DeFi Updates

The decentralized finance (DeFi) space continues to grow exponentially in recent times. At the time of writing the DeFi space had a market cap of $104,543,839,311.

To keep our readers informed, we have compiled some of last week’s top DeFi updates. These DeFi updates include strategic partnerships, product launches, events, upgrades, amongst others. Also, Benqi liquidity staking launch and Varen X launch on Polygon are some of last week’s top DeFi updates.

Let’s find out some more DeFi updates that took place last week.

1. Supernova Partners With Jupiter Exchange

First, Supernova Finance releases details of a strategic partnership with Jupiter exchange. According to the announcement, Supernova will now offer the best available Terra USD (UST) rates on Solana.

To commemorate the partnership, Supernova also launched a giveaway event. In fact, its users have the opportunity to win a portion of the $1000 giveaway.

Also, Jupiter is a Solana-based DEX and liquidity aggregator platform.

2. Lucky Races | Chainlink VRF Partnership

Second, the Play-to-Earn (P2E) NFT racing game is now in partnership with top-notch oracle platform Chainlink. Thanks to the partnership, the Polygon-based NFT metaverse racing game will enjoy Chainlink’s top-notch Verifiable Random Feature (VRF).

Also, making it possible for the racing game to simulate actual racing traits. Thereby, ensuring fairness on the gaming platform.

3. tofuNFT Partners With StarWars

tofuNFT formerly SCV Finance is now in a partnership with the Avalanche P2E and R2E game. The partnership also includes a public sale that started on February 20, 2022, at exactly 4 pm (UTC). Interested persons can buy and sell StarWars Avax NFTs after minting on the tofuNFT marketplace.

For those new to NFT marketplaces, tofuNFT is currently the largest NFT marketplace on Binance Smart Chain (BSC).

4. Kraken Adds Support For TerraUSD (UST)

US exchange platform Kraken lists top DeFi stablecoin TerraUSD (UST). This means that interested persons can now trade the UST stablecoin on the Kraken exchange.

Trading of UST on Kraken will, however, not be available to Japanese residents.

5. Varen X Now Live on Polygon

Ethereum-based DeFi hub Varen X partners with Polygon. According to the announcement, Varen X also has a new feature FreeWei. FreeWei will also facilitate gasless swaps across different chains.

Interestingly, Varen X is focused on ensuring DeFi stays accessible to the masses. Its launch on Polygon brings this goal closer to fruition.

6. DAO2DAO Revenue Sharing Model

The first-ever DAO2DAO revenue sharing model is set to go live. Jeremy Musighi confirmed this announcement during the much-anticipated Ethereum Denver Event. According to the announcement, this is a major milestone achievement for the DAO ecosystem. Bringing it closer to achieving a permissionless DAOs ecosystem.

Interestingly, the DAO2DAO sharing model will provide pools with approximately 10 – 15% of their fees.

7. Orion Protocol Doubles Its Governance Staking Rewards

DeFi DEX and CEX aggregator platform Orion Protocol has made adjustments to its Governance staking rewards.

According to reports, governance staking rewards on Orion have been doubled. And now stands at approximately 20% APR.

8. Benqi Liquidity Staking Launch

Benqi Liquidity staking is now live on the Avalanche Platform. This announcement closely follows the completion of Benqi’s audits by Halborn Security. The liquidity launch is also currently capped at 250,000 AVAX tokens.

Interested persons can now stake AVAX tokens to receive BENQI Liquid. Also, Benqi recently overtakes Trader Joe AVAX Apps TVL.

9. Trader Joe | Fief Guild – To Launch The White Knight

Trader Joe recently entered into a strategic partnership with Fief guild. According to reports, the partnership is aimed at launching The White Knight. The White Knight is a fair launched project with more than $9 million in Seed LP and plans to double its farm reward on February 24.

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