This Week in DeFi – May 6

To the DeFi community,

This week Tron’s new algorithmic stablecoin USDD has gone live, with promises of a 30% annual yield. Following in the footsteps of the Terra USD’s Luna Foundation Guard, Tron DAO is seeking to accumulate $10 billion in reserves for the stablecoin to stabilize its price. If successful, USDD may suck some of the liquidity out of UST’s ecosystem as investors seek the highest stablecoin returns.

Opera has opened the doors to easier interaction with the BNB Chain ecosystem, as it enables direct access via its crypto browser. 350 million Opera users will be able to buy BNB tokens with fiat and receive it straight into the built-in wallet – then being able to immediately use DApps within the browser.

Virginia county may put itself on the map as the first to put pension funds into DeFi yield farming, as the Northern Virginia county of Fairfax seeks to get into the yield-farming space. The system aims to fund two new crypto-focused hedge fund managers over the next three weeks.

Polkadot has taken a major step in its multi-chain mission, as a new network upgrade locks in Parachain messaging – enabling DOT and Polkadot assets to be transferred between Parachains on the network. The network’s Parachain system is now officially fully interoperable, for the first time.

 

As mainstream enthusiasm about the crypto and DeFi markets tapers down with price action, technical progress still continues at a steady pace. Projects are fleshing out their platforms in relative silence, while crypto integrations into widely-used products and platforms also continue to occur. Adoption and buzz over niche applications such as the Ethereum Name Service (ENS) are also at all-time highs, showing that there is no shortage of sprightliness within the true believers of the DeFi space.

Now will be the time where development is most important, with profound advancements no longer being drowned out by erratic price movements. For active traders, it may be a dull period. But for DeFi enthusiasts, this is when things may be the most exciting.

Thanks to our partner:

Nexo – Unlock the power of your crypto with up to 17% interest and borrowing starting at 6.9%. Read our Nexo review.

Highest Yields: Nexo Lend at 10% APY, BlockFi at 8.50% APY

Cheapest Loans: Celsius at 0.86%, Aave at 3.46% APY

MakerDAO Updates

DAI Savings Rate: 0.01%

Base Fee: 0.00%

ETH Stability Fee: 0.50%

USDC Stability Fee: 0.00%

WBTC Stability Fee: 0.75%

Highest Yields: Nexo Lend at 10% APY, Gemini at 7.99% APY

Cheapest Loans: Celsius at 0.74%, Aave at 3.33% APY

Total Value Locked$75.48B (down 0.09% since last week)

DeFi Market Cap$105.90B (down 9.87%)

DEX Weekly Volume$17B (up 30.77%)

DAI Supply: 8.16B (down 4.78%)

[Jason Levin – The Defiant] – Solana Reckons With Seven-Hour Outage After Bot Swarm

[Vishal Chawla – The Block] – Lido Finance overtakes Curve to become the biggest DeFi protocol by TVL

[Timothy Craig – CryptoBriefing] – ENS Mania Continues as Three-Digit Domains Hit 15 ETH Floor



This news is republished from another source. You can check the original article here.

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