Protocol Village: Infinit Unveils ‘DeFi Abstraction Layer,’ Babylon Phased Mainnet Launch This Week

Monday, Aug. 19

Infinit Unveils ‘DeFi Abstraction Layer’ to Help Launch Customized DApps

Crypto developer Infinit has unveiled a DeFi abstraction layer, “allowing anyone to launch customized dApps or scale existing dApps in minutes,” according to the team: “The infrastructure simplifies the development process, eliminating the need for complex coding languages like Solidity or Rust. In its later phase, non-developers will be able to launch and scale DeFi protocols directly from Infinit’s user-friendly interface, where coding will not be required at all. Backed by Electric Capital and Mirana Ventures (among others), Infinit has already facilitated over $630 million in TVL across 12 protocols.”

Bitcoin Staking Platform Babylon to Start Phased Mainnet Launch This Week

Bitcoin (BTC) staking platform Babylon, led by a Stanford University professor and tipped to be one of the more promising new scaling projects for the oldest and largest blockchain, is moving to the next stage of its development, with plans to launch the first phase of its main network on Aug. 22. Babylon raised a $70 million funding round led by Paradigm earlier this year. The project is led by Stanford engineering professor David Tse, known for his prior research on information theory while working at University of California, Berkeley. During the first phase, BTC holders will be able to lock their tokens on the Bitcoin network, according to an emailed release on Monday.

Tether Launches USDT on Aptos

Tether, the largest stablecoin issuer, announced plans to launch USDT on the Aptos Network. According to the team: “This integration is part of Tether’s broader strategy to make digital currency more accessible and useful globally, capitalizing on Aptos’ advanced blockchain technology and exceptional speed and scalability. The integration of USDT on the Aptos blockchain taps into these dynamic capabilities, enhancing the platform’s appeal with Tether’s established stability and reliability.”

Platonic Announces Launch of Decentralized Tokenization Platform

Platonic, a blockchain infrastructure technology company with a permissioned layer-1 network, announced the launch of its decentralized tokenization platform. According to the team: “Developed to empower financial institutions, Platonic’s platform enables the tokenization of a wide range of assets with unprecedented levels of data privacy and security.” The company continued: “The technology seamlessly integrates into both legacy and digital financial infrastructures, allowing institutions to maintain business continuity while leveraging the benefits of blockchain technology. Additionally, Platonic’s AI-linked smart contracts enhance automation and operational efficiency and enable financial institutions to realize cost savings immediately. The platform connects to public blockchains to facilitate broader market access, liquidity, and distribution.”

Fabric, Startup Building ‘VPU’ Chips for Cryptography, Raises $33M

Fabric Cryptography, a startup focused on hardware, has raised $33 million in a Series A fundraising round co-led by Blockchain Capital and 1kx. Other participating investors included Offchain Labs, Polygon and Matter Labs. The project previously had raised $6 million in a seed round led by Metaplanet. Fabric was founded by MIT and Stanford dropouts Michael Gao and Tina Ju, along with hardware veterans such as Sagar Reddy, according to a press release.

Robin Linus, Co-Authors Release Whitepaper for ‘BitVM2,’ Closely Watched Bitcoin Project

FIRST ON COINDESK: Robin Linus, the Bitcoin developer who shook up the crypto tech landscape last year with a theoretical method of making the oldest and original blockchain more programmable, is out with a second iteration called “BitVM2” – boasting dramatic improvements that could bring the concept closer to real-world implementation. The basic setup involves using cryptography to compress programs into sub-programs that can then be executed within Bitcoin transactions, according to a white paper published Thursday by Linus along with five co-authors.

Chaos Labs Raises $55M as Demand Grows for On-Chain Risk Management

Chaos Labs, a New York crypto startup known for its suite of on-chain risk management tools, has raised $55 million in a Series A funding round led by the venture capital firm Haun Ventures. The funding round attracted a mix of familiar faces and new backers, with participants including F-Prime Capital, Slow Ventures and Spartan Capital, alongside larger investors like Lightspeed Venture Partners, Galaxy Ventures and PayPal Ventures. Chaos Labs was also backed by angel investors such as Solana’s Anatoly Yakovenko and Phantom’s Francesco Agosti.

Friday, Aug. 16

Quai, Progammable PoW Chain, Releases Mainnet-Compatible Devnet

Quai Network, a programmable proof-of-work blockchain with a “zone layer” that functions as a collection of individual Ethereum-like chains running in parallel, released a mainnet-compatible devnet and tooling upgrades, prepping for the Golden Age testnet. According to the team: “Key updates include improved tooling, optimized consensus mechanisms and better integration with other systems. The devnet also features enhanced anti-censorship and robust governance, setting the stage for a smooth transition to mainnet. These advancements aim to handle higher transaction volumes while upholding Quai’s core principles of security and decentralization.”

