Finance Redefined: Secret’s $400M fund and 1inch expanding, Jan. 14–21

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Welcome to the latest issue of the decentralized financial newsletter Cointelegraph.

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Secret Network offers $ 400 million in community funding
Secret Network, a privacy-focused peer-to-peer blockchain, announced a $ 400 million funding round this week to expand application infrastructure, networks and tools, and accelerate the use of its original SCRT token.

The capital increase consists of an ecosystem fund of $ 225 million and an acceleration fund of $ 175 million, and was supported by a number of existing partner organizations, including BlockTower Capital, Arrington Capital and Fenbushi Capital.

The $ 400 million fund is the first in a planned series of rollouts during the Shockwave Initiative, a global growth strategy the company announced on January 12. one-stop privacy center for Web 3.

Secret Foundation founder Tor Bair told Cointelegraph that the capital will be used to “expand privacy-focused decentralized applications to the global adoption of millions of users” and also stressed the importance of Web3 technology, noting that “privacy technologies are crucial to ensure that Web3 will be enabled and open, and will not be an extension of the shortcomings of Web 2.0. ”

Also in the news was Secret Network’s recent release of non-fungible Pulp Fiction (NFT) tokens in collaboration with renowned filmmaker Quentin Tarantino. The collection consists for the first time of seven previously unseen handwritten chapters from Tarantino’s classic script from 1994, with more details about the first sale which is expected to be announced on 24 January.

Despite the hype surrounding the release of these brands by fans and the wider film community, production company Miramax filed a lawsuit on November 17, accusing director Quentin Tarantino of copyright infringement in his sequel to the NFT project, saying it went against their own. vision of the future. A critical capture can devalue the public image of a respected film. The case is still ongoing at the time of writing.

RELATED: “Data Privacy is the Future,” said Jay Zeskind of The Secret Network after Quentin Tarantino withdrew from the NFT.

1 “mesh is expanded to include avalanches and chain dives
The 1-inch decentralized network of exchange aggregators has announced its intention to roll out the 1-inch aggregation protocol and the 1-inch border request protocol to Avalanche and Gnosis Chain respectively this week, thus expanding its position in the DeFi sector.

The first list of protocols will be immediately available in 1 inch in a network avalanche on chains such as 1inch Limit Order Protocol v2, Aave, SushiSwap, Trader Joe’s and KyberSwap, among others.

Similarly, the protocols that are immediately available on Gnosis Chain, formerly known as xDai Chain, include in 1 “1” Limit Order Protocol v2, Curve v1 and SushiSwap.

Serge Koons, co-founder of 1 Inch, stated that “1 Inch’s main goal is to offer users the best deals in the blockchain area” and goes on to note that the expansion of Avalanche and Gnosis Chain “will give 1 inch users more options for cheap and fast transactions. ”

According to the DeFi analytics Llama, the total closed value (TVL) of the Avalanche ecosystem is currently $ 9.77B, with Aave, Benqi and Trader Joe dominating at $ 2.48B, $ 1.35B and $ 1.21B. billion dollars.

On the other hand, Gnosis Chain currently records $ 206.8 million in TVL, which has accumulated significantly over the past three months with projects such as Curve, SuperFluid and RealT, which have raised $ 62.9 million, $ 54 million and $ 31 million, respectively. , $ 3 million. .

Code performance
Analyst data showed that TVL DeFi fell slightly by 8.29% during the week to 114.63 billion dollars, which promoted the decline in the market as a whole.

Source: CoinTelegraph

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