Layoffs in crypto, Convex Finance & Protocols to look out for in 2023
Protocol of the week: Stargate 🌟
Welcome to the 42nd edition of DeFi Fridays!
Access all the previous editions here.
101 today:
Protocol of the week: Stargate 🌟
Major happenings in the ecosystem. 🔰⚠
In this week’s good reads:
DeFi protocols to watch in 2023.
Crypto from a historical perspective.
New version of ERC-4337.
Protocol Of The Week: Stargate
What is Stargate Finance?
Stargate Finance is a token bridge which allows a user to transfer their crypto tokens from one blockchain to another.
It is the first protocol to be built on Layer 0
Layer 0 is a layer that operates beneath the Layer 1 blockchain. It is comprised of hardware, miners, protocols, etc., making up the backbone of the blockchain (to know what is Layer 0, click here).
What are they doing?
They allow users to swap assets, particularly native assets across chains in a single transaction. Most bridges only let users transfer wrapped assets across chains, which requires additional transactions to get the desired asset on one’s desired chain.
Stargate eliminates the need for these additional transactions by allowing native asset transfers.
E.g. Alex can transfer his USDT from the Ethereum Mainnet to BUSD on the Binance Blockchain.
Along with cross-chain transfers, they also offer staking and yield farming services.
How are they doing it?
They are improving cross-chain interoperability by creating better communication between chains and solving the bridging trilemma in the following ways:
Instant Guaranteed Finality: Users can be rest assured that their token will land across the bridge.
Native Assets: Allowing transfer of native assets instead of wrapped assets.
Unified Liquidity: Making liquidity pools available pan blockchains.
To learn how to use Stargate, click here.
Visit Stargate’s official website here.
We explain one DeFi Protocol every Friday:
Major News in the Ecosystem:
Convex Finance Update. 🔰
Convex Finance to now offer lower fees and greater rewards.
Genesis and Huobi layoffs. ⚠
Genesis to lay off 30% of his employees, and,
Huobi to layoff 20%.
Alex Mashinsky faces a new lawsuit. ⚠
Alex Mashinsky, Celsius co-founder and former CEO is being sued for misleading investors by making false statements.
More Good Reads:
✍️10 protocols to closely watch in 2023.
✍️Crypto from a historical perspective.
That’s it for today, folks. See ya next Friday. 🧢
Disclaimer: Nothing included in DeFi Fridays should be taken as financial advice.