TGIF and happy Friday Havenauts and Web3 frens! 

Here’s what we have this week:

• Haven1 news
• Regulation and compliance
• RWA
• Blockchain infrastructure
• DeFi 2.0
• Security
• The Haven1 take

Haven1 news

This week, we looked at why Haven1 is building its own infrastructure without relying on third-party protocols.

We’re incredibly active on X—here’s some highlights we put out this week:

• We looked at our hApp store strategy in detail
• We poked holes in why some projects will pay crazy money to launch their token on centralized exchanges 
• Jeff, our CEO, explained why unclaimed airdrops will go to esH1 locked stakers

On to the week’s news.

Regulation and compliance

1. SEC says crypto mining doesn’t violate securities law

The SEC has continued to provide clarity over the cryptocurrency industry and regulation after it confirmed that proof-of-work cryptocurrency mining doesn’t fall under its definition of a security. That’s good news for cryptocurrencies like Bitcoin and Doge which continue to run based on mining and not proof-of-stake. 

RWA

‍1. RWA crosses $10 billion in TVL

On-chain Real World Assets (RWA) are surging after the total value locked (TVL) crossed $10 billion in total assets for the first time. 

RWA TVL increased by 15% over the last month, outpacing all other asset types within the top 10, according to data from DeFi Llama. That’s thanks to a surge in protocols and partnerships. There are now four protocols with more than $1 billion in TVL: Maker RWA, BlackRock BUIDL, Ethena USDtb, and Ondo Finance.

‍Blockchain infrastructure

‍1. Securitize and Athena launch institutional DeFi blockchain

Securitize and Ethena Labs launched an Ethereum-compatible blockchain aimed at integrating decentralized finance (DeFi) with tokenized real-world assets. Named Converge, its initial partners include Pendle, Avara, Ethereal, Morpho, and Maple Finance. Ethena's ENA token will be used to secure the network through a permissioned validator set.

2. Crypto.com forces through controversial token unburn

We wrote in a previous recap of Crypto.com’s controversial plan to reissue tokens that were supposedly taken out of circulation forever after being burned in 2021. 

The proposal was poorly received by the community, and initially it looked like it would fail to gain the required 33.4% of eligible votes in order to pass. That changed, however, when several large validators operated by Crypto.com, which control a combined 70-80% of the total voting power, stepped in to give the vote its required approval.

The incident underscores the importance of decentralizing decision-makers and validators to ensure that no single entity can push through decisions in the name of self interest. That’s why Haven1 has a council of nine validators who collectively ensure decentralized decision-making.

DeFi 2.0

1. Coinbase launches verified liquidity pools

Coinbase launched a new service that enables users who are verified (through KYC) to seamlessly trade and swap digital assets on-chain.

“By seamlessly integrating identity verification with smart contract transparency, Verified Pools reduces counterparty risks while upholding the openness and efficiency of onchain markets,” Coinbase explained.

We agree. Verification is a key part of the Haven1 network and why we are building a strong DeFi proposition for our community.

2. Robinhood gets into prediction markets

Robinhood continued its foray into crypto-adjacent services by launching a prediction markets hub directly within its app. The new service will be run in partnership with Kalshi, which is a CFTC regulated exchange that operates in the US market. 

Robinhood started out in stocks but it expanded to offer a selection of cryptocurrencies in 2022—that part of its business grew 700% year-on-year but only counts for around one-third of its revenue right now.

3. Kraken buys futures trading platform for $1.5 billion

The overlap between traditional finance and cryptocurrency finance continues to blur after Kraken forked out $1.5 billion to buy futures trading platform NinjaTrader. The deal will expand Kraken’s services into new areas including crypto futures and derivatives in the US market, and help tap into Ninja Trader’s 1.8 million customers.

Security

‍1. Hyperliquid whale unmasked as online fraudster

There’s been a lot of talk about a major user of DEX Hyperliquid, whose activities are said to include intentionally liquidating approximately $200 million in Ethereum. It has now emerged that much of the trading the individual—who is a convicted fraudster—used stolen funds for major leveraged trades on Hyperliquid and GMX.

One of the core principles behind Haven1 is user authentication via KYC to prevent participation from malicious actors or institutions.

The Haven1 take

This week’s news validated a number of core focuses behind our development of Haven1 with Coinbase embracing verified liquidity pools, and on-chain RWA tokenization surging. We’ve been building with these principles for more than two years, and there’s even more that we are working on beyond this.

We’re excited for mainnet—there will be more announcements very soon so stay tuned.