🚀 New Layer 2 Boba Leapfrogs Optimism and Races Past $1B in TVL

Hello Defiers! Happy Thanksgiving to everyone celebrating! Here at The Defiant we are grateful for DeFi and web3 bringing a more open and transparent financial system and internet, and grateful for all our readers and community members who come to us for information on this movement ❤️

Here’s what we are covering today,

News

• New Layer 2 Boba Leapfrogs Optimism and Races Past $1B in TVL
• Crypto.com’s Cronos Chain Nears $1B in TVL as Token Jumps 350%

Podcast

• Listen to this week’s podcast with Geoff Cook here:

Video

• First Look: Are Branded Dollars The New StableCoins? | DeFi 2.0 with ICHI

Links

• Celsius expands funding round to $750M, tips $7B to $10B valuation in 2022: CoinTelegraph
• Coinbase acquires crypto wallet startup BRD: The Block
• zkSync will be the first ZK-Protocol indexed by The Graph: Medium
• Blockade Games Raises $5M at $23M Valuation: Medium
• Bitcoin mining power crunch: Kazakhstan looks toward nuclear solution: CoinTelegraph
• A pool to exchange between $CRV and $ETH is up!: Curve Finance
• OMG, I'm really excited about the launching of @SlingshotCrypto on @arbitrum: Arbitrum

Most Read on The Defiant

• The Story of Ethereum to Become a Movie and NFT Collection
• Wolf Game NFTs Spark Frenzy with Sales of $52M in Five Days
• Acala Network Wins Polkadot’s Parachain Slot as Auction Shifts to Next Phase

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• Balancer, one of the leading DeFi automated market makers (AMM) for multiple tokens. Dive into their pools at this link.
• Kraken, consistently rated the best and most secure cryptocurrency exchange, which can get you from fiat to DeFi
• Aave, an open-source and non-custodial liquidity protocol where users can earn interest on deposits and borrow assets.
• Fintech Meetup, is fintech’s next big event--30,000+ online meetings for 3,000+ DeFi & TradFi participants! Online Mar.22-24. Learn More

Layer 2s

🚀 New Layer 2 Boba Leapfrogs Optimism and Races Past $1B in TVL

NEWS Boba Network, a scaling solution for Ethereum has jumped out of nowhere to hit $1B in total value locked, according to L2BEAT. That makes it the No. 2 Layer 2 and puts it ahead of well-known competitors like Optimism and Loopring.

Boba’s TVL has skyrocketed.

REWARDS At least half the liquidity appears to be coming from OolongSwap, a decentralized exchange (DEX) which is reporting $510M in TVL on their site as of Nov 24. It’s not hard to discern what’s driving the interest — the DEX is offering an only-in-DeFi 1,391% APR on its OLO-ETH pool. The APR comes from rewards in the form of OLO, OolongSwap’s token, which it’s offering as part of a liquidity mining offering.

TWO POOLS OolongSwap is offering other high APR rates on its pools without its OLO token as well. There’s a 71.04% APR offered on a USDC-ETH pair and 50.22% on a WBTC-ETH, as of Nov. 24. Those two pools alone account for $316M of value locked, over half of OolongSwap’s TVL and roughly 30% of Boba’s.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

Crypto Exchanges

📈 Crypto.com’s Cronos Chain Nears $1B in TVL as Token Jumps 350%

ALL-TIME HIGH It’s been a great month for Crypto.com, the world’s fourth-largest cryptocurrency exchange. CRO, the company’s native token, is up 350% in the last 30 days and hit an all-time high of $0.96 on Nov. 24.

CATALYST The catalyst for the rise? DeFi. The mainnet beta of Cronos, an Ethereum-compatible blockchain, went live on Nov. 8. Cronos is built on the Cosmos SDK and utilizes a Proof-of-Authority (PoA) consensus mechanism. Being EVM-compatible, it allows for the easy porting of applications from Ethereum. It also supports the Inter Blockchain Communications (IBC) protocol, which provides a bridge to the Cosmos ecosystem.

