Home CryptocurrencyBitcoin Wormhole Recovers $1 Billion from TVL and Hedera’s $408 Million Development Fund: Finance Redefined

Wormhole Recovers $1 Billion from TVL and Hedera’s $408 Million Development Fund: Finance Redefined

by SuperiorInvest

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) information – a newsletter put together to bring you the most important developments from the past week.

Hedera Network Approves $408 Million HBAR for Ecosystem Growth

The Hedera Global Governance Council, which oversees the Hedera network, approved the allocation of 4.86 billion of the network’s native token, Hedera (HBAR), worth approximately $408 million, for further development and decentralized governance advanced.

In a blog post, the council said the bulk of the funds, HBAR 4.248 billion, will be directed to existing initiatives, including the HBAR Foundation, the Hashgraph Association and the DLT Science Foundation.

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Fed Rate Cuts Could Be a Boon for DeFi and Stablecoins – Fidelity

An early interest rate cut by the US Federal Reserve could renew significant institutional interest in DeFi and stablecoins provided infrastructure is further developed in 2024, says asset manager Fidelity.

In its 2024 Digital Assets Look Ahead report released on Jan. 13, Fidelity said that while it expected institutions to dive into DeFi for its returns in 2023, this didn’t end up happening as the Fed’s rate hikes pushed them to switch to traditional fixed income products. , which are “perceived as safer.”

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Avalanche entries draw record user interest amid BRC-20 hype

Following the successful launch of Bitcoin Ordinals and enrollment tokens (BRC-20), enrollments on the Avalanche blockchain, or ASC-20 tokens, have also attracted investor interest.

On January 15, a Chinese-language Twitter space hosted by cryptocurrency exchange Bitget on the Avalanche Avascriptions (AVAV) token attracted more than 585,000 listeners. During the session, Ori, COO of the AVAV project, said that the project roadmap would closely follow a similar step to the development of the BRC-20 assets, noting that the total number of registrations on the Avalanche blockchain has exceeded 100 million. since its start in June 2023.

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Wormhole Bridge Recovers $1 Billion in Total Locked Value

Cross-chain protocol Wormhole’s total value locked (TVL) has recovered to $1 billion, nearly two years after the start of the cryptocurrency bear market in May 2022.

At press time, the protocol’s TVL shows a balance of $1.02 billion, with Solana’s Ether (ETH), Fantom (FTM), and SOL assets taking the top spots at $675 million, $174 million and 96 million dollars, respectively. Its TVL has increased more than 300% after falling to a low of $234 million at the beginning of the year. The protocol reached a peak TVL of $3.8 billion 16 months earlier, shortly before the collapse of the Terra ecosystem and the onset of crypto winter.

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Cosmos-Powered dYdX Ranks 1st in DeFi, Overtakes Uniswap in Daily Trading

DeFi protocol dYdX’s Cosmos-based marketplace overtook one of Uniswap’s marketplaces as the largest decentralized exchange by 24-hour trading volume on January 18.

Data tracking platform CoinMarketCap showed that the v4 version of dYdX based on the Cosmos cross-chain protocol recorded a 24-hour trading volume of nearly $757 million. The increase in dYdX trading volume led it to surpass Uniswap v3’s Ethereum market, which recorded a volume of $608 million during the same period.

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DeFi Market Overview

Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market capitalization had a bearish week, with the majority trading in the red on the weekly charts. However, the total value locked in DeFi protocols remained above $65 billion.

Thanks for reading our roundup of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights, and education about this dynamically advancing space.

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