Top DeFi Updates | May Week 2

The decentralized finance (DeFi) space is here to stay. To keep users informed of the latest moves in the space, Altcoin Buzz has compiled a list of the top ten DeFi updates of last week.

The launch of an insurance fund from Injective Labs, Umbrella Network’s (UMB) strategic partnerships, and PolkaCover joining BSC are just some of the top 10 DeFi updates from the second week of May 2021.

  1. Injective Labs Launches Insurance Fund

Injective Labs, the Layer 2 decentralized exchange (DEX) protocol looking to facilitate borderless DeFi, has revealed details of the launch of its Injective Insurance Fund. In its official blog post, the DEX platform disclosed that the Injective Insurance Fund will play a major role in the launch of decentralized derivatives on Equinox. The entire cryptocurrency space is plagued by volatility. The Injective Insurance Fund will help protect investors from the volatile nature of the crypto space.

Injective Protocol will provide each derivative market with its own insurance fund. This, in essence, will help create a completely decentralized exchange protocol.

2. AllianceBlock | Bridge Mutual – Launches Mutual Liquidity Pool (MLP)

AllianceBlock, alongside Bridge Mutual, has launched its Mutual Liquidity Pool (MLP) on the POP! platform. According to the platform, the launch is to ensure the realization of stronger interactions with its partners as well as the entire AllianceBlock community.

For the uninformed, POP! helps the project “[…] objectively display our devotion to our partnership, while providing benefits for our communities.” For the MLP, $100,000 of liquidity in each token will be locked. In line with this, AllianceBlock has created a $200,000 ALBT/BMI Liquidity Pool on Uniswap V2 platform.

3. Plethori Partners With Shield Finance

Plethori has strategically partnered with multi-chain DeFi insurance platform Shield Finance. The partnership will provide investors with a reliable hedge against “black swan events,” which are typically rugpulls, hacks, exploits, market crashes, etc. Interestingly, Shield Finance also offers insurance packages fitted to meet the needs of individual investors.

Thanks to the partnership, Plethori users will also be able to enjoy Shield Finance insurance, especially with regards to negative price movements.

4. Plethori Launches Staking Platform

On May 10, 2021, Plethori announced the launch of its staking platform. According to the official tweet, a security audit of the launch was carried out by Solidity Finance. Stakers on Plethori now have the opportunity to earn staking rewards as high as 40% APY.

5. PolkaCover Joins Binance Smart Chain (BSC)

First-ever decentralized insurance platform PolkaCover has announced a strategic partnership with Binance Smart Chain (BSC). The partnership will provide PolkaCover with an enabling environment, thereby facilitating better performance. Also, BSC will provide PolkaCover with some key features it is well-known for. Some of these features include low gas fees, much improved transaction speed, cross-chain communication, etc.

6. Chainswap Integrates Polygon

ChainSwap has announced a strategic integration with Polygon (formerly known as Matic Network). The partnership, according to reports, will make it possible for ChainSwap users to easily swap tokens to and from Polygon and across multiple blockchains. Token issuers will also be able to deploy their tokens on Polygon and then transfer them to other blockchains with just a single click.

7. UniLend Goes Live on Polygon

UniLend Finance is now on Polygon, therefore, providing Polygon with unrestricted access to its DeFi ecosystem.

This means that Polygon will have access to UniLend’s well-rounded DeFi ecosystem. Polygon users will also “[…] enjoy Unilend’s full suite of products: including trading, lending, flash loans, yield farming and so much more!”

UniLend chose to launch on Polygon due to the latter’s low gas fees, growing community base, massive volume, and the seamless onboarding of new users.

8. Umbrella Network’s (UMB) Strategic Partnerships

DeFi Oracle platform Umbrella Network (UMB) has revealed details of three strategic partnerships on its platform. The DeFi oracle platform has partnered with Oction, BSC Station, and 8Pay. Umbrella network will provide them with top-notch, scalable, secure, and reliable DeFi price feeds. All these will be made possible with its Merkel trees architecture.

9. DEGO Finance and Parami Partnership

DEGO Finance has strategically partnered with Parami. The partnership is aimed at working with each other in the realms of DeFi and Web 3.0. Also, DEGO Finance will support Parami in its upcoming INO.

10. Zero Exchange Integrates Chainlink VRF

The last of our DeFi updates is Zero Exchange incorporating Chainlink VRF on its mainnet. Chainlink VRF is well-known as a secure Verifiable Randomness Function (VRF) providing on-chain randomness for smart contracts. The partnership with Zero Exchange will provide Zero community members with a trustless, provable, and unbiased chance of receiving one of its various IDO allocations.

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