The Saga Continues

the sage continues dexplain crypto newsletter NFTs and DeFi

Today we give you some food for thought: the DeFi sector is only ~3% of the entire crypto market cap. Perhaps claims that Ethereum’s ecosystem will be the fastest growing economy during the next decade are not so farfetched? 

Hard to see with the current scaling and network problems, historically emerging markets do indeed outpace developed nations. Anyways, BTC is back to trading above 50k and ETH above 1500.


Crypto News

  • Bitcoin: The director of global macro at Fidelity Investments stated that BTC was worth considering for your portfolio. Analysts are still predicting the possibility of a massive supply squeeze as more institutions move Bitcoin off exchanges and into cold storage.  
  • PayPal: Reports came out the company has bid $500M to acquire the cold storage cryptocurrency company Curv. Meanwhile, traders mistook this news and decided to pump CRV instead… please crypto trading never change!
  • Sony: Announced it had joined the THETA Network by running a Validator node, while many people are fixated on institutions adding BTC to their treasury, perhaps a smarter business move could be institutional sized staking? Will be interesting to see if other multinationals follow suit.
  • FTX: Added support for PayPal deposits and withdrawals, pretty much means you can fund your trading account with any currency (PayPal will deal with the conversion). If you’re tired of Binance crashing at key moments, recommend giving FTX Exchange a try.

DeFi News

  • Amazon: Announced Ethereum would be available on Amazon Managed Blockchain, which means AWS customers can spin up Eth nodes in minutes. Good news for DeFi developers.
  • Alpha Finance: Will be bringing its leveraged yield farming product to the Binance Smart Chain ecosystem enabling users to capture more opportunities. If you missed our article on why we believe ALPHA token will be a DeFi front runner during 2021, be sure to give it a read
  • Nord Finance: A new DeFi platform building with multi-chain interoperability in mind for Ethereum, Binance Smart Chain, and Elrond. Its Savings product features over 200% APY on several stablecoin options, definitely one to check out!
  • Deus Finance: Announced its decentralized platform for trading stocks, forex, and crypto will go live within the next 48 hours. This is a DEX powered by xDaiChain meaning users will not have to face high Ethereum network fees and trade with instant confirmations.   
  • Kylin Network: Will launch a Liquidity Bootstrapping Pool on Balancer for KYL token which will distribute 13M tokens from March 3rd to March 5th. A Balancer LBP is designed to make front-running and sniper bots unprofitable, meaning a safer way to participate in token sales. Read our KYL token review here. 
  • Xend Finance: The team announced its smart contract security audits have been completed by Certik. XEND is a DeFi platform aimed at Credit Unions and Cooperatives. 
  • KeyTango: DuckDAO announced KeyTango’s pre-IDO has registered over $30M in interest from various VC firms. Looking like you will not want to miss this IDO on 11th March, and you can sign up for the App beta here
  • Curve Finance: V2 of the pool factory is live, meaning anyone can deploy a Curve 3CRV or sBTC pool. Plus project pools can be featured on the main UI if they meet audit and volume requirements
  • Raydium: The new AMM on Solana has launched single staking for RAY, which enables holders to earn additional yield from the protocol’s collected trading fees. 
  • EasyFi: Announced it has expanded all of its services onto Binance Smart Chain, which means the protocol is now operating on Ethereum, Polygon, and Bsc. The EASY token is also available as a BEP20 token
  • BakerySwap: Will be collaborating with Ankr in a new strategic partnership, the main aim will be bringing more Eth2 staking liquidity to the Binance Smart Chain ecosystem. Holders of aETH or BETH can stake liquidity to earn ANKR, ONX, and BAKE.

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.

This doge will keep an eye on your back with his third eye. He will alert you, if something evil is coming. You can relax & stay focused...

NFT News

  • Crazy for NFTs: Trading volume for NFTs in December was just $12 million, now data for February shows $342 million in volume. We seem to be heading increasingly towards NFT mania!
  • Aavegotchi: Yesterday’s launch was a massive success with all 10,000 NFTs selling out within minutes. If you’re interested in grabbing one now, you will have to scour OpenSea.
  • CryptoKitties: One of the early NFT powered games that brought the Ethereum network to its knees long before the DeFi explosion has kind of been overlooked in this recent NFT hype. Here is a good thread by Pranksy on why it could be a good move to bag a few.
  • Grimes: The singer made $5.8 million in under 20 minutes by selling crypto art, including images of a baby guarding Earth and Mars. The collection was titled WarNymph.