Redefining finance; DeFi’s downturn deepens

Lido Finance has announced plans to offer its Ether (ETH) staking services across the entire L2 system.

Redefining finance; DeFi’s downturn deepens
MetaMask, Decentral Games, Axie Infinity, and Ethereum name service, the majority of protocols are decentralised finance platforms.

According to statistics from Token Terminal, nonfungible token markets like LooksRare and OpenSea, as reported by CoinTelegraph, are platforms that generate money despite the current crypto cold.

The bulk of protocols, including MetaMask, Decentral Games, Axie Infinity, and Ethereum name service, are decentralised finance platforms. Lido Finance has said that it intends to make its Ether (ETH) staking services available over the whole L2 network. Additionally, it intends to make use of the 44,000-node distributed network of Pocket to access on-chain data from several blockchains, and gamers are utilising DeFi thanks to the Razer reward agreement.

DeFi market overview

According to analytical data, DeFi’s total locked value increased by around $5 billion from the previous week, bringing the value to $58.65 billion. DeFi’s top-100 tokens by market capitalization had a mixed week, according to data from Cointelegraph markets pro and TradingView, with numerous tokens trading in the red. Among the top DeFi tokens, Lido DAO had the largest increase. Fantom (FTM), with a 28 percent increase, came next. Avalanche (AVAX) enjoyed a 26 percent increase in price during the previous week, while ThorChain (RUNE) experienced a 21 percent increase.

Gamers plug into DeFi through the new Razer rewards partnership

Gamers and users of Razer IT and gaming technology will be able to connect to DeFi via a swap programme thanks to a collaboration with cake DeFi. There are more than 175 million users of the Razer software platform worldwide. Through its Razer Fintech and Razer gold services, the firm offers payment services for gamers, young people, millennials, and members of Generation Z. Curve Finance and Synthetix (SNX) collaborated to develop curve pools for a number of the company’s Synth assets.

Vouchers will be immediately changed into DFI, the native token of DeFiChain, at the market rate. The Cake DeFi staking pool then receives these tokens and distributes them to reward DFI stakers every 12 hours.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.