Connect with us

Crypto News

Crypto News: $ 157 billion: Ethereum’s DeFi loot continues to grow



After a first ATH in May, the DeFi ecosystem, both on Ethereum and other blockchains, experienced a lull during the months of June and July. Nevertheless, the ecosystem has just experienced a new rebound since the beginning of August. 

New TVL record for DeFi

Since its creation, the effervescence of the DeFi ecosystem has been measured thanks to its TVL , for Total Value Locked, namely all the funds that are deposited through the various DeFi protocols. 

On August 22, the latter broke a new TVL record with $ 157 billion in digital assets deposited on the various DeFi protocols. Obviously, this value aggregates the TVLs of all the protocols having a DeFi ecosystem. Since then, TVL has fallen back, with a current value of $ 146 billion. 

Evolution of the TVL of the DeFi ecosystem
Evolution of the TVL of the DeFi ecosystem – Source: DeFiLlama

Unsurprisingly, Ethereum leads the way with $ 107 billion , followed by Binance Smart Chain with $ 18 billion, then Polygon with $ 4 billion. The remaining 16 billion from other blockchains such as Avalanche, Solana or Terra


DeFi tokens benefit

This increase in TVL was not necessarily caused by the arrival of new funds. Indeed, this is mainly the consequence of a recent rise in the price of cryptocurrencies. 

For their part, DeFi tokens have also benefited from this bull market. Thus, the 141 tokens identified as belonging to DeFi by Messari have on average experienced an increase of 43% over the last 30 days.

The 10 main currencies in this ecosystem saw an increase of at least 20%, with the exception of the AMP token. For its part, the crypto RUNE of the Thorchain protocol has seen an increase of 134% over this period, despite the recent attacks that have targeted the protocol

READ ALSO  Taker Protocol, or how to liquefy your NFTs
The prices of the main assets of Ethereum's DeFI fluctuate a lot
Price evolution of the 10 largest DeFi assets – Source: Messari

Avalanche enters the big leagues

Long the youngest of DeFi, the Avalanche blockchain has – in just a few days – attracted massive flows of funds. 

While its TVL has hovered around $ 200 million since March, it rose 860% , from $ 200 million on August 9 to $ 1.72 billion at the time of the launch. writing these lines.

Evolution of the TVL of the DeFi ecosystem on Avalanche
Evolution of the TVL of the DeFi ecosystem on Avalanche

The network has notably benefited from an influx of users fleeing the high fees of the Ethereum blockchain. A phenomenon that Binance Smart Chain , then Polygon , had already allowed us to shine around May and June.

Note all the same that the TVL is not an absolute metric . Indeed, this is extremely hard to calculate due to the constant multiplication of DeFi protocols. What is more, the composability of the latter tends to distort the values, with liquidities that can be counted twice, when they are deposited on a protocol A and the resulting token which represents the deposit is then deposited on a protocol B

Click to comment

Leave a Reply

Your email address will not be published.

Crypto News

Crypto News: Ubisoft names Tezos for its NFT Gaming platform



It’s been a while since video game giant Ubisoft entered the cryptosphere. Among the projects favored by the French company is the Tezos network (XTZ), of which it became a validator in April 2021. Today, it is NFT of in-game equipment from its latest game that Ubisoft will offer thanks to at Tezos.

Tezos serves as the backbone for Ghost Recon game

By their unique nature , enabled by blockchain networks, non-fungible tokens (NFTs) are a perfect digital transposition for cards and collectibles .

Ubisoft understands the strong potential that NFTs represent for gaming , and has just announced the latest fruit of its association with the Tezos crypto project . From this Thursday, December 9, 2021, the video game company will launch the beta version of its NFT platform , called Ubisoft Quartz .

As the Ubisoft teams explain in a press release as well as on Twitter, their latest game “Tom Clancy’s Ghost Recon Breakpoint” will be the very first to benefit from 3 of these exclusive NFTs, called “Digits” on Ubisoft Quartz. And these will therefore be based on the Tezos blockchain.

Ubisoft opens its NFT platform thanks to Tezos
Ubisoft Twitter Account

NFTs: Ubisoft’s first crypto-foray before the metavers?

The technologies carried by cryptocurrencies create a whole new universe of concrete applications . Whether these are in their infancy or even yet to be imagined, they provide a glimpse of a strong potential for development in a field such as that of video games.

“The digitization of our world has dramatically accelerated changes in the way users and communities interact online. As blockchain technology matures (…) it begins to find more concrete uses in our daily lives. (…) Likewise, new economic models are appearing, play-to-earn being perhaps the most important, with the sale of virtual land. (…) “

Didier Genevois, Ubisoft blockchain technical director

Moreover, the teams of the video game giant are already setting out their future ambitions in the press release announcing Ubisoft Quartz: the construction of metaversees for gamers.

