🌊 Terra and Fantom Are Pumping Even as DeFi TVL and Ethereum Burn Rate Drag

Hello Defiers! Here’s what we’re covering today: News Terra and Fantom Are Pumping Even as DeFi TVL and Ethereum Burn Rate Drag Anchor’s TVL Surges to All Time High of $11.7B After Luna Foundation Refills Reserves Ukraine Makes Crypto History With Aird...


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Market Action

🌊 Terra and Fantom Are Pumping Even as DeFi TVL and Ethereum Burn Rate Drag

By Samuel Haig

DOUBLE-DIGIT GAINS DeFi tokens are rallying. Terra is up 54% in the last seven days, and Fantom has spiked 21%. Indeed, six of the top 100 by market cap are up by more than 50% over the past seven days, and 40 are enjoying double-digit gains for the week according to CoinGecko. The combined DeFi market cap is almost $122B after slipping below $100B on Feb. 22.

TVL Yet the growth of the sector’s total value locked (TVL) has been more modest, with Ethereum and Solana up just 5% from their respective local lows, while Binance Smart Chain and Polygon have bounced by 3%, according to DeFiLlama.

QUESTIONS Ethereum’s burn rate has also plummeted, currently sitting at 3.68 ETH per minute on average for the past week — a drop of more than two-thirds from its January highs. So is DeFi activity declining? Or has it migrated away from the chains that drove the 2021 boom for decentralized finance?


Terra TVL. Source: DeFi Llama


Luna Ecosystem

⚓️ Anchor’s TVL Surges to All Time High of $11.7B After Luna Foundation Refills Reserves

By Brady Dale

LOCKED With $11.7B in funds locked in, Anchor now has more funds committed to it since the savings application launched on Terra last year, according to DeFiLlama.

RESERVE This is a turnaround from January, when depositors started leaving because it looked as though it might not be able to meet its roughly 20% fixed yield for those using it to grow their savings. That generous reserve was insured by a yield reserve that covered the difference when cash flows didn’t, a reserve that looked like it could run out as it fell by $2M every day.

YIELD In early February, though, the protocol sought a $450M contribution from the Luna Foundation Guard to refill its reserves. Those new reserves were turned over to the Anchor yield reserve on February 18, according to Terra.Engineer. Anchor reserves now sit at $476M (in TerraUSD), as the reserves continue to shrink by the same amount, about $2M per day.


Ukraine Fundraising

🇺🇦 Ukraine Cancels Historic Airdrop to Aid Embattled Citizens and Opts for NFTs

By yyctrader

CASH No sooner had the Ukrainian government unveiled an unprecedented airdrop to fund aid for its embattled citizens than the plan was scrapped in favor of utilizing NFTs to raise much-needed cash.

CANCELED In a tweet Thursday, Mykhailo Fedorov, the vice minister of Ukraine, said the airdrop was canceled. “Every day there are more and more people willing to help Ukraine to fight back the aggression,” he said. “Instead, we will announce NFTs to support Ukrainian Armed Forces soon. We DO NOT HAVE any plans to issue any fungible tokens.”

SCRAMBLING The about-face comes as a number of blockchain-based projects are scrambling to use cryptocurrencies and applications to speed aid to Ukrainians besieged by the Russian invasion ordered by President Vladimir Putin last week. Polkadot and Tron have jockeyed to get Ukrainian leaders to accept their tokens as aid. A project called UkraineDAO rapidly raised $7M as part of the effort.


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The Tube

📺 Quick Take: The Ukraine Airdrop - is this for real?

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🔗 SEC Probing NFT Market: Report: CoinDesk

The Securities and Exchange Commission (SEC) is investigating whether certain non-fungible tokens qualify as securities and thus should be regulated, according to a report from Bloomberg, citing sources familiar with the matter.

🔗 Dragonfly Research claims Ethereum is the ‘MS-DOS’ of blockchains: CoinTelegraph

An experiment from Dragonfly Research that compared the performance of six blockchains by testing the capacity of automated market makers (AMMs) on each has found Solana’s Orca decentralized exchange (DEX) was the clear winner in trades per second.

🔗 How Ava Labs is building the road to crypto ‘hypergrowth’ with Avalanche: MasterCard

Emin Gün Sirer has a major beef with the crypto economy: It’s not growing fast enough.

🔗 EU looks at preventing use of crypto to avoid Russia sanctions: The Financial Times

The EU is considering new measures to ensure digital assets are not used to dodge sanctions against Russia as the bloc toughens its enforcement of the financial penalties imposed on Moscow in the past week.


CryptoStΞvΞ | UkraineDAO | PleasrDAO (🇺🇦,✨)ᵐᶠᵉʳ @DefiHope🤚🎤⬇️ ... @Ukraine_DAO @cryptodrftng @pussyrrriot @zencephalon @TrippyLabs


9:21 AM ∙ Mar 3, 202220Likes4Retweets


Solidex @SolidexFantomWe can confirm votes were successfully submitted. Happy $SEX and $SOLID farming!


12:15 AM ∙ Mar 3, 2022279Likes32Retweets

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🧑‍💻 ✍️ Stories in The Defiant are written by Brady Dale, Owen Fernau, Samuel Haig, DeFiDad, and yyctrader, and edited by Edward Robinson, yyctrader, and Camila Russo. Videos are produced by Robin Schmidt, Alp Gasimov and Daniel Flynn. Podcast is led by Camila, edited by Alp.

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