DeFi & L1L2 Weekly – 🎉 Reaches 100M Users; BlackRock’s BUIDL Becomes Largest Tokenised Treasury Fund hits new milestone with 100 million global users. BlackRock’s BUIDL is now the largest tokenised treasury fund. Ethereum devs propose EIP-7702 to enhance externally owned accounts.

May 08, 2024 DeFi Weekly

Weekly DeFi Index

This week’s market capitalisation was positive at +9.54%, while volume and volatility indices were negative at -3.85% and -12.63% respectively.

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BlackRock’s BUIDL fund is now the largest tokenised treasury fund, surpassing Franklin Templeton’s FOBXX fund (BENJI) weeks following its launch. As of 7 May, the fund has over US$382 million in deposits (exceeding BENJI’s $368 million). BUIDL has grown 36.38% MoM, while BENJI has only shown a 1.26% growth during the same period. This comes following increased inflows in BUIDL earlier this month, including $50 million from real-world asset (RWA) tokenisation firm Ondo Finance’s OUSG token.

We covered RWA tokenisation, tokenised treasuries, and BUIDL in our latest research report Tokenisation of RWAs & Yield-Bearing Stablecoins.


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News Highlights

  • announced it surpassed the 100 million global user mark. Its user base has doubled since the first Formula 1® Miami Grand Prix in May 2022, and this milestone was reached in the immediate wake of’s latest Fortune Favors the Brave brand film, INEVITABLE.
  • Ethereum developers proposed EIP-7702 to enhance Externally Owned Accounts (EOAs) by introducing a new transaction type that temporarily converts EOAs into smart contract wallets, offering functionalities like transaction batching and sponsored transactions. The proposal aims to improve the usability and security of EOAs by addressing issues such as transaction batching, sponsorship, and privilege de-escalation, providing an alternative to existing standards like EIP-3074.
  • LayerZero Labs introduced a self-reporting mechanism to combat Sybil activity, offering users engaged in such behaviour a chance to voluntarily disclose their actions within 14 days in exchange for 15% of their intended token allocation. Sybil activity in crypto refers to the deceptive practice of creating multiple fake accounts or identities to unfairly acquire tokens, rewards, or influence within a network. 
  • Polygon has launched the Miden alpha testnet, a zero-knowledge rollup solution designed to enhance Ethereum’s scalability and privacy. 
  • EigenLayer plans to distribute around 28 million more EIGEN tokens to over 280,000 wallets following backlash over its initial airdrop program. The protocol will include Season 1 and Season 2 claimants with the aim to address criticism and involve more users in the distribution.
  • Sui clarified misunderstandings about its token supply, refuting criticism of the tokenomics and distribution of its SUI token. The network maintains that its tokenomics are sound, with tokens released according to a predetermined schedule, publicly accessible, and founders unable to control the treasury or tokens allocated to investors, including the community reserve.

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