DeFi news march week 1

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.

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.

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.

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).

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.

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.

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.

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.

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.

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.

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