🏰 DeFi Kingdoms Challenges Axie Infinity’s GameFi Supremacy with NFT Play
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UPGRADE Is the open-source era in DeFi ending? Aave, one of the top decentralized finance (DeFi) money market protocols, looks set to upgrade to version 3 under a business license that restricts use of their code for something like a year, according to a poll of AAVE holders that closed on Dec. 13. This follows on Uniswap’s decision to do the same when it introduced concentrated liquidity.
COMMUNITY Aave founder Stani Kulechov emphasized to The Defiant via Telegram that it’s still open source, it’s just delayed. “The idea is to allow the Aave community to ensure that the protocol works as expected before going to wider use,” he said. “The Aave community can always expedite the process and also it does not affect any products that are built on top, meaning that anyone can innovate on top of the V3.”
CODE There’s a saying in newsrooms that three times is a trend. Right now, we’re at two — at least by our count, but when another leading DeFi protocol decides to lock down their code for a while, it could mean the beginning of the end for open source as a matter of course in blockchain development.
TL;DR Questioning the utility of NFTs as simple collectables may be missing the point. DeFi Kingdom, an entrant to the blossoming GameFi sector, is expanding the definition of NFTs by offering its version of the tokens, called Heroes. They are playable characters that go on quests to earn tokens. In contrast with static NFT, Heroes gain experience through these adventures and can be equipped with gear to increase their efficacy.
GAME SPACE The NFTs are one reason why DeFi Kingdom (DFK) is dominating Harmony One, contributing $280M of the blockchain’s $507M in total value locked as of Dec. 14, according to DeFi Llama. The blockchain game space has been owned by Axie Infinity, whose play-to-earn mechanics created livelihoods for players and made it one of web3’s feel good stories. But DFK is gaining steam.
VOLUME DeFi Kingdom (DFK) now ranks second behind Axie Infinity in volume in the last day, week, and 30-day period, according to Dapp Radar. In this context volume means the amount of value flowing into a given decentralized application’s smart contracts, a Dapp Radar representative told The Defiant via Telegram.
Bitcoin whales and crypto insiders have begun to discover the “Vault” yield-optimizer platform operated by Omni Consumer Protocols, aka OCP. The industry-first “Yield Minting” feature allows users to auto-compound single assets and mint USDO stablecoins from them simultaneously, all while avoiding impermanent loss.
2x the standard rates of return are normal to see on OCP’s Vault; this includes single asset staking on Bitcoin, Stablecoins, CAKE, LINA, and others, with the list of approved assets growing rapidly. Further, all rewards are native APY, meaning: you stake BTC, you earn BTC.
However, it’s not just rates and features turning heads...
OCP has been focused on fortifying their protocol since March 2021, flying under the radar, while building their ‘swiss army knife’ of DeFi instruments on Binance Smart Chain. However, in a shift of efforts, OCP has recently announced a pivot to a marketing-driven multi-chain business model. Expect them on several chains before 2022; indeed, perhaps this is what has begun to garner attention, not only from the retail market, but from top 100 projects and tier-1 centralized exchanges alike…
While we wait for more, visit their website and join their community on Telegram to be first to get the news.
🔗 Witnesses offer differing opinions on approach to stablecoins at congressional hearing: CoinTelegraph
The Senate Committee on Banking, Housing and Urban Affairs heard from several expert witnesses with knowledge of stablecoins who urged lawmakers to establish a clear regulatory framework but could not seem to agree on where lines would be drawn.
Crypto financial services firm NYDIG announced Tuesday the completion of a $1 billion funding round that values the company at $7 billion.
Ryan Selkis is the Founder and CEO the data analytics platform Messari. In Ryan's past Bankless appearances, we've debated ETH as money and the Triple Point Asset thesis. We've tackled crypto regulation and taking an aggressive stance on policy.
🔗 Chainlink Price Feeds Running Live on Harmony Mainnet, Empowering Developers Building DeFi Apps: Medium
We’re excited to announce that the industry-leading Chainlink Price Feeds are now running live on Harmony mainnet as the go-to oracle solution for DeFi projects in the Harmony ecosystem.
Blockchain gaming projects like Illuvium have reached remarkable valuations in the tens of billions in recent weeks, despite sometimes featuring highly stripped-down or no currently playable games.
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Questions Swirl as Solana Loses a Fifth of its Value in Seven Days The carnage has been widespread in this latest selloff. Yet no major DeFi name has tumbled as much as Solana, the would-be challenger to Ethereum.
Kickstarter’s Embrace of Celo Blockchain May Lead to Token for Crowdfunding Giant Are governance tokens a public market by another name? Kickstarter, the crowdfunding leader, announced on Dec. 8 that it would begin work on a decentralized crowdfunding platform on the mobile-friendly Celo blockchain.
What is DeFi? The Ultimate DeFi 101 Guide to Ethereum, Layer 2s, Yield Farming, and More Throughout history, money is often moulded to benefit autocratic regimes. But in light of recurrent issues like debasement and rising inflation – alternatives such as decentralized finance, or DeFi, have emerged as an effort to re-establish sovereignty and power to the everyday person.
🧑💻 ✍️ 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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