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

Pomp sparks debate: Has Bitcoin DeFi project Sovryn really overtaken Uniswap v3 by TVL?

Analysts are arguing whether the RSK-based Bitcoin money market, Sovryn, has a TVL of $52 million ... or $2 billion.

Sovryn, a BTC money market protocol built on Bitcoin-based smart contract platform RSK, recently appeared to be shooting up through the decentralized finance rankings.

On June 9, Bitcoin commentator, Anthony Pompliano, shared data to his one million followers from decentralized finance data aggregator, DeFi Llama, indicating the protocol had amassed a total value locked (TVL) of $1.95 billion — ranking it 14th for the sector and beating out DeFi darling Uniswap v3.

Pomp and many of his followers are aggrieved that Ethereum focused platforms such as DeFi Pulse do not list Bitcoin DeFi projects like Sovryn and Stacks, with the influencer stating:

“One would be in top 15 of TVL list and the other would be top 25. Why are they not included?”

Pomp’s post about Sovryn has garnered criticism from Ethereum ecosystem proponents who refuted the idea that Sovryn had amassed a ten-figure TVL. “ChainLinkGod” suggesting staked governance tokens may have contributed to an exaggerated TVL estimate.

Since Pomp’s original post, DeFi Llama has adjusted its data for Sovryn, now listing the project as having a TVL of just $52 million. The updated data now matches the TVL provided by Sovryn’s own wiki.

In a June 10 statement, DeFi Llama confirmed that its previous estimate Sovryn’s TVL was nearly $2 billion had indeed resulted from including the capitalization of staked assets. The data aggregator added that it will soon issue an update to its website allowing users to choose whether or not staked assets are included in TVL data.

Since decentralized finance exploded in popularity during 2020, TVL has emerged as the dominant metric by which a protocol’s success is measured. 

However, many analysts have argued that TVL is reductionistic and should not be treated as the sole measure of a DeFi project’s progress.

Speaking to Cointelegraph, CoinGecko co-founder Bobby Ong stated that much like how market capitalization has become the primary measure of a token or coin’s success, TVL has risen in popularity due to its simplicity, emphasizing the convenience of establishing “one number to compare against all DeFi protocols.”

“It’s not the perfect measure [...], but it is the most straightforward measure for people to understand and use as a benchmark,” he added.

Ong believes that total trading volume should be the primary metric that decentralized exchanges (DEXes) are measured by, noting that volume “drives protocol revenue.” For the same reason, he argued that borrowing volume should be the principal measure of money market protocols.

Ong also recommended that analysts place a greater emphasis on combining TVL with other key metrics to illustrate the capital efficiency of liquidity locked in a given protocol:

“For a DEX, looking at Trading Volume / TVL will give a measure of how efficiently the liquidity is utilized to drive fees for the protocol and LPs.” 

Ong also argued that dividing a project’s TVL by its market cap or fully diluted valuation (FDV) is useful for comparing DeFi protocols operating in the same segment.

https://ift.tt/35cHZq5
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