📉 DeFi Blue Chips Slide 80% Since 2021 as New Generation Rises
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By Samuel Haig
NEWS A new generation of DeFi projects — Terra, Fantom — have had a blistering run in the last 30 days. The old guard, let’s call them DeFi 1.0 blue chips, not so much.
PERFORMANCE We’re talking Uniswap, Aave, MakerDAO, Compound, and other members of that DeFi Summer generation. They command more than $50B in total value locked (TVL) and by that measure, they are as formidable as ever. But when it comes to token performance, well, the new entrants are leaving them in the dust: Uniswap has recorded a 6% increase in the last 30 days compared to a 38.7% jump by Terra’s LUNA token.
TVL The fact is, most DeFi 1.0 blue-chip assets have plummeted by more than 80% against both USD and ETH since the first half of 2021 and no longer rank among the top 50 cryptocurrencies, despite many protocols’ TVLs peaking in Q4 2021. Here’s a rundown of what’s happening:
INSANE Three weeks ago, Pixelmon, an NFT gaming project on the Ethereum blockchain, raised over $70M in a highly anticipated drop. That’s insane. And you’ll soon learn why.
BOOM he ongoing boom in GameFi and Metaverse NFTs has clearly caused investors to drop their standards when it comes to doing their research. Mainstream media coverage of NFT flippers making millions has led to a fresh influx of fortune hunters looking to strike gold, or in this case, a rare jpeg. Hype and the fear of missing out rule the day, and are a lethal cocktail that enabled Pixelmon to pull it off.
PERKS Drawing on elements from established gaming franchises Pokemon, Minecraft and Fortnite, the project’s roadmap promises Pixelmon NFT holders play-and-earn abilities, future airdrops of in-game assets, and other perks in “the largest and highest quality game the NFT space has ever seen.”
SALE The sale was conducted via a Dutch auction that started at 3 ETH ($9,000) with prices dropping by 0.01 ETH every minute. The entire collection of 10,000 NFTs sold out in an hour and the final buyers ended up paying 2.4 ETH ($7200).
By Brady Dale
NEWS Users in certain countries under U.S. sanctions may have recently discovered that their MetaMask wallets have stopped working. Such a situation is frustrating and it is very un-crypto, but because this is crypto, users have options.
COMPLIANCE Today, MetaMask announced that users in certain geographic areas can’t use it to access the blockchain. “By default, MetaMask accesses the blockchain via Infura, which is unavailable in certain jurisdictions due to legal compliance,” the new post on its support page said.
SHIFT The company has not revealed which embargoed and sanctioned countries have been blocked, but apparently the shift happened recently because it overzealously shut out parts of Latin America that it should not have, according to Decrypt. The discrepancy has since been rectified.
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Shrapnel, the world’s first blockchain-enabled moddable AAA first-person shooter game, has selected Avalanche, the fastest smart contracts platform in the blockchain industry, as the network to underpin a new gaming experience.
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Anchor’s TVL Surges to All Time High of $11.7B After Luna Foundation Refills Reserves With $11.7B in funds locked in, Anchor now has more funds committed to it than it has since the savings application launched on Terra last year, according to DeFiLlama.
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🧑💻 ✍️ Stories in The Defiant are written by Brady Dale, Owen Fernau, Samuel Haig, DeFiDad, and yyctrader, and edited by Edward Robinson, yyctrader, and Camila Russo. Videos are produced by Robin Schmidt, Alp Gasimov and Daniel Flynn. Podcast is led by Camila, edited by Alp.
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