Wormhole Reclaims $1B TVL, Hedera’s $408M Development Fund: Finances Redeemed
Welcome to Finance Redefined, your weekly volume of decentralized finance (DeFi) insights – a newsletter designed to bring you the most relevant developments from the past week.
Last week saw major market developments in the DeFi Wormhole, with a total value of $1 billion locked in the bridge nearly two years after the infamous hack. On the other hand, the Hedera Administrative Council
The top-100 DeFi tokens had a weak week due to the bearish momentum of the broader market as most traded in the red on the weekly charts.
Hedera Network approves $408 million HBAR for ecosystem development
The Hedera Global Governing Council, which oversees the Hedera Network, has approved the allocation of 4.86 billion of the network's native token Hedera (HBAR), worth an estimated $408 million, to further development and greater decentralization.
In a blog post, the Council directs the lion's share of the 4.248 billion HBR to existing initiatives, including the HBAR Foundation, the Hashgraph Association and the DLT Science Foundation.
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Fed rate cuts could be beneficial for DeFi and stablecoins – Fidelity
Expected interest rate cuts by the US Federal Reserve could revive major institutional interest in DeFi and stablecoins in 2024 as the infrastructure continues to develop, according to asset manager Fidelity.
In the year In its Digital Assets Outlook 2024 report released on January 13, Fidelity said that while it expects institutions to dive into DeFi for productivity in 2023, that is not over as Fed rate hikes drive them to traditional fixed income products. The so-called “safe” ones.
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Among the BRC-20 promotion, Avalanche articles attract the interest of the user
Following the successful launch of Bitcoin Ordinals and Engraved Tokens (BRC-20), inscriptions on the Avalanche blockchain or ASC-20 tokens have also attracted investor interest.
On January 15, the Chinese-language Twitter space for cryptocurrency exchange Bitget on Avalanche inscription token Avascriptions (AVAV) attracted more than 585,000 followers. During the session, the chief operating officer of the AVAV project Ori said that the project's roadmap follows the same path as the development of BRC-20 assets, and pointed out that the total number of records recorded on the Avalanche blockchain has reached more than 100 million. From June 2023.
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The wormhole bridge is locked at a total cost of 1 billion dollars
Cross-chain protocol Wormhole Total Value Locked (TVL) has recovered to $1 billion, two years after the start of the cryptocurrency bear market in May 2022.
At the time of publication, the TVL of the protocol shows a balance of 1.02 billion dollars, Ether (ETH), Phantom (FTM) and Solana SOL assets hold the highest positions with 675 million dollars, 174 million dollars and 96 million dollars respectively. Its TVL is up more than 300% after falling to a low of $234 million earlier in the year. The protocol reached a peak TVL of $3.8 billion 16 months ago, just before the collapse of the Terra ecosystem and the onset of crypto winter.
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Cosmos-powered dYdX claims top position in DeFi, beating Uniswap in daily trading
A market based on the DeFi protocol dYdX Kosmos surpassed one of the Uniswap markets on January 18th to become the largest decentralized market in 24 hours of trading.
Data tracking platform CoinMarketCap has recorded a 24-hour trading volume of dYdX's v4 version, which is based on the interchain protocol Cosmos. DIDX's increase in trading volume has made it surpass Uniswap v3's Ethereum market, which recorded a volume of $608 million during the same period.
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Overview of the DeFi market
According to data from Cointelegraph Markets Pro and TradingView, DeFi's top 100 tokens had a heavy week by market capitalization, with most trading in the red on the weekly charts. However, the total value locked up in DeFi protocols remains over $65 billion.
Thanks for reading this week's roundup of the most impactful DeFi developments. Join us next Friday for more stories, insights and lessons about this dynamic and evolving space.
