WolfDAO Newsletter - #30
Farm up to ~26% APR on USDC-ETH LP at Beefy Finance! Read more about Loopring, NFT Market Rebound, Binance Bridge 2.0, Metamask integration, Lightning Labs, and other protocol happenings.
Farm up to ~26% APR on USDC-ETH LP at Beefy Finance!
Beefy Finance, a decentralized, multi-chain yield optimizer, offers additional yield on USDC-ETH LP tokens if one stake within one of their Arbitrum Network vaults. SushiSwap is one of the safest platforms to provide USDC-ETH liquidity as it allows liquidity providers to earn a yield for facilitating trades. Beefy Finance will automatically sell your SUSHI rewards to purchase more USDC-ETH LP tokens, thus compounding your position.
Users can try the Beefy Finance farming strategy by setting Arbitrum on Metamsk, bridging funds, swapping for USDC & ETH, pooling USDC & ETH on SushiSwap, and staking USDC-ETH LP tokens on Beefy Finance.
Despite Beefy Finance having undergone several audits, the staking opportunity has market risks, impermanent loss (IL) risks, smart contract risks, etc. We advise only to invest the amount that you can afford to lose.
Source: DeFi Pulse Farmer
Q1 Trading Tops $12 Billion leading to NFT Market Rebound
After setting records in January, the NFT market saw gradually sinking trading volume throughout February, declining in March. However, the data suggest that NFT trading is on the rebound of late, and total trading volume in Q1 2022 topped $12 billion.
The data comes from DappRadar, which depicts that the broader NFT market generated $2.63 billion worth of total trading volume in March. The total NFT market trading volume stands at about $12.13 billion for the first quarter of 2022. The DappRadar also suggests a potentially sizable year-over-year increase in coming for 2022 if the market continues at this pace.
Even the daily trading volume on leading marketplace OpenSea declined gradually across February and into early March. However, it is now witnessing steady growth over the last two weeks. The reports state that Sunday (April 3) was OpenSea's best single day of Ethereum trading volume in weeks, with $173 million worth. In April alone, the platform has logged about $669 million of Ethereum volume.
Loopring (LRC)
Loopring is a Decentralized Exchange (DEX) built on the Ethereum Layer-2 solution (zkRollup) that facilitates buying and selling cryptocurrencies. The platform has its AMM (Automated Market Maker) that provides liquidity through automated trading.
zkRollup is an Ethereum L2 scaling solution that migrates computations off the blockchain. It significantly helps Loopring use the underlying Ethereum blockchain as a data and verification layer. Therefore, it provides a 1000X throughput rate than Ethereum and brings down the cost per trade settlement to a mere $0.00015.
Loopring is always under constant development that makes it grow among its peers. The performance is at par even for professional traders and market makers to deploy algorithmic strategies and other automated trading bots.
All this narrows down to Loopring's goal to combine a centralized world with a decentralized one. It utilizes centralized order matching with decentralized on-blockchain order settlement to bring the best product to the market.
Binance Launches Binance Bridge 2.0 to Integrate CeFi and DeFi
Binance has introduced a new way to bridge listed and selected unlisted tokens from Ethereum to BNB Smart Chain as BTokens. The tokens are pegged on a 1:1 basis to the underlying asset, and one can quickly redeem BTokens back to the original asset at any time. The wrapped tokens can be used with the BNB Chain ecosystem and for exploring DeFi, blockchain games, metaverse, and more.
MetaMask rolls out Apple Pay integration and other iOS updates
Metamask is a ConsenSys-owned platform that has successfully integrated Apple Pay integration for iPhone and Apple Pay users. It enables users to buy cryptocurrency using a debit or credit card through the mobile application, eliminating the need to transfer Ether (ETH) from a centralized exchange like Coinbase into the application. Users can use their Visa or Mastercards to buy ETH and deposit a daily maximum of $400 into their wallets.
Router Protocol is Planning Integration of Ethereum and Fantom Network
The integration of Fantom and Ethereum will help Router Protocol move one step closer to building a truly interoperable cross-chain ecosystem. The protocol aims at providing a turnkey solution for true interoperability between every blockchain network. The team is working on multiple fronts and has successfully launched a cross-chain explorer and a customizable widget. The protocol also integrates more L2 and L1 Chains to launch cross-chain SDK.
Lightning Labs Raises $70 Million in Series B Funding
Bitcoin-focused company Lightning Labs has raised $70 million in a round led by Valor Equity Partners. The funding also received participation from Baillie Gifford, Robinhood CEO Vlad Tenev, Goldcrest Capital, and others. The company plans to enable stablecoin transactions on the Lightning Network using Lightning Labs’ new Taro protocol. The Lightning Network is a layer-two solution for Bitcoin transactions, enabling instant, low-fee transactions with Bitcoin without using Bitcoin’s blockchain verification for each transaction.
mSPELL staking is live on ETH, AVAX, FTM, and Arbitrum
mSPELL staking allows users to stake their SPELL tokens and earn stablecoin MIM income from the protocol revenue. Users can choose the staking method, MIMs will be distributed proportionally to the amount of SPELL staked in the pool, and mSPELL stakers will be able to claim their MIM anytime they want using the claim button. mSPELL staking is available on Avalanche, Arbitrum, Ethereum, and Fantom Opera!
Elon Musk Joins Twitter Board After Taking 9.2% Stake
According to a tweet published by Twitter's CEO Parag Agrawal, Elon Musk has been appointed to the Twitter board. Agrawal further added that Musk is "both a passionate believer and intense critic of the service, which is exactly what we need on Twitter, and in the boardroom, to make us stronger in the long-term." Musk has been making news headlines after he asked people in a survey whether or not Twitter "adhered to free speech."
Trezor Crypto Wallets targeted in a Phishing Scam
An insider of MailChimp exploited the company's newsletter database resulting in Trezor users receiving a malicious phishing scam. Trezor is a hardware crypto wallet provider, meaning anyone can use Trezor to put their crypto into "cold storage." The company has taken the phishing domain offline and will not be communicating by newsletter until the situation is resolved. However, it is still unclear whether any funds have been stolen in the scam.
US Authorities Seize $34M in Crypto Linked to Illegal Dark Web Activity
Federal prosecutors in Miami and Florida have recently seized $34 million worth of cryptocurrencies. It has been described as one of the largest cryptocurrency forfeiture actions ever filed by the United States. According to DoJ, law enforcement identified a South Florida resident raking in millions via an online alias selling stolen account information on the dark web from services like HBO, Netflix, and Uber. The person was using crypto tumblers to launder people's holdings.
