The decentralized finance (DeFi) ecosystem has had a pretty active week with some new developments and price action. The week started with DeFi “The Godfather” Andre Cronje announcing his departure from most of his projects, resulting in massive price cuts of projects Cronje affiliated with.
CAKE DeFi has launched a new $100 million venture fund to support Web3 initiatives, ThorChain has skyrocketed more than 34% following the activation of synthetic assets and the Polygon network being pulled down long after the new upgrade affected its bullish momentum.
DeFi “Godfather” Cronje quits TVL role and raises tokens for related projects
DeFi Architect, Fantom Foundation Technical Advisor and Founder of Yearn.finance Andre Cronje sent the decentralized finance space reeling after deactivating his Twitter account.
Cronje’s longtime colleague at the Fantom Foundation Anton Nell announced in a tweet Sunday that both he and Cronje are leaving the crypto space altogether. However, concerns have arisen about the fate of about 25 decentralized applications (DApps) and the services they are operating on so far. Among the affected apps and services are yearn.fi, keep3r.network, multichain.xyz, chainlist.org ,berye.crv.finance and new solidly.exchange.
Cake DeFi launches $100 million venture arm for Web3, games and fintech initiatives
Singapore-based decentralized financial services company Cake DeFi has announced the launch of a $100 million venture arm dedicated to acting as an accelerator for Web3, games, tokens unusable token (NFT) and other crypto initiatives.
The newly launched $100 million venture arm, Cake DeFi Ventures (CDV), will fund crypto startups that complement the company’s core business. According to Cake DeFi, the venture “will focus on investing in tech startups across Web3, metaverse, the NFT space, gaming space, esports and fintech.”
THORChain spikes 34% after activating synthetic assets
The price of the native asset for cross-chain decentralized exchange THORChain (RUNE) skyrocketed 34% in a day after the synthetic asset was activated on the network.
THORSwap Finance highlighted the advantages of synthetic assets through a blog post on Thursday, noting that “synths have great utility for traders and arbitrageurs, as they have can be transacted almost instantly and at a fraction of the cost of native L1 swaps.”
Polygon network suffers prolonged service interruption after upgrade
Ethereum Layer 2 Scaling Solution Polygon hasn’t generated a new block for over 11 hours, with the developers alleging that the problem was due to a technical upgrade on the network.
On March 10, 4:20 p.m. UTC, the developers of the Polygon network informed users on the project’s forum that there may be an outage beginning around 5:50 p.m. UTC due to requirements. requires maintenance on one of the three layers of the network. A recent upgrade is said to have caused an error in the network’s ability to reach consensus.
DeFi market overview:
Analytical data shows that the total value of locked DeFi remains the same value as last week with a slight increase, reaching a figure of $111 billion.
Data from Cointelegraph Markets Pro and TradingView revealed that the top 100 DeFi tokens by market capitalization have performed quite well over the past seven days.
The weekly performance of the majority of DeFi tokens has remained flat, with most of them trading in green/red with a single digit percentage change. Terra (MOONLIGHT) maintained its dominance for the third consecutive week, gaining more than 8% over the past week, rising to a new all-time high above $104. Ankr (ANKR) recorded a 7% gain over the past week, followed by ThetaFuel (TFUEL) with an overall increase of 1%.
Before you leave!
A week without much volatility in price, but the likes of ThorChain and LUNA continue to defy market trends backed by their synthetic asset ecosystems. Gas fees on Ethereum have plummeted to a nine-month low. The data shows the average Gas prices on Ethereum have dropped rapidly since the start of the year, dropping from 218 Gwei on January 10 to 40.82 on Wednesday.
Thank you for reading our recap of this week’s most impactful DeFi developments. Join us again next Friday for more stories, insights and education in this dynamically evolving space.
https://cointelegraph.com/news/finance-redefined-defi-godfather-cronje-quits-cake-launches-100m-venture-arm-and-more DeFi ‘Godfather’ Cronje Quits, CAKE Launches $100 Million Venture Branch & More