Decentralized Finance & the Recent Developments
Welcome to the tangled web of decentralized finance (DeFi) where fortunes can be made or lost quicker than you can say ‘blockchain!’ Last week was packed with drama and excitement, highlighting the ongoing DeFi lending crisis as Celsius waved a white flag by filing for bankruptcy. In this market filled with bearish sentiments, there’s a silver lining for those DeFi protocols boasting a robust revenue system.
Where the Money Flows: Revenue-Generating Protocols
As we navigate through this crypto winter, canny investors are discovering the perks of earning passive income. The secret sauce? Well, it’s all about those platforms that are raking in revenue and generously sharing it with their loyal communities. According to Token Terminal, NFT marketplaces like LooksRare and OpenSea have been leading the pack in revenue generation. So if you’re hunting for your next monetary adventure, you might want to pay attention to these platforms.
Lido Finance Expands its Horizon
The excitement didn’t stop there! Lido Finance decided to set the stage ablaze with plans to roll out its Ether (ETH) staking services across the entire Layer 2 (L2) system. Initially reported in a Monday blog, the team tipped off that Ether staking would start using wrapped stETH (wstETH) via bridges to L2s. Do you hear that? The sound of crypto enthusiasts rejoicing at the thought of staking directly on L2s without the headache of transferring assets back to the Ethereum mainnet. Talk about user-friendly!
Aave Strikes a Deal with Pocket Network
Meanwhile, Aave is flexing its muscles by collaborating with the decentralized infrastructure provider Pocket Network. In a bid to turbocharge decentralized app development, Aave is leveraging Pocket’s extensive network of 44,000 nodes to provide developers with on-demand access to various blockchains. Seems like the days of clunky DApps are numbered! Now developers will find it easier than ever to tap into blockchain data, making building on Aave a walk in the park.
Gaming Meets DeFi: The Razer Rewards Connection
What happens when gaming meets DeFi? In this case, you get the exciting partnership between Razer and Cake DeFi, prompting gamers to dive into decentralized finance via a rewards swap program. With Razer’s legacy as a beloved brand within gaming circles, the Razer Gold rewards system doling out Razer Silver points for redeeming against a multitude of hardware and digital goodies is set to spark considerable interest. Let’s see how many gamers take the DeFi plunge!
Market Insights and Analyst Musings
To round it all off, the DeFi realm didn’t go unnoticed in the market overview. We saw a remarkable $5 billion surge in the total value locked, landing at a staggering $58.65 billion. Through the noise, some DeFi tokens surged with Lido DAO (LDO) leading the charge with an astonishing 80% rise last week! Fantom (FTM), Avalanche (AVAX), and ThorChain (RUNE) followed suit, each enjoying double-digit gains as well.
Looking Ahead
Thanks for sticking with us through this rollercoaster week of DeFi developments! As we all await the next wave of insights, make sure to tune in every Friday for another round of fascinating stories and updates from the ever-evolving world of decentralized finance!
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