TronWeekly

Crypto World News

You are here: Home / Archives for News / DeFi

DeFi

Ethereum Browser Wallet, MetaMask Surpasses 1M Monthly Active Users

by

The DeFi ride has been wild and this rapid growth in the sector has resulted in the influx of capital, entrepreneurs, and users to the ecosystem. In the latest development, the Ethereum DApp browser wallet, MetaMask reportedly surpassed 1 million monthly active users for the first-time across its desktop and mobile apps.

MetaMask

The surge hit a few bumps along the way especially in the first quarter of the year. Since June, the growth has parabolic, and in tandem with the rise of DeFi. The launch of MetaMask Mobile has been one of the drivers in bringing new users into the MetaMask community In the official blog post, the platform further revealed that the USA, India, Nigeria, and the Philippines are the top four countries in volume of mobile users.

Further accelerating the growth curve was significant growth in the adoption of DAOs, Web3 games as well as the rapid consumer uptake of DeFi products and services

The blog read,

“It’s not just the ability to buy and store Eth that’s powering our new phase of growth. When you think about it, people don’t really want a wallet. They want to invest, sell, lend, borrow. They want to use sites like Uniswap, Yearn, Curve, Maker and Aave to get that job done. MetaMask is simply the connective tissue.”

DeFi’s exponential growth

Consensys

Shortly after the market shocks of March, many users were quick to pivot to decentralized applications, instead of flocking to safe-haven assets such as stablecoins. According to DeFi Pulse, the total value locked in terms of USD in the DeFi ecosystem’s financial products currently stood at $10.68 billion.

Over the course of the second quarter of  2020, there were nearly 80K unique addresses that interacted with an Ethereum DeFi protocol. This was according to a report compiled by ConseSys which revealed that the daily active users across DeFi protocols remained fairly stable throughout the quarter until mid-June. The figures witnessed an abrupt spike in active users due to the frenzy around the Compound. Additionally, June 21st was the busiest day of the quarter in terms of daily active users, with 6,333 active users on Ethereum DeFi.

DeFi Token wANATHA Surges By 470% After Uniswap Listing

by

Riding on the DeFi wave is yet another project dubbed Anatha, a vertically integrated DeFi ecosystem that feeds rewards directly back to the participants in the form of native tokens. In the latest developments, the price of Wrapped Anatha [wANATHA] has surged more than 470% since it was listed as the world’s largest DEX Uniswap on 1 October.

The project recently unveiled its community liquidity access event with a $4.5M value of Ether in Uniswap Liquidity, paired with 300 million wANATHA using a multi-sig solution for secured Liquidity injection into DEX on the 4th of October.

wAnatha

Shortly thereafter, Anatha went on to become the most successful initial liquidity offering fair launch event on Uniswap witnessing over 13,000 ETH raised in just 24-hours. Notably, during this time, there were 2,000 wallet holders with a $30 million transaction volume which drove the price of wANATHA to rally over 470%.

According to its official blog post, Anatha aims to build systems that are an alternative to fiat insider greed and systems that are inclusive. On the first day of its Wrapped Anatha [wANATHA] Uniswap listing, the project also launched Cosmos Tendermint powered network and the DeFi wallet solution.

Explaining how Anatha is different from other players in the market, CEO Edward Deleon Hickman stated,

“Unlike most projects we’ve actually built most of what we are describing before going to market. I think that’s a key indicator of the seriousness of our approach. That said, the key driver for both myself and my team is our ETHOS. We believe that the advent of non-national digital money opens up an entire universe of possibility, as value is multiplied in the newly emerging information age economy we must ask ourselves where that value should go.”

The total supply of ANATHA on Mainnet is fixed and is set to 7.7 billion. while the total amount of wANATHA for liquidity event as ERC-20 is set at 300 million.  The inflation rate is 1% per annum and the new tokens will be minted daily at a rate of 0.0028% of the total supply. These tokens will be not be sold. Instead, it will be distributed such as

  • 50% is allocated to the Network Validator Reward Pool [NVRP]
  • 25% will be handed out to DeHRA Holders [$ANATHA Token holders who have registered their “screenname” on the network, such as “@human” “@samatha”]
  • 12.5% will be allocated to the Developer Fund
  • 12.5% will be distributed to the Security Token Holders

In related news, the platform’s Wrapped Anatha [wANATHA] ERC 20 contract for their Community Liquidity Event was audited by cybersecurity firm Halborn.

