These 5 Altcoins Made Big Announcements: Here are the Details!

Flare Network collaborates with Pawnfi. Compound’s upgraded DeFi lending platform targets security and scalability. The founder of DeFi platform Synthetix proposes to limit the token supply. Klaytn’s DeFi KLEX airs on the main-net. Sweat Economy launches SWEAT Coin. Here are the details of the developments regarding altcoin projects…

Important announcements from five altcoin projects

Pawnfi, Flare (FLR) partnership

The Flare Network (FLR) team has made an official announcement. Accordingly, Flare has signed a partnership with Pawnfi. Pawnfi is a startup focused on bringing non-standard assets (NSA) into decentralized finance (DeFi) mechanisms.

Meanwhile, Pawnfi is allowing its clients to use various types of illiquid assets in a new way. It works with all kinds of hard-to-find assets, including altcoins, NFTs, GameFi assets. Pawnfi’s CEO and founder, Wesley Kayne, talked about his firm’s mission in the modern DeFi ecosystem. He also said he is excited about the progress he will make from his collaboration with Flare (FLR).

New update for DeFi from Compound

Compound has released a new version of its decentralized finance (DeFi) lending platform Compound V3. The limited edition release reduces the number of supported tokens that can be borrowed and secured in the protocol, according to the protocol’s founder’s blog post on Thursday.

Compound’s latest update, called Comet, accepts Wrapped Bitcoin (wBTC), Chainlink (LINK), Uniswap (UNI), and Compound (COM) as collateral for users to borrow. Also, Compound V3 uses Chainlink as the special price feed of the protocol. It also simplifies smart governance contracts, which will increase the security and scalability of the system.

Synthetix founder proposes to limit token supply

The founder of popular decentralized finance (DEFI) platform Synthetix has come up with a new proposition. In this context, the protocol proposed to limit the supply of SNX tokens to a fixed 300 million as new products generate revenue.

Meanwhile, Synthetix founder Kain Warwick made a governance proposal Friday. Accordingly, he said, the initial rationale for maintaining a sustained inflationary supply for SNX has passed, as the protocol has gained “significant” yields from its atomic swap and perpetual products. In this context, Warvick made the following statement:

The web of inflation was meant to boot. He did this extremely effectively. The fact that we are only weeks away from 300 million is enough to make that change now.

Klaytn’s DeFi KLEX streams on main-net

The KLEX protocol, which we have announced as Kriptokoin.com, is going live. Klaytn gives its users the opportunity to benefit from incentivized liquidity pools. According to the official announcement shared by the DeFi protocol KLEX Finance team, the main-net version of its public version is now live.

Sweat Economy introduces SWEAT crypto on DAO Maker

The team behind the Sweat Economy app has made an official announcement. Accordingly, it is ready to launch the SWEAT native token on DAO Maker, a popular launchpad for the first decentralized exchange offerings (IDOs).