Strategic partnerships, financing events, product launches that took place last week draw attention to the DeFi altcoin market. Loopring’s upcoming announcement of Loophead drop #3 and the Celo and Toucan partnership are some of the developments seen at DeFi last week. We’re reviewing the list announced by the popular YouTube channel Altcoin Buzz.
What happened last week with DeFi altcoin Do Kwon and GrayScale?
Last week, Terraform Labs Founder and CEO Do Kwon announced plans to make the DAI stablecoin less attractive to investors. This is a proposal to further strengthen the UST stablecoin. Therefore, to achieve this, Kwon announced the launch of Curve “4pool”, a highly promoted liquidity pool. Its purpose is to essentially deprive the DAI “3pool” of liquidity while strengthening the UST and three other stablecoins.
Digital asset investment advisory firm Grayscale has rocked its DeFi altcoin portfolio in line with rebalancing in the first quarter of 2022. Interestingly, the firm has removed Synthetix (SNX) and Sushi (SUSHI) from its portfolio. Also, in place of both tokens, the company added Avalanche (AVAX) and Polkadot (DOT) tokens to its Digital Large Cap Fund portfolio. It has also added ATOM to its Smart Contract Platform.
NEAR Protocol and funding rounds from Lightning Labs
NEAR Protocol recently completed a funding round that raised $350 million. Also Tiger Global, FTX Ventures, etc. A few high-level companies, such as The fund will be directed towards making the NEAR protocol the best Dapp platform. It also makes it a worthy competitor to the top dapp Blockchain Ethereum. Also, the NEAR protocol raised a massive $15 million donation this January. The DeFi altcoin also raised $21.6 million in 2020.
Bitcoin developer firm Lightning Labs has recently completed its Series B funding round, which has raised $70 million. The funding round, led by Valor Equity Partners, will also help build a new protocol on the Lightning network called Taro. In addition, Taro will facilitate the smooth transfer of stablecoins on the Bitcoin Lightning network. Other firms such as Baillie Gifford, Goldcrest Capital, and several major investors also participated in the funding round.
What’s going on with DeFi altcoin Equilibrium and Loopring?
Last week, substrate-based DEX order book Polkadex announced details of a strategic partnership with Equilibrium. Additionally, the partnership makes it possible for Equilibrium DeFi to offer Polkadex crowd lending participants a better crowd lending experience. This is why interested people can lend their DOT tokens through Equilibrium, earning PDEX rewards up to 10x.
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 a month. Also, LP users in designated AMM pools will have a chance to win one of 1000 loopheads. Some of the supported pools include LRC/ETH, LRC/USDC, SAND/USDC.
Kava Network and Toucan Protocol developments
Top NFT marketplace OpenBiSea is live on Ethereum and Cosmos partner chain Kava Network. Also, the partnership will help unlock NFTs on the Kava Network. Also, Kava is popularly known as a scalable and fast L-1 Blockchain.
Toucan, Celo and Climate Collective recently entered into a strategic partnership. Interestingly, the partnership will bring Toucan’s carbon ecosystem to the Celo Foundation. Together, the partners will complete several important updates. These updates include the launch of the Celo-Polygon bridge, the launch of the Toucan Protocol at Celo, the addition of BCT and NCT to the Celo reserve, and the launch of a Celo and Toucan grant program.
What’s going on with MatrixedLink and Terra (LUNA)?
Top Netherlands Web 3 service provider MatrixedLink is now one of Chainlink’s node operators. This means that MatrixedLink will now help secure the data flow in Chainlink. Chainlink, which we previously reported as Kriptokoin.com, is known as the highest quality data oracle platform. It also provides developers with a secure and reliable data flow to facilitate the creation of world-class decentralized applications (dapps).
Recently, crypto asset management platform Bitrue has partnered with popular DeFi altcoin Terra. This means Bitrue now supports the rapidly growing Terra (LUNA) ecosystem. It also means that it will support TerraUSD (UST) deposits and withdrawals. According to experts, trade will be agnostic; that is, it will be possible to trade between different chains.
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