Finance Redefined: DeFi’s downturn deepens, but protocols with revenue could thrive

Finance Redefined is your weekly dose decentralized finance insight (DeFi) newsletter. This newsletter brings you the most important developments of the week.

The DeFi ecosystem witnessed several developments this week related to the DeFi lending crisis. Celsius filed for bankruptcy last week. DeFi protocols that have a revenue system are able to thrive in a market where bears are more prevalent.

Lido Finance announced plans to offer Ether (ETH staking) services throughout the entire L2 network. Aave will leverage Pocket’s 44,000 nodes distributed network to access on-chain data across multiple blockchains. Gamers are also plugging in DeFi via the Razer reward partnership.

Most of the top 100 DeFi tokens traded green with many seeing double-digit gains in the past week.

DeFi’s downturn continues, but protocols that allow revenue sharing and fee sharing could prosper

As the crypto winter drags along, smart crypto investors have realized that passive income is still possible through protocols that generate revenue and then share it with their communities.

Token Terminal data shows that revenue-positive platforms are primarily nonfungible token marketplaces such as OpenSea and LooksRare.

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Lido, an Ethereum staking service, announces layer-2 expansion

The Lido team stated in a Monday blog that they would first support Ether staking via bridges between L2s using wrapped STETH (wstETH). It will eventually allow users to directly stake on L2s without the need to “bridge their assets back” with the Ethereum mainnet.

The team said that it had integrated its bridged stake services with Aztec and Argent before the announcement. The team stated that it would reveal the next set of partnerships and integrations in the coming weeks.

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Pocket Network is used to boost decentralized app development

Aave, an open-source DeFi protocol, has teamed up with Pocket Network, a decentralized Web3 infrastructure provider, to provide developers greater scalability when building decentralized apps (DApps), on the Aave Protocol.

According to Tuesday’s statement, Aave will access blockchain data from different blockchains using Pocket’s distributed network with more than 44,000 nodes. This will allow them to power decentralized applications. Aave-powered developers can now access Pocket Network blockchain data on demand.

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Gamers tap into DeFi via the Razer Rewards Partnership

Razer, a gaming hardware and IT company, is partnering with Cake DeFi to offer a rewards program that allows gamers and their customers to connect to the DeFi world.

Razer is still a favorite brand among gamers all over the globe. Razer Gold rewards program allows gamers to redeem Razer Silver points for various hardware and digital rewards including Steam games and discount coupons.

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Overview of the DeFi market

Analysis data shows that DeFi’s total locked value increased by nearly $5 billion over the week before, reaching $58.65 trillion. TradingView and Cointelegraph Markets Pro data show that DeFi’s top 100 tokens by market capitalization had an uneven week. Some tokens traded in red, while others saw double-digit gains.

Lido DAO, (LDO), was the largest gainer among top 100 DeFi tokens. It saw an 80% increase over the past week. Fantom (FTM), however, saw a 28% rise. Avalanche’s (AVAX), 26% increase over the week, and ThorChain’s (RUNE) 21% price rise over the last seven days.

We are grateful that you have read our summary of the week’s most important DeFi developments. For more information, insight and education on this rapidly changing space, join us next Friday.