To the DeFi community,

This week, Castle Island Ventures announced a $250 million Web3 investment fund and the additon of Ria Bhutoria as general partner at the firm. The new fund will focus on blockchain-based financial services, monetary networks, and internet infrastructure that are expected to be major Web3 themes in years to come.

 

Curve Finance enlarges its reach again by launching on Moonbeam, the EVM compatible Polkadot chain. Curve is one of the first cross-chain DeFi protocols to come to Moonbeam, and should provide a solid foundation for like-asset swaps on the network.

 

 

NEAR-based multiproduct DeFi platform Ref Finance announced a strategic raise of $4.8 million to continue expanding their developer team and building out DeFi in the NEAR ecosystem. Ref currently offers AMM and stableswap platforms, with plans for additional AMM improvements and a lend and borrow protocol later on.

 

And Gnosis decentralized governance voted to spin out SafeDAO and release the SAFE token via airdrop to users and distributions to core contributors, community treasuries, and the SAFE Foundation. Gnosis Safe contains more than $100 billion in funds across various Web3 projects, making the product a critical piece of public infrastructure that will now be managed by the SAFE holder community.

 

More than $100 billion held by various DeFi and Web3 projects is a remarkable sum. What’s more, that total represents only that actually raised and held by Ethereum-based projects as ‘dry powder’, indicating a huge amount of runway for the DeFi space that has historically run extremely lean – teams facilitating hundreds of billions in annual volume often consist of a few dozen or less developers, promoters, and coordinators. 

That total also doesn’t include the billions set aside just in the last year by venture capital firms of all varieties, from crypto-native to those just getting started investing in Web3. Investment in the space has skyrocketed over the past four years, with 2022 shaping up to be another notch higher as money continues to pour in.

The blockchain industry has always had its detractors, but the boosters, at least as measured by skin in the game, have apparently never been more confident that crypto infrastructure and products will be an integral part of everyday life in the not-too-distant future. It can feel like a slow process, but if you’ve made it this far, what’s a few more years? Keep on trucking!

 

Thanks to our partner:
Nexo – Unlock the power of your crypto with up to 17% interest and borrowing starting at 6.9%. Read our Nexo review.

Interest Rates

DAI

Highest Yields: BlockFi at 8.50% APY, Nexo Lend at 8.00% APY

Cheapest LoansAave at 3.69% APY, Compound at 4.19% APY

MakerDAO Updates

DAI Savings Rate: 0.00%

Base Fee: 0.00%

ETH Stability Fee: 2.00%

USDC Stability Fee: 0.00%

WBTC Stability Fee: 2.00%

USDC

Highest Yields: Celsius at 8.5% APY, Nexo Lend at 8.00% APY

Cheapest LoansdYdX at 0.01% APY, Aave at 3.19% APY

 

Top Stories

Axelar’s Universal Blockchain Interoperability Network Raises $35 Million to Reach $1 Billion Valuation

 

Colorado To Accept Bitcoin For State Taxes

 

Sorry, Jack, you can send ETH tips via Twitter now

 

Sequoia Commits to Crypto Boom With $600M Fund

 

 

Stat Box

Total Value Locked$87.35B (down -14.78% since last week)

DeFi Market Cap$110.24B (down -0.32%)

DEX Weekly Volume$16.07B (down -4.12%)

DAI Supply9.78B (down -0.21%)

Total DeFi Users: 4,395,350 (up 0.72%)

Bonus Reads

[Bijan Shahrokhi – The Defiant] – Zero Knowledge Proofs Can Save the Metaverse From Becoming a Dystopian Surveillance State

[Anthony Sassano – The Daily Gwei] The Perpetual Buyer – The Daily Gwei #439

[Timothy Craig – Crypto Briefing] – Court Orders Terra’s Do Kwon to Comply with SEC Subpoenas

[Jack Melnick – The TIE] – The Cost of Centralization: Stablecoin risk, yield, and structure