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🦀 DeFi TVL surges — On Mar. 29th, 2022, the total value locked (TVL) in Ethereum DeFi projects was $83.29B according to DeFi Pulse, roughly 8% higher than the value we saw a week ago.
😳 Driving crypto news this week — LG Electronics adds blockchain and crypto as new areas of business, Israel’s Bank Leumi to enable crypto trading
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LG Electronics, a South Korean technology powerhouse, has modified its corporate development plans to include cryptocurrency and blockchain-based technologies. The goals include “the creation and distribution of blockchain-based technologies” as well as “the sale and brokerage of cryptocurrencies,” leading to speculation that LG may launch a cryptocurrency exchange.
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Bank Leumi, one of Israel’s largest banks, will begin offering cryptocurrency trading through its digital platform Pepper Invest. Bank Leumi will be the first bank in Israel to offer crypto trading services to its customers, thanks to a cooperation with Paxos, a New York-based custody and trading platform. Customers will be able to buy, hold, and sell bitcoin (BTC) and ether (ETH) in 50 shekel ($15.49 approx) transactions at first.
💸 This week’s best-performing assets — Since Tuesday, March 22nd 2022, we’ve seen notable week-over-week price rises from the following DeFi tokens:
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📈 Loopring (LRC) +60.4%
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📈 Convex Finance (CVX) +53.4%
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📈 THORChain (RUNE) +34.8%
👛 The $DPI pulse — The DeFi Pulse Index ($DPI) is presently trading at $201.33, increased by 16.23% since Tuesday, March 22nd 2022.
Related resources:
🌾 Farm up to ~32% APR on stables with Bancor Network
Bancor Network was the first decentralized trading platform and is entirely managed by smart contracts across a range of blockchains. In this instance, the opportunity is on Ethereum mainnet and only requires USDC for single-sided staking.
Interested in trying this farming opportunity? You could:
Read the details of this strategy for free at the “Farms of the Week” blog post by DeFi Pulse!
Bancor Network’s version three is undergoing an audit. This staking opportunity entails cross-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.
Thank you to our sponsor Tally Ho, the first DeFi wallet owned by a DAO.
Try Tally Ho Swaps before the DAO launches!
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Marc Andreessen and Peter Thiel stepping away from Meta’s board
TLDR: Due to competing investments in Web3 that clash with Meta’s interests, billionaire investor and co-founder of crypto venture capital company a16z Marc Andreessen and a German-American billionaire entrepreneur, venture capitalist, Peter Thiel may be stepping away from Meta’s board soon; -
Access Nansen for free
TLDR: Fans of Nansen, rejoice! Starting March 26, 2022, all Nansen platform users will be able to access analytics for free!; -
StarkSwap is launching on the 31st of march
TLDR: On March 31, 2022, StarkNet-based AMM Starkswap will be launched on the Ethereum expansion scheme StarkNet Alpha testnet; -
Dexpools launching on Polygon
TLDR: Dexpools will formally launch in April 2022 with support for the Polygon ecosystem, allowing traders to exchange peer-to-peer using any token on the Polygon chain, following a successful open beta in January 2022. Using the Quantstamp certified smart-contract escrow, traders will be able to swap securely, privately, or openly, eliminating slippage and market impact; -
Vanuatu prime minister gave the green light to Satoshi Island
TLDR: After El Salvador, the prime minister of Vanuatu, the honourable Bob Loughman, has officially said yes to “watching the development of Satoshi Island unfold.”
🚜 Earn 19.35% APY with USDT on the Hop Protocol!
Hop Protocol is a bridge used to facilitate the transfer of common tokens between a variety of ethereum layer two solutions and the ethereum mainnet itself. The protocol currently supports a variety of layer two solutions including: Gnosis, Polygon, Arbitrum and Optimism.
Interested in trying this farming opportunity? You could:
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Setup Gnosis on your Metamask
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Bridge funds to the Gnosis Network
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Swap for USDT on CowSwap
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Deposit your USDT to Hop Protocol and start earning
Read the details of this strategy for free at the “Farms of the Week” blog post by DeFi Pulse!
Hop 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.
You’ve created yourself a wallet and purchased your first token or NFT. You’re eager to check how your investment is performing. If you’re a beginner, though, it’s not always obvious where to look for easy-to-understand information on your assets.
This is where Zapper comes to your rescue to help you keep track of your complete web3 portfolio using dashboard features.
Zapper is a platform that promises to “build the ultimate hub for Decentralized Finance” by making it easier for users to manage their Decentralized Finance investments and assets. With just a few clicks from a single platform, you can simplify Ethereum transactions. On the other hand, the traditional way entails additional procedures and several manual transactions (along with Ethereum gas fees). Most importantly, Zapper reduces Ethereum transaction fees by combining many transactions into a single transaction.
How embracing DeFi will return the focus to service-oriented banking and finance?
Whether you’re a business or a person, you’re dealing with the same issue, i.e., every day, the money you have depreciates in value. It used to be possible to keep your money in a bank account and receive a reasonable return, but that is no longer the case.
Furthermore, as the banking industry consolidates, we’ve seen small banks and credit unions collapse over the last few decades. Localized, personalized banking is gradually catching up, whereas the banking industry is growing more bureaucratic.
Therefore, embracing DeFi will return the focus to service-oriented banking and finance, focusing on assisting people in achieving their financial objectives. Moreover, it will be available to people all over the world.
DeFi presents a significant opportunity for legacy banks to avoid the pitfalls of open banking, where the industry’s slowness meant that API-driven innovation had to be pushed through by regulators. Banks should take a more proactive approach to DeFi by developing greenfield DeFi propositions in partnership with the DeFI community and collaborating with regulators to figure out how to regulate those propositions while maintaining DeFi’s decentralized nature. Simultaneously, banks must modify their internal compliance routines in order to connect their banking services and the larger fiat economy to the opportunities that DeFi is likely to provide.
To succeed, it is crucial to look at DeFi from the perspective of innovation.
-Guneet Kaur
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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!