The decentralized finance (DeFi) sector continues to receive increased attention from cryptocurrencies investors. ForkLog has collected the most important events and news of recent weeks in a digest.
Main indicators of the DeFi segment
The amount of blocked funds (TVL) in DeFi protocols remained at the previous level – $198 billion. Leadership is still held by the Curve Finance protocol with $17.68 billion. MakerDAO ($15.07 billion) took the second line of the rating, Lido ($13.7 billion) – the third.
Data: DeFi Llama.
Defi Llama includes a group of tokenized bitcoins in the final value. WBTC ranked seventh with $10.61 billion. hBTC is in 20th place with $1.55 billion. The total value of “bitcoins on ether” was $13.29 billion.
TVL in Ethereum applications fell to $108.32 billion. Over the past 30 days, the indicator fell by 7% (February 19, the value was $116.41 billion).
Data: DeFi Llama.
Trading volume on decentralized exchanges (DEX) over the past 30 days amounted to $72.7 billion
Uniswap continues to dominate the non-custodial exchange market, accounting for 76.5% of total turnover. The second DEX in terms of trading volume is Curve (7.2%).
1inch Network introduced the function of direct exchange of tokens between users
DeFi project 1inch Network introduced a P2P order feature that allows you to exchange digital assets directly between users.
“P2P order will be useful in situations where the liquidity of a certain token is not enough for a large OTC transaction, and a swap in the market will entail significant slippage. The same applies to tokens that are not yet traded on the market, such as those that are in the pre-sale stage,” the statement says.
The P2P order system is based on the 1inch Limit Order Protocol. The function is available in all networks supported by the project.
The project team noted that the main advantages of this method of exchange are complete decentralization and a guarantee of execution by a smart contract. 1inch does not store transaction data on servers – everything remains in users’ browsers. Data is transmitted only as links.
The Uniswap community proposed to deploy the protocol on the Celo blockchain
The Uniswap community members proposed to launch the third version of a decentralized exchange on the Celo network.
The offer was created by the student body Blockchain at Michigan in partnership with the Celo Climate Initiative and the non-profit Celo Foundation.
The latter partnered to launch a $10 million Uniswap user incentive program, as well as provide additional financial assistance to the exchange in the future.
On-chain deployment of the Uniswap V3 protocol involves the creation of liquidity pools of “green assets” from Celo, such as tokenized carbon credits.
Cooperation is intended to stimulate future green use cases for the exchange, the authors of the proposal noted.
At the time of writing, the proposal was supported by holders of almost 9 million UNI governance tokens with almost no objection. Voting will end on March 13.
The price of RUNE increased by 50% amid the launch of synthetic assets in THORChain
Amid the activation of pools of synthetic assets, the price of the native cross-chain token THORChain (RUNE) is up 50%.
At the time of writing, it is trading at $6.
RUNE/USDT Chart on Binance Exchange. Data: Trading View.
Synthetic assets or “synthetics” are tokens with a collateral guarantor, the price of which is based on the value of other tokens. The THORChain protocol uses pools of equal proportions of base cryptocurrencies and RUNE for security.
THORChain lead developer Chad Barraford explained that this approach improves the security and resilience of the network.
According to him, synthetics halve the commission for the exchange and allow you to conclude “almost instant transactions” at a lower cost of gas. He also added that by using such assets, liquidity providers can earn more than what they have contributed to the pool.
How to make money from stablecoins and synthetic stocks in the Terra ecosystem (part 2)
Investing in DeFi
Real-Time Continuous Transaction Settlement Protocol Command Zebec powered by Solana closes a $15M Series A funding round
Led by Solana Ventures and Distributed Global, with participation from Coinbase Ventures, Alameda Research, Circle and Lightspeed.
The startup will use the funds received for further scaling of the protocol. Its idea is to make it easier to send and receive payments on an ongoing basis.
Zebec Payroll allows employees to automatically convert part of the funds received into digital currencies, distribute to crypto pension programs, invest in DeFi protocols and withdraw in fiat to bank accounts no fees.
Behind Nested social trading DeFi platformthe team closed a $7.5 million Series A funding round.
It was led by billionaire Alan Howard’s Brevan Howard, with contributions from CMT Digital, Kenetic Capital, Republic Capital and others.
Funding will go towards expansion number of supported blockchains and platform functionality.
Nested allows users to showcase their investment portfolios via social media as NFTs or send them as gifts or rewards.
Singapore-based crypto-currency fintech Cake DeFi platform launches $100M VC arm.
Cake DeFi Ventures (CDV) will focus on investing in startups from the Web 3.0, metaverse, NFT, gaming, and fintech industries.
The venture fund will be led by Cake DeFi CEO Julian Hosp and CTO Yu Jin Chua.
The firm positions itself as a provider of a decentralized finance platform where users can buy, sell cryptocurrencies, participate in staking and credit ovation among other services.
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