Chainlink (LINK) partnered with major financial institutions such as Euroclear, Swift, and UBS to enhance corporate data reporting with artificial intelligence (AI) and blockchain technology. This initiative aims to address inefficiencies in post-trade operations, which reportedly cost businesses between US$3 to US$5 million annually.
Sushi (SUSHI) unveiled its new roadmap, introducing a Route Processor designed to enhance liquidity and user experience. The protocol aims to aggregate liquidity from 35 blockchains to improve multi-chain capabilities, and develop a native decentralised exchange (DEX) ecosystem to provide tailored services while expanding its user base.
Chart of the Week
The spot trading volume ratio between DEXes and centralised exchanges (CEXes) rose to 14.11% in October, its highest since May 2023, when it reached 14.18%.
The DEX landscape is experiencing a shift in market share too. Uniswap continues to take the lead amongst DEXes, but its market share has seen a downtrend from 51% in January 2024 to 22% in October 2024. Conversely, Solana-based Raydium has seen its market share double to 18% in the same period, which is attributed to the surge in meme coin creation and trading on Pump.fun.
News Highlights
Decentralised AI network Bittensor has upgraded to allow Ethereum-based smart contracts on the subtensor blockchain. Developers can create and deploy decentralised applications (dapps) on the network while leveraging its unique machine learning capabilities.
Pump.fun, a meme coin deployment platform on the Solana network, released plans for an upcoming token release and a new trading terminal. Known as ‘Pump Advance’, the new terminal features mini-charts, data on top holders, and social indicators to help traders navigate the millions of meme coins in the market.
World Network, previously known as Worldcoin, launched a new Ethereum Layer-2 blockchain called World Chain. Users verified with the biometric ‘World ID’ can interact with the chain and gain priority access to blockchain resources, including reserved block space and free gas for transactions.
ApeChain, a new Layer-3 blockchain built by Yuga Labs on Arbitrum One, went live recently. The chain supports native staking yields for the APE token, non-fungible token (NFT) minting, and dapp functionality.
Fuel Labslaunched the mainnet of its optimistic rollup network Ignition, which focuses on parallelisation and an unspent transaction output (UTXO)-based model.
Maple Finance’s retail-focused platform Syrup.Fi is launching its native token, SYRUP, on 13 November. MPL token holders can convert their tokens into staked SYRUP to earn rewards and generate yield.
Bitcoin liquid staking platform Solvlaunched its liquid staking token, SolvBTC.JUP, on Solana. The token accrues yield by providing liquidity on Jupiter Exchange, a decentralised exchange aggregator, and was available to institutional traders before its full deployment.
DeFi lending protocol Radiant Capitalwas exploited for approximately $50 million. $16 million was drained from a Radiant smart contract on BNB Chain, while other funds were stolen from Radiant’s trading pools on Arbitrum.
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DeFi & L1L2 Weekly — 📈 DEX vs CEX spot trading volume ratio reaches its second highest level; Bittensor upgrade enables Ethereum compatibility
DEX vs CEX volume ratio reaches its second-highest level. Bittensor upgrade enables Ethereum compatibility. World Network launches Layer-2 blockchain, World Chain.