Tron’s DeFi Ecosystem Sees 2,557% Surge in Q3; JustSwap Steals the Show

by

Tron has managed to embrace the DeFi craze in a relatively short span of time with a series of flashy announcements and new products. In the third quarter, the transaction volume on Tron’s DeFi ecosystem reported an astounding increase of 2,577%. A significant share of 41% of the total volume was held by Tron’s DEX category.

EjUAOf6XsAAdQVF

This was revealed by the latest DappRadar’s 2020 Q3 Dapp Industry Report which further revealed that the number of DeFi ecosystem DApps saw a meteoric rise in the Q3 of this year. There were three DeFi DApps available on the Tron network in the previous quarter. But by the end of Q3, the total number of DApps submitted to DappRadar surged to 27.

Increase in the Number of Active Users

Besides, the DeFi ecosystem witnessed its highest ever daily wallet activity – 42,009 in September, meaning an increase of 1,896% in the Q3 when compared to the previous one.

The report further stated,

“The major contributor to this increase in daily activity is from three recently released dapps. Sun and JUST in the DeFi category and JustSwap in the Decentralized Exchange category.  From the DeFi category, Sun and JUST are the most recent releases. Showing on average more than 4,000 daily active wallets. Contributing almost 50% and 25% respectively to the total activity.”

In addition, it’s worth mentioning that JustSwap was the only DAap sustaining high wallet activity in the third quarter by surpassing over 11,000. Based on Tron for automated liquidity provision, JustSwap happens to be an open financial market accessible to all. It also happens to be the first-ever exchange protocol on Tron for exchanges between TRC20 tokens.

Tron

Just a few days after it was launched, JustSwap managed to garner significant popularity.and noted several milestones shortly thereafter. TWJ had previously reported Tron joining forces with Huobi with DeFi Mining which allowed staking Huobi Token [HT] mining.

Many investors were drawn to the lucrative DeFi market through the great benefit prospects of various ventures and Tron, with its low transaction fee, has managed to significantly bolster its network operations in just a few months.

Binance’s Stablecoin hits a milestone of $500 Million Supply

by

Stablecoin supply has now exceeded the whopping $200 billion mark. With this, the market noted more than 300% year-to-date rise for stablecoins. A sharp rise was first triggered by the significant decline in the price of cryptocurrencies following the Black Thursday market crash.

Interestingly, it is not just the big names such as Tether and USDC that saw a huge influx. Smaller and relatively newer stablecoins also considerable traction. In the latest development, Binance’s stablecoin BUSD was currently sitting at a market cap of $504 million. This was first observed by the Founder and CEO of the Malta-based crypto firm, CZ who tweeted,

https://twitter.com/cz_binance/status/1311514658914758656

Binance had partnered with Paxos Trust Company in September 2019 to launch a USD-denominated stablecoin, BUSD after receiving a green signal from the New York State Department of Financial Services [NYDFS].

skew main usdbacked stable coin contenders market cap usd

The rise of smaller cap stablecoins such as BUSD can also be directed to the increasing in user interest with DeFi. Generally, stablecoins are used by DeFi yield farmers to accept crypto stocks from various decentralized platforms such as Uniswap, Aave, and Curve which have been popping up in ever greater numbers this year. What has further added to the popularity is their offerings of larger and larger yields in the competition to attract locked funds.

Binance Chases DeFi

The cryptocurrency exchange has continued to grow its offerings in the DeFi space with new product launch almost every day. Hence, it is possible that BUSD may become a larger player in the stablecoin and the wider DeFi space which has largely been dominated by USDT.

Binance recently unveiled its new decentralized Binance Smart Chain which acts as a “bridge” between its DeFi and CeFi offerings. Since then the platform has continued to expand its footprint in the space. These developments were occasioned by huge BUSD inflows into Binance exchange over the past couple of weeks demonstrating a high potential buying power.

