US Treasury Tokenization Tops $1B as Coinbase Wallet Defeats SEC, Memecoins Fuel Base's Boom

Welcome to the recap of this week's significant DeFi developments. Over $1 billion in US Treasurys are now tokenized, thanks to BlackRock's new fund. In a win for DeFi, a US judge ruled that Coinbase's self-custody wallet does not constitute brokerage activity. Amidst the memecoin frenzy, Coinbase's Base platform has doubled its TVL in a month.

Decentralized Finance Weekly: Tokenized Treasuries Soar Past $1 Billion, Coinbase Wallet Triumphs Over SEC, and Memecoins Fuel Base Platform's Growth

The world of decentralized finance (DeFi) continues to evolve at a rapid pace, with major developments unfolding across the blockchain ecosystem. This week's headlines have been dominated by the tokenization of real-world assets, a significant legal victory for DeFi, and the meteoric rise of memecoins on a layer-2 platform.

Tokenized Treasuries Hit $1 Billion Milestone

The trend towards tokenization of real-world assets has gained significant momentum, with over $1 billion worth of United States Treasurys now tokenized and circulating on various blockchain networks, including Ethereum, Polygon, and Solana. This surge in tokenized Treasurys has been driven in part by the recent launch of BlackRock's USD Institutional Digital Liquidity Fund (BUIDL), which has attracted significant interest from institutional investors.

The growth of tokenized Treasuries offers several potential benefits, such as increased accessibility to government securities for retail investors, improved liquidity, and reduced settlement times. As more traditional financial institutions embrace blockchain technology, we can expect the tokenization of real-world assets to continue to gain traction.

Coinbase Wallet Wins Legal Battle Against SEC

In a significant setback for the United States Securities and Exchange Commission (SEC), a U.S. judge has ruled that Coinbase's self-custody crypto wallet does not constitute a broker. This decision is considered a major victory for DeFi proponents and a setback for the SEC's efforts to regulate the crypto industry.

The SEC had alleged that Coinbase Wallet was acting as an unregistered broker-dealer by offering crypto staking services to its users. However, the judge dismissed this claim, stating that the SEC had failed to sufficiently demonstrate that Coinbase Wallet was conducting brokerage activities.

This ruling is a testament to the growing recognition of the decentralized nature of DeFi applications, which give users full control over their digital assets. The decision also provides a glimmer of hope for other DeFi projects that are facing regulatory uncertainty.

Memecoins Drive Base Platform's Skyrocketing Growth

Coinbase's layer-2 platform, Base, has experienced a remarkable surge in activity, with its total value locked (TVL) doubling in just one month. This growth has been attributed to the influx of memecoin enthusiasts, who have been flocking to the platform to participate in the latest crypto craze.

Base's TVL reached $1 billion in February, just six months after its launch. However, it took less than a month for the platform to double its TVL, reaching $2.13 billion in March. This rapid growth indicates that Base is becoming a popular destination for memecoin traders and investors.

As the memecoin frenzy continues, we can expect Base to continue to benefit from the increased activity. The platform's user-friendly interface and low transaction fees make it an attractive option for memecoin traders.

Other Notable Developments

• **Jupiter DEX Launches Native DAO with $137 Million in Initial Capital:** Solana-based decentralized exchange Jupiter has allocated $137 million to kick-start its Jupiter DAO, providing the community with significant resources to fund development and governance initiatives.
• DeFi Market Overview: The DeFi market experienced a bearish week, with most of the top 100 DeFi tokens trading in the red. However, the total value locked in DeFi protocols has risen back above $100 billion, indicating continued investor interest in the sector.

As the DeFi ecosystem continues to mature, we can expect to see further innovation and disruption in the financial industry. The tokenization of real-world assets, the increasing adoption of DeFi applications, and the growing influence of memecoins are just a few of the trends that are shaping the future of finance.