The DeFi space is growing in leaps and bounds. And the importance of remaining informed about events taking place in the DeFi space cannot be over-emphasized for DeFi investors.
In line with this, we have compiled some of last week to DeFi updates. These DeFi updates include:
- strategic partnerships
- mainnet launches,
- product updates, etc.
Also, along with tofuNFT’s partnership with Tozoku Frens and Polkadot’s launch of its XCM parachain-to-parachain communication platform are some of last week’s top DeFi updates.
At the time of publishing this article, according to Coingecko, the entire DeFi ecosystem currently has a market cap of $97,153,418,170 with a 24-hour trading volume of $8,248,862,612. Let’s find out some more top DeFi updates.
1. HectorDAO Launchpool on Beefy Finance
Users can now earn amazing rewards on HectorDAO boosted pools. Last week, Hector boosted the $beFTM and Curve stable vaults providing interested persons with the opportunity to earn rewards. This is also made possible by a strategic partnership with Beefy Finance.
Notably, the boosted $TOR, $DAI, and $USDC Curve stable pool will attract a boosted reward of 1129% APY. The $beFTM pool will result in a boosted APY of 907%.
Moreover, Beefy Finance is a multichain yield optimizer known for auto compounding crypto rewards and huge APYs.
Only @ Beefy pic.twitter.com/GSeckDAJbK
— Beefy (@beefyfinance) May 6, 2022
2. Polkadot XCM Launch
Cross-chain, parachain-to-parachain communication was made possible, thanks to Polkadot’s launch of XCM. Therefore, the XCM launch follows the successful passing of the community vote on the proposal.
Also, as part of the launch, the XCM launch will facilitate the upgrading of Statemint. This, in turn, will make the minting of NFT assets and teleport DOT.
Polkadot’s parachain-to-parachain communication is now enabled with XCM. Polkadot’s vision of cross-chain interoperability starts here.
— Polkadot (@Polkadot) May 4, 2022
3. Terra Dominance Grows in the DeFi space
Terra (LUNA) has been in the limelight for all the right reasons in recent times. The DeFi ecosystem has not been spared in the current bearish trend in the entire blockchain and crypto space. Amidst these bearish trends, Terra’s dominance in the DeFi space is on the rise. Interestingly, this growth is taking place while other DeFi platforms like Fantom and Solana are in free fall.
Also, the entire DeFi ecosystem TVL dropped by a whopping 12%. Terra dominance, on the other hand, grows to 15%. Ethereum dominance also stands at 59%.
4. Loopring Smart Wallet iOS update
Next, The iOS version of the Loopring smart wallet went live last week. The smart wallet enables seamless pro order book trading. The launch of its iOS version indicates that Apple smartphone users will now have easy access to the Loopring smart wallet and its exciting features.
Notably, Loopring is an Ethereum (ETH) layer 2 zkRollup protocol.
Pro orderbook trading is now available on the iOS smart wallet as well as Android apps
— Loopring💙🏴☠️ (@loopringorg) May 7, 2022
5. Curve Finance Integrates Aurora Network
Top ETH stableswap and DeFi AMM platform Curve Finance is now in partnership with NEAR protocol’s EVM layer, Aurora Network. According to the announcement, the integration will facilitate interoperability for Curve users. Therefore, making it possible for them to seamlessly connect Aurora Network to their Ethereum (ETH) wallets.
As a result, this means that Curve users will enjoy the deep liquidity available on the Ethereum chain without its associated scalability issues.
— Aurora (@auroraisnear) May 6, 2022
6. tofuNFT Partners With Tozoku Frens
tofuNFT, the largest multichain NFT market place is now in partnership with Tozoku Frens. This means that Tozoku Frens’ 777 Tozoku NFT will now be available on tofuNFT. Moreover, Tozoku Frens is also popularly known as the first NFT Omnichain DAO for Play-to-Earn (P2E).
Also, being a DAO means that major decisions on the project are debated and approved by community members.
🎉We are excited to announce an official partnership with @TozokuFrens, We are the first P2E with omnichannel NFTs. Tozoku Frens is also a DAO, where every member of the community has a say in the decisions of our project.
— tofuNFT📛The largest multichain NFT marketplace (@tofuNFT) May 7, 2022
7. Polygon (MATIC) Partnership With Titan Origin
Titan Origins, a Play-to-Earn (P2E) game recently entered into a strategic partnership with Polygon (MATIC). And this partnership will furthermore facilitate better awareness and adoption of the Titan Origin game.
Moreover, Titan origin is a P2E game based on 0xPolygon. Also, it combines real-life fitness with NFT gains.
⚔️Titan Origins is excited to announce our collaboration with @PolygonStudios.⚔️
We are a Move-to-Earn / Play-and-Earn project looking to improve physical wellbeing in the NFT space based entirely on the @0xPolygon Network.
— Titan Origins NFT Game (@TitanOrigins) May 6, 2022
8. Everlend Goes Live on Solana (SOL)
On the other hand, the much-anticipated money maker aggregator platform Everlend is finally live on Solana. And the launch last week is a major milestone achievement for the entire Solana ecosystem.
Also, the launch closely follows a series of testing and bug fixing. In fact, interested persons can now make use of the loan aggregator platform.
Therefore, as a moneymaker aggregator platform, Everlend provides the best possible rates on loans and huge interest on deposits. Moreover, this is alongside zero risk of liquidating your assets.
We are extremely excited to announce that Everlend is live on #Solana mainnet and now open for the public to use.
This is a big milestone for us and we can’t be happier to share what we have been working on for such a long time.
— Everlend (@EverlendFinance) May 5, 2022
9. Oddz Finance Integrates Chainlink
On the other hand, Trustless on-chain trading platform Oddz finance is now in partnership with Chainlink. Thanks to the partnership, the trading platform will have unrestricted access to chainlink reliable and secure price feeds. Also, Chainlink price feeds will provide Oddz finance with accuracy, and security.
Also, for now, supported price feeds include;
- ETH/USD, and
Moreover, according to Oddz Finance, Chainlink is the go-to price feed because of its high-quality data, decentralization, secure node operators, transparency, etc.
🚀It will help power accuracy and secure options trading.
— oddz_finance (@oddz_finance) May 3, 2022
10. Polygon | Tristan Partnership
Finally, Polygon Studios is also now in partnership with Web 3 infrastructure, Tristan. Therefore, this means that Polygon Studios will provide Tristan with top-notch support as it navigates the metaverse ecosystem.
In addition, Tristan is an open-game metaverse providing its players with a unique Gamefi experience.
We are excited to announce partnership with @polygonstudios-the leading platform for Ethereum scaling and infrastructure development.
— Tristan (@TristanClub_) May 7, 2022
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