Showing posts with label Stablecoin. Show all posts
Showing posts with label Stablecoin. Show all posts

DeFi protocols that focus on multi-chain, equities, and stablecoins are gaining traction.

Despite the current dip in the crypto market, Balancer, DeFiChain, and cBridge all experienced an increase in total value locked. Due to global economic challenges on several fronts, supply chain restrictions, scorching inflation, and the ongoing war in Ukraine, the cryptocurrency market has had an uphill struggle throughout the most of 2022.

Despite the general downturn in crypto assets, numerous decentralized finance (DeFi) protocols have been able to improve their foundations and attract new users to their ecosystems. Here are four protocols that are exhibiting signs of resilience even as the crypto industry as a whole struggles to find its feet.



Balancer

Balancer (BAL) is an Ethereum (ETH)-based automated market maker (AMM) that provides users with a variety of DeFi features such as the ability to stake tokens, provide liquidity, participate in governance votes, and execute token swaps.

Despite declining cryptocurrency prices, the total value locked (TVL) on Balancer is presently $3.54 billion, according to statistics from Token Terminal. This is the third-highest TVL in the protocol's history. The Balancer TVL's long-term viability is owed in part to an increase in assets committed in stablecoin pools on the platform, as well as a more involved governance structure that allows veBAL hodlers to vote on which pools get the majority of BAL reward emissions.

DeFiChain

DeFiChain (DFI) is a DeFi protocol that was forked from the Bitcoin code and works in tandem with the Bitcoin network to provide users with access to crypto assets and tokenized equities.

According to Defi Llama data, DeFiChain's TVL achieved a new all-time high of $901.16 million on April 5 and is now at $831 million following the latest price drop. DFI's price has stayed reasonably stable in comparison to the rest of the crypto market, now trading at $4.12 after reaching a high of $4.63 on April 3. DeFiChain's robustness is owed in part to the protocol's ongoing development and extension, which recently included support for tokenized equities for Walt Disney Company, iShares MSCI China ETF, MicroStrategy Incorporated, and Intel Corporation.

NEAR Protocol

The NEAR protocol (NEAR) is a layer-one blockchain network that aims to serve as a community-run cloud computing platform with fast transaction rates at a reasonable cost.

The price of NEAR hit an all-time high of $20.42 on Jan. 16, and the most recent rally saw the price rebound to $19.81 on April 7. 2022 has been a good year in general for the project, with the price of NEAR hitting an all-time high of $20.42 on Jan. 16 and the most recent rally seeing the price rebound to $19.81 on April 7. According to statistics from Defi Llama, the NEAR protocol has never had it so good in DeFi, with the total value locked on the network presently at a record-high of $363.72 million. NEAR's fundamentals are strengthening as a result of the successful conclusion of a $350 million fundraising round headed by New York-based hedge firm Tiger Global, as well as anticipation that the NEAR token might be listed on Coinbase shortly.

cBridge

Celer's cBrige, a multi-chain network that allows assets to be transferred across 26 distinct blockchain networks and layer-2 protocols, is also doing well. The cBridge protocol's TVL is continually increasing as the protocol's list of supported networks grows, with some of the most recent additions including Astar, Crab Smart Chain, Milkomeda Cardano, and Shiden.

The total value of all cryptocurrencies is currently $1.846 trillion, with Bitcoin commanding 40.9 percent of the market.

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Ardana, a Cardano stablecoin system, has raised $10 million in its newest fundraising round.

New stablecoin platform appears to be popular among private equity investors. Ardana, a Cardano (ADA)-based stablecoin ecosystem, has acquired $10 million in early funding from a consortium of investors led by Three Arrows Capital and Ascensive Assets.

Ardana's CEO and co-founder, Ryan Matovu, made the following statement on the deal:

"As the world's first all-in-one stablecoin ecosystem based on Cardano, our platform gives consumers easy access to liquidity, which is a constant issue in the hyper-competitive DeFi market." We can also use Cardano's speed, scalability, and security to provide a decentralized financial solution that works for everyone, and we'll soon be supporting on-chain foreign exchange."

On the network, users may freely transmit, receive, store, borrow, and lend the stablecoin dUSD. It will be completely collateralized with cryptocurrencies such as Cardano and will have a 1:1 exchange rate with the US dollar (ADA).

According to Ardana's roadmap, it wants to perform a public auction of its secondary token, DANA, for protocol governance. The sale will take place later this year, with 35.625 million out of 125 million tokens available for $0.30 to $0.60 apiece, according to the project's creators. By the second quarter of next year, the Danaswap team hopes to launch a decentralized exchange, or DEX. For liquidity providers, Ardana says Danaswap will have minimal slippage and offer farming potential.

Cardano presently offers cheaper transaction costs than other Ethereum networks, which may be beneficial for stablecoin adoption. Users pay an average cost of $0.43 for each Cardano transaction, according to Bitquery and BitInfoCharts, compared to $47.23 for Ethereum at the time of writing. Since the Alonzon Fork last month, which enabled smart contract capability on its blockchain, Cardano's development activity has accelerated.

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On Cardano, a gold-backed stablecoin will be released.

Liquidity protocol DeFi MELD is planning to launch a Cardano-based gold-backed stablecoin. MELD, a decentralized finance (DeFi) liquidity protocol, announced a three-way collaboration with Tingo Holdings, Nigeria's biggest mobile network, and Ubuntu Tribe, an ethical crypto business that tokenizes natural resources, during a crypto conference hosted by British financial daily City A.M.

The Cardano-based DeFi system, which allows users to lend, borrow, and stake their assets, has announced intentions to create a gold-backed stablecoin as part of the new collaboration.

Stablecoins on Cardano

Ken Olling, chairman and co-founder of MELD, stated, “Our aim here is simplicity and clarity.” He wants to make trading accessible to everyone with a smartphone.

He explained, "Gold will be kept in a vault, tokenized, fractionalized, and split so we can sell it."

“It's a basic concept, but it's very strong because you can rely on it,” Olling said, referring to gold's consistent worth.

COTI, the ADA payment gateway platform, will become the official issuer of the network's long-awaited stablecoin Djed, defined as an algorithmic token with proven price stability, as announced by none other than Cardano's creator, Charles Hoskinson, during the Cardano Summit 2021.

Djed's characteristics, which include upper and lower bound maintenance, resilient architecture in the case of market collapses, no bankruptcy, and no reserve drain are mathematically proven, according to the Cardano development team, IOHK.

Adoption has increased.

According to David Taylor, the Cardano Foundation's director of marketing, the new collaboration with Nigeria's biggest mobile network would expose MELD's crypto services to millions of active users, increasing Cardano's adoption in the nation. The number of ADA holders has hit a new all-time high (ATH) as a result of recent advancements in the ecosystem.

According to IntoTheBlock's statistics, Cardano's native coin has 243,000 holders, with 70% of wallet addresses holding the crypto making gains.

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