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Top 10 DeFi Updates (04/12 – 04/18)

DeFi is definitely booming. More adoptions, partners, and investors are moving into the decentralized finance (DeFi) space.

This article covers ten DeFi updates that took place last week. These DeFi updates include partnership announcements, project launches, etc.

  1. OpenOcean and BakerySwap Trading Campaign

Popular Binance-backed CEX and DEX platform OpenOcean has launched a trading campaign with BakerySwap. Approximately $3,800 worth of BAKE, provided by both OpenOcean and BakerySwap, will be up for grabs in the Bake prize pool. The entire trading campaign began on Friday, April 16, 2021, and ends on Thursday, April 22, 2021. Interestingly, users will also be graded according to their total trading volume on OpenOcean.

The reward will also be distributed based on the following structure:

  • 1st place winner will receive $500
  • 2nd place – $300
  • 3rd place – $200
  • 4th – 10th place will all receive $100 each
  • 11th – 12th place winners will get $50 each
  • 21st – 50th will receive $20

At the end of the campaign, 100 randomly chosen users will also receive $10 each.

To participate, interested persons have to trade BAKE, PET, or SOCCER tokens on the OpenOcean Classic or PRO Beta platform. Their trade volume must also, however, be above $5 to be eligible for the trading campaign.

2. PAID Network Partners With Knit Finance

PAID Network announced a strategic partnership with next-gen DeFi platform Knit Finance. Knit Finance is well-known for being able to enable any form of digital assets to be wrapped, leveraged, and minted as a K-token.

The partnership will provide PAID Network with a lot of opportunities. Furthermore, providing access to cross-chain interoperability by wrapping and minting PAID tokens. Knit Finance, on the other hand, will enjoy access to PAID’s SMART Agreement technology. PAID technology has the ability to operate on both the Ethereum and Polkadot chains. This is made possible due to Plasm.

3. FM Gallery Partners With BakerySwap

Based on decentralized technology, FM Gallery is a distribution platform built for NFT artworks. The platform has partnered with BSC-based decentralized finance (DeFi) exchange BakerySwap. BakerySwap is well-known for providing both an automated market maker (AMM) and NFT marketplace on Binance Smart Chain (BSC).

Together both platforms will design, create, and publish “special edition blind boxes of NFT artworks.” FM Gallery is known for its use of blockchain tech where users can collect NFT fragments and then piece them together to form the complete artwork. They can then receive the physical artworks in exchange for the completely pieced NFT fragments.

4. Pandora Enters Strategic Partnership With Unmarshal

This partnership is strategically aimed at making use of Unmarshal’s Data Indexing API. Subsequently providing much-improved NFT metadata relays for asset tokenization. The partnership will also provide dApp developers, traders, investors, etc. with access to Pandora’s interface. This, in turn, will provide them with access to accurate, reliable, and verifiable information from Unmarshal, the multi-chain DeFi network.

5. MARSH LP Staking Program on Binance Smart Chain (BSC)

Next on our list of DeFi updates is the fact that Unmarshal MARSH tokens recently went live on Binance Smart Chain (BSC). In line with this, Unmarshal has announced the launch of its MARSH token LP staking program on Binance Smart Chain (BSC).

Interested persons can earn huge APY by simply staking MARSH/BNB CAKE-LP gotten by providing MARSH/BNB liquidity on DEX platform PancakeSwap.

The program will take place in two phases. According to reports, approximately 10,000 MARSH tokens will be available as rewards to LPs in the first phase. This phase commenced on April 15, 2021, and will take place for 15 days. Unmarshal will release details of the second phase in the near future.

6. Synthetix Expands Its Loan Feature

Synthetix, simply put, is a protocol that enables the minting and issuance of synthetic assets on Ethereum. The protocol recently announced the expansion of its existing loan feature. Alongside the loan feature expansion, Synthetix has also integrated the feature into its staking dApp.

Loans on Synthetix, prior to this time, were only accessible using ETH tokens as collateral. Now, the protocol has added support for renBTC. With the addition, interested persons can borrow sETH, sUSD, and sBTC on Synthetix.

7. AscendEx Adds Support for JulSwap

AscendEX, on April 16, 2021, announced the listing of JulSwap with the trading pair USDT/JULD. In line with this, participants also have the opportunity to share 42,000 USDT. They only need to deposit and trade Julswap (JULD) tokens on AscendEX.

AscendEX, formerly known as BitMax, is a global cryptocurrency exchange platform.

8. DODOdex Adds Support for Four Different Tokens

Popular on-chain liquidity provider DODOdex has announced the addition of four tokens on its default trading list on DODO. The tokens added include Alien Worlds (TLM), Juggernaut (JGN), ARPAChain (ARPA), and ITAM Games (ITAM).

9. Harmony ONE Strategically Partners With SWFT Blockchain

Harmony Protocol recently announced a strategic partnership with SWFT Blockchain. This partnership will drive the use cases of Harmony’s native token (ONE) through the roof. Thanks to SWFT, ONE tokens will be available for use on top e-commerce platforms like Baidu, Alibaba, and weChat.

SWFT is well known as a next-gen transfer platform and payment network. SWFT’s DeFi swap platform currently supports over 300 cryptos.

10. AU21 Capital Invests in UniLend

Now we reach the end of our DeFi updates. AU21 capital recently invested in UniLend to help broaden its horizon in relation to interactions between digital assets. This, in turn, will help increase adoption for the entire DeFi space.

UniLend seeks to incorporate the strength of both the decentralized finance (DeFi) space and digital assets built on ERC-20 platforms.

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