ChainCatcher news, Bitcoin liquidity protocol and stablecoin issuer Yala announced that it has launched its testnet, allowing users to deposit MetaMint YU, manage their positions, and stake their YU to earn BERRIES points.Previous news, Yala completed a $8 million seed round financing, led jointly by Polychain Capital and Ethereal Ventures.

ChainCatcher news, according to The Block, Bitcoin ecosystem stablecoin developer Yala has completed an $8 million seed round financing, led by Polychain Capital and Ethereal Ventures, with participation from Galaxy, Anagram, ABCDE, Amber Group, HashKey Capital, Satoshi Lab, and UTXO Management.The funds from this financing will primarily be used for team expansion, product development, and security enhancements, as well as preparations for the mainnet launch. Additionally, investors have committed to collateralizing over 2,000 bitcoins to Yala.It is reported that Yala's mission is to connect Bitcoin with major ecosystems through stablecoins as a medium, enhancing Bitcoin's liquidity. Its modular architecture allows Yala to deploy across EVM-compatible platforms (such as Ethereum) and non-EVM systems (such as Solana), thereby enhancing Bitcoin's composability and promoting the development of an open Bitcoin DeFi ecosystem. According to official sources, Yala's testnet will be launched next week.

ChainCatcher news, Bitcoin liquidity and its native stablecoin DeFi project Yala will host the Bitcoin Odyssey event in Hong Kong on May 9, alongside important ecological projects and capital such as Alex, Botanix, Polyhedra, and Stacks. This event will take place during Bitcoin Asia, gathering numerous industry builders to discuss the development challenges and opportunities of the Bitcoin ecosystem. Currently, several key developers, including Domo, have confirmed their participation in the discussion.It is reported that the theme of the event is "Building on Bitcoin and Beyond," which will explore how to introduce smart contract capabilities to Bitcoin, thereby developing important applications such as decentralized finance, as well as linking Bitcoin with other ecosystems.Participants are key practitioners of these topics. Botanix and Stacks, as important Bitcoin layer two projects, have been working hard to introduce smart contract capabilities to Bitcoin; the Brc20 protocol developed by Domo provides the technical foundation for issuing tokens on Bitcoin; Yala and Alex are committed to providing a more robust infrastructure for Bitcoin's decentralized finance. In addition, Yala, through its modular design of the Bitcoin native stablecoin YU, not only supports BRC20 and Runes (UTXO format assets) within the Bitcoin ecosystem but also collaborates with Polyhedra to promote the interconnectivity of Bitcoin liquidity with other ecosystems. Important developers such as Nubit and OYL will also participate in this event.Offline consensus is an important component of the development of the crypto community, and the purpose of this event is "A shared vision for Bitcoin's ecosystem." The organizers, including Yala, hope to build consensus for the development of the entire ecosystem through this offline gathering and seek more sustainable development paths.The event is expected to attract over 200 participants and is currently open for registration on platforms such as Luma.

ChainCatcher news, Bitcoin liquidity and native stablecoin DeFi project Yala announced on social media a strategic partnership with leading Bitcoin Layer 2 solution Stacks. This collaboration is expected to significantly enhance Bitcoin's scalability and DeFi capabilities, further boosting liquidity in the Bitcoin ecosystem.It is reported that Yala has addressed interoperability issues in the Bitcoin DeFi ecosystem by building programmable modules on Bitcoin inscriptions, providing lending, staking, and insurance functionalities for the Stacks ecosystem, while also launching the Bitcoin-backed native stablecoin YU. Yala's innovative initiatives not only pave new paths for Bitcoin DeFi but also open avenues for cross-system integration within the entire DeFi ecosystem.The core of this collaboration is to integrate YU with multiple DeFi protocols on Stacks, with partners including Bitflow, Alex, Velar, and Zest. As a native stablecoin of Bitcoin, YU aims to bring stability and liquidity to the Stacks DeFi ecosystem.

ChainCatcher news, NFT verification company Authentick announced the completion of a $4 million seed round financing, led by the venture capital platform Menyala founded by Temasek. The funds will help Authentick expand its user base and product range. Authentick allows users to purchase digital collectibles or NFTs and verify their authenticity, aiming to enable users to buy digital collectibles without the need for a Web3 wallet or entering an exchange.Authentick plans to offer incentives to brand partners looking to reach a wider audience. The company will manage the distribution of their digital collectibles and ensure that these collectibles can be purchased at major online retailers.