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

Here’s why DinoSwap’s (DINO) TVL rose above $330M a week after launch

High yield opportunities and a steady resurgence in DeFi tokens helped push DinoSwap’s TVL above $330 million just one week after launch.

Decentralized finance (DeFi) remains one of the fastest-growing subsectors of the cryptocurrency ecosystem and newly launched platforms looking to grow their userbase and attract liquidity typically offer high-interest staking pools for the first few weeks after launching. 

One new project that has steadily gained traction in terms of user growth and total value locked (TVL) since farming went live is DinoSwap (DINO), a Polygon network-based cross-chain protocol that rivals the likes of PancakeSwap and other automated market makers.

DINO/USD 1-hour chart. Source: CoinGecko

Data from CoinGecko shows DINO that saw its price trade as high as $4.28 upon launch and a surprise flash crash pushed the price to $2.30 on July 25. The price has since recovered to trade above $3. 

Related: DeFi industry draws in commercial banks? Siam bets with $110M fund

VC backing gives users extra conficence

DeFi's success has been a boon for the crypto ecosystem, but its rapid rise has also brought numerous scam projects and rug pulls such as Polywhale Finance, which was a leading yield farm on the Polygon network before the developers of the project performed a "soft rug.”

Unlike projects with anonymous developers, DinoSwap has received more than $4.7 million in funding from venture capital funds and this could boost the confidence of investors who fear a rug pull.

This helped provide momentum ahead of the official launch of the DinoSwap protocol on July 17, which quickly amassed a total value locked of more than $300 million by July 18 according to data from DeFi Llama.

DinoSwap total value locked. Source: Defi Llama

Yield opportunities attract deposits

The rapid rise in TVL on the platform is due in large part to attractive yield opportunities offered by the protocol.

Users can deposit liquidity provider tokens into the ‘Fossil Farms’ section of the protocol which offers rewards ranging from 14.39% for a USDT-USDC pair to 901% for the DINO-USDC pair.

The ‘Extinction Pools’ section of the protocol allows users to directly stake a growing list of individual tokens, including DINO and Aavegotchi (GHST) whose returns are in the 79% to 641% range.

DinoSwap also allows users to time-lock their DINO tokens in the ‘Tar Pits’, which offers a higher reward for longer duration lock-ups.

Regular DINO token burns are also a standard practice utilized as a way to help maintain the value of the native token and bring a greater level of stability to the ecosystem.

According to the most recent ask me anything session from the DinoSwap team, upcoming plans on the project’s roadmap include improvements to the DinoSwap AMM, multi-chain bridge and the addition of gamification products and governance features. 

With Bitcoin price vying to flip the $40,000 level back to support, and altcoins showing double-digit gains, DinoSwap could possibly become one of the largest AMM's on the Polygon network and if DeFi tokens have another run in the coming quarter, DINO price could rise, especially if new staking pairs are offered in the near future.  

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

https://ift.tt/3eY895t
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