Top 10 DeFi Updates | June Week 3

The decentralized finance (DeFi) space is making waves in both the blockchain and crypto space. This article covers in detail ten (10) of the Top DeFi updates that took place in the blockchain and crypto space last week.

UMA Protocol strategic partnership with Polygon, Reef DeFi, and Pinknode partnership are some of the top DeFi updates of last week.

  1. RAMP DeFi | IoTeX – Unlocks New Liquidity

To begin the DeFi updates of the week, decentralized protocol, RAMP – focused on boosting DeFi adoption – has entered a strategic partnership with IoTeX. The platform functions by allowing non-Ethereum (ETH) users to stake tokens on ETH platforms.

The partnership will provide IoTeX liquidity providers (LPs) with improved capital efficiency. Interested persons will be able to collateralize IOTX-BUSD assets while earning APY as high as 158%. IoTeX vault is live on RAMP V2. Depositing LP assets in the RAMP vault will make it possible to mint rUSD stablecoin. The minted rUSD stablecoins can then be wrapped with fiat-backed stablecoins such as USDT and USDC across multiple blockchain networks.

2. Sygnum Launches Institutional-grade DeFi Access

The world’s first-ever digital asset bank Sygnum has launched institutional-grade access to the DeFi space. The bank now offers regulated banking services to top DeFi tokens like Aave, Synthetix, Aragon, Uniswap, Curve, Maker, and 1inch. The bank will also offer banking services for the USDC stablecoin. The digital asset bank is interested in bridging together the centralized and decentralized finance (DeFi) space.

3. PARSIQ Raises $3 Million in Funding Round

Next-generation blockchain analytic platform PARSIQ recently completed a funding round where it raised $3 million. Solana Foundation and Axia8 Ventures took part in the funding round. Other participants include Mindworks VC, Krypital Group, CoinUnited, Transfero Swiss, Elevate Ventures, Sanctum Ventures, and more. Evan Cheng, of Facebook’s Novi Financial (formerly known as Calibra) also contributed to the funding round as an individual investor.

4. UMA Protocol Partners with Polygon

UMA Protocol is scaling with Polygon (formerly Matic Network). Thanks to the partnership developers on UMA Protocol will enjoy a top-notch, hitch-free experience while designing synthetic assets.

UMA is well-known for its Layer 2 infrastructure namely; Data Verification Mechanism (DVM), and Contract Layer.

5. Switcheo Network Launches Switcheo Token

Layer 2, cross-chain, trading protocol, Switcheo Network, has announced the launch of the Switcheo token as an ERC20 token. This launch will furthermore create more use cases for the Switcheo token (SWTH) within the Ethereum ecosystem.

6. SuperFarm and Injective Protocol Lauches NFT Drop

Cross-chain protocol, SuperFarm, in partnership with Injective protocol, recently completed the launch of an NFT drop. The Injective NFT events took place in two stages namely; an NFT drop and an NFT Farm. The NFT drop took place on June 18, 2021, with the NFT Farm following suit on June 20, 2021.

7. Reef Finance Partners With Pinknode

Cross-chain DeFi operating system built with a substrate framework Reef Finance recently partnered with Polkadot Infrastructure-as-a-Service project Pinknode. The partnership will provide secure API endpoints to Reef Finance’s ever-evolving ecosystem.

Pinknode is focused on building top-notch developer tools. The tools will help empower developers to build on Polkadot.

8. Terra Virtua (TVK) NFT Auction

Terra Virtua recently completed a 3-days NFT auction, involving Mechagodzilla, Godzilla, and Kong. The recently completed NFT auction took place from June 18, 2021, to June 20, 2021.

9. TomoChain Partnership With BSC Station

Proof-of-Stake (PoS) and scalable blockchain platform, Tomochain, strategically partnered with BSC Station last week. The partnership will help expand cross-chain decentralized finance (DeFi), and non-fungible tokens (NFTs). Due to the partnership, interoperability between TomoChain, and BSC will receive a boost.

10. Enjin (ENJ) Partnership With Virtual World

Enjin (ENJ) in conjunction with Virtual World has revealed plans to launch minted replicas of the Egyptian Pyramid and the Great Sphinx of Egypt. Virtual World is well-known for its over 20 years experience in creating digital replicas of historical artifacts.

 

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