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.
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.
Starting now, collateralize your @PancakeSwap LP tokens to get rUSD and earn yield-on-yield on RAMP as you continue to enjoy APY of up to 158% on BSC!
— IoTeX (@iotex_io) June 14, 2021
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.
— Sygnum Bank (@sygnumofficial) June 15, 2021
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.
PARSIQ is proud to announce the completion of a 3M USD funding round, with new strategic partners joining the PARSIQ team.
— PARSIQ | #BUIDL your Web3 Unicorn (🌊,🦄) (@parsiq_net) June 15, 2021
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.
🚀 With Polygon's full-stack scaling solution, UMA's developers can enjoy a seamless experience while building synthetic assets.
— Polygon (Labs) (@0xPolygonLabs) June 18, 2021
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.
More details can be found in our blogpost: https://t.co/nEVcyesm0z
— Switcheo Labs (@SwitcheoLabs) June 18, 2021
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.
NFT Drop: June 18th, 7pm UTC
NFT Farm Launch: June 20th, 7pm UTChttps://t.co/7RBGH81qsh
— SuperFarm (@SuperFarmDAO) June 17, 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.
Reef Finance and Pinknode have come together to provide secure and reliable API endpoints to Reef’s ever-evolving ecosystem 🌊
As per this collaboration, Pinknode will provide key nodes to Reef Finance.
Read more 👉 https://t.co/2FbH6VyL8C
— 🐠 Reef (@Reef_Chain) June 18, 2021
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.
PENCIL INTO YOUR DIARIES!
Only one week until we drop the most epic Kong for auction. This 3D NFT includes all 4 animations PLUS exclusive never seen before animations! Auction goes live on the 20/06/21 @ 8pm BST!#GodzillavsKong #Kong #NFTs #nftcollector pic.twitter.com/CWbVP0DSMK
— Virtua Games Network (VGN) (@virtua_official) June 13, 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.
We are proud to welcome Virtual Worlds to the Enjin ecosystem! 🗺️
With experience digitizing historic landmarks like the Great Sphinx of Giza, Virtual Worlds will be creating #NFTs that enable you to experience history in entirely new ways.
— Enjin (@enjin) June 17, 2021
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