Pit Stop

dExplain crypto newsletter march 29th defi and nfts latest updates from yield farming to trading strategies and more

Would recommend staying cautious this Monday as stock markets could be a little shaky due to Bill Hwang’s firm taking a $30 billion hit. Ouch, that’s a ridiculous liquidation.

That being said, BTC/USD is currently being steered by the bulls and if we close today above $57,800 then we will be trading above $60k much sooner than you think. Plus, the news around Visa already settling USDC payments on the Ethereum network is incredibly bullish for the industry!

Looking forward to trading in April, and don’t forget the Marathon is live.


Crypto News

  • Grayscale: In the last 30 days, the largest digital asset manager bought 9.8k ETH, 6.6M XLM, 97K LTC, 9.6K BCH, 161.6K ETC. Don’t forget Grayscale recently announced investment products for LINK, BAT, MANA, FIL, and LPT – how much will they buy in April?
  • Visa: Reveal’s roadmap for its plans to support Bitcoin and cryptocurrency as a payment network. Looks like the race is on between the big players!
  • Russia: For the first time Russia is now holding more gold in its 583 billion reserves than USD. This has more to do with Putin’s focus on de-dollarization than crypto, but it will be interesting to see if more countries start rebalancing their reserves. Which nation will publicly hold Bitcoin first?

DeFi News

  • zkSync: Announced what we can expect with zkSync 2.0, which looks very good for onboarding more users into Layer2 infrastructure. With the next update, all Ethereum addresses will be usable out-of-box, no need to sign anything or special integrations required. 
  • Hop Protocol: This news seems to have been overlooked a little, last week Hop Protocol came out of stealth mode to announce what they’ve been building: bridges between Layer2 solutions. Meaning you can hop between Optimism, Arbitrum, Polygon, xDaiChain, Loopring, and more.
  • Balancer: Is V2 everything you ever needed in DeFi? The team seems to think so, definitely looking forward to dynamic swap fees on token pools and asset managers. Bullish on BAL!
  • Pancakeswap: If you’ve been trading tokens on BSC make sure you create a Pancakeswap profile, as team battles will start in Easter and it will be required for the next IDOs. The team also announced a $1,000,000 bug bounty is live, any security auditors looking for work? Go! 
  • Ditto Money: Tomorrow single side staking for DITTO will launch, users, will receive xDITTO which can then be used to farm BAKE via BakerySwap on the xDITTO-BNB pair. Nice way to stack a yield farming strategy.
  • Prosper: Announced integrations with Avalanche will go live tomorrow, enabling users to predict with the AVAX-USDT pair. 
  • Glitch Protocol: Announced a partnership with Ramp DeFi, collaboration will be around building a bridge to Binance Smart Chain. This will enable trading of the GLCH stablecoin via Pancakeswap.
  • VenomDAO: A multi-chain DeFi protocol for token swaps and farming on Harmony. Currently, APR looks very attractive even for stablecoin pairs with ONE. Also, the team is planning to launch on BSC next.
  • Smoothy Finance: Announced their initial mining and airdrop phase will start on BSC on March 30th at 2 AM UTC. One of the big benefits of liquidity mining on Smoothy is users can supply single side liquidity, a great place to park some stablecoins.

NFT Spotlight

Be sure to check the listing to view the digital crypto artwork in its full glory, as some art is animated or contains audio.


FLOW

Click to watch animation!


NFT News

  • NFTY Labs: Announced a partnership with Plasm Network to integrate its flagship product NFTY Connect on Plasm. The collaboration will be around providing more value to holding Plasm PolkaPet NFTs. 
  • Non-Fungible Apes: A new NFT project following the success of CryptoPunks, Hashmasks, or MoonCats – will this be the next one? What’s cool is users can stake their NFAs to make NFA babies. Stakers can also earn fees from Opensea sales.  
  • Polkadot: Several digital artwork projects are popping up on Kusama, which means we may see NFT mania happening on Polkadot soon enough. Parity, Moonbeam, Usetech, Bit Country, and KodaDot have all released open-source tools for NFTs. 
  • BakerySwap: Added support for an auction feature to their NFT marketplace, meaning artists no longer have to stick to a fixed price for selling crypto artwork on Binance Smart Chain.
  • Polkamon: The treasure hunt starts today, with five treasure hunt rounds and only 1 winner per round. The prize is a baby dragon if you’re able to solve the puzzles.