TWO WEEKS Total Value Locked (TVL) on Cronos has reached $954M in the two weeks since it launched. TVL is dominated by VVS Finance, a decentralized exchange (DEX) forked from Pancakeswap, which accounts for $700M, or 73%.

👉READ THE FULL STORY IN THE DEFIANT.IO👈

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The Tube

📺 First Look: Are Branded Dollars The New StableCoins? | DeFi 2.0 with ICHI

Links

🔗 Celsius expands funding round to $750M, tips $7B to $10B valuation in 2022: CoinTelegraph

Crypto lending firm Celsius Network has expanded its $400 million Series B round from October to $750 million as a result of oversubscription in the firm’s capital raise.

🔗 Coinbase acquires crypto wallet startup BRD: The Block

Crypto exchange Coinbase has acquired the crypto wallet startup BRD, according to a notice from its leadership team.

🔗 zkSync will be the first ZK-Protocol indexed by The Graph: Medium

Bonded by our shared values of maximum decentralization, we are excited to announce that decentralized indexing protocol The Graph is integrating with zkSync to provide an efficient way to query blockchain data.

🔗 Blockade Games Raises $5M at $23M Valuation: Medium

Blockade Games, the leading blockchain video game studio, has today announced the close of a $5 million seed extension at a $23 million valuation co-led by Animoca Brands and Digital.

🔗 Bitcoin mining power crunch: Kazakhstan looks toward nuclear solution: CoinTelegraph

The exodus of Bitcoin miners from China into Kazakhstan has contributed to an energy crunch that the central Asian country’s president has proposed solving with nuclear energy.

Curve Finance @CurveFinanceA pool to exchange between $CRV and $ETH is up! If you want to arbitrage, please check etherscan.io/address/0x8301… The pools uses pure ETH, so transactions with ETH are cheaper than with WETH curve.fiCurve.fiCurve is an exchange liquidity pool on Ethereum designed for: extremely efficient stablecoin trading, low risk, supplemental fee income for liquidity providers, without an opportunity cost.4:43 PM ∙ Nov 24, 2021405Likes101Retweets

Arbitrum Daily @ArbitrumDailyTKTop @arbitrum Projects By TVL Growth In The Last 7 Days $CAP @CapDotFinance $ARBIS @arbis_finance $Z2O @zerotwohm $O3 @CapDotFinance $BIFI @beefyfinance $BADGER @BadgerDAO $SPELL @MIM_Spell $ANY @AnyswapNetwork @volmexfinance $CARBON @carbonfi_io

6:21 AM ∙ Nov 25, 202130Likes9Retweets

Most Read on The Defiant

• The Story of Ethereum to Become a Movie and NFT Collection“The Infinite Machine: How an Army of Crypto Hackers is Building the Next Internet with Ethereum,” the hit book by Camila Russo detailing the history of Ethereum, is about to be made into a movie with its own NFT-driven community.
• Acala Network Wins Polkadot’s Parachain Slot as Auction Shifts to Next PhaseAcala Network secured Polkadot’s first parachain slot on Nov. 18, winning the auction with a bid of 32M DOT (worth roughly $1.3B at the time) that was supported by more than 81,000 unique addresses. Acala Network is now slated to go live alongside the next four parachain auction winners in mid-December.
• Doomsday Scenarios in DeFi Revolve Around Stablecoins USDC and USDTIf decentralized finance were a character in a fable, we could imagine it as a rebel warrior taking on the world — traditional finance in particular. Then we can think about that rebel’s different body parts as composed of the industry’s best projects so far.

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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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The Defiant is a daily newsletter focusing on decentralized finance, a new financial system that’s being built on top of open blockchains. The space is evolving at breakneck speed and revolutionizing tech and money. Sign up to learn more and keep up on the latest, most interesting developments. Subscribers get full access, while free signups get only part of the content. Click here to pay with DAI (for $100/yr) or sub with fiat by clicking on the button above ($15/mo, $150/yr).