos. This move positions Zignaly to further empower users by simplifying wealth creation within the DeFi ecosystem. Additionally, Zignaly announced a $100 million ecosystem development fund focused on creating user-friendly asset management infrastructure. This combination of blockchain technology and financial expertise can significantly increase accessibility for DeFi beginners.
Centrifuge takes action at Base
Decentralized finance (DeFi) platform Centrifuge has announced plans to build a real-world asset (RWA) lending protocol for institutions on Base, Coinbase’s Ethereum layer-2 network. This initiative will allow verified institutions to use RWA assets to access liquidity through borrowing. Centrifuge’s plans coincide with a successful $15 million fundraising round, underscoring the growing interest in institutional adoption of DeFi.
USD0 stablecoin launch and the latest from Tether
Usual Labs, the company behind DeFi protocol Usual, has secured $7 million in funding for the launch of its USD0 stablecoin, raising $75 million in total value locked (TVL) commitments. This French company has attracted investment from more than 100 firms, including leading names such as IOSG Ventures and Kraken Ventures. The fund will support the pre-launch phase of USD0 on the Ethereum mainnet, including completing testnet development, securing partnerships, and conducting smart contract audits.
In other news, Tether, the company behind the world’s largest stablecoin USDT, announced a strategic restructuring to explore new ventures beyond stablecoin development. The company established four new business divisions: Tether Data, Tether Finance, Tether Power and Tether Edu. This move expresses Tether’s desire to offer a broader range of financial services and infrastructure solutions in the blockchain space. Tether Data will lead investments in technologies such as artificial intelligence and peer-to-peer platforms, potentially shaping the future of Web3.
EY will benefit from Polygon
Global accounting firm Ernst & Young (EY) has taken a significant step in enterprise blockchain adoption with the introduction of OpsChain Contract Manager. This solution uses public blockchain technology for secure contract storage and management. Built on the Polygon proof of stake (PoS) network, OpsChain Contract Manager prioritizes scalability and lower transaction costs. The solution, currently running on Polygon, is designed for future migration to the Ethereum mainnet and demonstrates EY’s commitment to integrating advanced technologies into its services.
BytePlus and Mysten Labs will integrate artificial intelligence into Sui Blockchain
BytePlus, the enterprise technology unit of TikTok owner ByteDance, has partnered with Mysten Labs to incorporate artificial intelligence algorithms into the Sui layer 1 blockchain. This collaboration reflects the growing convergence of Web3 and artificial intelligence. BytePlus will explore functions such as data warehousing, content development and augmented reality for Web3 gaming platforms and social finance (SoFi) initiatives. This integration has the potential to improve user experiences and drive innovation across the Sui ecosystem.
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