Welcome to Finance Redefined, your weekly dose of key information on decentralized finance (DeFi), a newsletter put together to bring you some of the biggest happenings from the past week.
This past week, the DeFi ecosystem saw several developments related to the DeFi lending crisis, as Celsius filed for bankruptcy. At a time when bears are more dominant in the current market, DeFi protocols with an income system can thrive.
Lido Finance has announced its plans to offer its Ether (ETH) staking services throughout the L2 system. Aave plans to leverage Pocket’s distributed network of 44,000 nodes to access chain data from various blockchains, and gamers are connecting to DeFi through the Razer rewards partnership.
Most of the top 100 DeFi tokens traded in the green, with many posting double-digit gains over the past week.
DeFi slump deepens, but revenue-sharing and fee-sharing protocols could thrive
As the crypto winter drags on, savvy crypto investors have realized that one of the reliable sources of passive income that still exists can be found in protocols that generate income and share some of it with their respective communities.
Data from Token Terminal shows that platforms with positive revenues are primarily non-fungible token (NFT) markets such as LooksRare and OpenSea.
Ethereum Staking Service Lido Announces Layer 2 Expansion
In a Monday blog post, the Lido team noted that, initially, Ether staking will be supported via bridges to L2s using stETH wrapped (wstETH). Going forward, it will allow users to directly stake L2 “without the need to bridge their assets” to the Ethereum mainnet.
As for partner L2s, the team stated that, prior to the announcement, it had already integrated its bridge staking services with Argent and Aztec. He added that the next set of partnerships and integrations will be revealed in the coming weeks.
Aave turns to Pocket Network to bolster decentralized app development
Aave, an open source DeFi protocol, partners with decentralized Web3 infrastructure provider Pocket Network to offer developers greater scalability and ease of use when building decentralized applications (DApps) on top of the Aave protocol.
According to Tuesday’s statement, Aave will use Pocket’s distributed network of over 44,000 nodes to access on-chain data from various blockchains to power decentralized applications. Developers building DApps with Aave will be able to access Pocket Network blockchain data on demand following the new integration.
Gamers connect to DeFi through Razer’s new rewards partnership
Gamers and customers of gaming and computing hardware company Razer are poised to connect to the world of DeFi through a new rewards exchange program in partnership with Cake DeFi.
Razer continues to be a favorite brand for gamers around the world, with its Razer Gold rewards program allowing gamers to earn and redeem Razer Silver points for a variety of hardware and digital rewards, including Steam games and gift vouchers. discount.
DeFi Market Landscape
Analytical data reveals that the total value of DeFi locked saw an increase of almost 5 billion from last week, posting a value of $58.65 billion. Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market cap had a mixed week, with several tokens trading in the red while a few others posted even double-digit gains.
Lido DAO (LDO) was the biggest gainer among the top 100 DeFi tokens, up 80% in the past week, followed by Fantom (FTM), up 28%. Avalanche (AVAX) posted a 26% gain over the past week, while ThorChain (RUNE) saw a 21% gain over the past seven days.
Thanks for reading our roundup of this week’s most impactful DeFi happenings. Join us next Friday for more stories, perspectives, and education in this dynamically moving space.
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