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DeFi Touches $200B, Is DeFi the Future?

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DeFi Touches $200B, Is DeFi the Future?
  • Overall DeFi platform touched a TVL of $200 billion this week.
  • Most of the DeFi tokens surged were based upon the Ethereum blockchain.
  • DeFi Llama predicts for the first time DeFi has crossed the $200B mark.

With the rise of the crypto industry and the blockchain technology, many attributes have so far surfaced. Upon them, notably the non-fungible token (NFT) and the Decentralized Finance (DeFi) take up much of the essence. The NFT market has been making records and breaking records profusely. On the other hand, being a little dormant lately, the DeFi has also surged up immensely. 

In spite of all this, now the DeFi industry made a new record, touching its hughes of $200 billion in terms of the total value locked (TVL). 

ATH of $200 Billion

The crypto market steadily starts to pick up ever since the start of October. With this, together the DeFi has made its equal share of play too. 

Accordingly, DeFi industry has crossed $200 billion, actually $208.39 Billion to be more precise. Apart from this being it’s all-time-high for the industry, this is the first time for the DeFi ecosystem to cross the mark of $200 Billion in terms of the overall TVL. 

Also, about more than 70% of all the DeFi protocols are based upon the Ethereum (ETH) blockchains. 

Moreover, taking the same into consideration for the beginning of the year 2021, DeFi amounted to only $21.4 Billion TVL. However, in just a period of 7 to 8 months, it surged drastically about 825%. 

DeFi the Future Crypto

With such an epic rise, all the crypto enthusiasts and analysts were taken to astonishment. And so, the fact is that the total market cap value of the DeFi based tokens alone amounts to about $131 Billion. 

This is about 5.5% of the overall crypto industry’s market capitalization. Furthermore, crypto analysts point out that the current standing and value of the DeFi tokens now is the same as that of the complete crypto industry 3 years back. 

Furthermore, with such a pacing rate many predict that DeFi would be the next in line to the crypto industry , overtaking the NFT. 

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Smart Contracts Start Transferring ICP After Upgrade, Allowing Advanced DeFi To Be Developed On The Internet Computer

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Panther and BUMPER Protocol announce partnership to provide seamless DeFi user experience

Zurich, Switzerland, 29th November, 2021, Chainwire

  • Long-awaited upgrade has allowed smart contract code to transfer ICP tokens, after it was adopted by the Internet Computer community’s DAO, the Network Nervous System (NNS).
  • Community voted 309,936,205 (approve) to 20,561 (reject) on Proposal 31471.
  • Stage set for the development of a new generation of web speed and censorship resistant DeFi applications on the Internet Computer blockchain, which run without the need for cloud computing services
  • The Internet Computer is the only blockchain that runs under the complete control of a community DAO, called the Network Nervous System, which is able to continuously upgrade and evolve its protocols.

The DFINITY Foundation is today announcing that a proposed upgrade to expand support for all canister smart contracts to be able to hold and transfer ICP tokens has been adopted and is already live on the network. The community voted 309,936,205 (approve) to 20,561 (reject) on proposal 31471.

This long-awaited feature sets the stage for an explosion of advanced DeFi applications on the Internet Computer blockchain, by expanding support for all canister smart contracts to be able to hold and transfer ICP tokens.

Dominic Williams, Chief Scientist and Founder at DFINITY, says, “The Internet Computer blockchain is the only blockchain that truly scales, runs efficiently at web speed, and where smart contracts can serve web experiences directly to end users without the need for other services, such as cloud computing, which provides much stronger censorship resistance. Now the community has adopted this proposal, and the Network Nervous System DAO has upgraded the network, canister smart contracts on the Internet Computer have become able to hold and transfer ICP tokens for the first time, providing for the development of a new generation of DeFi, and the blending of DeFi with social media and games functionality in the form of SocialFi and GameFi, forging the path towards billions of end users.”

Legacy blockchains perform disruptive, divisive “hard forks” or require centralized coordination by its validators to upgrade their protocols. Due to Chain Key cryptography and breakthroughs in computer science, the Internet Computer is the only public blockchain that allows its community of token holders to vote on governance proposals, and the ICP protocol automatically upgrades itself via the Network Nervous System (NNS), a super-advanced DAO.

