Welcome to the latest edition of Cointelegraph’s decentralized finance newsletter. After a bearish drop in many of the major decentraliz...
Welcome to the latest edition of Cointelegraph’s decentralized finance newsletter.
After a bearish drop in many of the major decentralized finance (DeFi) tokens, it is in the fundamental news that the optimism for growth and prosperity lies. Read on to learn about the most impactful DeFi stories from the past seven days.
What you read is the shorter and faster version of the newsletter. For the full roundup of DeFi developments over the week delivered straight to your inbox, subscribe below.
Secret Network Offers $400 Million Community Fund Program
Secret Network, a privacy-focused Layer 1 blockchain, has announced the launching a $400 million prize pool this week with the aim of extending their application and network infrastructure, as well as their tooling mechanisms, in addition to accelerating the adoption of their native token, SCRT.
Comprising a $225 million ecosystem fund and a $175 million accelerator fund, the fundraiser was supported by a number of existing partner organizations including BlockTower Capital, Arrington Capital and Fenbushi Capital.
The $400 million fund is the first in a series of planned rollouts under the Shockwave Initiative, a global growth strategy the company announced on Jan. 12. The initiative is focused on expanding its ecosystem, including promoting and incubating the roll-out of decentralized privacy apps on its platform, as well as expanding the utility and adoption of the SCRT token, to globally become a complete privacy hub for Web3.
Secret Foundation founder Tor Bair told Cointelegraph that the capital will be used to “scale the decentralized and privacy-focused applications to global adoption by millions of users,” while highlighting the importance of Web3 technology, stating that “Privacy technologies are key to ensuring that Web3 will be empowering and open, rather than an extension of failed Web 2.0.
Also in the news was Secret Network’s issuance of Pulp Fiction-themed non-fungible tokens in partnership with iconic filmmaker Quentin Tarantino. The collection is set to feature seven never-before-seen handwritten chapters of Tarantino’s screenplay of the 1994 classic, with more first-sale details set to be released on January 24.
Despite the fanfare surrounding the launch of these tokens by fans and the wider film community, production company Miramax filed a lawsuit on Nov. 17 accusing director Quentin Tarantino of copyright infringement in the lawsuit. this NFT venture, citing that it interferes with their own visions of the future NFT launches and is merely a cash grab that could potentially devalue the film’s reputable public image. The case is still ongoing at the time of writing.
1inch Network expands to Avalanche and Gnosis Chain
Decentralized exchange aggregator 1inch Network announced plans to roll out 1inch Aggregation Protocol and 1inch Limit Order Protocol this week on Avalanche and Gnosis Chain, respectively, and as such expand their presence in the DeFi sector.
An initial list of protocols will immediately become available through 1 inch on the Avalanche cross-chain network, such as 1 inch Limit Order Protocol v2, Aave, SushiSwap, Trader Joe, and KyberSwap, among others.
Likewise, these protocols immediately accessible on Gnosis Chain, formerly known as xDai Chain, via 1 inch include 1 inch Limit Order Protocol v2, Curve v1, and SushiSwap.
1/ In life, we often have to choose between two options that may both seem important to us.
What if we could opt for both options at the same time? Sounds fantastic, doesn’t it?
Well, nothing is impossible for #1 inch…#Challenge #Avalanche #Gnosis pic.twitter.com/bwN9bBL5Br
– 1 inch network (@ 1 inch) January 20, 2022
“1inch’s primary goal is to bring users the best deals in the blockchain space,” said Sergej Kunz, co-founder of 1inch Network, continuing to note that the expansion to Avalanche and Gnosis Chain “will provide 1inch users more options for fast and cheap transactions.”
According to analytical data from DeFi Llama, the Avalanche ecosystem currently holds $9.77 billion in total value locked (TVL), the majority of which is dominated by Aave, Benqi, and Trader Joe with $2.48 billion, 1, $35 billion and $1.21 billion.
On the other hand, Gnosis Chain currently registers a TVL of $206.8 million, largely accumulated over the last three months thanks to projects such as Curve, SuperFluid and RealT, which respectively raised $62.9 million, $54 million and $31.3 million.
Symbolic performances
Analytical data reveals that the total value locked in DeFi declined slightly by 8.29% over the week to a figure of $114.63 billion, continuing alongside the broader market decline.
After 24 hours of crushing bearishness for major DeFi tokens, all price results are negative this week and will be ranked by market capitalization.
Terra (LUNA) recorded minus 8.15%. Avalanche (AVAX) fell sharply by 18.73%, while Wrapped Bitcoin (WBTC) fell by 9.3%. Stablecoin Dai (DAI) suffered a similar fate down 0.06%, while Chainlink performed the worst of the top five, taking a 21.8% hit.
Interviews, reports and other cool stuff
Thanks for reading our roundup of this week’s most impactful DeFi developments. Join us again next Friday for more stories, ideas and education in this dynamically evolving space.
COMMENTS