Secrets $400M Fund and 1 Inch Expansion, Jan. 14-21

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After a bearish decline in many major decentralized finance (DeFi) tokens, optimism for growth and prosperity is in the fundamental news. Read on for the most shocking DeFi stories of the last seven days.

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Secret Network offers $400 million community funding plan

Secrets $400M Fund and 1 Inch Expansion, Jan. 14-21
Secrets $400M Fund and 1 Inch Expansion, Jan. 14-21

Secret Network, a privacy-focused blockchain, this week announced the launch of a $400 million funding fund in an attempt to expand its network and application infrastructure and tooling mechanisms, as well as accelerate the launch of its native token SCRT.

The fundraising, consisting of a $225 million ecosystem fund and a $175 million accelerator fund, was supported by multiple partner organizations, such as BlockTower Capital, Arrington Capital and Fenbushi Capital.

The $400 million fund is the first in a series of planned implementations under the Shockwave initiative., a global growth strategy the company announced on Jan. 12. The initiative is focused on expanding its ecosystem, including promoting and incubating the implementation of decentralized privacy applications on its platform, as well as expanding the utility and acceptance of the SCRT token to become, in general, a comprehensive privacy policy for Web3.

The Secret Foundation’s founder, Tor Bair, told Cointelegraph that the funds will be used to “scale decentralized applications that put privacy first for adoption by millions of users worldwide,” emphasizing the importance of the Web3 technology by stating that “Privacy technologies are essential to ensure that Web3 is empowering and open and not an extension of Web 2.0’s flaws“.

Also in the news recently was the Secret Network’s issuance of pulp fiction-style non-fungible tokens in collaboration with legendary filmmaker Quentin Tarantino.. The collection is set to feature seven previously unreleased chapters from Tarantino’s screenplay of the 1994 classic, with further details on the initial sale expected to be released on January 24.

Despite the uproar the launch of these tokens has caused from fans and the movie community in general, Production company Miramax filed a lawsuit on Nov. 17 accusing director Quentin Tarantino of copyright infringement by staging this NFT project, and claims that it interferes with his own visions of future NFT releases and that it’s simply a way of making money that could debase the film’s reputable public image. The case is still ongoing at the time of writing this article.

1 inch network extends Avalanche and Gnosis chain

The decentralized exchange aggregator 1inch Network has announced its intention Implement the 1-inch aggregation protocol and 1-inch limit order protocol this week on Avalanche and Gnosis Chain, respectively, thereby expanding its position within the DeFi sector.

A first list of protocols will be available immediately via 1inch on the Avalanche cross-chain network.such as 1inch Limit Order Protocol v2, Aave, SushiSwap, Trader Joe, and KyberSwap, among others.

In the same way, Protocols immediately available on Gnosis Chain formerly known as xDai Chain over 1 inch include 1 inch Limit Order Protocol v2, Curve v1 and SushiSwap.

1/ In life we ​​often have to choose between two options that seem important to us.

But what would happen if we could choose both options at the same time? Sounds fantastic right?

Nothing is impossible for #1inch…#DeFi #Avalanche #GnosisÂ

The main goal of 1inch is to offer users the best deals in the entire blockchain space.said Sergei Kunz, co-founder of 1inch Network, later noting it Expansion to Avalanche and Gnosis Chain “gives 1-inch users more options for cheap and fast transactions”.

According to analytics data from DeFi Llama, the Avalanche ecosystem is currently valued at $9.77 billion (TVL, for its acronym in English), most of which are held by Aave, Benqi, and Trader Joe at $2.48 billion, $1.35 billion, and $1.21 billion, respectively.

On the other hand, Gnosis Chain currently has a TVL of $206.8 million, much of which has been accrued over the past three months from projects such as Curve, SuperFluid, and RealT., which amassed $62.9 million, $54 million, and $31.3 million, respectively.

token performance

Analytical data shows that the DeFi total is down slightly by 8.29% over the week to $114.63 billion, which continues as the broader market declines.

After some overwhelming 24 hours bearish for major DeFi tokens, all trading results are negative this week and are ranked by market cap.

Terra (LUNA) is down 8.15%. Avalanche (AVAX) fell sharply, down 18.73%, while Wrapped Bitcoin (WBTC) fell 9.3%. The Dai stablecoin (DAI) suffered a similar fate, with a 0.06% decline, while chain link was the worst behaved of the top five, with 21.8%.

Interviews, articles and other interesting things

Thank you for reading our roundup of this week’s most influential DeFi events. Join us next Friday for more stories, perspectives and information on this fast-paced space.

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