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- The DeFi ecosystem is witnessing quite a lot of changes lately, while DAOs and Web3-focused funds were the leads.
- Solana also took a step toward the new iteration of the Web as it launched an investment and grant fund for fresh Web3 market entrants in South Korea.
- Data highlights that the number of DAOs surged eight times in the last twelve months.
Decentralized Finance (DeFi) Enhancing Its Position In The Industry
The world of Decentralised Finance (DeFi) is growing by leaps and bounds. Decentralized Autonomous Organisations (DAOs) and new rollouts of funds for Web3 growth were at the forefront in the recent week.
The total number of DAOs grew by eight times; meanwhile, Solana launched a $100 million fund focused on DeFi.
Seemingly, the DeFi ecosystem is witnessing a lot of changes lately as there are expectations from the US that it might bring in strict regulations for DeFi and DAOs. At the same time, the top hundred DeFi tokens signified a mixed performance, where some recorded considerable gains and some recorded slump.
In the past twelve months, the number of DAOs, governance proposals and vote casts have witnessed remarkable growth. Data accumulated by Snapshot Labs, which was made public by Eme Caliskan, an Electric Capital engineer, via Twitter, shows that the number of DAOs, which was 700 in May 2021, has now surged to 6,000.
Whereas the number of votes has increased from 448,000 to 3.7 million. And the proposal numbers have surged by 8.5 times.
Meanwhile, recently Solana Ventures and Solana Foundation have launched a $100 Million fund focused on enhancing the growth of blockchain gaming, Non-Fungible Tokens (NFTs) and DeFi projects in South Korea. Apart from this, the fund would also facilitate giving a hand to some projects based on Terra following its massive collapse.
Another major thing that happened was with Optimism, an Ethereum Layer 2 protocol. What happened was that an exploit in its market maker’s smart contract resulted in a loss of OP tokens worth $20 Million.
According to DeFi llama, the top DeFi chain is Ethereum, followed by BSC (BNB), Tron (TRON), Avalanche (AVAX), Solana (SOL), etc.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
