The cryptocurrency community has become one of the leading providers of assistance to Ukrainians with crypto donations exceeding $50 million. This week, several members of the decentralized financial community, or DeFi, came up with a proposal to make a donation and make it easier for other people to donate to Ukraine.
LUNA continued its dominance of prices with another double-digit jump last week and also turned to Ethereum as the best altcoin. 1Inch has launched a new secure peer-to-peer exchange system, or P2P, which the company says could open the door to more new use cases.
Uniswap creates interface to exchange Altcoins for ETH donations to Ukraine
On Tuesday, the decentralized exchange platform, or DEX, launched a Uniswap interface that converts ERC-20 tokens directly to ETH (ETH) and sends them to the Ukrainian government’s official cryptocurrency wallet addresses, all in a single transaction.
Uniswap states that the address Ukraine uses is on a centralized exchange and only accepts Ethers and Tethers (USDT). Therefore, this feature simplifies the donation process for anyone who has ERC-20 tokens on the Uniswap list and wants to donate by linking the wallet to the DEX. Later, Ukraine also launched its support for donations in Polkadot (DOT). Polkadot founder Gavin Wood personally donated $5.8 million to the Department of Transportation for the new address.
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LUNA transforms Ethereum, becoming the second largest network by investment
Terra (LUNA) has converted Ethereum in terms of stake value, with LUNA unlocked at $29.5 billion compared to Ether’s $25.9 billion, according to staking Reward data.
Platform data shows that there are currently 226,325 players in LUNA, making it the second largest crypto asset with more than four times the number of ETH stakeholders (54768). Solana leads the $35 billion betting project.
In terms of annual effort rewards, LUNA is valued at an average of 6.62% and Ethereum at 4.81%. The top 10 gainer is Polkadot with 13.92%. The data showed that interest in LUNA has increased significantly recently. Over the past seven days, LUNA’s TVL is up 26.905% which is far above the third-ranked BNB Smart Chain (BSC) with $12.03 billion in TVL.
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1-inch network adds P2P function for secure encryption exchange
The 1-inch network has introduced a peer-to-peer dialing feature on the 1-inch decentralized app or DApp. This feature allows users to select a person or wallet to perform the other side of the trade, unlike an OTC or OTC where 1 inch corresponds to a request from the recipient.
The company’s website states that the new feature “opens the door to a whole new world” of possible uses, including transactions in NFT markets, auctions or reverse auctions. While other services such as Binance Pay or Bybit support P2P payments, the company said it “intervened to fill a gap” in demand for this type of service.
1inch reported that their P2P service offers unreliable barter agreements backed by fully decentralized smart contracts. Users can submit requests via email or any messaging software using URLs that go beyond the 1-inch back end.
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DeFi Market Overview:
Analyst data shows that the total value of locked-down DeFi fell during the week to $110.86 billion.
Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market capitalization have performed reasonably well in the past seven days.
UMA was the biggest gainer with a weekly gain of 110% followed by Thorchain (THOR) which added 62.5% in the last week. LUNA extended its dominance with another week of double digit gains and 40% gains. Oasis Network (ROSE) ranked fourth with an increase of 15%, followed by Chainlink (LINK) with an increase of 6.7%.
before you go!
As the DeFi ecosystem continues to make new breakthroughs, the growing controversy over banning IP addresses of users in sanctioned countries has sparked a lot of discussion in the past 24 hours. It is reported that MetaMask and Infure have banned users from Venezuela, sparking controversy over the promised decentralization of these products.
The debate over decentralization is part of a larger debate about whether crypto platforms that claim to be decentralized and borderless should comply with all state sanctions.
Thank you for reading our summary of the top DeFi events this week.
