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Umoja, a decentralized finance (DeFi) protocol, has launched a new product that allows holders of Coinbase wrapped BTC (cbBTC) tokens to earn a 6% yield on the layer-2 network Base. This yield is achieved through various exchange strategies, both centralized and decentralized, such as covered calls and arbitrage.

It’s important to note that cbBTC is a wrapped token backed 1:1 by bitcoin held at Coinbase, and not bitcoin itself. The Umoja protocol also supports Yield Vault Tokens (YVTs) collateralized by cryptocurrencies, including real world asset tokens. One example of these YVTs is yBTC, which users can mint by depositing cbBTC on the protocol.

Although the concept of earning a yield on BTC using DeFi strategies may be controversial among bitcoin maximalists, the increasing demand for investors to mitigate spot value losses as BTC prices fluctuate is evident. As the price of BTC dropped from above $100K to a low of $74.8K on April 7, more investors are seeking ways to earn a yield.

Recently, Japanese firm Metaplanet has started earning a yield on bitcoin by utilizing a strategy involving the purchase of spot assets and put options, and then selling premium on put options during price slumps.

Securitize and RedStone have collaborated on a new whitepaper introducing a model for securely verifying Net Asset Value (NAV) data on-chain, specifically tailored for tokenized private funds. The Trusted Single Source Oracle (TSSO) model aims to address a key issue in decentralized finance (DeFi) infrastructure by ensuring the reliability of NAV updates from a trusted source and preventing tampering once the data is on-chain.

In traditional crypto markets, oracles use data from multiple price feeds to prevent manipulation or errors. However, for private funds, the NAV is calculated by a single fund administrator, creating a challenge in verifying the accuracy of collateral values for DeFi protocols. The TSSO framework addresses this by creating a chain of NAV updates with secure digital signatures, timestamps, references to previous records, and hashes to link the sequence together. The system uses a cold-stored “root key” for major updates and a “chain key” for routine changes within specific thresholds to balance security with practicality.

Securitize is leading the development of the product, working on an internal blockchain to ensure no price updates are missed and verify the authenticity of the data source. TSSO is currently being piloted with some clients, with plans to make it more widely available in the future.

The collaboration between Securitize and RedStone emphasizes the need for institutional-grade infrastructure in DeFi to bridge the trust gap between traditional finance and crypto. If models like TSSO are adopted widely, tokenized funds could more easily integrate with on-chain tools, paving the way for growth in the blockchain space.

Jorge Serna, Chief Product and Technology Officer at Securitize, expressed the importance of securing assets by publishing price feeds via RedStone for the funds they manage. This collaboration aims to enhance security and reliability in tokenized fund management.

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Automobili Lamborghini, a luxury car manufacturer, announced that it will be unveiling its latest sports car in the metaverse. The Temerario model along with its GT3 counterpart will be released as limited edition digital collectibles in the open-world metaverse Wilder World. This virtual reality world allows users to interact, play games, and conduct transactions, including digital versions of real-life items.

While there was a buzz around the metaverse during the digital asset bull market of 2021, interest has waned in recent years as user engagement stagnated and companies shifted their focus to artificial intelligence. However, Lamborghini appears unwavering in its commitment to the metaverse, having partnered with Web3 investment and development leaders Animoca Brands to create digital experiences for their fans and customers.

The Italian car company will be offering 590 Temerario streetcars and 10 GT3 counterparts for $300 each starting from July 11. These digital sports cars can be minted on Wilder World, the non-fungible token (NFT) marketplace OpenSea, and Lamborghini’s Web3 platform Fast ForWorld.