Welcome to the latest edition of Cointelegraph's decentralized finance newsletter.
Following a bearish decline in many major decentralized finance (DeFi) tokens, it is within the fundamental news that optimism for growth and prosperity lies. Read on for the most shocking DeFi stories from the past seven days.
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Secret Network, a privacy-oriented layer one blockchain, announced on launch of a financing fund of 400 million dollars this week in a bid to expand its network and application infrastructure and tooling mechanisms, as well as accelerate adoption of its native token, SCRT. Made up of a $225 million ecosystem fund and a $175 million accelerator fund, the capital raise was backed by several existing partner organizations, including BlockTower Capital, Arrington Capital, and Fenbushi Capital. The $400 million fund is the first in an expected series of implementations within the Shockwave Initiative, a global growth strategy, announced by the company on January 12. The initiative focuses on expanding its ecosystem, including fostering and incubating the roll-out of decentralized privacy applications on its platform, as well as expanding the utility and adoption of the SCRT token, to become a more general hub for Completely comprehensive privacy for Web3. Secret Foundation founder Tor Bair told Cointelegraph that the capital will be used to “scale privacy-first decentralized applications for global adoption by millions of users,” as well as emphasizing the importance of Web3 technology, stating that "privacy technologies are essential to ensure that Web3 will be empowering and open, rather than an extension of the failures of Web 2.0." Also making headlines recently was the issuance of Pulp Fiction-themed non-fungible tokens by the Secret Network in partnership with iconic filmmaker Quentin Tarantino. The collection will feature seven never-before-seen handwritten chapters from Tarantino's script of the 1994 classic, with more details about the first sale expected to be made public on January 24. Despite the fanfare around the release of these tokens from fans and the film community in general, the production company Miramax filed a lawsuit on November 17 accusing director Quentin Tarantino of copyright infringement in conducting this NFT venture. , citing that it interferes with his own visions of the future. NFT is released and it is simply a cash grab that could devalue the film's respectable public image. The case is still ongoing at the time of this writing. Decentralized exchange aggregator 1inch Network announced its intention to implement the 1inch Aggregation Protocol and 1inch Limit Order Protocol this week on Avalanche and Gnosis Chain, respectively, and as such, expand its position within the DeFi sector. . An initial list of protocols will be available immediately through 1inch on the Avalanche cross-chain network, such as 1inch Limit Order Protocol v2, Aave, SushiSwap, Trader Joe, and KyberSwap, among others. Similarly, the protocols that are immediately accessible on Gnosis Chain, formerly known as xDai Chain, via 1 Inch include 1 Inch Limit Order Protocol v2, Curve v1, and SushiSwap. 1/ In life, we often have to choose between two options, both of which may seem important to us. But what if we could opt for both options at the same time? Sounds fantastic, doesn't it? Well, nothing is impossible for #1 inch...#DeFi #Avalanche #gnosis pic.twitter.com/bwN9bBL5Br — 1 inch net (@1 inch) January 20, 2022 "The main goal of 1inch is to offer users the best deals in the blockchain space," said Sergej Kunz, co-founder of 1inch Network, going on to note that the expansion to Avalanche and Gnosis Chain "will offer users of 1inch more options for cheap and fast transactions.” According to DeFi Llama analytics data, the Avalanche ecosystem currently has a total value locked (TVL) of $9.77 billion, the majority of which is dominated by Aave, Benqi, and Trader Joe with $2.48 billion, $ 1.35 billion and $1.21 billion. On the other hand, Gnosis Chain currently posts a TVL of $206.8 million, accumulated largely in the last three months from projects like Curve, SuperFluid, and RealT, which amassed $62.9 million, $54 million, and $31.3 million, respectively. . Analytical data reveals that DeFi total value locked decreased slightly by 8.29% over the week to $114.63 billion, continuing the broader market decline. After an overwhelmingly bearish 24 hours for major DeFi tokens, all price results are negative this week and will be ranked by market cap. Terra (LUNA) recorded minus 8.15%. Avalanche (AVAX) fell sharply 18.73%, while Wrapped Bitcoin (WBTC) fell 9.3%. Stablecoin Dai (DAI) suffered a similar fate with a 0.06% drop, while Chainlink performed worst of the top five, taking a 21.8% hit. Interviews, reports and other interesting things Thanks for reading our roundup of this week's most impactful DeFi developments. Join us again next Friday for more stories, insights, and education in this fast-paced breakout space.
Secret Network Offers $400 Million Community Funding Plan
1-inch network expands to Avalanche and Gnosis Chain
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