Welcome to the latest edition of Cointelegraph's decentralized finance newsletter.
For many years, Ethereum and XRP ranked second and third in the cryptocurrency market. Read on to find out how wXRP will integrate with Ethereum to expand its utility to smart contracts.
What you are about to read is the smaller version of this newsletter. For the full breakdown of DeFi developments over the past week, sign up for our newsletter below.
the Avalanche Foundation Unveiled New $ 200 Million Fund this week aimed to expand the liquidity potential of startup projects with its ecosystem that builds decentralized finance, non-fungible tokens, business and cultural applications. According to the official blog mail, the smart contracts platform will deploy the funds across a wide range of sectors, including "equity investments, token purchases, various forms of technology, business development, and supporting ecosystem integration," all of which will be overseen by a field fund manager expert. The fund, known as “Blizzard,” has received contributions from an impressive list of participants in the DeFi space, including Ava Labs, Polychain Capital, Three Arrows Capital, Dragonfly Capital, and CMS Holdings, among others. Emin Gün Sirer, Director of the Avalanche Foundation, shared his perspective on the recent growth of the project, as well as the possible implications for Blizzard: “The last two months have shown incredible growth at Avalanche, with users, assets and applications joining the community at record levels. Blizzard will play a key role in further accelerating this growth and cementing Avalanche's position as the premier home for pioneering people and projects in the next era in our space. " Wrapped XRP (wXRP) is expected to launch on the Ethereum blockchain in December, facilitated by the multichain platform Wrapped.com. The integration will allow XRP holders to implement loan, loan and exchange smart contract functionalities for the first time in their history. Wrapped tokens are digital assets stored in a vault on a separate blockchain and equally tied to the value of another asset. For example, Wrapped Bitcoin (wBTC) operates on the Ethereum blockchain. Therefore, wXRP will have a one-to-one exchange relationship to XRP, with custody provided by the secured provider Hex Trust. In a tweet on Nov. 1, Ripple's CTO David Schwartz advocated for an interoperable multi-chain approach in the crypto space: Wrapped XRP is coming to Ethereum! Good news for those who want to access XRP within Ethereum, DeFi, and smart contracts wallets. After all, it is a multiple string. https://t.co/36shyqF0Nj - (@JoelKatz) November 1, 2021 Blockchain signature AllianceBlock announced a partnership with Flare Network this week to advance the capabilities and interoperability of the two platforms within the DeFi space. the long awaited release from Flare Network, and its corresponding FXRP token airdrop, is expected to bring Turing's proven smart contract functionality to the Ripple network by integrating the Ethereum Virtual Machine. Starting with XRP, due to its partnership connection with Ripple, the platform will also offer Dogecoin (DOGE), Bitcoin (BTC), Algorand (ALGO) and Stellar Lumens (XLM) before reportedly branching out to all layer one native blockchains. Rachid Ajaja, Co-Founder and CEO of AllianceBlock, spoke with Cointelegraph about the regulatory potential of the platform: "With an increased interest from traditional finance in DeFi, the AllianceBlock regulatory and compliance layer will allow traditional institutions to access opportunities in DeFi in a variety of ways, such as creating compliant and tradable certificate wrappers from liquidity mining tokens. , Yield Agriculture or NFT ". Analytics Data Reveals Total DeFi Locked Value Has Increased 4.62% during the week to a figure of $ 167.42 billion. Data of Cointelegraph Markets Pro and TradingView shows top 100 DeFi tokens by market capitalization considerably well through the last seven days. Phoenix Global (PHB) secured first place on the podium with a colossal 3,230%. Loop Ring (LRC) came second with 118.5%, while Basic Attention Token (BAT) ranked third with 30.94. Fourth and fifth place were claimed by Avalanche (AVAX) and Maker (MKR) with 20.74% and 18.5%, respectively. Analysis and hot topics from the last week: Thanks for reading our roundup of this week's most impactful DeFi developments. Join us again next Friday for more stories, ideas, and education in this dynamically moving space.
Avalanche launches $ 200 million fund to incentivize developers
wXRP to launch on Ethereum blockchain
AllianceBlock Partners with Flare to Promote DeFi
Token performances
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