The DeFi ecosystem is one of the most innovative aspects of the blockchain space. To keep our readers informed we have compiled some of last week’s DeFi updates.
These DeFi updates include strategic partnerships, funding events, product launches, etc. Loopring’s upcoming Loophead drop #3 announcement and Toucan partnership with Celo are some of last week’s DeFi updates. Therefore, let’s find out some more DeFi updates.
1. Do Kwon Declares War on DAI Stablecoin
Last week, the Founder and CEO of Terraform Labs, Do Kwon, announced plans to make DAI stablecoin less attractive to investors. This is in a bid to further strengthen the UST stablecoin.
Therefore, to achieve this, Kwon announced the launch of the Curve “4pool”, a highly incentivized liquidity pool. The pool will essentially starve DAI “3pool” of liquidity. While strengthening UST and three other stablecoins.
1/ Introducing the 4pool – between @fraxfinance, TFL and @redactedcartel we pretty much own all the cvx
UST-FRAX-USDC-USDT
Curve wars are over, all emissions are going to the 4pool https://t.co/LNJs7CAfcV
— Do Kwon 🌕 (@stablekwon) April 1, 2022
2. Grayscale Reviews Its DeFi Portfolio
Digital asset investment advisory firm, Grayscale, has shaken up its DeFi portfolio in line with its Q1 2022 rebalancing. Interestingly, the firm removed Synthetix (SNX) and Sushi (SUSHI) from its DeFi portfolio.
Also, as a replacement for both DeFi tokens, the firm added Avalanche (AVAX) and Polkadot (DOT) tokens to its Digital Large Cap Fund portfolio. Notably, it also added $ATOM to its Smart Contract Platform.
NEW: As part of our quarterly rebalancing, $DOT and $AVAX have been added to Grayscale Digital Large Cap Fund, and $ATOM has been added to Grayscale Smart Contract Platform ex-Ethereum Fund.$GDLC #GSCPXE@Blockworks_ has the exclusive with details: https://t.co/uVjYreOhRA
— Grayscale (@Grayscale) April 6, 2022
3. NEAR Protocol Complete Its Funding Round
NEAR Protocol recently completed a funding round where it raised $350 million. Also, several top firms like Tiger Global, FTX Ventures, etc took part in the funding round. The fund will be directed at making NEAR protocol a top dapp platform. Furthermore, making it a worthy opponent to top dapp blockchain Ethereum.
Moreover, NEAR protocol raised a whopping $15o million this January. It also raised $21.6 million in 2020.
wow $500m this year https://t.co/0OhEbVChew
— Wong Joon Ian (@joonian) April 6, 2022
4. Lightning Labs Raises $70 Million In Funding Round
Bitcoin developer firm, Lightning Labs, recently completed its Series B funding round, where it raised $70 million. The funding round led by Valor Equity Partners will also help build a new protocol on the Lightning network, dubbed Taro. Moreover, Taro will facilitate the seamless transfer of stablecoins on the Bitcoin Lightning network.
Also, other firms like Baillie Gifford, Goldcrest Capital, and several angel investors participated in the funding round.
#Bitcoin Lightning Network is getting a charge as Lightning Labs (@lightning) announces a $70M raise to support a new Taproot-enabled protocol called Taro. Taro protocol aims to improve the network's functionality by bringing in stablecoins and assets transfer. pic.twitter.com/j75mEq72uk
— CoinGecko (@coingecko) April 6, 2022
5. Polkadex Partners with Equilibrium
Last week, substrate-based DEX order book, Polkadex announces the details of a strategic partnership with Equilibrium DeFi. Also, the partnership will make it possible for Equilibrium DeFi to provide Polkadex crowdloan participants with a better crowdloan experience.
Therefore, this means that interested persons can loan their DOT token on Equilibrium to earn PDEX rewards as high as 10x.
Hello again @EquilibriumDeFi 👋
We've partnered with Equilibrium once again to offer Polkadex Crowdloan contributors a better experience.
