DTCC & Chainlink Launch Pilot Program with US Banking Giants

Hi NoRamp Community,

Daily News:

1) DTCC & Chainlink Launch Pilot Program with US Banking Giants

2) Binance-Backed Magic Square to Democratize Retail Investor Access

3) Solana Restaking Protocol Solayer Soft-Launches Deposits

4) Yendo Secures $165M in Mix of Debt Financing and Equity

5) Agora Secures $34M Series B Funding

DTCC & Chainlink Launch Pilot Program with US Banking Giants:

• The DTCC partnered with Chainlink to successfully complete the Smart NAV Pilot program, which focused on tokenizing traditional finance funds and standardizing net asset value (NAV) data on blockchains.

• The pilot program demonstrated the feasibility of delivering structured data on-chain, leading to potential applications such as tokenized funds, automated data dissemination, and enhanced historical data access for funds. Major US banking firms participated, contributing to minimal disruption of existing market practices and improved data management.

• Following the report, Chainlink’s token (LINK) surged 12.5%, and the broader trend of real-world asset tokenization saw significant growth, with BlackRock introducing a tokenized money market fund on Ethereum. The total value locked (TVL) in real-world asset protocols reached nearly $8 billion, driven by increased user activity and high yields on tokenized treasuries and bonds.

Binance-Backed Magic Square to Democratize Retail Investor Access:

• Magic Square, backed by Binance Labs, launched a new initial DEX offering (IDO) platform designed to democratize retail access for Web3 investors with limited funds through unique allocation strategies considering user activity and ecosystem contributions.

• Participants must stake Magic Square (SQR) tokens to earn SQR points, determining their allocation size for projects. The platform also offers post-IDO and community-building support, aiming to address user acquisition and engagement challenges with over 4.5 million registered users and 1,300 applications listed.

• The IDO market is rapidly growing, with Magic Square joining the industry alongside 109 other launchpads. DAO Maker is the largest by market cap, while Oxbull offers the highest average return on investment. IDOs are becoming a popular fundraising method, as evidenced by MerlinSwap DEX raising $480 million in Bitcoin with 52,000 participants.

  

  Source: Blockworks

Solana Restaking Protocol Solayer Soft-Launches Deposits:

• Solayer, a startup developing a restaking product on Solana similar to EigenLayer on Ethereum, opened an invite-only deposit period capped at $20 million, which filled within 45 minutes. Users could restake SOL or deposit liquid staking products like mSOL, bSOL, JITOSOL, and INF.

• The protocol aims to build a restaking ecosystem on Solana, joining few other protocols like Picasso. Solayer plans to raise $8 million at an $80 million valuation led by Polychain. The first deposit period, called “epoch 0,” will lock assets until “epoch 3,” with a liquid restaking token, sSOL, expected to launch in epoch 6.

• Restaking allows staked tokens securing proof-of-stake blockchains to secure additional application layers, enhancing security and creating additional yield opportunities. The concept, pioneered by EigenLayer on Ethereum, is now being applied to Solana, which uses a combination of proof-of-stake and proof-of-history.

Yendo Secures $165M in Mix of Debt Financing and Equity:

• Yendo, a US fintech offering the first vehicle-secured credit card, raised $165 million through $150 million in debt financing led by i80 Group and $15 million in equity from unnamed investors.

• Launched in 2022 and based in Dallas, Texas, Yendo allows underserved consumers to use their cars’ equity to access up to $10,000 in revolving credit at interest rates similar to unsecured super-prime credit cards.

• The funding will help Yendo introduce new products, grow its customer base, and expand services nationwide. CEO Jordan Miller aims to expand affordable credit access across the US with an aggressive roadmap for 2024.

Agora Secures $34M Series B Funding:

• Agora, a provider of real estate investment management solutions, completed a $34 million Series B funding round led by Qumra Capital, with participation from Insight Partners and Aleph.

• The investment will help Agora accelerate expansion, enhance product offerings, and allocate resources to R&D in payments, tax, IRA investments, and liquidity solutions. The company manages over 70,000 investors and $150 billion in assets globally.

• Despite challenges in the tech and real estate industries, Agora has tripled its revenue year-over-year. The funding will support international expansion to markets including Central and South America and Australia, continuing its growth and development of comprehensive investment management solutions.

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