Decentralized finance (DeFi) is arguably one of the most interesting aspects of the entire blockchain and crypto sphere. There’s been an increasing interest in DeFi resulting in increased adoption and usage.
To keep our readers informed of DeFi events, we have compiled some of last week’s top DeFi updates. Therefore, these DeFi updates range from strategic partnerships to integrations, crypto listings, events, etc. As a result, in this article, you will find out some more DeFi updates that took place last week.
1. Terra (LUNA) Overtakes Ether
LUNA, Terra’s native token, is now the second-largest cryptocurrency by staking value. The crypto overtook Ether (ETH) last week. Coming second only to Solana (SOL) with a staking volume of $37.7 billion. Also, Ether had a staking volume of $27.5 billion while LUNA staking volume was at $30 billion.
Notably, Terra is a PoS blockchain that requires LUNA tokens to validate transactions.
Terra $LUNA is now the 2nd largest PoS network by Staking market cap having overtaken Ethereum 2.0 $ETH 🔥
Source: https://t.co/R9BVR4Ce4W pic.twitter.com/33CgPrr99a
— Staking Rewards (@StakingRewards) March 1, 2022
2. Larix Adds Support For TerraUSD (UST)
Decentralized stablecoin TerraUSD (UST) is now live on Larix. Larix is the first-ever metaverse-based finance protocol. Interestingly, Larix is built on the Solana (SOL) network.
Moreover, the listing took place on March 3rd, 2022, at exactly 11 am (UTC). TerraUSD (UST) will also have a 75% collateral factor.
New Asset! 🖖👀#Terra #ust will be supported on #Larix at 11:00 AM UTC!#LarixLendingElite @terra_money @TerraLUNADaily pic.twitter.com/DbXkfo32Sc
— Larix (Hiring) (@ProjectLarix) March 3, 2022
3. a16z Invests In Lido Finance
Decentralized platform Lido Finance recently received support from renowned venture capital (VC) firm a16z. Therefore, the VC firm recently gave out $70 million to support Lido Finance and its commitment to decentralization.
We’re excited to invest in @lidofinance, a decentralized platform that offers one of the easiest ways to stake ETH and Proof of Stake assets.
a16z’s @_PorterSmith and @darenmatsuoka share more: https://t.co/mQG3xa8QQL
— a16z (@a16z) March 3, 2022
4. Fantasy Arena Integrates Chainlink VRF
Collectible card game Fantasy Arena has enlisted the support of Chainlink VRF. Therefore, with Chainlink, the collectible card game will have access to verifiable randomness for its Fantasy Arena edition 2 NFTs. As a result, it will provide all players with equal opportunity to mint rare cards (Both legendary and mythic NFTs).
Collectible card game @FantasyArenaNFT is using #Chainlink VRF on @BNBCHAIN to help randomize its Fantasy Arena Edition 2 #NFTs.
Chainlink VRF helps ensure that each user has a fair chance of minting the rarest cards, including Legendary and Mythic NFTs. https://t.co/HaJLQCcknb
— Chainlink (@chainlink) March 4, 2022
5. Polygon Studios Invests in Zipmex (ZMT)
Polygon Studios, the NFT and gaming arm of Polygon, now supports Zipmex native token ($ZMT). Notably, the strategic partnership and investment is a major achievement for Zipmex and its native token $ZMT.
Also, Zipmex is currently a top digital asset exchange platform in Asia. With branches in Australia, Singapore, Thailand, and Indonesia.
.@polygonstudios Invests in ZMT 🙌🏻
We are excited to announce a strategic investment in Zipmex’s native token (ZMT) by Polygon Studios, the gaming and NFT arm of the @0xPolygon blockchain protocol#ZMT #Zipmex #Polygon #PolygonStudios pic.twitter.com/sccqxPKVll
— ZIPMEX (@zipmex) March 5, 2022
6. KavaRise Goes Live
Last week, Layer 1 blockchain, Kava, announced the launch of its KavaRise platform. Therefore, KavaRise is a developer incentive program designed to support builders on Kava.
In addition, according to reports, the platform currently boasts $750 million as a developer incentives fund.
Announcing #KavaRise
A $750M on-chain developer incentive program that will onboard the most innovative #BUIDLers to the Kava Network.
The future is #BUIDLerOwnedhttps://t.co/WwdoteqS1Q
— Kava Network (@kava_platform) March 4, 2022
7. Efinity Parachain Launch on Polkadot Rococo
On the other hand, the much-anticipated Efinity parachain is now live on the Polkadot Rococo testnet. This is one of the series of steps expected to take place on Efinity this March. Therefore, following the Parachain launch last week, onboarding on Polkadot will take place on March 11, 2022.
The Efinity parachain is live on @Polkadot Rococo testnet! 🎉
Next stop, onboarding to the #Polkadot network on March 11.https://t.co/scty18sFCJ#Efinity #Parachain $DOT $EFI pic.twitter.com/1CSrOB3o3K
— Enjin | We're Hiring! (@enjin) March 2, 2022
8. PancakeSwap To Reduce CAKE Emission
Top DEX platform PancakeSwap is currently focused on reducing its CAKE token emission. As a result, the DEX made this announcement last week, adding that it will continue to find more innovative ways to reduce its $CAKE emission.
Therefore, to achieve this, PancakeSwap will make changes to its tokenomics and also a strategic update of its smart contract.
🔥 6,631,674 $CAKE just burned – that’s $43M!
💰 337k CAKE ($2.2M) bought back from the market (Trading, Prediction, NFT Market)
🔒 NFT Profile, Auto/IFO CAKE Pool Fees: 19k CAKE ($120k)
🎟️ Lottery: 33k CAKE ($214k)🔥🔥🔥 Proof of burn: https://t.co/tPMjzJ03fv pic.twitter.com/QWbWNnrLRn
— PancakeSwap 🥞 #BSC (@PancakeSwap) February 28, 2022
9. Anchor Protocol Is On a Roll
Terra-based decentralized saving protocol Anchor is in the limelight for all the right reasons. Therefore, the decentralized protocol now has over $1 billion market cap. The protocol crossed this major milestone achievement last week.
In addition, this is definitely a win both for Anchor Protocol and the Terra blockchain.
Market cap of @anchor_protocol $ANC surpasses $1Bn 🤯
Another first for a Terra altcoin.
Congratulations 🥳👏🏻 pic.twitter.com/8EdWpSnUjI
— RyanLion 🌖 (@TheRyanLion) March 2, 2022
10. 1inch launch P2P Feature
Several strategic updates took place on 1inch last week. First, is its integration with Polygon (formerly Matic) on Clipper DEX. 1inch has also launched a Peer-to-Peer (P2P) feature. As a result, it recently crossed $140 billion in total trading volume.
1/ 👊🦄 #1inchWeeklyRecap #4!
🌐 Updates & News:
⚙️ #1inch has fully integrated with @0xPolygon on @Clipper_DEX
👥 We’ve released a P2P feature pic.twitter.com/VwzSAC6OLR
— 1inch Network (@1inch) March 5, 2022
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