Bitcoin infrastructure company Babylon Labs claimed to have developed a system that enables native Bitcoin to be used as collateral for borrowing assets on Ethereum.
Babylon Labs co-founder and Stanford University professor David Tse said on Wednesday that the company built a proof-of-concept that allows native Bitcoin to be used “trustlessly” as collateral for loans on Ethereum.
The comments follow a white paper release from the company, revealing a Bitcoin trustless vault system that leverages Bitcoin smart contract verification BitVM3 to lock BTC in per-user vaults. Here, withdrawals are gated by proofs of external smart contract state verified on Bitcoin.
This system allows users to lock Bitcoin and bring it to Ethereum without relying on a custodian or bridge.
A schematic of the Bitcoin vault-based lending system. Source: Babylon Labs
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BNB Chain sees record user activity, transactions up 151% in 30 days
Daily active addresses on BNB Chain hit an all-time high on Monday, as the network’s native crypto token reached a new price record.
According to Nansen, sender-only active addresses on the blockchain reached a record 3.46 million on Monday, surpassing its previous high of 3.44 million in December 2023.
The data analytics platform also showed that in the last 30 days, BNB Chain’s successful transactions reached 500 million, a 151% surge from the previous 30-day period. This puts the network second to Solana, which holds the top spot for transactions.
In terms of active wallet addresses, BNB Chain ranked third with nearly 200 million addresses active during the time frame. This record put it close to surpassing layer-2 network Base.
Addresses that sent a transaction on BNB Chain. Source: Nansen
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Hyperliquid now allows anyone to deploy perpetual futures, for a price
Decentralized exchange Hyperliquid introduced a new update that allows third parties to launch their own perpetual swap contracts on its platform.
On Monday, Hyperliquid Improvement Proposal 3 (HIP-3) came into force, allowing permissionless, builder-deployed perpetual futures contract listings.
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