Key Takeaways 

• Chainlink (LINK) announced the release of its Verifiable Random Function (VRF) v2 to improve the experience in next-generation blockchain games and NFTs. In addition, VRF v2 can reduce the transaction fees by 60% compared to v1.

• Cardano’s first AMM DEX, SundaeSwap (SUNDAE), has crossed 100 million ADA in volume traded since launch. Meanwhile, another DEX built on Cardano, OccamX (OCX) is launching.

• Asset management firms QR Capital and Hashdex have launched the world’s first DeFi Exchange-Traded Funds (ETFs) on Brazil’s stock exchange. Their ETFs are known as QDFI11 (launched on 8 Feb 2022) and DEFI11 (launched on 17 Feb 2022), respectively.

• VVS Finance (VVS) announced the first dual rewards farm in partnership with Tectonic Finance (TONIC). Both DeFi platforms are built on Cronos chain.

• This week’s price, volume, and volatility indices were negative at -9.99%, -23.68%, and -25.54%.

Highlights

• Axelar’s universal blockchain interoperability network raises $35 Million to reach $1 billion valuation

• DeFi project Ref Finance (REF) closes $4.8 million round led by Jump Crypto

• Housecat raises $3.4 Million to help bridge DeFi, investment management

• DeFi may turn to DAO governance to reduce regulatory risks in 2022

• NFTs and DeFi are revolutionising real estate investing and homeownership

• DEX takes aim at protecting blockchains from manipulation and ‘slippage’

• Another fork bites the dust: the looming fall of FortressDAO and the perils of off-chain governance

• Multichain recovers $2.6M stolen funds, to reimburse losses on condition

• Chainlink (LINK)’s competitor, API3 (API3) surges more than 55% in one week amid crypto market doldrums

• Terra injects 450M UST into Anchor reserve days before protocol depletion

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Notable Events

• Following Ren Protocol (REN)’s change in the bridging fee two weeks ago, the recent price and volume of REN are trending lower than before the update.

• Loopring (LRC) volume is lower this week, relative to the week when they announced the launch of Optimism (Ethereum Layer 2).

Notable Events

• Trader Joe (JOE) launched ‘Rocket Joe’, a staking event to promote FiefGuild (a metaverse game with GameFi elements), which has attracted seed liquidity of more than $9.0 million.

• Fantom’s (FTM) leading DEX, SpookySwap (BOO), saw an increase in its native coin market cap after Andre Cronje’s new project, Solidly Exchange (SOLID), started its voting phase for emission.

Thank you for reading! We hope you find our Weekly DeFi Update enlightening!

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