2021-11-13 21:29 |
To the DeFi community,
This week, Solana-based DEX Raydium announced a partnership with liquidity aggregator Serum to kickstart cross chain transactions with liquidity mining rewards. ERC20 tokens for popular protocols including dYdX, Uniswap, And Axie Infinity will get new incentivized trading pools over the coming weeks, with assets bridged using Wormhole.
https://mobile.twitter.com/RaydiumProtocol/status/1457736264904445955
Wrapped token cross-chain bridging solution Wormhole announced support for Polygon this week, the first L2 solution to be added to the wormhole network that currently connects Ethereum, BSC, Terra and Solana. With more than $5 billion currently on the Polygon chain, the move could unlock significant additional cross chain liquidity for popular protocols and tokens.
https://mobile.twitter.com/0xPolygon/status/1458072020302766085
Acala, a Polkadot-based DeFi hub for decentralized exchange, DOT liquidity staking, and sporting its own decentralized stablecoin, raised more than $400 million in DOT tokens in the first parachain auction for the Polkadot ecosystem. More than 50,000 investors participated in the ‘crowdloan’, which will need to be paid back over time by the Acala protocol.
https://mobile.twitter.com/eliasimos/status/1457671097520885766
And Maple Finance launched a permissioned DeFi pool with an eye towards giving financial institutions the regulatory certainty they need to start using smart-contract based protocols in their business. The Pool will only accept interactions from verified KYC entities and will aim to collect $20 million in liquidity in the first month after launch.
https://mobile.twitter.com/maplefinance/status/1457711788431130627
As the number of blockchains seeing significant traction in DeFi, NFTs, and other use cases continues to multiply, it can be harder than ever to know where to allocate capital for the best returns. Ethereum finds itself in an awkward position as a victim of its own success, now almost entirely reliant on L2 solutions to onboard users into the Ethereum ecosystem, just as L1 alternatives like Solana, Avalanche, and several others are hitting inflection points in UI, UX, and liquidity.
L1 Ethereum will likely remain on the sidelines until protocol upgrades can bring greater transaction throughput, but the remainder of the crypto market is highly fractured, limiting both composability and localized liquidity. The good news is a multitude of cross-chain bridges and swap protocols have emerged to begin meeting the demand for portable value across the overall crypto ecosystem.
The proliferation of these bridges raises a classic dilemma for the crypto investor – over time, are returns greater at the protocol layer, or the application layer? Much of the excitement of 2020’s DeFi summer revolved around the then-novel notion that protocols like Yearn or Aave, operating across multiple chains, would deliver better returns than betting on the growth of any one smart-contract platform like Ethereum or Solana.
The jury is still out on this question, but for application-layer fans, cross chain bridges represent the newest opportunity to get in on the ground floor. So much of application-layer investments turn on the particular tokenomics of a given project, so a shotgun strategy might yield less than optimal returns; always do your research. But for projects with the right market fit and well designed distribution strategies, life changing money could be on the table once again.
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Highest Yields: Fulcrum at 10.57% APY, BlockFi at 8.50% APY
Cheapest Loans: Compound at 4.94% APY, Aave at 5.67% APY
MakerDAO Updates
DAI Savings Rate: 0.00%
Base Fee: 0.00%
ETH Stability Fee: 2.00%
USDC Stability Fee: 0.00%
WBTC Stability Fee: 2.00%
USDCHighest Yields: Fulcrum at 16.34% APY, Celsius at 8.88% APY
Cheapest Loans: Compound at 7.78% APY, Aave at 7.92% APY
Top Stories Nansen Brings Market Intelligence Support to Solana’s Growing Ecosystem
Brave partners with Solana to integrate into the browser
Harmony announces strategic partnership with PowerPool to bring diversified smart indices to ONE ecosystem
Add Liquidity on KyberDMM Pools with a Single Token Deposit
Stat BoxTotal Value Locked: $111.28B (up 4.49% since last week)
DeFi Market Cap: $168.14B (up 2.94%)
DEX Weekly Volume: $26.07B (up 11.22%)
DAI Supply: 8.57B (up 10.15%)
Total DeFi Users: 3,888,300 (up 1.97%)
Bonus Reads[Lukas Schor – The Defiant] – How DAOs are Challenging VCs in the Race to Fund Web3 Projects
[Owen Fernau – The Defiant] – ConsenSys Founder Joe Lubin Teases MetaMask Token $MASK
[Trent Van Epps – Bankless] – Ethereum Roadmap Update | End of 2021
[Stefan Stankovic – Crypto Briefing] – What Are Polkadot’s Parachain Auctions?
[Anthony Sassano – The Daily Gwei] – Global Settlement Infrastructure – The Daily Gwei #376
The post This Week in DeFi – November 12 appeared first on DeFi Rate.
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