Binance’s Launchpool platform also provided a new venue allowing its users to farm assets such as BUSD. Additionally, first project on the platform was revealed to be Bella protocol where users will be able to stake their BNB, BUSD, and ARPA tokens.

“ICOs Gave Crypto A Bad Name,” Says Bitcoin Bull Mike Novogratz

by

The decentralized wing of the crypto-verse has taken over the community. Despite the increase in the scammy projects, DeFi has continued lounging under the crypto-spotlight. While several pointed out that the DeFi boom was nothing but a bubble in formation, the space garnered funds in large numbers. Appearing in a recent interview, the Chief Executive Officer of Galaxy Investment Partners LLC, Mike Novogratz elaborated on the fervor around DeFi.

“It’s Kind Of Gamifying Money”

It isn’t news that the latest DeFi boom was compared to the 2017 ICO bubble. Several of the DeFi platforms and DeFi tokens were seen as a means of becoming rich as soon as possible. Novogratz continued to stress the comparison between ICOs and DeFi and suggested that ICOs had previously given a bad reputation to the cryptocurrency industry and that Ponzi-like coins were seen pouring into the market.He added,

“It’s kind of gamifying money. There are still lessons we are going to get out of that, but it’s not great for the ecosystem.”

Yield farming became a huge hit amongst investors looking to acquire increased returns.  At present, the entire DeFi market has more than $10 billion locked in it. While several have started noticing a surge in fraudulent projects, a few others continue to invest in them. However, Novogratz believes that DeFi could give banks a run for their money and he suggested that DeFi “is not a fraud, not something that’s going to come and go.” Most of the DeFi platforms offer lending and borrowing services. With transparency and decentralization as its main motive, DeFi has evidently lured in an increased number of people.

During the time of writing, a total of $10.95 billion was locked in the DeFi space. Prominent decentralized exchange, Uniswap had recently surpassed $2 billion and was touted as the first DeFi platform to do so. Maker was seen right behind Uniswap at $1.92 billion. The former looked like it was soon joining Uniswap in the $2 billion club. As the zeal around these projects continue, Novogratz added,

“It was a frenzy, people got a little bit silly,”

Additionally, Novogratz revealed that 5% of his capital was invested in DeFi through ParaFi Capital, where Galaxy is a minority shareholder.

DeFi Hackers Drains $15 million From Unaudited Project Related to Yearn.Finance

by

The DeFi community woke up to the news of a hacker draining $15 million from untested and unaudited codes of Andre Cronje’s latest project. Cronje, who happens to be the Founder of Yearn.Finance, was working on a new economy for a gaming multiverse, called Eminence, and wasn’t planning on releasing the project for at least another three weeks.

Following which he revealed deploying staging contracts on ETH to continue developing on it. The unaudited version was launched on the decentralized platform, Uniswap. Cronje tweeted the project’s logo last night.

However, he woke up in the middle of the night to find that almost $15 million was deposited into the contracts as speculators driven by FOMO rushed in to purchase the platform’s native EMN tokens.

A hacker discovered a rogue function that allowing the minting of unlimited EMN tokens, burn an equal amount of EMN tokens against another crypto-asset, and sell that to those rushing in to buy the token. The hacker went ahead and exploited the flaw in the contracts leading to a loss of $15 million. In a rather bizarre event, Cronje revealed that the hacker returned over $8 million of the stolen funds to his own deployer contracts.

The returned funds will be directed to all those who rushed into buying the EMN token. Despite this, he continued to receive threats. Revealing the same, Cronje tweeted,

“As I am receiving a fair amount of threats, I have asked yearn treasury to assist with refunding the 8m the hacker sent. The multisig is safer and as such I feel more comfortable with them having the funds. Funds will be returned to holders pre-hack snapshot.”

Following this episode, the developer urged the community to wait for official announcements and further added,

“Given some of the responses, let me be clear, do not use random contracts I deploy unless I reference it in a medium article. The contracts I deployed yesterday were purely for myself to engage with, both GIL and EMN are staging and will not be used.”