DeFi weekly review March 24
The total locked funds in all blockchains (TVL) graph has been in a sideways movement for quite some time. However, at the local level, there has been an increase of $15 billion over the last week.
Obviously, this development is directly related to the increase in activity in the major blockchains and the rise in value of leading crypto assets that took place during the last week.
While the Ethereum blockchain has traditionally been the main contributor to the increase in blockchain value, other blockchains, such as BNB Smart Chain, have also seen some growth. For example, TVL in this blockchain grew by approximately $1.5 billion over the week.
The parent company remains highly active in expanding licensed jurisdictions and integrating DeFi protocols into the centralized client operation, potentially increasing the use of the BNB native token. Participation in further growth can be achieved through the purchase of call options or the sale of put options in the delta.theta terminal.
Within the Polygon blockchain, TVL is also up: plus $650 million for the week. It is worth noting that in all three cases the growth in relative terms (in %) is not very different, which supports the thesis that the overall activity in the digital asset sector is growing.
Competition among L2 solutions is increasing, and uncertainty is added by the imminent transition of the main Ethereum blockchain to a new consensus algorithm, which in theory will solve the scalability and transaction cost problem. It is possible to hedge potential risks by buying put options or selling call options (or a combination thereof) at deltatheta.tech
NEWS
Ethereum’s exchange rate surpassed $3000 during the week. This is largely due to the anticipation that the blockchain’s transition to the Proof-of-Stake consensus will be completed. Analysts have divergent views on the blockchain’s prospects. Some believe that Ethereum has a good chance of overtaking Bitcoin in terms of capitalization and popularity. In this, it should be aided by the increased sustainability, a strong reduction in commissions, and a “deflationary” model driven by the permanent “burning” of supply. There is also scepticism based on the fact that the move to PoS will make Ethereum less centralized and more vulnerable to attack. When it comes to the price of the native blockchain token, there is a suggestion that the support level of 2600 will be tested before further growth.
Binance Labs, the venture capital arm and innovation incubator of Binance, has announced that it has led the seed round of Ultiverse, which will create a Web3 social gaming meta-universe on the BNB chain. The funds will be used to develop the product, hire top talent and further grow the community. Ultiverse connects Web3 with the VR-compatible world, which houses the first AAA-rated blockchain game. As the first MetaFi of its kind, Ultiverse’s economy encourages mutually beneficial relationships between ecosystems where players can benefit from community building.
Polygon becomes the fourth blockchain that popular NFT marketplace Rarible is integrating into its platform. It will henceforth become the platform’s fourth blockchain, on par with Ethereum, Flow and Tezos. OpenSea has hundreds of times the trading volume of Rarible, but Polygon is clearly not going to stop there.
BNB Chain launches Revelation global hackathon. An opening ceremony was held in collaboration with Dora Hacks to launch BNB Chain’s first ever global hackathon. The opening ceremony featured keynote speakers from BNB Chain and was hosted by Gwendolyn Regina, Director of Investments. The hackathon started on 21 March and will run for fifty days until 10 May. The event will include online workshops and face-to-face meetings that will focus on six key areas for BNB Chain: Nft, Metaverse & GameFi, DAO, Infrastructure, Blockchain for good, Frontier and DeFi. These six areas will be overseen by prominent members of the blockchain industry.
