It has been a great week in the world of DeFi. Quite a number of projects either launched or successfully completed their funding rounds this week. Notable events occurred that garnered the interest of a lot of folks on Crypto Twitter, further helping to bring DeFi more mainstream attention.Β
π #Definews Daily Digest
02.02.23π @VenomFoundation partners and invests $5M in @Everscale_net
π @Covalent_HQ Project Monthly Summary
π @VestExchange Funding Round led by @JaneStreetGroup
π @Megaton_Fi Officially Launched on @Ton_blockchain pic.twitter.com/k3QhacytrJ
— π πππ π ππππ π (@Definews_Info) February 3, 2023
With Arbitrum and Optimism being major chains with increasing TVL and projects launching excellent products, it becomes essential to pay a lot more attention, whether for research on investment decisions or just to be updated on the latest happenings in the space.Β
Venom Foundation, a decentralized scalable blockchain solution with a major focus on Africans, raised about $5 million with its partners and invested it in Everscale, another blockchain infrastructure built for industrial. It also launched a $20,000 community contest in $EVER tokens using Crew3, a community engagement analytics tool. This move will further help to strengthen the blockchainβs community base and outreach.
Vest Exchange, a decentralized perpetual exchange built on the Arbitrum blockchain, also successfully launched its funding round led by Jane street Group, a global web2 trading firm, and venture capitalist. Vest Labs hopes to launch a highly useful product in the upcoming months with the help of the attention being paid to the Arbitrum ecosystem, providing users with more trading options and an all-in-one tool set for their decentralized perpetuals trading.Β
The growth in DeFi this week was driven by a number of factors, including the increasing popularity of notable trading solutions and the continued development of new DeFi protocols and products. And this seems to be on the rise as more developers seek to build better products, strengthening the crypto industryβs solution base.
Following the massive growth in TVL and liquidity flow on the Arbitrum network, Maestrobots, a trading bot specially built to make degen trading seamless and a lot faster, announced their support for Arbitrum users after noticing the slow response time on Sushiswap and Uniswap, which a lot of traders complained about.
Overall, the Defi roundup for this week emphasizes the crypto industry’s ongoing development and growth. DeFi is well positioned to play an increasingly critical role in the future of finance as new protocols and products are developed and established ones experience tremendous growth. It’s crucial to keep in mind that the DeFi market is volatile and that trends shift frequently. Conducting your own research is as crucial as understanding the risks associated with any investment.
