New DeFi Projects, Lossless Lottery, Solana Wormhole, and More
Another two weeks have gone by, and so, we have a lot of exciting news to share with you once again:
- New DeFi Project: Omm for ICON Network
- Relaunch Mina Protocol
- Polkadot Substrate 2.0
- Bringing DeFi to XTZ holders with DEX
- Solana Wormhole
- Terra Money Columbus-4 upgrade
- Stakin Lossless Lottery! Almost time to Launch!
📱 New DeFi Project Omm for ICON Network
Another week, another exciting message from the ICON Network is the DeFi project Omm (Open Money Market) announcement, which will soon enter the ecosystem. It is a decentralized peer-to-contract money market protocol owned and operated by OMM token holders. Inspiration is drawn from vital aspects of Compound and Aave in the Ethereum DeFi ecosystem. The project aims to help broaden the audience of Decentralized Finance to people who haven’t experienced it yet.
The Omm protocol will implement the Bridge widget developed by ICX Station to create a frictionless and permissionless money market meant for avid DeFi users, yield farmers, and traditional non-crypto users looking to earn a little extra. The bridge widget will provide a flowing user-experience when withdrawing or depositing stablecoins directly to and from a user’s bank account, enabling the first of its kind DeFi user experience.
🎉 Relaunch Mina Protocol
In a turn of events, the Coda Protocol announced on September 28th that they would change the name of their protocol to Mina Protocol. Last year, the protocol found out that it might need to change its name due to a copyright issue.
And so, O(1) Labs introduced Mina, the world’s lightest blockchain-powered by participants. If you’d like to know more about the Mina Protocol, find a full article here. We at Stakin are excited to be a part of this community and the growing opportunities.
🟣 Polkadot Substrate 2.0
Polkadot has introduced a significant milestone for its Substrate blockchain, which provides a way for blockchain applications to interface with the outside world without relying on other external oracle providers.
The Substrate will provide developers with various tools to design their custom blockchain for multiple possible applications. The different applications and blockchains can be launched independently or integrated into Polkadot’s network of Parachains. One of the essential features of Substrate 2.0 is the “off-chain worker,” a module that lets blockchain perform advanced computations or make their web requests to the outside world.
The system will allow Polkadot developers to build complex systems like a price feed provider entirely on-chain, removing the need for trust elements. Finding reliable data sources would remain, but developers can have maximum flexibility in designing their DApps and Blockchains.
💻 Bringing DeFi to XTZ holders with DEX
A new decentralized exchange (DEX) built on the Tezos ecosystem promises lower fees and ultra-fast transactions for all upcoming tokens built on the blockchain. The Dexter Exchange is a non-custodial decentralized exchange, open-source, and constant product automated market like Uniswap. Check out the video of Baking Bad below to see how to use the exchange.
🏎 Solana Wormhole
Many blockchains have already paved the way to a decentralized economic utopia, as the Solana network says. However, a current issue is that significant growth in applications, speed, and the cost is still a hurdle for breakout adoption.
Decentralized applications should perform as good, and preferably even better, than Web 2.0 products. So, the giant leap that tips the scale towards Web 3.0 will be driven by scalability. And so, Solana happily announced Wormhole on the 8th of October, 2020, a secure, decentralized bridge connecting Ethereum to Solana.
Wormhole allows existing projects, platforms, and communities to seamlessly move tokenized assets across blockchains to benefit from Solana’s high speed and low cost. Interoperability remains a high priority, as it unlocks network effects and allows for the most efficient use of resources. It’s not pragmatic to expect an entire ecosystem of value to shift across networks immediately, and teams can’t afford to wait for such a mass migration.
- Check the full article on Wormhole here.
You can sign-up for the upcoming hackathon until the 28th of October; here is the link: https://solana.com/hackathon
🌏 Terra Money Columbus-4 upgrade
With the Terra Money Columbus-4 upgrade, the protocol has added some critical features, which are:
- A CosmWasm Integration, which will enable Smart Contract functionality on Terra’s blockchain.
- Oracle Optimization to resolve issues found with Columbus-3’s oracle system, such as front-running & incorrect cross exchange rates, the oracle module will calculate the cross exchange rate (forex rate) internally and run a vote.
- Add a burn address.
- And make some additional changes to Terra — Luna values and the SDK launchpad.
Over the last few months, after living on their Mainnet for over a year, Terra has become an attractive source for non-dilutive revenue for validators. Additionally, the total amount of delegations on the network increased to 289 million LUNA last month, according to Staking Rewards. The new updates are expected to take Terra even further; we’re curious to see what will happen with the highly anticipated network.
🚀 Stakin Lossless Lottery! Almost time to Launch!
We’re happy to be able to announce that we’ve had a GO for the launch of the Lossless Lottery we’ve been building on the ICON Network. Our first ever DApp project is about to be launched into the world, and we couldn’t be happier.
You can still sign-up to be a part of the first rounds of the lottery here: https://lottery.stakin.com/
- Check out the full documentation on the lottery here.
Keep an eye out for the official release date, coming up soon!
DISCLAIMER: This is not financial advice. Staking, delegation, and cryptocurrencies involve a high degree of risk, and there is always the possibility of loss, including the loss of all staked digital assets. Additionally, delegators are at risk of slashing in case of security or liveness faults on some protocols. We advise you to do your due diligence before choosing a validator.