Top 10 DeFi Updates | June Week 4

Last week, Bitcoin experienced significant fluctuations in price, ranging between $35,787.08 and $32,890.85. However, today the crypto is trading at $35,297.46 with a 24-hour trading volume of $34,850,147,452. Bitcoin price is also up 1.3% in the last 24 hours.

The decentralized finance (DeFi) space, on the other hand, has been rocking the crypto space with top DeFi updates. To keep our readers informed we’ve published details of some of the top DeFi updates that took place in the crypto space last week. DeFi updates like the Secret Terra Bridge Launch, Kyber Network’s strategic partnership with The Graph, etc.

  1. Secret Network | Terra – Launched the Secret Terra Bridge

Secret Network, last week collaborated with Terra to launch the Secret Terra Bridge. The bridge is designed to provide programmable privacy for assets on the Terra Network. The Secret Terra Bridge joins several other DeFi bridges on the Secret Network Ecosystem. Some of them include the Secret Ethereum Bridge, Secret BSC Bridge, etc.

2. Polkadot and Kusama Enact Staking Restrictions

Polkadot and Kusama have announced the introduction of staking restrictions on its platform. The restrictions are in a bid to ensure the network remains stable. The introduction of staking restrictions is also expected to facilitate the process of the generated graphs in WebAssembly without any challenges.

For now, a hard limit has been enacted, allowing only 20,000 accounts to function as nominators at all times. Also, the lowest stake allowed on Kusama is 0.1 KSM (100 milliKSM), while the lowest stake on Polkadot currently stands are 20 DOT.

3. TomoChain Upgrades Its TomoBridge System

Last week, popular Proof-of-Stake (PoS) platform, TomoChain, announced the strategic upgrade of its TomoBridge platform. The upgrade is expected to provide users with a “[…] more intuitive wrapping experience, and a fairer fee mechanism.”

4. Cardano | Orion Protocol Partnership

Cardano parent company IOHK has partnered with renowned decentralized crypto gateway platform, Orion Protocol. The partnership with Orion Protocol makes it the first-ever liquidity aggregator platform on Cardano (ADA).

5. COTI Native | Ledger

After series of testings, bug fixes, and technical development, COTI Native is now a part of the Ledger wallet ecosystem. The partnership will facilitate the listing of COTI on Ledger cold wallets.

Thanks to the partnership, COTI holders will be able to easily and seamlessly transfer their native tokens from their VIPER wallet to Ledger’s cold wallet. This, in turn, will also provide more use cases for COTI native tokens.

6. Mirror V2 Mainnet Launch

Mirror Protocol is a platform known for facilitating the creation of fungible assets also known as “synthetics”. These fungible assets basically help track the price of real-world assets. Since its inception Mirror Protocol has expanded remarkably especially with the recent launch of its V2 mainnet. Apart from launching a bridge to Ethereum, it has also launched a Bridge to Binance Smart Chain (BSC), therefore expanding the access of its asset across major chains in the crypto space.

Interestingly, its V2 chain was launched with support from its V2 governance proposal. Therefore making it possible for users to participate in decision making on the platform.

7. Kyber Network Collaborates With the Graph

Decentralized, blockchain-based, liquidity aggregation platform, Kyber Network, recently partnered with The Graph. The partnership is aimed at providing top-notch data analytics for Kyber Network Dynamic Market Maker (DMM) protocol.

The Graph is well-known as an indexing and querying layer of the decentralized web. Currently, an estimated 16,000 subgraphs have been deployed by developers from their Dapps.

8. Binance Launches NFT Marketplace

Last week, top cryptocurrency exchange platform Binance, announced the official launch of its much-anticipated NFT marketplace. The marketplace will feature content from top artists, creators, and cryptocurrency enthusiasts. Even more importantly, is the platform’s top-notch cost-effective rates, and fast minting.

9. Loopring L2 Launches Its Liquidity Mining

Popular ETH zkRollup protocol, Loopring, last week launched its L2 liquidity mining program. The mining round began on June 24, 2021, at exactly 00:00 (UTC), and will provide users with more ways to earn rewards. The recently launched L2 liquidity mining program is scheduled to end on July 7, 2021, therefore, spanning a total of 13 days.

10. DeFi Yield Protocol (DYP) Partners with Avalanche

Yield farming platform, DeFi Yield Protocol (DYP), has announced plans of a strategic integration with Avalanche. The partnership will provide DeFi users with the opportunity to earn yield in their assets on the Avalanche platform. Avalanche is well-known for its low fees, high speed, and throughput.

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