Multicoin Leads $3.5M Round for Crunch Lab, Quant Boutique for Financial Institutions to Extract Value From Data

Crunch Lab, a quant boutique that helps large financial institutions extract more value from their data, recently announced a $3.5 million seed round, led by Multicoin Capital with participation from Factor Capital, Fabric VC and Elixir Capital, bringing the company’s total financing to date to $5.3 million. According to the team: “The company plans to use the funds to service a growing customer pipeline and expand into new data-rich markets, such as healthcare. The DAO today consists of over 5,000 data scientists, quants and ML engineers, and more than 600 highly-specialized PhDs.”

Oort, Cloud Platform for Decentralized AI, Joins Shenzhen Data Exchange

Oort, a cloud platform for decentralized AI, has joined the Shenzhen Data Exchange. According to the team: “This listing will enable OORT to offer its products and services, including OORT DataHub and OORT AI, to a vast network of companies and industries across Asia. Oort’s enables AI engines to consume data in a more transparent, ethical manner because all of it is stored on the blockchain and is publicly viewable, unlike other AI projects where there is very little to no transparency into where data comes from. Current ecosystem members include Dell, Lenovo, Tencent Cloud, Storj and more.”

Digital Payments Platform Flexa Launches Crypto Point-of-Sale Tool

Flexa has introduced Flexa Components, a tool that simplifies crypto payments for merchants, allowing for what it says are direct, fee-free digital wallet transactions. Flexa says Components will allow customers to pay for purchases with their preferred crypto wallets. Customers will be able to use their mobile wallet app to scan a QR code or tap a “Pay” button integrated into the merchant’s payment system, similar to existing mobile payments like Google Pay.

Thursday, Aug. 15

GOAT Network, Bitcoin L2 Using Decentralized Sequencer and BitVM2, Publishes Economic Model in Beigepaper

PROTOCOL VILLAGE EXCLUSIVE: GOAT Network, describing itself as the “first Bitcoin layer 2 to share network ownership,” published their economics beigepaper detailing their economics and solution to sustainable BTC yield. According to the team: “The beigepaper outlines the economic model of GOAT Network, revealing how its BTC layer 2 addresses challenges with security and limited BTC income generation and leverages the decentralized sequencers framework with shared rewards in order to generate sustainable yields on BTC for BTC holders in BTC numeraire.” An executive summary reads: “GOAT Network leverages decentralized sequencer, BitVM2 and zkVM technologies to create a platform that inherits the security of BTC mainnet, while accommodating investors’ diverse financial needs.”

Solana-Based Restaking Protocol Solayer Launches Mainnet

PROTOCOL VILLAGE EXCLUSIVE: Solayer, a Solana restaking protocol, has launched its mainnet. The announcement comes a week after the project received backing from Binance Labs. According to the team: “Offering a decentralized cloud infrastructure on Solana in partnership with Bonk, AltLayer, SonicSVM, Hashkey Cloud, Solayer allows Solana dApps to secure network bandwidth and processing power by exchanging staked tokens, enhancing network efficiency and reliability. Solayer’s system introduces a trustless restaking framework focused on native Solana dApps, empowering them to manage staked tokens, secure block space and prioritize transactions.”

Wormhole’s ‘Era3’ Roadmap Calls for UX/UI Improvements, Streamlining Deployment

Wormhole, a blockchain interoperability platform powering multichain bridges and applications, released its updated roadmap on Wednesday, according to the team. “Wormhole Era3 introduces significant UX/UI improvements, a suite of new products designed to streamline the development and deployment process, and simplifies the process of integrating Wormhole’s cross-chain standards and tooling. Wormhole Institutional, a product line offering interoperability solutions, will roll out to entice institutional players to interact with the entire crypto ecosystem.”

Cronos Labs Launches Cronos ZkEVM on Alpha Mainnet

Cronos Labs has launched Cronos zkEVM, a layer-2 chain built on Ethereum, on the “Alpha” mainnet. According to the team: “Developed in collaboration with Matter Labs, Crypto.com, and others, it expands Cronos’s ecosystem, introducing $zkCRO as its gas token. The network features enhanced security with a native Ethereum bridge and supports various DeFi, NFT, and gaming applications. The launch includes a Pioneer Program, offering rewards for network participation. The alpha phase will run until September 2024.”

