1inch Network, a DEX aggregating platform, has allocated 10 million INCH tokens to its Delegation Incentive Program, a press release on January 24 shows. The goal is to incentivize more 1INCH stakers to delegate their Unicorn Power to resolvers. Incentivize 1inch Stakers’ Delegation To Resolvers 1inch Network wants to increase the number of resolvers within its…
While the DeFi market has continued to mirror the crypto market rally, more innovations have been introduced to the ecosystem. In today’s news, SushiSwap, the sixth-largest decentralized exchange (DEX) by 24 hours trading volume, has passed a proposal to relocate 100% of its trading fees to the SushiSwap treasury for maintenance and expenses. Related Reading:…
GMX, the perpetual trading decentralized exchange (DEX) allowing up to 50X leverage, now generates more trading fees than the BNB Smart Chain (BSC) and Bitcoin. GMX Is The Third Most Active Platform According to statistics, GMX’s 1-day fee on January 19 was around $589,000, while BSC and Bitcoin on-chain fees, over the same period, stood at…
Arbitrum and Optimism raked millions in profit despite the extended bear market that hammered decentralized finance (DeFi) activities and Ethereum (ETH) valuation in 2022. Arbitrum And Optimism Win Big Per on-chain data shared on Twitter, Arbitrum, and Optimism, general-purpose Ethereum layer-2 platforms, made 2,906 ETH and 2,086ETH, respectively. In USD terms, it translates to around $4.6…
Amid the ongoing rally in DeFi TVL, we’ve seen positive news and innovation popping up from the ecosystem. As the Aave protocol V3 cloud upgrade draws near, its native token, Aave, has skyrocketed since the beginning of this year, reaching higher highs for the first time in the last few months. Aave is an open-source…
Decentralized Finance (DeFi) has always been the most evolving sector in the Web3 space. With new innovations and protocols popping up in the DeFi industry, the ecosystem total value locked (TVL) continued to increase until the bear market stepped in. The bear cycle caused a lot of downturns in many sectors of the We3 industry…
With the recent hype and increase in meme coins on Solana over the past weeks, the network has gained a significant amount of momentum, pushing it to an uptick both in on-chain activity and trading volume. Solana has begun to show recovery signs from the FTX scandal following a recent spike in momentum. Even the…
Balancer’s native token, BAL, appears to be holding up despite the platform’s ongoing security issues. On Friday, Jan. 6, the DeFi project tweeted a statement asking liquidity providers on its platform to withdraw their tokens from certain pools valued at $6.3 million. Via their official Twitter handle, the decentralized exchange stated there was a security…
Following Ethereum whale interest in the Lido Finance token, LDO has gained massive momentum over the past week, up by 20%. Whalestats recently reported LDO was one of the most used smart contract tokens among the top 5,000 ETH investors. While the reason for the token adoption may be quite glaring, its recent spike has…
The crypto market is undergoing one of its lowest cycles since the turn of the year. Some crypto forecasts predicted a more positive outlook for the crypto market for November. However, events changed things negatively. The U.S. Federal Reserve (Fed) held onto the rates hike, and FTX’s collapse further plunged the market into chaos. After…