Top 10 DeFi Updates | May Week 1 – Product Release & Updates

 2021 has also been dubbed the year of DeFi because of the large increase in investors in this space. Interestingly, the NFT space has been a major participant in the current global DeFi craze.

To keep our readers informed, we have compiled a list of some of the top DeFi updates that took place last week. These updates include Juggernaut’s recent partnership with Chainlink, the Amrita Sethi “WTNFT” launch on Terra Virtua, and others.

  1. Juggernaut | Chainlink Partner to Create NFTs on Binance Smart Chain

Juggernaut, the well-known NFT marketplace on Binance Smart Chain (BSC), has partnered with renowned oracle platform Chainlink. The partnership is aimed at facilitating the creation of NFTs on Binance Smart Chain (BSC). To achieve this, Juggernaut will make use of Chainlink’s reliable price feeds.

Chainlink has made a name for itself in the oracle space. Interestingly, it currently supports and secures assets worth billions of dollars across both the DeFi and NFT spaces. Also, its Chainlink VRF (Verifiable Random Function) is a major attraction point for Juggernaut. This feature will be important to the upcoming launch of its JuggerDRAW games.

2. Uniswap V3 Mainnet Launch

Exciting news as Uniswap recently announced its Uniswap V3 mainnet launch on Ethereum. This recently launched protocol is currently the most powerful version on Uniswap. Uniswap V3 offers top-notch DeFi infrastructure, better execution for traders, and capital efficiency for liquidity providers (LPs).

3. Loopring Partners With WePiggy

LoopRing, the first-ever zkRollup-based Layer 2 scaling exchange built on Ethereum, entered into a strategic partnership with WePiggy. Together, both parties will work on the implementation of cross-chain circulation, financial management, liquidity building, etc. Both platforms will also help empower “technical exchanges in Ethereum scaling technology.”

WePiggy is focused on creating a non-custodial, open-source crypto lending platform. The platform will help its users maximize capital utilization on blockchain networks. The partnership between WePiggy and LoopRing can reduce the cost of network usage for users, put in place a solid foundation for later cross-chain/cross-layer ecological construction, and increase the application scenarios for users’ assets.

4. AnRKey X ANRX Now on BSC

Binance Smart Chain enters yet another strategic partnership. This time, AnRKey X has collaborated with Binance Smart Chain (BSC). Interestingly, its Arcade coin (ANRX) has been incorporated with Binance Smart Chain (BSC). This is alongside a partnership with cross-bridge tech platform pNetwork. The partnership will create more use cases for the Arcade Coin beyond the Ethereum blockchain.

5. Meebit NFT Sold for 420ETH

Non-fungible tokens (NFTs) are making huge waves in the DeFi space. Last week, pixelated 3D character Meebit #8598 sold on the OpenSea marketplace for 420 ETH, which is approximately $1.4 million. Also, two other Meebits, #2948 and #776, sold for 400 ETH and 390 ETH, respectively.

6. DAFI Protocol | Polygon Partner to Mitigate Inflation

Inflation is a major problem with proof-of-stake (PoS) blockchain platforms. This inflation is usually brought on by how staking rewards are distributed. In line with this, Polygon (formerly known as Matic Network) has collaborated with DAFI protocol to help combat inflation issues in PoS blockchain platforms.

Both platforms look to mitigate inflation using a special staking reward distribution process. DAFI’s staking reward mechanism will help end inflation while ensuring market participants benefit the most.

7. Amrita Sethi Unveils Her WTNFT on Terra Virtua

Banker turned artist Amrita Sethi on May 7, 2021, unveiled her 3D waveform voice note art on Terra Virtua. The voice note art is dubbed “What the NFT?!” It was exhibited on the Terra Virtua Twitch channel. The exhibition was immediately followed by a live auction where the 3D NFT sold for $102,000.

8. Blind Boxes BLES Vault Is Live

Popular curated gamified liquidity and NFT launchpad platform Blind Boxes (BLES) is offering daily rewards to users, thanks to its recently launched vault and liquidity staking program. The liquidity staking program took place on Binance Smart Chain (BSC) on May 8, 2021, at block height 7237470.

9. TomoChain Partners With Roseon Finance

PoS blockchain TomoChain has strategically partnered with Roseon Finance. Thanks to the partnership, Tomochain’s TOMO and LUA tokens will be listed on Roseon Finance. Also, Roseon native token ROSN will also be listed on TomoChain.

10. Umbrella Network Migrates to BSC

DeFi oracle platform Umbrella Network (UMB) has moved from the Ethereum chain to Binance Smart Chain. According to the oracle platform, this move was orchestrated by increasing scalability issues on Ethereum and also high gas fees.

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