Welcome to DeFi Pulse Farmer – your guide to staying up on the latest and best trends in yield farming and beyond!
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🦀 DeFi TVL bounces — On Mar. 22st, 2022, the total value locked (TVL) in Ethereum DeFi projects was $77.18B according to DeFi Pulse, roughly 7% higher than the value we saw a week ago.
😳 Driving crypto news this week — NFTs soon coming to Instagram, EU voted against POW Ban
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In a panel at Austin’s South by Southwest Festival on March 15, 2022, Meta (Facebook) CEO Mark Zuckerberg stated that they are planning on bringing non-fungible tokens (NFTs) to Instagram in the near future. Within the Instagram app, users will be able to create their own NFTs.
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Despite a last-minute amendment that would have effectively made mining of proof-of-work (PoW) cryptocurrencies like Bitcoin and Ethereum illegal on the continent, members of the European Parliament voted not to ban the PoW consensus mechanism. However, before January 2025, crypto mining might still be classified as an “unsustainable” activity, making it ineligible for support and investment from European businesses and governments.
💸 This week’s best-performing assets — Since Tuesday, March 15th 2022, we’ve seen notable week-over-week price rises from the following DeFi tokens:
👛 The $DPI pulse — The DeFi Pulse Index ($DPI) is presently trading at $175.00, increased by 23.84% since Tuesday, March 15th 2022.
Related resources:
🌾 Farm up to ~14% APR on stables with Starstream Finance
Starstream Finance is a yield optimizer for Andromeda network protocols. In this instance, the yield being optimized is that of Hermes Protocol’s sAMM MIM-USDC liquidity provider tokens. Hermes Protocol is a fork of Andre Cronje’s final project Solidly and its novel ve(3,3) technology.
Interested in trying this farming opportunity? You could:
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Setup Andromeda (Metis) on your Metamask
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Bridge funds to the Andromeda (Metis) Network
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Swap for MIM & m.USDC
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Pool your MIM & m.USDC on Hermes
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Stake your sAMM MIM-USDC LP tokens on Starstream
👉 Read the details of this strategy for free at the “Farms of the Week” blog post by DeFi Pulse!
Starstream Finance has been audited, however Hermes Protocol is unaudited. This staking opportunity entails cross-protocol risks, market risks, impermanent loss risks, smart contract risks, and more. Treat this yield farm as experimental, and never deposit more money than you can afford to lose.
Thank you to our sponsor Tally, the first DeFi wallet owned by a DAO.
Try Tally Swaps before the DAO launches!
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Magic Eden NFT marketplace raises $27M Series A
TLDR: Magic Eden claims to be the largest NFT marketplace on the Solana blockchain, with 7.5 million SOL in transaction volume in the last six months. Paradigm led the funding round, which included contributions from Sequoia and Solana Ventures.; -
LimeWire chooses Algorand for their marketplace
TLDR: LimeWire has chosen the Algorand blockchain to support the relaunch of its digital collectibles marketplace. LimeWire also wants to create a token later this year, which will enable unique community access, voting mechanisms, and a reward system for token holders and minting its digital goods on Algorand.; -
Vovo live on Arbitrum
TLDR: The first-ever DeFi Principal Protected Products were launched on Arbitrum Mainnet by Vovo Finance. Vovo PPP provides direct yield farming into pools and collects rewards instead of buying fixed interest rate products to earn yield, which is more flexible and free of any locked period like traditional fixed interest rate products; -
Vitalik fighting for crypto’s future
TLDR: Buterin is concerned about the risks that overeager investors face and the skyrocketing transaction costs and shameless displays of riches that have come to define the public’s impression of cryptocurrency.; -
HSBC partners with metaverse firm, The Sandbox
TLDR: The British bank has purchased a plot of land in the virtual world of the metaverse startup, which will be used to entertain financial professionals through sports, e-sports, games.
🚜 Earn 19.5% APY with UST on Anchor Protocol!
Anchor Protocol is a money market originally launched on the Terra blockchain, but recently added support to the Avalanche Network. The high APYs are powered by the lending of UST to users who offer up staked tokens as collateral, as a result, Anchor is able to earn staking rewards on top of the borrowing fees.
Interested in trying this farming opportunity? You could:
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Setup Avalanche on your Metamask
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Bridge funds to the Avalanche Network
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Swap for Wormhole UST
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Deposit your UST to Anchor and start earning
👉 Read the details of this strategy for free at the “Farms of the Week” blog post by DeFi Pulse!
Anchor Protocol has been audited. However, this staking opportunity entails protocol risks, market risks, smart contract risks, and more. Treat this yield farm as experimental, and never deposit more money than you can afford to lose.
The cryptocurrency portfolio tracker enables you to keep track of your cryptocurrencies’ overall amount and value in real-time across all wallets, platforms, exchanges, and blockchains. If your portfolio comprises both stocks and cryptocurrencies, here’s a tool that you may think is helpful.
Delta is a multi-asset investment tracking program that lets you manage multiple portfolios and watch their performance in real-time using various advanced tools and charts. Live prices of all popular stocks, ETFs, cryptocurrencies, indices, mutual funds, futures, bonds, and options can be accessed using this tool.
Can NFTs revitalize the current bearish DeFi cycle?
In recent history, the DeFi and NFT communities have primarily remained to themselves. However, in the current depressed or bearish market, the adoption of NFTs may be the most significant advancement in the DeFi space.
I’m aware that DeFi Chads and NFT influencers haven’t always gotten along. Even if there is considerable overlap, the two communities have remained mainly separate. This deliberate seclusion has greatly hampered NFT acceptance in DeFi.
But why are NFTs so useful in DeFi?
I think the possible reasons for NFTs’ application to DeFi include the following:
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NFTs make customized and precise roles possible;
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NFTs can separate the cost of governance power from the cost of native tokens;
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NFTs permits scarcity and utility-based value, which DeFi protocols can fine-tune;
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NFTs allows for gamification;
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NFTs solves the problem of illiquid veTokens.
Although the UniSwap v3 and Solidly approaches effectively change how DeFi protocols are built, NFT collections’ innovation and value contribution should not be underestimated. Widespread integration between DeFi-NFTs is on the way, whether you like it or not.
NFTs, in my opinion, will lead the next bull run. NFTs are crucial since they are the first wave of making actual cryptocurrency transactions. As a result, they hasten the conversion of cryptocurrencies from assets to transactional mediums in the DeFi world.
-Guneet Kaur
All info in this newsletter is purely educational and should only be used as research. DeFi Pulse is not offering investment advice, endorsement of any project or approach, or promising any outcome. This post is prepared using public information (which does not account for specific goals or financial situations) and links provided to third-party sites are for informational purposes. Such sites are not under the control of DeFi Pulse, so DeFi Pulse or the author are not responsible for the accuracy of the content on such third-party sites. Be careful and keep up the honest work!