Loan your DOT via Equilibrium & get:
💰 2+ PDEX per DOT
🖼 Top 1k contributor NFT
🪙 10 EQ per DOT
💧 1 xDOT per DOThttps://t.co/qlmXEAn2WI— Polkadex (@polkadex) April 7, 2022
6. Loopring Announces Upcoming Loophead Drop #3
ETH layer 2 zkrollups protocol, Loopring, has released details of its upcoming Loophead Drop #3. According to the announcement, Loophead Drop #3 will take place for one month. Starting on April 15th to May 15th, 2022.
Also, LP users in designated AMM pools will have the opportunity to win one of the 1000 loophead. Some of the supported pools include LRC/ETH, LRC/USDC, SAND/USDC, etc.
Another #Loophead drop is coming this week✨
This one is for the LPs + traders💙Provide AMM liquidity on Loopring L2 or make some swaps for your chance at a Loophead #NFT or one of our new #Wearables NFTs😍
Read more here👇https://t.co/CuBMFHhegX
— Loopring💙🏴☠️ (@loopringorg) April 10, 2022
7. OpenBiSea Launch on Kava Network
Top NFT marketplace OpenBiSea went live on Ethereum and Cosmos co-chain Kava Network. Also, the partnership will help unlock NFTs on the Kava Network.
Moreover, Kava is popularly known as an L-1 blockchain that is scalable and fast.
NFT marketplace @OpenBiSea has officially deployed to the #KavaNetwork Ethereum Co-Chain!
They are bringing their open, multi-chain NFT auction platform to unlock NFTs on Kava.
Take a look at their app here: https://t.co/JjAh0B1auE pic.twitter.com/Sk84NZNBJU
— Kava Network (@kava_platform) April 8, 2022
8. Toucan & Celo, and Climate Collective Makes a Partnership
Toucan, Celo, and Climate Collective recently entered into a strategic partnership. Interestingly, the partnership will bring Toucan’s carbon ecosystem to Celo Foundation. Therefore, facilitating a climate ecosystem that is both transparent and accessible.
Together the partners will complete several important updates. These updates include:
- The launch of the Celo-Polygon bridge
- Toucan Protocol launch on Celo
- The addition of BCT and NCT to Celo reserve, and
- The launch of a Celo and Toucan grant program.
.@ToucanProtocol joins @clim8collective. 🤝🌱https://t.co/6aupJyG3RC
— Celo (@CeloOrg) April 8, 2022
9. MatrixedLink Now a Chainlink Node Operator
Top Dutch Web 3 service provider, MatrixedLink, is now one of the Chainlink’s node operators. This means that MatrixedLink will now help to secure the data feed on Chainlink.
Also, Chainlink is known as a top-quality data oracle platform. Moreover, it provides developers with a secure and reliable data feed to facilitate the creation of top-notch decentralized applications (dapps).
Leading #Web3 service provider @MatrixedLink has joined the #Chainlink Network as a node operator.
MatrixedLink is now helping to secure the high-quality data feeds that enable developers to build hyper-reliable, feature-rich #dApps.
Details below👇https://t.co/rVbassSs6y
— Chainlink (@chainlink) April 8, 2022
10. Bitrue Partners With Terra (LUNA)
Finally, the crypto asset management platform, Bitrue, has partnered with Terra. This means that Bitrue now supports the fast-growing Terra (LUNA) ecosystem. Also, it means that it will support TerraUSD (UST) deposits and withdrawals. Trading will also be agnostic. This means that trading can be done across different chains.
Bitrue now supports the #Terra network when depositing or withdrawing $UST on the web (app coming soon).
Trading is chain agnostic, and you can even withdraw on a different network to what you originally deposited. @terra_money @stablekwon
Try it at https://t.co/oFNCXuhuvx pic.twitter.com/rucqiKpuCt
— Bitrue (@BitrueOfficial) April 8, 2022
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