The ICP transferability upgrade has been eagerly awaited by Internet Computer developers. At a basic level, a dapp such as OpenChat, a decentralized version of WhatsApp, will soon be able to allow users to send ICP tokens to one another via instant messages. Because smart contracts on the Internet Computer run at web speed and can serve web experiences directly to users, this functionality  also heralds  the advent of decentralized exchanges that run entirely on a blockchain, without the need for cloud nodes to process trades or create the front-end for users. Imagine Uniswap running completely on-chain. A community developer recently unveiled a Uniswap front end on the Internet Computer, showing how conventional DeFi solutions can fully run on blockchain technology.

Mike Schwartz, Co-Founder at ORIGYN Foundation, a digital certification and authentication platform, recently valued at $300m with backers Paris Hilton and Bill Ackman, said, “The Internet Computer is the world’s fastest public blockchain at 250,000 queries per second and 11,500 transactions per second, which is over 11 times faster than Solana. The ICP transferability upgrade has been a high priority feature needed by entrepreneurs and developers to activate DeFi, and after the community adopted the code, the Internet Computer automatically upgraded itself — no hard forks or disruptions to operations. The possibilities are endless when you combine the fastest blockchain with advanced DeFi capabilities. For ORIGYN, the Internet Computer’s advanced technology matches our massive ambitions and AI-based technology to authenticate every luxury good, art, and NFTs on a sovereign blockchain — and in doing so, eliminate counterfeiting as we know it.”

The execution of this feature is also an important step towards the implementation of dapp tokenization on the Internet Computer. An upgrade proposal for the critical Service Nervous System (SNS) feature is already under discussion within the community. DFINITY is also currently working on directly integrating the Internet Computer with the Bitcoin network, which will leverage the combined strength of Bitcoin as the world’s digital gold reserve and the Internet Computer as a platform for securely and efficiently executing smart contracts.

The Internet Computer has attracted thousands of developers, and hundreds of thousands of users of its dapps, within just a few months of its launch in May 2021.

Hundreds of projects are already up and running with users on the Internet Computer, including DeFi, DAOs, SocialFi, GameFi, and NFT projects.

This upgrade to allow canisters to transfer ICP is significant for the Internet Computer ecosystem because decentralized exchanges on the Internet Computer can now spin up liquidity pools to convert ICP to other Internet Computer-based tokens, and NFT projects can securely launch on their own websites — opposed to NFT marketplaces. The impact of this upgrade is enormous, and with these newfound advanced capabilities for DEXs and NFTs alone, I expect hundreds of new ways to invest ICP over the next few weeks,” said Bob Bodily, Chief Product Officer at Toniq Labs. “For Toniq Labs, the ICP transferability upgrade allows us to (1) perform secure NFT auctions on our Entrepot marketplace, (2) enable bidding on NFTs that aren’t even listed on our marketplace, and (3) release our NFT minting and marketplace APIs to enable developers to use our services in their own decentralized applications.”

This week, the Internet Computer blockchain surpassed 345M blocks, which have been added since mainnet launch less than 7 months ago. It also recently reached a record high of 28.13 blocks per second, by far the highest throughput in blockchain. While this number reflects how the Internet Computer has already scaled to provide vast capacity, throughput is expected to scale beyond 100 blocks per second early in 2022.

About the Internet Computer

The Internet Computer is the world’s most powerful general-purpose blockchain and Web3 platform. Its protocols apply advanced cryptography and computer science to scale smart contract data storage and computation without limit, host web-speed smart contracts that can directly serve web experiences to end users without the cloud, and run smart contracts with breakthrough levels of efficiency. For the first time, developers can create truly decentralized dapps and services that run entirely from the blockchain, and push into emerging areas such as SocialFi and GameFi, which blend social media and game functionality with DeFi, and build out the fully decentralized metaverse. The Internet Computer blockchain acts as a complete alternative technology stack, which has been designed to replace the centralized IT stack that is mostly controlled by Big Tech, and it can even be used to build secure and unstoppable websites and enterprise systems. It was incubated and launched by the DFINITY Foundation

DFINITY: Twitter Reddit YouTube GitHub Developer Center

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Two Metaverse Altcoins To Present Insane Growth From $1K To $100K

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Two Metaverse Altcoins To Present Insane Growth From $1K To $100K
  • The top two metaverse altcoins are REALM and LOA.
  • Realm is a cross-chain platform that operates on the open game engine Godot.
  • LOA is the free “play-to-earn” MOBA game in the market.