Lumia, ‘Hyper-Liquid’ Rollup, Announces Strategic Fundraising, Led by Nomura’s Laser Digital

Lumia, describing itself as a “next-gen, ultra capital efficient, hyper-liquid restake layer 2 rollup,” has announced a strategic fundraising round led by Laser Digital, Nomura’s digital asset arm, with participation from key investors including DWF Labs and TRGC. According to the team: “This round aligns with Lumia’s milestone of surpassing 25,000 nodes sold, a significant step in their mission to revolutionize DeFi and Real-World Assets (RWAs) integration. The funds will support the development of Lumia’s innovative layer-2 solution and liquidity infrastructure, which aims to set new industry standards by enhancing the integration and utility of RWAs on the blockchain.” Terms of the fundraising were not disclosed. According to the project documentation, Lumia is built with a “cutting edge tech stack” that includes: “PolygonCDK, NearDA and private DAC, Polygon AggLayer, EigenLayer AVS, Account Abstraction and more, thanks to joint co-development efforts between GatewayFM (RaaS) and Lumia’s tech team.” Lumia will have its “own custom private Data Availability Committee (DAC), own liquidity network (a.k.a Lumia Stream), decentralised sequencers, fast finality and validity proofs for a secure and decentralized Web3 experience.”

Burnt Banksy’s XION Introduces XION Foundation, Plans XION Token

XION, a proof-of-stake network where Burnt Banksy is core contributor, introduced XION Foundation, a non-profit organization “dedicated to guiding the XION ecosystem and upholding its core values,” according to a message. “The team also introduced XION, the utility token powering the XION Proof-of-Stake (PoS) network that establishes a solid foundation for a flourishing, self-sustaining ecosystem. It serves to secure the network, and is designed to encourage participation, collaboration and growth of the ecosystem, while ensuring continued decentralization and resilience of the network.”

Ham Chain, L3 Atop Coinbase’s Base, Launches SocialFi Application ‘Hamcaster,’ Built on Farcaster

Ham chain, a layer-3 network atop Base, which is Coinbase’s layer-2 network atop Ethereum, has launched Hamcaster, described as a “SocialFi application built on top of Farcaster and the Ham ecosystem.” According to the team: “Hamcaster is a unique SocialFi app that takes the concept of social tokens and social tipping further. It’s built on top of the Ham ecosystem, an already thriving community of crypto natives and crypto curious early adopters. Ham already features a precise social ranking system and a daily rewards system – both important aspects to the success of a SocialFi app like Hamcaster. Hamcaster builds on top of these systems and allows participants to monetize their Farcaster account.”

Holonym Foundation, Developer of Privacy-Preserving Identity Protocol Zeronym, Raises $5.5M

Holonym Foundation, developer of the privacy-preserving identity protocol Zeronym, has secured $5.5 million in seed funding led by Finality Capital and Paper Ventures, with backing from Draper Dragon and Arrington Capital. According to the team: “The organization aims to transform digital identity through ‘Human Keys,’ cryptographic protocols that use biometrics to secure personal data. Co-founder Shady El Damaty emphasized the importance of self-sovereign identity in Web3, aiming to provide global digital personhood with enhanced privacy and security.”

Chainlink’s Data Streams and VRF Go Live on Coinbase-Incubated L2 Base

Chainlink, a blockchain data-oracle project, announced that Chainlink Data Streams and Chainlink VRF, the industry-standard decentralized computing platform, have gone live on Base, the Ethereum layer-2 blockchain incubated by Coinbase. According to the team: “With these new integrations, the entire Chainlink product suite is now available to Base developers. ‘We’re excited to see all of Chainlink’s infrastructure solutions are now on Base for developers to build next-gen onchain apps,’ said Tom Vieira, head of product at Base.” (LINK)

Cyber, Ethereum L2 for Social Apps, Launches ‘CyberDAO’ With Dual-Token Governance

Cyber, an Ethereum layer-2 network for social apps, “has launched CyberDAO with a unique dual-token governance model, giving decision-making power to the most active contributors – not just token holders,” according to the team: “The first proposal, up for a vote on Aug. 15, will ratify CyberDAO’s Working Constitution. Early delegates include Dorothy L. (AltLayer CGO) and Charles Wayn (Galxe co-founder). As data ownership and misinformation concerns rise on social media, CyberDAO offers a transparent, community-driven approach to social media governance.”

