To the DeFi community,

This week, Electric Capital announced $1 billion in capital split between two funds, $400 million for VC investments and $600 million for investing in crypto tokens. The crypto-centric funding will be used to bolster projects in DeFi, decentralized infrastructure, and the NFT space, while also supporting participation in DAOs and helping grow Web3 participation.

 

 

1inch added support for P2P swaps on all supported chains, creating a potential new option to compete with OTC desks or other trades that can’t support large trades without significant slippage. Sharing addresses is also done via URLs instead of 1inch backend infrastructure, ensuring the tool remains permissionless and censorship resistant.

 

Nested Finance raised $7.5 million in a preliminary funding round including famous British investor Alan Howard. Nested also released details on its upcoming Nested Portfolio, an NFT serving as a unique identifier for customizable baskets of DeFi, CeFi, and NFT positions as well as copy trading and social sharing capabilities.

 

 

And South African crypto exchange VALR raised $50 million in a Series B round that they claim as the largest ever for an African crypto company. Funds will go towards expanding VALR to additional countries in Africa and beyond, hiring additional developer and administrative support, and building additional exchange products and features.

 

Financial inclusion is a key component of the overall value proposition of cryptocurrencies and the Web3 ecosystem, even if other aspects often grab the headlines. Providing crypto services to parts of the world that have been largely left out of the traditional financial system presents unique challenges and opportunities, but presents probably the strongest option for making a positive impact on the greatest number of people, allowing them to live a more stable and comfortable life, without giving up culture that makes them unique or requiring relocation to a more advanced urban setting.

 

With new sanctions emerging and governments taking crypto questions more seriously than ever, the temptation remains to try to fit the digital asset industry into boxes created for legacy finance. But to do so would be to artificially constrict an orders-of-magnitude jump in the efficiency of moving value around the world, potentially locking out those that have been physically distant from centers of capital for another generation, at least.

 

Freedom and stability are fragile, and too often taken for granted in western economies, where access to financial tools is reasonably robust and capital seems abundant. But humanity has a duty to extend those assets beyond our borders, for the sake of empathy and because it will make the world a more vibrant, accessible, happy place to live. Crypto can’t solve everything, but its potential is limited more today by our imaginations than by the capabilities we now possess. Let’s make the most of them.

 

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 3.43% APY, Compound at 4.10% 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: BlockFi at 8.74% APY, Celsius at 8.48% APY

Cheapest LoansdYdX at 0.01% APY, Aave at 2.75% APY

 

Top Stories

Osmosis Lets Liquidity Providers Earn Dual Incomes from Staking and LP Rewards

 

Alameda research performs a significant percentage of its trades on DeFi platforms

 

FriesDAO raises $5.4 million with plan to buy fast food restaurants

 

Schwab files with SEC to create ‘Crypto Economy ETF’

 

Stat Box

Total Value Locked$77.96B (up 9.88% since last week)

DeFi Market Cap$118.48B (up 11.25%)

DEX Weekly Volume$19.07B (down -4.35%)

DAI Supply9.22B (no change)

Total DeFi Users: 4,452,100 (up 0.6%)

Bonus Reads

[Chris Williams – Crypto Briefing] – Ukraine Cancels Airdrop for Crypto Donors

[William M. Peaster – Bankless] 5 ways to earn fixed-rate yields on DeFi

[Brady Dale – The Defiant] – Anchor’s TVL Surges to All Time High of $11.7B After Luna Foundation Refills Reserves

[Vaish Puri – The TIE] – Solving the Blockchain Trilemma: On Scaling Challenges and their Solutions