Decentralized finance (DeFi) is arguably one of the most interesting aspects of the entire blockchain and crypto sphere. A growing interest in DeFi altcoin projects has resulted in increased adoption and usage. We compiled the latest developments regarding the top 10 DeFi altcoins of the last week to keep the readers of Kriptokoin.com up to date with DeFi events.
Latest developments on DeFi altcoin projects
1. Terra (LUNA) surpasses Ehereum
Terra’s native token, LUNA, is currently the second largest in share value major cryptocurrency. The DeFi altcoin project surpassed Ether (ETH) last week. It comes second after Solana (SOL) with a betting volume of just $37.7 billion. Also, Ether had a staking volume of $2.5 billion, while LUNA had a staking volume of $30 billion.
2. Larix added support for TerraUSD (UST)
Decentralized stablecoin TerraUSD (UST) is now live on Larix. Larix is the first metaverse-based finance protocol ever. Interestingly, it is built on the Larix Solana (SOL) network. Also, the listing took place on March 3, 2022 at exactly 11 am (UTC). TerraUSD (UST) will also have a collateral factor of 75%.
3. a16z invests in Lido Finance
DeFi altcoin project Lido Finance has recently received support from renowned venture capital (VC) firm a16z. Therefore, the VC firm recently invested $70 million to support Lido Finance and its commitment to decentralization.
4. Fantasy Arena integrates Chainlink VRF
Collectible card game Fantasy Arena has received support from Chainlink VRF. Therefore, with Chainlink, the collectible card game will have access to verifiable randomness for Fantasy Arena 2nd edition NFTs. As a result, it will provide all players with an equal opportunity to mint rare cards (both legendary and legendary NFTs).
5. Polygon Studios invests in Zipmex (ZMT)
Polygon’s NFT and gaming arm, Polygon Studios now supports Zipmex native token (ZMT). In particular, the strategic partnership and investment is a huge success for Zipmex and its native token ZMT. Also, Zipmex is currently the best digital asset exchange platform in Asia. It also has branches in Australia, Singapore, Thailand and Indonesia.
6. KavaRise livestream
Last week, Layer-1 Blockchain Kava Network announced the launch of its KavaRise platform. KavaRise is a developer incentive program designed to support builders in Kava. Additionally, according to reports, the platform currently has $750 million as a developer incentive fund.
7. Efinity parachain launch on Polkadot Rococo
On the other hand, the highly anticipated Efinity parachain is now live on Polkadot Rococo testnet. This is one of the steps that is expected to happen at Efinity this March. Therefore, following the Parachain launch last week, participation in Polkadot will take place on March 11, 2022.
8. PancakeSwap reduces CAKE emission
Top DEX platform PancakeSwap is currently focused on reducing CAKE token emission. As a result, DEX made this announcement last week, adding that it will continue to find more innovative ways to reduce CAKE emissions. Therefore, to achieve this, PancakeSwap will make changes to its tokenomics and also carry out a strategic update of its smart contract.
9. Anchor Protocol has passed the milestone
Terra-based DeFi altcoin project Anchor is in the limelight for all the right reasons. Therefore, the decentralized protocol currently has a market cap of over $1 billion. The protocol passed this important milestone last week. According to experts, this is definitely a win for both Anchor Protocol and Terra Blockchain.
10. 1inch P2P launched
Several strategic updates were made to 1inch last week. The first is its integration with Polygon (formerly Matic) in the Clipper DEX. 1inch has also launched a Peer-to-Peer (P2P) feature. As a result, it has recently exceeded $140 billion in total trading volume.
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