Offchain, Developer Behind Arbitrum, Prysm, Launches ‘Tandem’ to Help Build Blockchain Apps

Offchain Labs, the team of initial core developers behind the layer-2 blockchain ecosystem Arbitrum and Ethereum consensus client Prysm, announced the launch of Tandem, “the first Offchain Labs partner studio that will focus on assisting select projects building blockchain applications,” according to the team: “Tandem seeks to nurture partnerships with the most innovative applications building on-chain, leveraging Offchain Labs’ market positioning to drive significant growth across emerging technologies and strengthen the next wave of industry-altering projects.”

Rhinestone, Specialist in Modular Smart Accounts on Ethereum, Raises $5M in Seed Round

Rhinestone, a provider of infrastructure and tooling for building products with modular smart accounts, has raised $5 million in a seed round, led by 1KX with support from CoinFund, Lattice, Heartcore, Circle Ventures, Alchemy Ventures, zkSync and Cyber, as well as angels, including industry leaders from Biconomy, WorldCoin, WalletConnect, Lit Protocol, and Pimlico. According to a blog post, the team will “we’ll use this seed round to accelerate the ERC-7579 smart account and module ecosystem by investing in the technology to power the most compelling application use cases.”

Pyth, Blockchain Oracle, to Feed DeFi Projects on TON

Pyth Network, a blockchain oracle project, said it will begin supplying its “high-fidelity, real-time prices” to the TON blockchain, affiliated with the Telegram instant-messaging app. “Pyth specializes in low-latency data designed to scale to thousands of feeds and assets,” according to a tweet. “Pyth can allow game developers on TON to build more immersive and financially viable gaming experiences.”

Rebar Labs Announces Rebar Shield for ‘MEV-Protected Bitcoin Transactions’

Rebar Labs announces Rebar Shield, described as “a new product offering MEV-protected Bitcoin transactions.” According to the team: “Rebar Shield allows users to submit transactions via RPC through a private mempool, bypassing the public mempool and protecting against emerging MEV strategies. Key benefits include reduced MEV exposure, enhanced privacy, easy integration for users and wallet providers, and new revenue streams for miners.” According to a blog post, Rebar Shield consists of two main components:

1. Rebar Shield Server: A JSON-RPC server with an interface similar to Bitcoin Core’s JSON-RPC.

2. Rebar Client: Software run by mining pools alongside their Bitcoin Core node.

Nebra, Provider of Zero-Knowledge Solutions, Introduces ‘Universal Proof Aggregation’ Protocol

Nebra, a provider of zero-knowledge solutions, introduced the Universal Proof Aggregation (UPA) protocol for ZK proofs, “setting a new standard as the industry’s fastest and most cost-effective ZKP verification engine,” according to the team: “UPA is also the first to go live on the Ethereum Mainnet, marking a major milestone in the scaling and privacy of blockchain technology as Nebra drives the future of proof aggregation by accelerating the adoption of a proof-based ecosystem. UPA aggregates multiple ZK proofs from diverse parties into a single, recursive proof, reducing verification costs at least 10-fold.”

Covalent Integrates Ethereum Wayback Machine Into Cronos ZkEVM for Long-Term Data Availability

Covalent, a modular data infrastructure provider, unveiled an integration with Cronos zkEVM, “to further secure blockchain scalability and security while empowering developers to innovate,” according to the team: “Utilizing Cronos zkEVM’s zero-knowledge proof system, Covalent’s Ethereum Wayback Machine ensures long-term data availability for all Cronos zkEVM users. This significant integration provides wider ecosystems unlimited access to verifiable blockchain data, which fosters growth through powerful data tooling and ultimately shapes the future of DeFi and other decentralized applications.”

Marinade, Liquid Staking Protocol on Solana, Launches ‘Stake Auction Marketplace’

Marinade, the leading native and liquid staking protocol built on Solana, announces the launch of Stake Auction Marketplace (SAM), a “public auction platform where validators can bid for staked SOL.” Marinade has previously revealed plans for SAM in June and has now officially begun live bidding. This public market is designed to benefit both validators and stakers. Validators can receive more stake while stakers receive the best staking yield on the market with an APY of 9.99%. Marinade is committed to elevating staking on Solana alongside Marinade Native and Protected Staking Rewards.”

Supra, Blockchain With MultiVM Support and In-Protocol, Launches Testnet

Supra, a layer-1 blockchain, has launched its testnet. According to the team: “With features like MultiVM support, in-protocol oracles and cross-chain communication, Supra’s testnet achieved over 500K TPS in recent tests. Currently in a controlled environment, the testnet is open to select partners for stress-testing. An open testnet will soon follow, allowing broader user engagement. Supra aims to support Move and EVM smart contracts, with plans for Solana and Cosmos integration post-Token Generation Event.”