Skip to main content

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Post a Comment

Clever Aave to Matic bridge keeps track of yields

A new type of cross-chain bridge has been invented which integrates the interest-yielding properties of DeFi with second layer solutions for Ethereum.

The first Aave-friendly Ethereum to Matic bridge has opened for business, allowing users to port Aave’s interest-bearing aTokens back and forth between the DeFi protocol and the faster, cheaper layer-two network.

The smart contract for the bridge was developed by Nick Mudge, Lead Solidity Developer of Aavegotchi. It differs from previous Ethereum to layer-two bridges as it interacts with the Aave protocol to keep track of interest being paid on aTokens locked up on the Ethereum side of the bridge.

According to Mudge, the bridge’s smart contract converts user’s Aave aTokens — such as aUSDC, for example — to maTokens, which are then made available to the user on the Matic Network. When maTokens are converted back to aTokens, the user receives the original amount of tokens sent through the bridge plus interest accrued during the time they were locked in the bridge contract.

Mudge sees maTokens as potentially valuable to Matic-related liquidity providers, as it is now possible to earn not only transaction fees but interest when lending out maUSDC. This can currently be accomplished via Quickswap, the platform’s #1 DApp, which is a direct clone of Uniswap modified for Matic.

As Quickswap runs on Matic, its transaction fees are a tiny fraction of those currently being endured by Ethereum users, which makes Matic an enticing alternative for developers looking to lessen the cost of DeFi-related transactions.

Named after a dApp-based NFT staking game, the Aavegotchi Bridge was initially created for the sake of making it cheaper to perform actions within the game. When players of the game started complaining of Ethereum’s high gas fees, Mudge took the creative approach of building an interface between Aave and Matic so game-related transactions could be conducted faster and with significantly reduced fees.

“We wanted to launch Aavegotchi on Ethereum first and work on implementing some functionality on Matic Network later,” Mudge told Cointelegraph.

“But the day we were going to launch on Ethereum the gas fees went sky high and it would have wrecked our launch. So we delayed and decided to move the whole project to Matic Network.”

Mudge believes that smart contract developers will increasingly employ layer-two solutions like Matic for conducting business on Ethereum as the network remains jammed and prohibitively expensive.

“Because the gas fees are so low on Matic Network it opens the door for more composition/interaction between different smart contracts and protocols to create kinds of functionality and sophistication on the smart contract level that weren't possible before.”

Aave is currently the second biggest DeFi platform according to the total value locked within the platform.

https://ift.tt/3iESybt
Labels:

Comments

Post a Comment

Popular posts from this blog

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Post a Comment
Read more

Year of sponsorships: Celebrities who embraced crypto in 2021

From Matt Damon appearing in a TV spot for Crypto.com to Kim Kardashian shilling EthereumMax, 2021 saw celebrities with higher profiles getting into crypto. Though the crypto space has seemingly moved beyond the endorsements many minor celebrities bestowed on token projects during the 2018 initial coin offering boom, its growing popularity and acceptance now has professional sports players, Hollywood elites and politicians backing major companies dealing with digital assets. In June 2021, Kim Kardashian promoted EthereumMax (EMAX) via an Instagram story shared with  her more than 200 million followers . The token, which was used as payment for online ticket purchases for some pay-per-view events, gained 116,000% in just one week following the celebrity’s activity before falling more than 99% and leaving many investors in the red. Kim Kardashian promoting EthereumMax on Instagram Stories, June 2021. Source: Instagram Though EthereumMax is somewhat of a cautionary tale for cry...
Post a Comment
Read more

Top 3 Rebase Token Markets Shudder — Stats Show TIME, OHM, BTRFLY Lost Billions Since All-Time Highs

While the crypto economy has shed more than 3% in fiat value during the last 24 hours dropping to $2.09 trillion, the top rebase tokens by market capitalization have seen significant losses this week. At the time of writing, the rebase token economy is valued at over $3.2 billion but has lost more than 10% in value during the last 24 hours. The largest rebase token economies such as Wonderland, Olympus, and Redacted Cartel have shed between 36% to 55% over the last week. Top 3 Rebase Token Protocols Shed Billions in Value Over the Last Week, Wonderland Down 87% Since High On the first day of November 2021, Bitcoin.com News took a deep dive into the Olympus DAO and the reserve-backed asset called OHM . Olympus is a decentralized finance (defi) project that is described as a rebase token and since Olympus started, a myriad of Olympus forks have been born. Essentially, rebase token protocols adjust the token supply in a periodic fashion or when the price fluctuates. Olympus was once ...
Post a Comment
Read more