New DeFi Platforms Thrive as Stock Market Faces Turmoil
The cryptocurrency community welcomed President Trump and enjoyed the benefits of anti-regulatory measures. However, developments like the trade war, limited rate cuts, and other factors have shaken the stock markets. On a brighter note, numerous DeFi developers are launching exciting new projects.
Time.Fun
Launched in February, Time.Fun is a Solana-based platform where fans can purchase time to engage with their beloved creators.
Creators establish profiles on Time.Fun, categorized into areas such as music, influencers, investors, marketing, UI/UX design, athletes, and more.
These profiles showcase examples of their work and the price of their time, quantified in dollars per minute.
Customers can invest in creators or ‘buy’ their time, allowing creators to spend it on interacting with customers via chats, which can include both audio and video calls.
Additionally, creators can auction their content, and Time.Fun enables customers to connect with Solana team members.
Ethos
The Ethos network aims to provide tools for users to assess the credibility and reputation of web3 platforms.
Launched on Base in January, Ethos allows various web3 entities to leverage their reputation while penalizing bad actors.
The platform relies on crowdsourced information, encouraging users to share their experiences with Web3 services. The reputation is calculated through Ethos credibility scores, which are adjusted by thumbs up and down votes, either adding or subtracting points.
Users can also leave neutral reviews. Depositing and staking ETH (vouching) significantly influences one’s reputation. Negative experiences can lead to reduced rewards for platforms with poor reputations.
Moreover, the Ethos tool can be integrated into other platforms, allowing users to see credibility scores displayed in profiles across various services, thus extending Ethos’ reputational scores beyond its own platform.
3DNS
3DNS is an Ethereum-based on-chain domain registration platform, launched in 2023, and claims to be the first of its kind.
It supports over 400 domains, including .com, .xyz, .box, and more, with domain creations registered as ERC-721 tokens. Users can utilize all major NFT marketplaces for their domains.
These domain addresses can be managed through a crypto wallet and can also be utilized on decentralized and crypto-compatible applications.
Cortex protocol
Cortex protocol stands as one of the first AI-driven DeFi platforms. It allows users to swap ETH for $HYPE or Cortex (CX) for Synapse (SYN).
Additionally, the protocol enables users to bridge Cortex across Solana and EVM. The Cortex Agent can answer queries, interpret code, or earn through DeFi.
This protocol can aid developers of applications that utilize AI, with the CX token serving as a governance token for transaction fees.
Wayfinder
Another recent AI-driven initiative is Wayfinder, a platform that enables cross-chain transactions, algorithmic trading operations, and smart contract execution.
Wayfinder allows users to teach its AI to operate on-chain, requiring tokens to ensure the information’s authenticity.
Other participants can validate this information for a fee, and once validated, the new pathways can be viewed and utilized by everyone. The original author earns rewards every time their pathway is accessed.
The example mentioned above demonstrates a simple code solution crafted by Jesse, a Base developer, where users can earn 0.0038 ETH.
In essence, Wayfinder signifies a new phase in the evolution of crypto wallets, transforming them into decentralized, multifunctional finance platforms.
The evolution of Bitcoin and Ethereum continues
Bitcoin and Ethereum are also advancing. Ethereum is set to undergo the Pectra upgrade, targeted for May.
This upgrade brings the platform closer to the long-anticipated launch of sharding, which addresses one of Ethereum’s significant limitations—poor scalability.
Ethereum’s hybrid-proof finality will facilitate instantaneous transactions validated through multiple independent layers of rollups: optimism, zero-knowledge, and trusted execution environments.
To boost transaction speed and reduce fees, Ethereum will utilize additional blobs.
However, there are a few weeks to wait for the Pectra upgrade. Meanwhile, Ethereum has enhanced its privacy measures, collaborating with 0xbow.io.
This initiative aims to strike a balance between privacy and compliance, a crucial concern given recent cyberattacks, including a significant hack of Bybit.
On March 31, 0xbow.io launched Privacy Pools, allowing Ethereum users to maintain their privacy while steering clear of illicit activities.
Currently, during the testing phase, ETH holders can withdraw between 0.1 and 1 ETH privately through Privacy Pools.
When users request a withdrawal from Privacy Pools, their wallet undergoes scrutiny. If approved, ETH is withdrawn privately; if not, the funds are returned to the original address.
On the Bitcoin front, different companies have made significant contributions recently. For instance, Lombard and Babylon Labs have introduced Bitcoin staking through a Baby token, paving the way for Bitcoin’s entry into the DeFi space.
Additional innovations are emerging, including Bitcoin yield-mining through Xverse and Build On Bob.
While some may feel the negative impacts from the market, the introduction of new services to facilitate the sending, receiving, and storage of crypto is leading to broader adoption. The projects highlighted in this article merely scratch the surface.