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Welcome to the latest issue of Cointelegraph’s decentralized finance or DeFi newsletter.
Within a week of the return of the cryptocurrency market bears, DeFi recruited an army of lobsters to fight its hatred.
As we consider a viable battlefield for the battle between mammals and invertebrates, feel free to scroll and read the best choice for the most influential stories of the week.
What you are about to read is a shorter, more concise version of the newsletter. For a comprehensive summary of the development of DeFi last week-delivered to your inbox faster than locked food delivery orders-please subscribe below.
Fishing finance
Lobster in the lobby joined the emerging list of animal-themed non-fungible token (NFT) projects this week, demonstrating the true power of community-centric NFT activities in promoting social welfare.
Each of the 10,000 Lobby Lobster NFTs was minted with 0.1 Ether ($390 at the time), and Sold out within an hour, sales reached 4 million US dollars.
The community-led NFT platform Universe that launched the project assures contributors that all funds raised through the primary and secondary markets will be donated directly to organizations that represent the interests of DeFi on the political stage.
The company will promote a regulatory environment that promotes growth and innovation in the industry, similar to the Internet age of technology companies in the 1990s.
The concept of Lobby Lobster was born after discussions around the SEC Investigate the world’s largest decentralized exchange, Uniswap, And its impact on the wider market.
SOL survivor
A Solana-based agricultural simulation game called DeFi Land is designed to support players’ education in the DeFi market and succeed This week raised more than 4 million U.S. dollars.
The game motivates progress through a game earning model, in which players can earn substitute currency income by completing goals and tasks in the game.
Brian Lee, a senior executive at Alameda Research, one of the groups that invested in the platform, believes that the game combines “the two most interesting things currently happening in the crypto space: games and DeFi.”
Short bank, long DeFi
Caitlin Long, CEO of Avanti, a regulated Wyoming crypto bank, Defend DeFi this week When sharing her views on the New York Times publication, the publication allegedly falsified the moral transparency of the DeFi platform.
The article titled “The rapid entry of cryptocurrencies into the banking industry raises a Washington alert” shows that crypto derivatives platforms that provide highly leveraged products threaten investor welfare and are a regulatory nuisance For regulators.
As a regulatory advocate, Long said: “Bad people should be condemned, but this article ignores the fact that companies that comply with regulations exist.”
Token price
analyze data show DeFi’s total value lock (TVL) fell 10.2% from last week to US$118.21 billion-this decline coincided with the pullback of the entire market.
Technical data from Cointelegraph market TradingView shows that DeFi’s main tokens have performed poorly in the past 7 days, eating up the bullish momentum of the past few weeks, and then some.
SushiSwap’s SUSHI fell 24%, and Aave fell 22%. At the same time, Yearnfinance’s YFI fell 20% from last week, while Synthetix (SNX) fell 13%.
Despite these short-term declines, the recent Chainalysis report titled “Global DeFi Adoption Index”,” indicates that large institutional transactions accounted for 60% of DeFi transaction volume throughout the second quarter of 2021-a healthy sign of global adoption.
Thank you for reading our analysis of the biggest development in DeFi this week. Join us next Friday and stay up to date with hot topics and important developments in this fast-growing field.
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