Samson Mow’s DeFi question, Fireblocks, expands to institutional and more

The week was filled with several new project developments and major updates from leading decentralized applications (DApps) and decentralized finance (DeFi) protocols. Fireblocks has expanded its institutional access to Terra’s DeFi ecosystem, and Solana has partnered with the Notifi network to improve the abysmal participation rates in governance votes.

We’ll also look at Cointelegraph research on the future of the Terra ecosystem and see if it can sustain current growth. Samson Mow, former Blockstream executive, questions the decentralized aspect of the DeFi ecosystem.

The top DeFi tokens saw another week of bearish price action despite several new developments, and barring a few, the majority of the tokens in the top-100 saw double-digit losses over the past week.

Fireblocks expands institutional access to Terra’s DeFi ecosystem

Fireblocks, a digital asset custody platform, announced that it has enabled institutional decentralized finance access to Terra, the second largest DeFi protocol after Total Value Locked (TVL). According to the announcement, Fireblocks users can now securely access all decentralized applications powered by the Terra blockchain.

The launch comes in response to Fireblocks Early Access program users who have invested over $250 million in the Terra DeFi ecosystem within the first 72 hours of the integration launch.

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“DeFi is not decentralized at all,” says the former Blockstream executive

Samson Mow, former Chief Strategy Officer at Blockstream and founder of JAN3, believes that most decentralized finance protocols cannot compete with Bitcoin (BTC) when it comes to providing an effective currency network due to their lack of decentralization.

As Mow pointed out, DeFi projects are run by entities that can change the protocol at will.

“Bitcoin is fundamentally money and should be immutable,” Mow explained. “If you can change it at will, you’re no better than a Fed-governed fiat currency.”

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Solana DAOs can now get you to vote with phone calls and text messages

The Notifi network is using this concept to help improve the miserable turnout rates in governance votes. It starts with Solana’s Decentralized Autonomous Organizations, or DAOs, and combines popular centralized methods used by the Web3 community, like Telegram and Discord pings, with more traditional and harder-to-ignore notifications, like phone calls, text messages, or emails.

Backed by crypto venture capital firms Race Capital and Hashed, on April 24, Notifi applied its notification service to all DAOs launched on the Solana Realms DAO platform.

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Can the Terra Blockchain Sustain Its Growth? Research report digs deeper

Cointelegraph Research gives Terra a thorough rating in its 50-page report to provide an in-depth analysis of its recent updates, including Columbus-5, the Bitcoin acquisition, and others.

Decentralized algorithmic stablecoins, blockchain integration with real-world payments, and 20% annualized return percentages (APYs) on DeFi protocols — what is it all, and is it really doing it? The team of experienced crypto analysts from the Big Four and top universities worldwide dives deep into the ecosystem, community and underlying technology of blockchain and assesses the potential regulatory, market and technological risks.

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Overview of the DeFi market

Analytical data shows that DeFi’s total locked value fell by $1 billion to $123.08 billion. Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market cap enjoyed a week of volatile price action and constant downward pressure.

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The majority of DeFi tokens in the top 100 ranking by market cap traded red, with the exception of a few. Kyber Network Crystal v2 (KNC) was the biggest gainer, up 25% over the past week, followed by Kava (KAVA) up 17% and Curve DAO Token (CRV) up 8%.

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.