2020 has been dubbed the year of decentralized finance (DeFi). This narrative, however, is also extending into 2021 as the DeFi space continues to record massive adoption and increase in TVL.
To further keep readers informed, this article covers details of ten important DeFi updates that took place last week. These DeFi updates include strategic partnerships, project updates, important launches, etc.
1. Human Protocol Foundation and Chainlink
On March 31, blockchain technology platform HUMAN Protocol announced a strategic partnership with decentralized oracle platform Chainlink. The partnership will provide HUMAN Protocol with unrestricted access to Chainlink’s reliable price reference feeds. Furthermore facilitating the launch of its Proof-of-Humanity oracle solution designed to weed out bots from taking part in on-chain tasks.
Chainlink, according to HUMAN Protocol’s blog post, is the desired oracle solution due to a number of reasons. Some of these reasons include: flexibility, blockchain agnostic, safe and secure software, decentralized nature, etc.
We are excited to announce that #HUMANProtocol will be building on @chainlink 's infrastructure to launch new, decentralized oracles that will automate the distribution of tasks and payments across @ethereum @polkadot and @solana work pools. https://t.co/HZYBW7LP3L
— HUMAN Protocol (@human_protocol) March 31, 2021
2. PancakeSwap Integrated Dego Finance Into Its Syrup Pool
The leading DEX on Binance Smart Chain (BSC) last week welcomed NFT and DeFi protocol Dego Finance to its Syrup Pool. Users can now stake CAKE to get DEGO in the Syrup pool. The total number of tokens available is 7,000 DEGO, which are expected to be distributed within 60 days, i.e., from April 2 to June 1, 2021. The start block is 6211300 while the finish block will be 7939300. The reward per block is 0.00405 DEGO.
— PancakeSwap 🥞 #BSC (@PancakeSwap) April 1, 2021
3. Polygon (Previously Known as Matic Network) Partners With Connext
Ethereum multi-chain scaling solution Polygon partnered with cross-chain liquidity network Connext. As a result of the partnership, Connext has been incorporated into Matic wallet. This will essentially result in faster and more reliable USDC and USDT transfers between Ethereum and Polygon Chain. The partnership with Connext will also reduce the time needed to onboard and offboard while using the POS bridge.
4. DODO Trade Mining Rewards Now on Binance Smart Chain (BSC)
Binance Smart Chain (BSC) is currently an ardent supporter of China-based DeFi startup DODO. BSC recently announced the launch of trade mining rewards on DODO BSC. This reward, according to an official blog post, is in a bid to boost adoption and also encourage users to make use of DODO BSC. The reward event is scheduled to take place for two weeks, i.e., from April 2 to April 16, 2021. Also, 20,000 DODO will be up for grabs every day for the entire two weeks.
To participate, interested persons only need to connect their BSC wallet to DODO’s web app. They then need to complete a transaction of one of the following trading pairs: BNB/BUSD, ETH/BUSD, and BTCB/BUSD. Rewards will be distributed daily based on users’ trading volume percentage.
🥳 DODO Trade Mining rewards are NOW LIVE on #BinanceSmartChain
💰 Share in 20k of DODO rewards each day!
🐥 Get trading: https://t.co/eEaB6W8WZ3 📈
👉 Full details: https://t.co/WnVCZ7aqAu
— DODO DEX (@BreederDodo) April 2, 2021
5. Gate.io Adds Support for Xend Finance
Nigeria-based DeFi platform Xend Finance is now trading on Gate.io. On April 3, 2021, Gate.io announced the listing of Xend Finance’s native token, XEND. Trading also commenced immediately.
According to reports, Xend Finance has garnered the support of top players in the crypto space like Binance, Google Launchpad, etc.
⚡️ New Listing @xendfinance ⚡️
⏱️ Time: Apr. 3, 2021 at 3:00 UTC ✨
— Gate.io Exchange (@gate_io) April 3, 2021
6. Secret Network (SCRT) Launches SEFI Governance Token
Privacy-focused Secret Network recently launched its SEFI governance token on the mainnet. The token will serve as a governance token for its Secret DeFi and SecretSwap platforms. Therefore, making it possible for community members to take part in making important decisions on the platform like network fees, joining other liquidity mining campaigns, etc.
7. Insured Finance Joins the Orion Ecosystem
P2P insurance platform Insured Finance is now part of the Orion ecosystem, providing decentralized insurance cover for users of Orion Terminal. The insurance platform will bear users’ risks involving rug pull, smart contract exploits, stablecoin failure, and exchange hacks.
Insurance products will offer coverage for traders across:
🔒 Smart contract exploits
🔒 Rug pull cover
🔒 Stablecoin failure
🔒 Exchange hacks
— Orion Protocol (@orion_protocol) April 2, 2021
8. Atari Launched Its Capsule of Collectible NFTs
Gaming is a major aspect of the DeFi space. Well-known arcade and video game platform Atari announced on April 2 the launch of its capsule collection of collectible NFTs for two classic video games – Pong and Centipede. Interestingly, the platform makes use of blockchain technology to identify these NFTs.
— 🎆 Smart_NFT_News 🎆 (@Smart_NFT_News) April 2, 2021
9. COTI Network Distributed Staking Rewards
The world’s first-ever DAG protocol, COTI Network, recently distributed staking rewards for its first official staking period last week. Therefore, creating more capacity for staking in April. Following the launch of Staking 3.0, staking volume on the platform was increased to 109 million COTI.
10. EPNS Whitelist for Polkastarter IDO Now Live
DeFi notification protocol, Ethereum Push Notification Service (EPNS), launched the whitelist process for its Polkastarter IDO on April 1, 2021. This launch is in preparation for the public launch of its PUSH token and initial DEX offering (IDO) scheduled for April 13, 2021. The PUSH token will be sold at $0.12
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Find out more about the DeFi space and other DeFi updates on the Altcoin Buzz YouTube channel.