Building in the Bear: A Strategic Opportunity
The crypto bear market is stretching longer than a Monday morning, but some startups in the Web3 space are turning this into a golden opportunity for growth. Instead of sitting around and waiting for the next market surge, they’re dusting off their tools and laying down infrastructure that will roll out the welcome mat for both users and institutions when adoption hits the fan. It’s like they’re prepping for the big party while we all sit and wonder where the punch bowl went.
88x Finance: Crossing Chains for Yield
One such startup is 88x Finance, a cross-chain yield aggregator that sees the tides of change with general message passing and true composability between blockchains. According to their co-founder, Nick Avramov, cross-chain yield aggregation is the next logical step in the evolution of blockchain technology—think of it as the natural offspring of bridges and communication protocols. They’re currently dancing in the spotlight of the Axelar Ecosystem Startup Funding Program, which has a $60 million budget specifically to push innovative Web3 protocols to the forefront. The question is, can they do it in style?
The Art of Yield Aggregation
So, what exactly is a yield aggregator? Imagine having a fund manager for your crypto investments, but instead of sipping coffee in an office, they’re crafting automated strategies using smart contracts. These aggregators combine multiple protocols, finding the richest yield-paying products out in the DeFi wild. With 88x Finance, users can immerse themselves in yield farming opportunities across various networks like Ethereum and BNB Chain. It’s like a buffet of crypto-investments, but without the awkward small talk.
Diversifying Risk with Cross-Chain Strategies
Georgios Vlachos from Axelar shared a keen insight: as crypto networks multiply like rabbits, cross-chain yield aggregation may very well be the superhero we need for diversifying risk. Why invest everything in a single blockchain when you can spread your chips across the table? By employing yield-generating strategies across multiple platforms, investors are likely to cushion the blows from market volatility—and let’s face it, we could all use a little extra padding these days.
Funding The Future
Despite market downturns, perception is not all doom and gloom; Web3 projects still attracted $30 billion in investment in 2021, followed by $36 billion in 2022. Even in this year of uncertainty, blockchain development company QuickNode has successfully closed a funding round of $60 million aimed at onboarding new users and developers into the bustling world of Web3 innovation. Looks like while some are hunkering down, others are on the fast track to building the future.
+ There are no comments
Add yours