DeFi news january 2022

The DeFi space has continued to garner the attention of enthusiasts worldwide while also recording massive growth and adoption. At the time of writing this article, the total DeFi Marketcap is at $102.6 billion.

To keep our readers informed, we have compiled some of last week’s top DeFi updates. These DeFi updates range from strategic partnerships, to project launches and exciting updates. Binance Smart Chain (BSC) version 1.1.8 launch and tofuNFT partnership with BreederDodo are some of last week’s top DeFi updates.

1. tofuNFT Partnered With Farm Skylines

tofuNFT, formerly known as SCV Finance, has strategically partnered with Farm skylines last week. Farm Skyline is a Play-to-Earn (P2E) virtual farm and blockchain game. It provides users the ability to cultivate their virtual land by sowing seeds and then harvesting the fruits.

Thanks to the partnership, tofuNFT will serve as a reliable marketplace for Skylines. Also, tofuNFT is currently the largest NFT marketplace on Binance Smart Chain (BSC).

2. Binance Labs Now Solv Protocol Strategic Investor

Last week, Binance Labs made a strategic investment in the DeFi NFT marketplace by becoming a strategic investor of Solv Protocol. Notably, this also means that Solv protocol is now a member of the Binance Labs family. Together, both platforms will work to increase financial NFTs in the crypto space.

According to the annoucement, the protocol will be able to create and launch NFTs on the Binance NFT marketplace. Interestingly, Binance Labs is the VC and innovation hub of Binance.

3. Idle DAO Launch Liquidity on Bancor

Yield network for LPs and integrators Idle DAO has announced the release of liquidity on Bancor. According to the announcement, the liquidity was released from Idle Treasury and was subsequently deployed on Bancor.

This launch of liquidity will furthermore provide users with top-notch benefits like;

  • Reduction of slippage
  • Increased market liquidity.

On the other hand, the idle DAO platform will enjoy improved capital efficiency, IL protection, and single asset exposure.

4. Project Larix DeFi 2.0 Launch

Last week, the Solana-based financial metaverse protocol, Larix, launched its DeFi version 2.0. Closely following the launch, Larix experienced a remarkable increase in its TVL. Larix currently has the highest supply APR and the lowest borrow APR on Solana. Stakers also earn 5x booster rewards.

5. Label Foundation OPEN TRACK v.2.0 Launch

Content trading MOOC platform, Label Foundation, has announced the launch of its OPEN TRACK version 2.0. OPEN TRACK is the core content platform of Label Foundation. Its version 2.0 launch will feature top artists like “[…] Justin Bieber’s Producer for “Peaches” Harv.”

Also, OPEN TRACK was first designed as an offline masterclass platform. However, according to the annoucement, its features and functions have been modified over time to facilitate online music education.

6. WonderHero Game Launch

NFT, P2E, RPG mobile game, WonderHero,’ is officially live. To commemorate its launch, the RPG mobile game platform also launched a reward party. The party took place on January 26th, 2022. As a result, the platform provides users with the opportunity to earn more rewards.

Also, the first phase of the party is scheduled to end on February 6th, 2022.

7. Binance Smart Chain v 1.1.8 Goes Live

On the other hand, Binance Smart Chain (BSC) has announced the launch of its much-anticipated v.1.1.8 update. All node operators are advised to upgrade their software to this version.

According to the annoucement, BSC v.1.1.8 will bring several changes to the BSC network. Therefore, these changes include:

  • State Verification and Commit Pipeline.
  • Ancient Data Prune.
  • Go native tracer.

8. Aave V3 Protocol Launch

The much-anticipated Aave V3 protocol launch has gone live across 7 testnets. Thanks to the protocol launch, Aave is now one of the most secure, advanced, and DeFi protocols available today.

Also, users can start testing the V3 protocol on several testnets. As a result, some of these testnets include Harmony testnet, Ethereum Rinkeby, Fantom testnet, Avalanche Fuji, Polygon Mumbai, etc.

9. tofuNFT Partnership With BreederDodo

tofuNFT has strategically partnered with BreederDodo. Therefore, this partnership will provide a reliable NFT marketplace for BreederDodo’s DODO Minion. Interestingly, One DODO Minion can be divided into six categories using features like its headdress, face, skin, weapons, base, and background. Moreover, you can check out the DODO Minions here.

10. Polygon Records Major Milestone Achievement

According to the annoucement, Polygon now has over 7,000 dapps deployed on its chain. This is a major milestone achievement for the Polygon ecosystem. As of October 2021, dapps on Polygon were just over 3,000 which represents over twice in value in less than three months. Also, dapp building teams on Polygon grew by 43% in a space of one month.

Moreover, this milestone achievement is a clear pointer to Polygon’s fast-rising ecosystem.

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