The week was filled with several new project developments and key updates to major 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 abysmal participation rates in governance votes.
We will also review Cointelegraph research on the future of the Terra ecosystem and see if it can support current growth. Ex-Blockstream executive Samson Mow questions the decentralized aspect of the DeFi ecosystem.
Top DeFi tokens have seen another week of falling prices despite several new developments and with few exceptions, the majority of top 100 tokens have seen 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 financial access to Terra, the second-largest DeFi protocol by total value locked (TVL). According to the announcement, Fireblocks users can now securely access all decentralized applications built on the Terra blockchain.
The launch caters to users of Fireblocks’ early access program, who invested over $250 million in the Terra DeFi ecosystem within the first 72 hours of onboarding.
“DeFi is not decentralized at all,” says former Blockstream executive
Samson Mow, former head of strategy at Blockstream and founder of JAN3, believes that most decentralized financial protocols cannot compete with Bitcoin (BTC) when it comes to providing an efficient monetary network due to their lack of of decentralization.
As Mow pointed out, DeFi projects are governed by entities that can change the protocol at will.
“Bitcoin, at a fundamental level, is money, and it should be immutable,” Mow explained. “If you can change it at will, then you’re no better than a Fed-governed fiat currency.”
Solana’s DAOs can now ask you to vote with phone calls and texts
The Notifi network is banking on this concept to help improve abysmal participation rates in governance votes. Launched with the Solana Decentralized Autonomous Organizations, or DAOs, it combines popular centralized methods used by the Web3 community such as Telegram and Discord pings with more traditional, harder-to-ignore notifications like phone calls, text messages, or emails. 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.
Can the Terra blockchain support its growth? An in-depth research report
Cointelegraph Research fundamentally rates Terra in its 50-page report to provide in-depth analysis of its recent updates, including Columbus-5, Bitcoin acquisition, and others.
Decentralized algorithmic stablecoins, blockchain integration into real-world payments, and 20% annual percentage yield (APY) on DeFi protocols – what is it all, and is it really? The team of experienced crypto analysts from the Big Four and top universities around the world dive deep into the blockchain ecosystem, community, and underlying technology, assessing potential regulatory, business, and technology risks.
DeFi Market Overview
Analytical data reveals that the total locked value of DeFi fell by $1 billion, falling to $123.08 billion. Data from Cointelegraph Markets Pro and TradingView reveals that the top 100 DeFi tokens by market capitalization had a week filled with price volatility and steady bearish pressure.
The majority of DeFi tokens in the top 100 rankings by market capitalization are trading in red, except for a few. Kyber Network Crystal v2 (KNC) was the biggest gainer with a 25% increase over the past week, followed by Kava (KAVA) at 17% and Curve DAO Token (CRV) at 8%.
Thanks for reading our roundup of this week’s most impactful DeFi developments. Join us again next Friday for more stories, ideas and education in this dynamically evolving space.