Today in DeFi - Immutable X zkRollups, Deribit KYC, DeFiSaver LoanShifter
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Immutable X zkRollups
Immutable, the company behind Gods Unchained, a collectible NFT card game, has announced Immutable X. Immutable X is a zkRollups based exchange engine for NFTs. As a Rollup, Immutable X has on-chain security guarantees, yet also scales transactions significantly.
Immutable X was developed for Gods Unchained, but is now being opened up to the wider NFT Community. The zkRollups technology it is using is developed by Starkware.
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Deribit KYC
Centralized Options exchange Deribit will be requiring full KYC by end of year for all users. Currently the leading options exchange for crypto, Deribit has KYC for all users currently but only required IDs for higher levels of verification. Users will have one month grace period from the KYC requirement to submit their verification.
KYC requirements for Deribit may bode well for permissionless decentralized options exchanges such as HEGIC, Opyn, and Pods.
DeFiSaver LoanShifter
DeFiSaver, a Lending protocol automation project, has just launched Loan Shifter.
LoanShifter uses flash loans and composability to allow users to switch protocols, shift collateral assets, or even debt assets, all in one transaction.
Let me spell this out clearly: This. Is. Fucking. Amazing.
DeFiSaver has always allowed users to perform the DeFi equivalent of magic using flash loans: users could use flash loans to take out debt or repay it. Loanshifter takes this magic to the next level by combining cross-protocol composability with the power of flash loans.
Read the thread or the Medium post for more.
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Disclaimer: Projects or tokens mentioned in this newsletter are often experimental or unaudited. Do your own diligence before using or buying anything mentioned