New public chain competition Fantom overtaking at a curve: the rise of the DeFi 2.0 concept

This week, the market quickly heated up in anticipation of the US SEC’s approval of the first Bitcoin futures ETF, and the landing of boots yesterday also stimulated Bitcoin to hit a new high in the near future. However, the rise of Fantom in the hot search list and the introduction of new protocols such as Olympus and Spell show that the new public chain and the sudden emergence of DeFi 2.0 concepts are becoming the new focus of the spotlight in the cryptocurrency market. At the same time, changes in the regulatory environment on a global scale are constantly “pressing” centralized exchanges, and the popularity of decentralized derivatives agreements such as dYdX and Deri Protocol continues to rise.

Chain News Weekly Hot Search | Public chain is still hot as DeFi2.0 or open a new eraData cycle: October 9th-October 16th, 2021

Fantom has incorporated various chains into its network through bridging, such as ETH, BSC, Polygon, and Avalanche. Currently, SushiSwap Curve and other major Ethernet Square project has been migrated to the Fantom, traffic has also been introduced homeopathy. Recently, Fantom’s TVL and its price have exploded at the same time. Its new mine, Ceist Finance, is based on the background of FTM Foundation cooperation and high security (the wallet is 3/5 multi-signature, and the background of 5 people are FTM Foundation, Spooky, Defi llama, Curve). And Ceist) and high APR attracted huge amounts of funds, along with the revolving loan TVL once surged to 13 billion U.S. dollars. This grand occasion also indirectly shows that the amount of funds on the market is sufficient and the market sentiment is good.

Chain News Weekly Hot Search | Public chain is still hot as DeFi2.0 or open a new era(Source: Defi Llama)

The total market value of Fantom’s native token, FTM, has also increased along with the prosperity of the chain ecology, reaching as high as $6 billion at one time.

Chain News Weekly Hot Search | Public chain is still hot as DeFi2.0 or open a new era(Source: CoinGecko)

The performance of other public chains is strong, and the locked positions of Solana, Harmony, and Avalanche are also continuing to rise. It is worth noting that CoinList has selected 8 from more than 500 crypto start-up projects as the latest autumn seed project. Compared with the previous batch, an important trend is multi-chain. New projects are mostly born in Solana, Terra  and Polygon. Wait.

Arbitrum has recently launched O3 Swap, FutureSwap and other agreements, and the popularity remains, and the overall TVL growth rate is relatively high. Among them, the DeFi 2.0 concept project Abracadabra (SPELL), a stable currency protocol, performed well and became the fourth-ranked project on TVL on Arbitrum in a short time.

Chain News Weekly Hot Search | Public chain is still hot as DeFi2.0 or open a new era(Source: Defi Llama)

Two IDO projects have also received widespread attention this week. The blockchain development tool provider Biconomy was ranked second in the hot search list this week. Biconomy provides a set of services for developers for L2 and cross-chain, Hyphen , Can perform fast asset transfers between different EVM compatible chains and L2 networks, Biconomy test, currently supported USDT and USDC cross-chain transfer between Ethereum and Polygon, the average time is 30-40 seconds. At the same time, Biconomy will add support for more tokens and more side chains, EVM chains and cross-chains between the two-layer network in the future. Biconomy has completed the BICO token sale on the CoinList platform on October 15.

In addition, the decentralized fixed-income platform Strips Finance received US$8.5 million in financing in early October. Its IDO on SushiSwap Miso was quite dramatic but was also controversial. All tokens offered for sale by IDO were sold by 14 addresses within 6 seconds. All were bought, and another Ethereum address paid 123 ETH (approximately US$430,000) in transaction fees, but the purchase was not successful.

The concept of DeFi 2.0 has become popular with a batch of new design logic protocols. It is generally believed that DeFi 2.0 has better composability, more efficient execution speed, higher capital utilization, and a more Crypto-native organization and governance structure. Olympus DAO is currently the most concerned protocol of DeFi 2.0. The protocol does not use the liquidity provider LP mining to attract liquidity for the protocol, but uses the concept of “protocol controlled value” and its innovative binding The mechanism overturns the traditional DeFi liquidity model. In addition, Spell, the next-generation mortgage debt warehouse platform, uses locked interest-earning assets as the entry point. The agreement is refreshing and impressive. At the same time, new models and new agreements are often accompanied by greater risks. The Olympus token OHM skyrocketed first and then halted, with extremely high volatility. Spell’s token distribution, the team accounted for as high as 30% and unlocked 50% in the first year. New concept investors need to control risks reasonably.

At the beginning of this week, Binance strengthened its control over the geographical KYC restrictions of its users. Users who are not suitable for centralized exchanges were forced to find new derivatives trading tools. dYdX, FutureSwap, and Deri Protocol were the three most concerned about this week. project. The track of the decentralized perpetual contract trading platform is progressing rapidly, accompanied by the emergence of high-speed and low-cost Layer 2 and new public chains. Previously, Futureswap announced the launch of NFT-based perpetual contracts in cooperation with the NFT index fund NFTX. Users will be able to use perpetual contracts to go long and short NFTs. The product will first support CryptoPunks. Recently, Futureswap received USD 12 million in Series A financing and announced that its V4 version will be launched on the expansion network Arbitrum on the Ethereum Rinkeby testnet. On the 13th, Deri Protocol (DERI) announced that it has become one of the first pilot projects of Binance Smartchain’s USD 1 billion growth fund and started trading and mining activities. This announcement has caused the market value to soar, and the future decentralized derivatives market will become more competitive. Fierce.

Posted by:CoinYuppie,Reprinted with attribution to:
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