“Our long-term efforts have led us to understand how the decentralized approach of the blockchain could truly make players players in our games, (….) Ubisoft Quartz is the first brick of our ambitious vision to develop a real metaverse. (…) “

Nicolas Pouard, vice-president of Ubisoft’s Strategic Innovation Lab

In addition, the Tezos blockchain is based on Proof of Stake (PoS) consensus, which is much less energy intensive than Proof of Work (PoW). The recent revelation of the very low power consumption required to operate Tezos has annihilated any form of ecological criticism possible, especially given the usefulness and benefits provided by the decentralized trust networks that are blockchains.

READ ALSO  10 Guides On How To Raise Your Credit Score Fast

Continue Reading

Crypto News

BitMart hack: Shiba Inu and Huobi to the rescue



BitMart receives support from Huobi and the shiba inu community (SHIB) following its hack. One offers concrete help, while the other shows above all its solidarity with BitMart in a symbolic way.

BitMart hack: Huobi on the trail of stolen funds

On December 5, 2021, Huobi said in a tweet that the platform “will do its best to help” the BitMart exchange, which on the same day suffered a hack of more than $ 196 million in cryptocurrency. Huobi will report in particular the stolen assets that will pass through its platform .

For Huobi Global Strategy Director Jeff Mei, transparency and responsiveness are the right answers to these attacks:

“Exchanges should alert their users, other exchanges and law enforcement authorities as soon as possible and be transparent about what they are doing to deal with hacking and the loss of user funds. “

The emotional support of the SHIB community for BitMart

The SHIB community also showed its solidarity with BitMart , while recalling the efforts it is making to analyze possible flaws that could expose the decentralized exchange ShibaSwap to possible attacks:

“Even though the heart of our project is decentralization, we want to show our support and give some love to our friends at @BitMartExchange who are already working hard to resolve the security incident that happened yesterday. “

The SHIB community shows its solidarity with the BitMark exchange which has suffered a hack.
SHIB community publication – Source: Twitter

BitMart CEO Sheldon Xia tried to reassure users of the exchange who were victims of the hack, suggesting that the company is looking for several solutions to reimburse all the stolen cryptocurrencies  :

“We are also talking to multiple project teams to confirm the most reasonable solutions, such as token exchanges. No user assets will be harmed ”

BitMart, however, had to temporarily stop all withdrawals and deposits following the hack, and expected a recovery no later than December 7, 2021, which is today.

READ ALSO  Ethereum, better than Bitcoin for storing value? The study that throws a chill

BitMart increases the statistics in terms of hack in decentralized finance. While the cryptosphere registers less fraud, DeFi is an exception. The sector is today the preferred target of hackers . Not sure that inter-exchange solidarity or between crypto players in general is sufficiently dissuasive for hackers who can siphon millions of digital assets in a few clicks.

Continue Reading

Crypto News

Crypto News: Colombia’s Largest Bank Now Trade Bitcoin



Bitcoin in the midst of conquering South America – Colombia has many players who are in favor of Bitcoin (BTC) and cryptocurrencies . This fact is once again demonstrated with Bancolombia, a large multinational banking corporation, which will allow exchanges of BTC as well as 3 other crypto-assets.

Banks are starting to embrace Bitcoin and cryptos

If El Salvador has made Bitcoin a national currency , other Latin American countries are starting to integrate crypto-assets into their economy. This is the case in Colombia , via the Bancolombia bank , which is part of a large banking group also including banks in Panama (Banistmo) and Guatemala (BAM).

With its nearly 18 million customers , the Bancolombia group has just announced its partnership with the Gemini cryptocurrency exchange platform . In a press release issued on December 6, Gemini and Bancolombia announced in effect that they will provide a number of customers in the large bank of entry gateways and output in fiat currency to exchange Bitcoin (BTC) Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH), via the Winklevoss brothers’ crypto-exchange.

This banking crypto-trading experience, which will begin on Tuesday, December 14, 2021, will first – initially – be offered to a small group of Bancolombia clients.

Partnership between the Gemini crypto-exchange and the Colombian bank Bancolombia

The Gemini crypto-exchange expands its offer and weaves its web

Based in New York , the exchange platform for twins Winklevoss has mainly developed its ecosystem in North America so far, but is now actively seeking to internationalize .

“This partnership is an important step in the strategic expansion of Gemini’s presence in Latin America. We look forward to working closely with the Colombian crypto ecosystem, and supporting crypto-assets that empower Colombians to take control of their financial lives. (…) Cryptocurrencies are borderless by nature, and we are committed to expanding access to crypto to as many people as possible around the world. (…) “

Cynthia Del Pozo, Strategy and Development Director for Gemini

The integration of Gemini’s offer into Bancolombia is supported by a pilot program of the Colombian government. The local financial regulator, the Superintendencia Financiera de Colombia (SFC), is thus responsible for facilitating access to cryptocurrencies for the citizens of Colombia.

READ ALSO  Crypto News: China (again) bans Bitcoin ... amid general indifference

In October, another South American country was profiting from the incursion of cryptos into its economy. Indeed, Peru has since benefited from a stablecoin of its national currency (the Peruvian sol) which is called PEN, and which is based on the Stellar network (XLM).

Continue Reading