Demex Daily #91: Prisma Debuts ULTRA Stablecoin Backed by Liquid Restaking Tokens

What’s Interesting Today:

Prisma Finance has launched ULTRA, a stablecoin backed by Liquid Restaking Tokens (LRTs), allowing users to borrow against their LRTs while keeping restaking rewards. Initially, ULTRA supports borrowing against weETH from, with plans to include more assets. This initiative aims to enhance the utility of LRTs in the DeFi ecosystem. Additionally, Prisma had previously introduced mkUSD, another stablecoin backed by Liquid Staking Tokens (LSTs), with a market cap of $98M and a TVL of $297M. The move comes amid growing interest in restaking protocols and concerns about the security risks of leveraging staked ETH.

Chainlink Labs partners with Telefonica to allow Polygon-based smart contracts to access telecom network data via GSMA Open Gateway APIs. This integration, starting with Telefonica's Brazilian subsidiary to prevent SIM-swap fraud, marks a significant advancement in combining blockchain with telecom services, enhancing security and functionality for Web3 applications. The move aligns with the growing interest in the Decentralized Physical Infrastructure Networks (DePIN) sector, indicating a promising future for blockchain-enabled telecom solutions.