The decentralized finance (DeFi) sector continues to attract heightened attention from cryptocurrency investors. ForkLog has gathered the most important events and news of the past weeks into a digest.
Key DeFi Metrics
Total value locked (TVL) in DeFi protocols rose to $47.8 billion. The leader was Lido with $8.09 billion, while MakerDAO ($7.17 billion) and Curve ($4.77 billion) held the second and third positions, respectively.
TVL in Ethereum applications rose to $28.43 billion. Over the last 30 days the figure rose by 21% (as of December 28 the value stood at $23.5 billion).
Trading volume on decentralized exchanges (DEX) over the past 30 days stood at $42.2 billion.
Uniswap continues to dominate the non-custodial exchange market — accounting for 67.3% of total trading volume. The second DEX by volume is Curve (18.8%).
1inch Team to Release Hardware Crypto Wallet
The liquidity aggregator from decentralized exchanges 1inch Network will release a hardware cryptocurrency wallet. The 1inch Hardware Wallet is in the final stages of development. It is expected to go on sale in 2023.
An independent team, funded by a grant program from the 1inch Foundation, is building the device for cold storage of cryptocurrencies. The project highlighted the following key features:
- full isolation from the network without the need for a wired connection. Data is exchanged via QR codes or, optionally, via NFC;
- the ability to use transparent signing instead of blind signing, as in some other wallets;
- continuous analysis of call and transaction data. If a signed transaction is compromised online or in a mobile app, the user will be notified;
- option to create and manage wallet sets with different originating seed phrases. Each set is protected by its own PIN code.
According to the statement, the gadget is reportedly the size of a bank card with a thickness of 4 mm.
The 1inch Hardware Wallet features a 2.7” display using E-Ink technology with Gorilla Glass 6. The device supports wireless charging. The lithium-polymer battery lasts about two weeks of use.
1inch Network noted that this is the first physical product in the DeFi project’s ecosystem. Users can join the hardware wallet waitlist.
DeFi Project Frontier Unveils Browser Wallet
Developers Frontier introduced a wallet in the form of a Chrome browser extension that supports staking and NFT.
The new solution enables interaction with decentralized applications from more than 35 blockchain ecosystems, including Aptos and Sui.
The wallet also allows transferring funds between different networks, acting as a cross-chain bridge.
A fraud and phishing detection feature has been implemented, scanning every transaction.
In dYdX, Token Unlocks of $282 Million Delayed
The dYdX Foundation and dYdX Trading delayed the planned unlock of 150 million utility tokens of the decentralized derivatives exchange ($282 million) from February 3 to December 1, 2023.
The tokens are intended for investors, employees and advisors.
According to the new vesting schedule:
- 150 million tokens — 30% of the total 500 million to be unlocked — will unlock on December 1;
- 40% of the total will be released in equal monthly installments over the next six months;
- 20% — during 2024;
- 10% — during 2025.
Under the original plan, the current token supply would have doubled within a week.
Uniswap Community Backs Deployment on BNB Chain
Following a preliminary vote, Uniswap voters approved deploying the third version of the protocol on the BNB Chain.
For Plasma Labs’ proposal during the so-called ‘temperature check’, 20 million UNI holders — 80% of participants — expressed support.
It is expected that in the coming weeks the project will present a governance proposal for official community voting.
Among the arguments in favor of adding Uniswap support to BNB Chain, the Plasma Labs team cited:
- the growing user base of the network, which would provide a new market;
- high transaction speeds and low fees;
- benefits of expanding cooperation with Binance and other ecosystem projects.
The potential TVL uplift for Uniswap from the integration with Plasma Labs was estimated at $1.18 billion with up to 2 million new users.
SushiSwap Chief Outlines 2023 Development Goals
SushiSwap CEO Jared Grey stated that the platform intends to tenfold its market share in 2023.
In Q1, the SushiSwap team plans to launch a decentralized exchange aggregator and enter this market. According to Grey, developers spent 2022 building the necessary solution in stealth mode.
\”We believe that aggregation helps better serve customers’ interests with an optimal pricing system. We are effectively leveraging these innovations to provide deeper liquidity in pools and allow liquidity providers to profit from higher volumes and fees,\” said the SushiSwap head.
In 2023 the project will also launch Sushi Studios, a decentralized incubator to foster ecosystem growth. The initiative will support independently funded projects to avoid burdening its treasury.
Grey said that a number of products are at different stages of readiness, including the NFT marketplace Shoyu (launch expected in Q1), a futures platform and others.
Also on ForkLog:
- In the Everscale launched a decentralized exchange with an order book.
- DeFi project Friktion on Solana will discontinue servicing users.
- Mango Markets will resume operations amid SEC claims.
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