Welcome to the latest edition of Cointelegraph’s decentralized finance newsletter.
Following a bearish decline for many major decentralized finance (DeFi) tokens, it is in the fundamental news that the optimism for growth and prosperity lies. Read on for the most shocking DeFi stories from the past seven days.
What you are about to read is a shorter and succinct version of the newsletter. If you want to read the full roundup of what’s new in DeFi over the last week, subscribe at the bottom.
Secret Network Offers $400 Million Community Funding Plan
Secret Network, a privacy-oriented blockchain, this week announced the launch of a $400 million funding fund. in an attempt to expand its network and application infrastructure and tooling mechanisms, as well as accelerate adoption of its native token, SCRT.
The capital raise, consisting of a $225 million ecosystem fund and a $175 million accelerator fund, was supported by several partner organizations, such as BlockTower Capital, Arrington Capital, and Fenbushi Capital.
The $400 million fund is the first in a series of planned implementations under the Shockwave Initiative., a global growth strategy, announced by the company on January 12. The initiative is focused on expanding its ecosystem, including fostering and incubating the implementation of decentralized privacy applications on its platform, as well as expanding the utility and adoption of the SCRT token, to become a mainstream hub. fully comprehensive privacy policy for Web3.
Secret Foundation founder Tor Bair told Cointelegraph that the capital will be used to “scale privacy-first decentralized apps to global adoption by millions of users,” as well as highlighting the importance of security technology. Web3, stating that “privacy technologies are essential to ensure that Web3 is empowering and open, rather than an extension of the failures of Web 2.0“.
Also in the news recently was the Secret Network’s issuance of Pulp Fiction-themed non-fungible tokens, in collaboration with iconic filmmaker Quentin Tarantino.. The collection is set to debut seven previously unreleased chapters of Tarantino’s script for the 1994 classic, with more details about the first sale expected to be released on January 24.
Despite the uproar that the launch of these tokens has caused by fans and the film community in general, production company Miramax filed a lawsuit on November 17 accusing director Quentin Tarantino of copyright infringement by carrying out this NFT venture, claiming that it interferes with his own visions of future NFT releases and that it is simply a way of making money that could devalue the film’s reputable public image. The case is still ongoing at the time of this writing.
1inch Network Expands to Avalanche and Gnosis Chain
Decentralized exchange aggregator 1inch Network has announced its intention to implement the 1inch Aggregation Protocol and 1inch Limit Order Protocol this week on Avalanche and Gnosis Chain, respectively, and thus expand its position within the DeFi sector.
An initial list of protocols will be immediately available via 1inch on the Avalanche cross-chain network.such as 1inch Limit Order Protocol v2, Aave, SushiSwap, Trader Joe, and KyberSwap, among others.
In the same way, Protocols immediately accessible on Gnosis Chain, formerly known as xDai Chain, via 1inch include 1inch Limit Order Protocol v2, Curve v1, and SushiSwap.
1/ In life, we often have to choose between two options, both of which may seem important to us.
But what if we could go for both options at once? Sounds fantastic, doesn’t it?
Well, nothing is impossible for #1inch…#DeFi #Avalanche #gnosis pic.twitter.com/bwN9bBL5Br
— 1inch Network (@1inch) January 20, 2022
1/ In life, we often have to choose between two options that seem important to us.
But what if we could opt for both options at the same time? Sounds fantastic, right?
Well nothing is impossible for #1inch…#DeFi #Avalanche #Gnosis
“The main goal of 1inch is to offer users the best deals in the entire blockchain space.stated Sergej Kunz, co-founder of the 1inch Network, later noting that expansion to Avalanche and Gnosis Chain “will give 1inch users more options for cheap and fast transactions”.
According to analytics data from DeFi Llama, the Avalanche ecosystem currently has $9.77 billion in total value locked (TVL, for its acronym in English), most of which are held by Aave, Benqi and Trader Joe with $2.48 billion, $1.35 billion and $1.21 billion.
On the other hand, Gnosis Chain currently posts a TVL of $206.8 million, much of it accrued over the past three months by projects like Curve, SuperFluid, and RealT., which have accumulated USD 62.9 million, USD 54 million and USD 31.3 million, respectively.
Token Yield
Analytical data reveals DeFi Total Value Locked slightly down 8.29% over the week down to $114.63 billion, continuing alongside the broader market decline.
After some overwhelming 24-hour bear for major DeFi tokens, all trading results are negative this week and will be ranked by market cap.
Terra (LUNA) registered 8.15% less. Avalanche (AVAX) fell sharply 18.73%, while Wrapped Bitcoin (WBTC) fell 9.3%. The Dai stablecoin (DAI) suffered a similar fate, with a 0.06% drop, while chain link was the worst behaved of the top five, with 21.8%.
Interviews, articles and other interesting things
Thanks for reading our roundup of this week’s most impactful DeFi happenings. Join us again next Friday for more stories, perspectives, and education in this dynamically moving space.
Keep reading: