🚀 New Layer 2 Boba Leapfrogs Optimism and Races Past $1B in TVL
Hello Defiers! Happy Thanksgiving to everyone celebrating! Here at The Defiant we are grateful for DeFi and web3 bringing a more open and transparent financial system and internet, and grateful for all our readers and community members who come to us for information on this movement ❤️
Here’s what we are covering today,
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NEWS Boba Network, a scaling solution for Ethereum has jumped out of nowhere to hit $1B in total value locked, according to L2BEAT. That makes it the No. 2 Layer 2 and puts it ahead of well-known competitors like Optimism and Loopring.
REWARDS At least half the liquidity appears to be coming from OolongSwap, a decentralized exchange (DEX) which is reporting $510M in TVL on their site as of Nov 24. It’s not hard to discern what’s driving the interest — the DEX is offering an only-in-DeFi 1,391% APR on its OLO-ETH pool. The APR comes from rewards in the form of OLO, OolongSwap’s token, which it’s offering as part of a liquidity mining offering.
TWO POOLS OolongSwap is offering other high APR rates on its pools without its OLO token as well. There’s a 71.04% APR offered on a USDC-ETH pair and 50.22% on a WBTC-ETH, as of Nov. 24. Those two pools alone account for $316M of value locked, over half of OolongSwap’s TVL and roughly 30% of Boba’s.
ALL-TIME HIGH It’s been a great month for Crypto.com, the world’s fourth-largest cryptocurrency exchange. CRO, the company’s native token, is up 350% in the last 30 days and hit an all-time high of $0.96 on Nov. 24.
CATALYST The catalyst for the rise? DeFi. The mainnet beta of Cronos, an Ethereum-compatible blockchain, went live on Nov. 8. Cronos is built on the Cosmos SDK and utilizes a Proof-of-Authority (PoA) consensus mechanism. Being EVM-compatible, it allows for the easy porting of applications from Ethereum. It also supports the Inter Blockchain Communications (IBC) protocol, which provides a bridge to the Cosmos ecosystem.
TWO WEEKS Total Value Locked (TVL) on Cronos has reached $954M in the two weeks since it launched. TVL is dominated by VVS Finance, a decentralized exchange (DEX) forked from Pancakeswap, which accounts for $700M, or 73%.
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Crypto lending firm Celsius Network has expanded its $400 million Series B round from October to $750 million as a result of oversubscription in the firm’s capital raise.
Crypto exchange Coinbase has acquired the crypto wallet startup BRD, according to a notice from its leadership team.
Bonded by our shared values of maximum decentralization, we are excited to announce that decentralized indexing protocol The Graph is integrating with zkSync to provide an efficient way to query blockchain data.
Blockade Games, the leading blockchain video game studio, has today announced the close of a $5 million seed extension at a $23 million valuation co-led by Animoca Brands and Digital.
The exodus of Bitcoin miners from China into Kazakhstan has contributed to an energy crunch that the central Asian country’s president has proposed solving with nuclear energy.
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The Story of Ethereum to Become a Movie and NFT Collection “The Infinite Machine: How an Army of Crypto Hackers is Building the Next Internet with Ethereum,” the hit book by Camila Russo detailing the history of Ethereum, is about to be made into a movie with its own NFT-driven community.
Acala Network Wins Polkadot’s Parachain Slot as Auction Shifts to Next Phase Acala Network secured Polkadot’s first parachain slot on Nov. 18, winning the auction with a bid of 32M DOT (worth roughly $1.3B at the time) that was supported by more than 81,000 unique addresses. Acala Network is now slated to go live alongside the next four parachain auction winners in mid-December.
Doomsday Scenarios in DeFi Revolve Around Stablecoins USDC and USDT If decentralized finance were a character in a fable, we could imagine it as a rebel warrior taking on the world — traditional finance in particular. Then we can think about that rebel’s different body parts as composed of the industry’s best projects so far.
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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.
The Defiant is a daily newsletter focusing on decentralized finance, a new financial system that’s being built on top of open blockchains. The space is evolving at breakneck speed and revolutionizing tech and money. Sign up to learn more and keep up on the latest, most interesting developments. Subscribers get full access, while free signups get only part of the content. Click here to pay with DAI (for $100/yr) or sub with fiat by clicking on the button above ($15/mo, $150/yr).