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    WEF talks DeFi regulation, HKDA stablecoin integrates Chainlink: Finance Redefined

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    The World Economic Forum (WEF) supports the use of “regulatory sandboxes” for experimenting with Decentralized Finance (DeFi), aiming to manage risks while fostering innovation. IDA Finance is collaborating with Chainlink’s blockchain services for its upcoming HKDA stablecoin, providing more secure cross-chain operations. In other news, former US President Donald Trump’s World Liberty Financial project proposed a service to the DeFi platform Aave, potentially increasing stablecoin, Ether (ETH), and Wrapped Bitcoin (WBTC) availability. Additionally, RedStone Oracles launched its staking oracles, allowing Bitcoin (BTC) staking for lending and other functions in DeFi.

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    Hey there! Welcome to your weekly update on all things decentralized finance (DeFi). Get ready for some interesting highlights from last week.

    First up, the World Economic Forum (WEF) is encouraging the use of testing zones, or “regulatory sandboxes”, for exploring DeFi. The idea here is that regulators can foster innovation and manage risks in a safe space.

    On another note, IDA Finance is teaming up with Chainlink’s blockchain services for their upcoming HKDA stablecoin. They aim to make cross-chain operations more secure and transparent.

    Diving deeper, the WEF is pushing for regulators and decision-makers to experiment and innovate with DeFi within these regulatory sandboxes. They hope to focus on managing risks and ensuring transparency in DeFi regulation. In a study of nine different economies, including big players like the USA and UK, they recognized the need for this approach.

    IDA Finance, a Hong Kong-based company, announced on October 9 that it would be integrating Chainlink’s blockchain services for a more transparent and safe cross-chain operation. They plan to use Chainlink’s services to verify the assets backing their HKDA stablecoin, helping to avoid any potential issues with insufficient reserves.

    In some surprising news, the former US President, Donanld Trump, initiated the World Liberty Financial (WLF) project, which has made a governance proposal to Aave, a DeFi platform. The project suggests creating a service on the platform, offering 20% of the fees it generates and 7% of the supply of WLFI, the platform’s governance token. If the proposal is successful, it will increase the availability of stablecoins, Ether (ETH), and Wrapped Bitcoin (WBTC).

    RedStone Oracles launched its staking oracles on October 8. Users can stake their Bitcoin (BTC) and get liquid-staking tokens (LSTs) on the Ethereum blockchain in return. This is the first time BTC LSTs can be used in DeFi for lending and other purposes.

    EigenLayer, a protocol started by Sreeram Kannan, is prioritizing consumer adoption of its EIGEN token. Initially, they will target applications in DeFi and gaming, before expanding to other areas.

    Looking at the DeFi market overall, the biggest cryptocurrencies had both some gains and losses last week. The week’s biggest gainer was the Coinbase Wrapped Staked ETH (CBETH) token, which surged by 38.29%. We also saw Zcash (ZEC) rise by a noteworthy 29.85%.

    That’s it for this week’s DeFi news round-up. Catch you again next Friday for the latest updates so you can stay in-the-know on this fast-paced world.

    Source: Cointelegraph

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