Axie Infinity creator raises $150 million, daily number of DApp users rises to 2.4 million and more

The world of decentralized finance (DeFi) saw another week of heightened on-chain and developer activity even as total market cap declined slightly amid the overall market decline. The makers of the popular play-to-earn nonfungible token (NFT) game Axie Infinity raised $150 million to compensate hackers victims of the Ronin Bridge exploit.

The number of daily users of the decentralized application rose to 2.4 million in the first quarter of 2022, while SushiSwap (SUSHI) and Synthetix (SNX) were booted out of Grayscale’s popular Decentralized Finance Fund. Widespread DeFi protocol Yearn.finance announced its support for the newly adopted ERC-4626 tokenized vault standard.

Price momentum for most DeFi tokens has remained in the red for the past week as the overall crypto market has seen a decline from new highs last week.

Axie Infinity Creator Raises $150M Led by Binance to Refund Stolen Funds

Sky Mavis, the creator of popular non-fungible token play-to-earn game Axie Infinity, has raised $150 million in a new funding round led by Binance.

The fundraiser aims to recover lost funds from the recent exploit on Axie Infinity’s Ronin Bridge, which resulted in a loss of over $600 million. Also participating in the funding round were Animoca Brands, Andreessen Horowitz, Dialectic, Paradigm and Accel.

Aside from the $150 million in funds raised, the remaining balance would be reimbursed from Sky Mavis and Axie Infinity’s balance sheet.

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Daily DApp users surge to 2.4 million in Q1 2022 despite headwinds

According to a new industry report published by DappRadar, the number of users engaging with decentralized applications, or DApps, on a daily basis increased by 396% year-on-year to 2.4 million. This is just 5.8% below the same level of user activity as in Q4 2021.

The overall growth was impressive considering the cryptocurrency sector experienced a short-lived bear market during the quarter, seeing $1.19 billion worth of DeFi hacks and exploits.

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Sushi and Synthetix get the start in the Grayscale DeFi Fund rebalancing

Digital asset management firm Grayscale added three new cryptocurrency assets to three main mutual funds and removed two more assets from its Decentralized Finance Fund as part of its first quarterly rebalance this year.

Grayscale removed tokens from decentralized crypto derivatives exchange Synthetix and decentralized exchange SushiSwap, as well as its decentralized finance (DeFi) fund, after the two cryptoassets failed to meet the required minimum market cap. No other cryptocurrencies were removed during the rebalancing.

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Yearn​.finance is committed to adopting the ERC-4626 tokenized vault standard

Following the successful adoption of 25 previous Ethereum Request for Comments (ERC) standards—including the industry-recognized ERC-20 for fungible tokens, ERC-721 for non-fungible tokens, and the single smart contract multitoken ERC-1155—the newly adopted ERC -4626 is gaining traction within the Ethereum community for its purportedly high-yield benefits.

Dubbed the “tokenized vault standard,” ERC-4626 is set to be implemented in the next Ethereum fork upgrade after developers have given approval as part of the Ethereum governance process.

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Overview of the DeFi market

Analytical data shows that the total locked value of DeFi has seen a drop of $10 billion over the last week, reaching $130 billion at the time of writing. Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market cap have bled red over the past week along with the rest of the crypto market.

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The weekly performance of most tokens remained on the bearish side, with the exception of a few tokens that showed resistance to the trend. In the top 100 DeFi list, only Convex Finance (CVX) and Secret (SCRT) tokens traded green, with CVX seeing a 16% surge while SCRT is up 4% over the past week.

Before you go!

The Ronin Bridge hacker has started moving funds to coin mixers to launder the stolen Ether (ETH) and USD Coins (USDC). According to the latest report, the hacked account sent nearly $7 million to coin shuffling services while moving another 2,018 ETH to another wallet. While the creators of Axie Infinity have already raised $150 million and plan to use another $400 million from their balance sheet to compensate users, the chances of getting the stolen funds back are slim at the moment.

Thank you for reading our roundup of this week’s most influential DeFi developments. Join us next Friday for more stories, insights and information in this dynamically evolving space.

https://cointelegraph.com/news/finance-redefined-axie-infinity-creator-raises-150m-dapp-daily-users-surge-to-2-4m-and-more Axie Infinity creator raises $150 million, daily number of DApp users rises to 2.4 million and more

Fry Electronics Team

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