The new year is upon us, and the expectations for DeFi innovation, utility and mainstream adoption are greater than ever. Read on to hear about the inaugural stories of 2022.DeFi is a decentralized financial system (DFS) that enables the creation of decentralized financial systems (DFIs).
Terra Research proposes new utility for TerraUSD and LUNA
Decentralized algorithmic stablecoin issuer Terra published an ambitious proposal via its research team to expand the interchain deployment of its TerraUSD (UST) stablecoin across five projects on Ethereum, Polygon and Solana.
- In the proposal, Terra would deposit between $250,000 and $50 million in UST in a bid to boost the stability of each of the new partner projects.
Token performances
DeFi’s total value locked slightly decreased by 6.5% across the week to a figure of $131.8 billion
- Data from Cointelegraph Markets Pro and TradingView reveals that DeFi’s top 100 tokens by market capitalization have mainly been bullish
- Secret took the lead with 26.6%, Chainlink grew by 24.2%, Fantom gained 23.4% and Yearn.finance claimed fourth and fifth places with 8.2% and 0.03%, respectively
Launch of Aave Arc aims to enhance institutional adoption in DeFi
Decentralized lending platform Aave (AAVE) announced the launch of its permissionless lending and liquidity pool, AaveArc, this week with the ambition of fostering greater institutional participation in fully regulated and compliant decentralized finance services.
WonderFi acquires parent company of Bitbuy for $162M
To expand the presence of cryptocurrency and DeFi across the country.
- First Ledger Corp, the parent firm of the first regulated crypto exchange in Canada, Bitbuy, was acquired by WonderFi Technologies.
