Avalanche is launching a $ 200 million fund and wXRP to debut on Ethereum from October 29th to November 5th

Welcome to the latest edition of Cointelegraph’s Decentralized Financial Newsletter.

Ethereum and XRP ranked second and third in the cryptocurrency market for many years. Read on to find out how wXRP integrates with Ethereum to extend its utility to smart contracts.

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Avalanche launches $ 200 million fund to incentivize developers

Avalanche is launching a $ 200 million fund and wXRP to debut on Ethereum from October 29th to November 5th
Avalanche is launching a $ 200 million fund and wXRP to debut on Ethereum from October 29th to November 5th

The Avalanche Foundation this week unveiled a new $ 200 million fund that aims to expand the liquidity potential of startup projects with their ecosystem that builds decentralized funding, non-fungible tokens, business and cultural applications.

According to the official blog post, The smart contracts platform will deploy the funds in a variety of sectors including “stock investing, token purchases, various forms of technology, business development and ecosystem integration support,” all of which will be overseen by an expert group of fund managers.

Known as “Blizzard,” the fund has received contributions from an impressive list of DeFi space participants including Ava Labs, Polychain Capital, Three Arrows Capital, Dragonfly Capital and CMS Holdings.

Emin Gün Sirer, director of the Avalanche Foundation, shared his perspective on the project’s recent growth and the potential impact on Blizzard:

• Avalanche has seen incredible growth in the past two months, with users, assets and applications joining the community at record levels. Blizzard will play a key role in further accelerating this growth and cementing Avalanche’s position as the leading home for pioneering projects and individuals in the next era in our space.

wXRP is supposed to start on the Ethereum blockchain

Wrapped XRP (wXRP) is expected to launch on the Ethereum blockchain in December, powered by the multi-chain platform Wrapped.com. The integration will enable XRP holders to implement intelligent contract functions for loans, credits and swaps for the first time in their history.

Wrapped tokens are digital assets that are stored in a vault on a separate blockchain and are equally tied to the value of another asset. Wrapped Bitcoin (wBTC), for example, works on the Ethereum blockchain. Therefore, wXRP will have a one-to-one exchange relationship with XRP, with custody provided by the secured provider Hex Trust.

In a tweet from November 1st, Ripple CTO David Schwartz advocated an interoperable multi-chain approach in the crypto space:

AllianceBlock partners with Flare to promote DeFi

Blockchain firm AllianceBlock announced this week a partnership with Flare Network to improve the capabilities and interoperability of the two platforms in the DeFi space.

The long-awaited start of the Flare network and its corresponding FXRP token airdrops is intended to bring the Turing-proven smart contract functionality into the Ripple network through the integration of the Ethereum Virtual Machine.

Starting with XRP, due to its partnership with Ripple, the platform will also offer Dogecoin (DOGE), Bitcoin (BTC), Algorand (ALGO) and Stellar Lumens (XLM) before diversifying into all native blockchains.

Rachid Ajaja, Co-Founder and CEO of AllianceBlock, spoke to Cointelegraph about the platform’s regulatory potential:

“With an increased interest from traditional finance in DeFi, the regulatory and compliance layer at AllianceBlock will allow traditional institutions to access opportunities in DeFi in a variety of ways, such as”.

Token services

Data analysis shows that DeFi’s total locked down value increased 4.62% over the week to $ 167.42 billion.

Data from Cointelegraph Markets Pro and TradingView shows DeFi’s top 100 tokens by market capitalization over the past seven days considerably.

Phoenix Global (PHB) secured first place on the podium with a whopping 3,230%. Loopring (LRC) took second place with 118.5%, while Basic Attention Token (BAT) took third place with 30.94. Fourth and fifth place went to Avalanche (AVAX) and Maker (MKR) with 20.74% and 18.5% respectively.

Thank you for reading our roundup of this week’s most influential DeFi developments. Visit us again next Friday for more stories, ideas and education in this dynamically moving space.

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