🚀 New Layer 2 Boba Leapfrogs Optimism and Races Past $1B in TVL

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Here’s what we are covering today,

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Layer 2s

🚀 New Layer 2 Boba Leapfrogs Optimism and Races Past $1B in TVL

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. 


Crypto Exchanges

📈 Crypto.com’s Cronos Chain Nears $1B in TVL as Token Jumps 350%

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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The Tube

📺 First Look: Are Branded Dollars The New StableCoins? | DeFi 2.0 with ICHI


🔗 Celsius expands funding round to $750M, tips $7B to $10B valuation in 2022: CoinTelegraph

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.

🔗 Coinbase acquires crypto wallet startup BRD: The Block

Crypto exchange Coinbase has acquired the crypto wallet startup BRD, according to a notice from its leadership team.

🔗 zkSync will be the first ZK-Protocol indexed by The Graph: Medium

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 Raises $5M at $23M Valuation: Medium

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.

🔗 Bitcoin mining power crunch: Kazakhstan looks toward nuclear solution: CoinTelegraph

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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