The entire crypto market witnesses many potential altcoins that will reach great heights in near future. Some crypto analysts predict the future of potential altcoins and mention them via social accounts to their followers. Likewise, a YouTuber named “Finance wizards” has mentioned two metaverse altcoins which will be 10x in near future.

As a matter of fact, Bitcoin and other mainstream cryptocurrencies are stepping back in their price value. According to the video, the top two metaverse altcoins are Realm and League of Ancients (LOA). These tokens will turn from $1K to $100K which seems to be the last chance for investors to invest.

REALM And LOA

The first project on the list is Realm which is a cross-chain community-driven platform that operates on the Godot game engine. Godot is an open-source, free, and cross-chain game engine that offers gamers complete control over the space they create. Moreover, the ecosystem aspires to reach unparalleled levels of player experience and independence.

The platform offers the realm of NFTs to players where they can customize and create NFTs with their own vision. As Realm uses ERC-20 which is on the Reef chain, it provides low-cost transactions for users. Thus the network allows players to bridge their tokens between different chains. Significantly, with the additive features and developments, the realm ecosystem ensures their higher visibility in near future with huge growth.

The second altcoin on the list is League Of Ancients (LOA) which is the first free-to-play “play-to-earn” MOBA game in the market. The token is NFT-based which aims to create a blockchain gaming history. The unique feature that LOA differs from other metaverse gaming platforms is, LOA allows players to convert rewards to real-world assets.

Additionally, the players can earn in-game currency after completing a normal or NFT match. Besides, the difference between normal matches and NFT matches is that the platforms offer more rewards for NFT matches. The rewards are also provided according to the type of skin that a player uses in the game. Consequently, LOA has more updates and advancements for their platform which would make them stronger. As of now, LOA is one of the strongest metaverse tokens in the market. Thus, with distinct traits from their ecosystems, these tokens have the potential to reach new heights in the near future.

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Vitalik Buterin Unveils Ethereum Scaling Roadmap!

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Ethereum Mainnet Still Preferred by Traders Despite High Gas Cost
  • The platform has reduced transaction call data.
  • The foundation, also set up to build an expanded sharding technique.

On Monday, the trading volume of Ethereum rose 15.82 percent, avoiding a severe negative trend. However, the whole crypto market has been steadily retracing prior highs. However, Ethereum’s inventor Vitalik Buterin warns that rollups may face scale and gas cost issues.

The top altcoin’s price fell in September because of the Chinese market volatility. Before the colossal leg up, the asset had a considerable potential of roughly $2900-3100. However, on November 15th, the ETH price rose steadily to $4700.11.

$5555 Price Level by December End

Moreover, the asset has corrected after the big surge. However, the asset has recently gained considerable support around the $4000 level. Eloquent, a crypto expert, forecasts Ethereum will reach $5555 by the end of December.

Vitalik Buterin, the co-founder of Ethereum, revealed a plan to grow the network and reduce transaction costs. New rollups might help the Ethereum network’s scalability issues and high transaction costs in the short, long, and medium-term.

The current rollups use call data. So, to improve rollup and reduce costs, the platform has reduced transaction call data. The foundation was also set up to build an expanded sharding technique to provide high security and protect trader data from future cyber-attacks.

ETH/USDT: Source: TradingView

Overall, the Ethereum price increase seems to be on track. If the asset follows the October trend pattern, it will easily reach the December objective of $5555. However, the foundation has planned multiple rollups to fix current issues, so feelings remain positive.

According to CoinMarketCap, the Ethereum price today is $4,425.89 USD with a 24-hour trading volume of $19,758,738,664 USD. Ethereum is up 8.53% in the last 24 hours.

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