DeFi Week: News of Major Impact in the Industry
Due to acute selling pressure among investors, the broad cryptocurrency market is experiencing difficult days.
The prices of the main cryptocurrencies are suffering significant drops and pessimism seems to be strong. This reality has also affected DeFi, and in this summary we present you the most outstanding news of the week in this sector.
Among the important factors in the sector, a noticeable decrease in the total value locked (TVL) of decentralized financial protocols stands out. According to the data of the portal DeFiLlama, these capitals have recently reached 87 billion dollars.
This week saw important progress in terms of developments, projects and alliances between the main ecosystems. As in the broader cryptocurrency market, a new spring or bull market is expected in DeFi.
AMINA Bank and Pyth Network Team Up to Strengthen DeFi Data Access
AMINA Bank, a prominent digital finance company in Switzerland, announced a partnership with Pyth Network.
In a social media post, Pyth noted that the alliance will enable its partner’s customers to access accurate data. As such, the data ranges from DeFi to stocks, cryptocurrencies and other assets in real time, they claim. As a result, clients will be able to make more informed decisions in their DeFi operations, such as lending, trading and portfolio management.
The partnership with Pyth Network is an important step for AMINA Bank in its goal to lead the adoption of DeFi and improve the transparency of decentralized financial markets.
On July 5, Pyth Network took on X to post the following:
“The Pyth ecosystem welcomes @AMINABankGlobal, a licensed Swiss bank and pioneer in finance, as a new data provider. AMINA Bank’s expertise in digital assets enhances Price Feeds’ reliability and offering, supporting our mission to deliver real-time asset prices to Web3 developers.”
Simbiotic Increases Deposit Limit and Results Were Immediate
Another of the week’s interesting news in the DeFi sector concerns the redemption protocol Simbiotic. It has raised the deposit limit of its pools as part of its goal to increase scaling. Users can now block up to 210,600 wstETH.
The reaction of investors was not long in coming. As specialized media reported, just four hours after the announcement, capital flooded the protocol. A total of $800 million in tokens arrived on the platform in response to this protocol update.
An interesting aspect is that this move allowed the protocol to experience a remarkable growth in LTV to over $1 billion. With the latter, the project is getting closer and closer to competitor EigenLayer, threatening to reduce its market share.
iZUMi Finance Strengthens DeFi Bitcoins with Core DAO Integration
iZUMi Finance, a leading DeFi platform offering Liquidity as a Service (LaaS) services on various networks, has integrated with Core. The goal is to enhance the capabilities of Bitcoin DeFi. This partnership will provide Core users with efficient and secure liquidity services, enriching their experience in decentralized finance.
As a result, Core users can now participate in token exchange, liquidity provision and earn fees and rewards.
The collaboration contributes to the growth of the Bitcoin DeFi space and positions Core as one of the leading platforms in its sector. In particular, both projects are working on the development of new financial applications in the blockchain space to enhance the capabilities of their users.
By Audy Castaneda