The Decentralized Finance (DeFi) ecosystem has been a very turbulent week with some new developments and pricing actions. The week began with DeFi’s “The Godfather” Andre Cronje announcing the departure from most of his projects, and prices for projects related to Cronje fell sharply.
CAKE DeFi has launched a new $ 100 million venture fund to support the Web3 initiative. After activating synthetic assets, ThorChain soared by more than 34%, and the Polygon network suffered a long outage after a new upgrade that impacted price momentum.
DeFi “The Godfather” Cronje ends as TVL and token tank for related projects
Andre Cronje, DeFi Architect, Fantom Foundation Technical Advisor and Founder of Yearn.finance, left the decentralized finance space after disabling his Twitter account.
Cronje’s longtime colleague at Anton Nell at the Fantom Foundation said in a tweet on Sunday that both he and Cronje are completely out of crypto space. However, concerns have arisen about the fate of about 25 decentralized applications (DApps) and services that have been in operation so far. Affected apps and services include yearn.fi, keep3r.network, multichain.xyz, chainlist.org, bribe.crv.finance, and the new solidly.exchange.
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Cake DeFi Launches $ 100 Million Venture Arm for Web3, Gaming and FinTech Initiatives
Singapore-based decentralized financial services company CakeDeFi announces the launch of a dedicated $ 100 million venture arm to act as an accelerator for Web3, games, non-fungible tokens (NFTs), and other crypto initiatives. did.
CakeDeFi Ventures (CDV), a newly launched $ 100 million venture division, will fund cryptocurrency startups that complement the company’s core business. According to Cake DeFi, venture companies “focus on investing in technology startups across Web3, Metaverse, NFT spaces, games, e-sports, and fintech spaces.”
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THORChain soars 34% after activating synthetic assets
The price of native assets on the cross-chain decentralized exchange THORChain (RUNE) soared 34% one day after activation of synthetic assets on the network.
THORSwap Finance emphasized the benefits of synthetic assets through Thursday’s blog post: “Synthesizers can be traded almost instantly and at a fraction of the cost compared to native L1 swaps, making them very much for traders and arbitrators. It’s useful. “
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Polygon network suffers from long outages after upgrade
The Layer 2 Ethereum Scaling Solution Polygon hasn’t created new blocks for more than 11 hours, and developers have attributed this issue to a technical upgrade to their network.
At 4:20 pm UTC on March 10th, Polygon network developers will be downtime from around 5:50 pm UTC because users of the project forums need maintenance on one of the three layers of the network. Notified that im may occur. The recent upgrade may have caused an error in the ability of the network to reach consensus.
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DeFi Market Overview:
Analytical data shows that the total locked DeFi remains similar to last week, but with a slight increase to $ 111 billion.
According to data from Cointelegraph Markets Pro and TradingView, DeFi’s top 100 tokens by market capitalization have worked pretty well over the last seven days.
Weekly performance of most DeFi tokens is flat and most of them are trading in green / red with single digit percentage changes. Terra (LUNA) has maintained its dominance for the third straight week, rising more than 8% last week to a record high of over $ 104. Ankr (ANKR) has recorded a gain of 7% in the past week, followed by ThetaFuel (TFUEL) with an overall gain of 1%.
Before going!
It was a lesser week in terms of price behavior, but things like ThorChain and LUNA continued to oppose market trends backed by the synthetic asset ecosystem. Ethereum gas prices plummeted to their lowest in nine months. According to data, Ethereum’s average gas price has fallen sharply since the beginning of the year, plummeting from 218 Gwei on January 10 to 40.82 on Wednesday.
Thank you for reading this week’s summary of the most influential DeFi developments. Join us again next Friday to further deepen your story, insights and education in this dynamically evolving space.
