The decentralized finance (DeFi) ecosystem had a pretty hectic week with several new developments and price actions. The week started with DeFi “godfather” Andre Cronje announcing his departure from most of his projects, causing a massive drop in prices for projects Cronje was associated with.
CAKE DeFi launched a new $100 million venture fund to support Web3 initiatives, ThorChain soared more than 34% after activating synthetic assets, and the Polygon network suffered a prolonged outage after a new update affected its price momentum. .
DeFi architect, Fantom Foundation technical advisor and Yearn.finance founder Andre Cronje left the decentralized finance space reeling after deactivating his Twitter account.
Cronje’s long-time colleague at the Fantom Foundation, Anton Nell, stated in a Sunday tweet that both he and Cronje would be leaving the crypto space altogether. However, concerns were raised about the fate of approximately 25 decentralized applications and services (DApps) that have been operating so far. Affected apps and services include yearn.fi, keep3r.network, multichain.xyz, chainlist.org, bribe.crv.finance, and the new solidly.exchange.
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Cake DeFi Launches $100M Venture Arm for Web3, Gaming and Fintech Initiatives
Singapore-based decentralized financial services firm Cake DeFi announced the launch of a $100 million venture subsidiary dedicated to serving as accelerators for Web3, gaming, non-fungible tokens (NFTs), and other crypto initiatives.
Recently launched $100 million venture arm Cake DeFi Ventures (CDV) will fund crypto startups that complement the company’s core business. According to Cake DeFi, the venture will “focus on investing in tech startups in Web3, the metaverse, the NFT space, gaming, esports, and fintech spaces.”
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THORChain increases 34% after activating synthetic assets
The native asset price for decentralized cross-chain exchange THORChain (RUNE) has soared 34% in a day after the activation of synthetic assets on the network.
THORSwap Finance highlighted the advantages of synthetic assets via a blog post on Thursday, noting that “synthetics have great utility for traders and arbitrageurs as they can be traded almost instantly and at a fraction of the cost compared to with native layer one swaps”.
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Polygon Network Experiences Extended Service Outage After Update
Ethereum’s layer two scaling solution, Polygon, has not produced a new block for over 11 hours, with developers attributing the problem to a technical update on the network.
On March 10 at 4:20 pm UTC, the Polygon network developers notified users on the project forum that there would likely be downtime beginning at 5:50 pm UTC due to required maintenance on one of the the three layers of the network. A recent update is believed to have caused a bug in the network’s ability to achieve consensus.
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DeFi Market Overview:
Analytical data reveals that DeFi total value locked has maintained a similar value to last week with a minor increase, reaching a figure of $111 billion.
Data from Cointelegraph Markets Pro and TradingView reveals that the top 100 DeFi tokens by market cap have performed reasonably well over the past seven days.
The weekly performance of most DeFi tokens has been flat, with most of them trading green/red with single digit percentage change. Terra (LUNA) maintained its dominance for the third week in a row, rising over 8% last week, hitting a new all-time high above $104. Ankr (ANKR) posted a 7% gain over the past week, followed by ThetaFuel (TFUEL) with an overall gain of 1%.
Before you leave!
A week that did not see much in terms of price action, but ThorChain and LUNA continued to defy market trends with the help of their ecosystem of synthetic assets. The gas fee on Ethereum has plummeted to a nine-month low. The data shows that the average price of gasoline on Ethereum has been falling rapidly since the beginning of the year, going from 218 Gwei on January 10 to 40.82 on Wednesday.
Thanks for reading our roundup of this week’s most impactful DeFi developments. Join us again next Friday for more stories, insights, and education in this fast-paced breakout space.
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