This Week in DeFi - May 6

This week, Tron launches its USDD stablecoin with 30% interest, Opera integrates BNB Chain and a Virginia County pension fund looks to DeFi.

May 6

To the DeFi community,

This week Tron’s new algorithmic stablecoin USDD has gone live, with promises of a 30% annual yield. Following in the footsteps of the Terra USD’s Luna Foundation Guard, Tron DAO is seeking to accumulate $10 billion in reserves for the stablecoin to stabilize its price. If successful, USDD may suck some of the liquidity out of UST’s ecosystem as investors seek the highest stablecoin returns.

H.E. Justin Sun 🅣🌞🇬🇩 @justinsuntron

(1/5)🙌#TRON DAO joined hands with major #blockchain players to launch #USDD (Decentralized USD), the most #decentralized #stablecoin in human history. 💪 Today, we see the possibility of decentralizing the blockchain world’s most centralized territory.

Opera has opened the doors to easier interaction with the BNB Chain ecosystem, as it enables direct access via its crypto browser. 350 million Opera users will be able to buy BNB tokens with fiat and receive it straight into the built-in wallet – then being able to immediately use DApps within the browser.

Opera Crypto @Opera_Crypto

.@BNBCHAIN comes to Opera Crypto Browser! Starting today, Buy $BNB in your Opera wallet and access your favourite BNB chain dapps, from @PancakeSwap to @StarSharks_SSS, on both Desktop and Android, with iOS coming soon! opr.as/bnb

Virginia county may put itself on the map as the first to put pension funds into DeFi yield farming, as the Northern Virginia county of Fairfax seeks to get into the yield-farming space. The system aims to fund two new crypto-focused hedge fund managers over the next three weeks.

Jason A. Williams ⚡️🦍 @GoingParabolic

Bloomberg reported that Fairfax County, Virginia, is considering investments in two crypto funds that use yield farming for their pension funds. A decision will be made in the next few days and, if passed, would be the first case of pension fund money being involved in DeFi.

Polkadot has taken a major step in its multi-chain mission, as a new network upgrade locks in Parachain messaging – enabling DOT and Polkadot assets to be transferred between Parachains on the network. The network’s Parachain system is now officially fully interoperable, for the first time.

Yubo Ruan @yubo_ruan

#Polkadot reached an important milestone today with the launch of XCM 🙌 XCM enables cross-consensus messaging, which allows secure communication between the 500+ chains, apps, and services in the #DOT ecosystem

Polkadot @Polkadot

After passing community vote, v0.9.19 has been enacted on Polkadot. This upgrade included a batch call upgrading Polkadot’s runtime to enable parachain-to-parachain messaging over XCM and upgrading #Statemint to include minting assets (like NFTs) and teleports. https://t.co/uqIB5di2Q1

As mainstream enthusiasm about the crypto and DeFi markets tapers down with price action, technical progress still continues at a steady pace. Projects are fleshing out their platforms in relative silence, while crypto integrations into widely-used products and platforms also continue to occur. Adoption and buzz over niche applications such as the Ethereum Name Service (ENS) are also at all-time highs, showing that there is no shortage of sprightliness within the true believers of the DeFi space.

Now will be the time where development is most important, with profound advancements no longer being drowned out by erratic price movements. For active traders, it may be a dull period. But for DeFi enthusiasts, this is when things may be the most exciting.

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.