Welcome to the latest edition of Cointelegraph’s decentralized finance newsletter.
In the aftermath of worrying political situations this week, the markets reacted strongly on the downside, but some assets tried to rally to end the week on a positive note.
1Password Collaborates with Phantom Wallet on API Service
Digital security platform 1Password this week announced a joint partnership with Phantom Wallet to allow asset holders to consolidate their lists of public key addresses, seed phrases, and other matching security details into one only “Save in 1Password” system.
Primarily operating in the traditional financial sector today, 1Password has over 100,000 enterprise customers from a variety of industries, including well-known brands such as IBM, Slack, Shopify and Under Armour.
1Password’s flagship service, an application programming interface, aims to simplify the user experience by enabling asset sovereignty and independent wallet accountability to help investors sufficiently manage non-fungible cryptocurrencies and tokens held on the Solana blockchain.
Cointelegraph spoke to Matt O’Leary, VP of Partnerships at 1Password, for a detailed assessment on the topic of security, as well as whether the prevalence of hacks and exploits in the decentralized finance space has catalyzed the need for demand and subsequent innovation for security solutions such as 1Password.
“1Password’s partnership with Phantom is a great example of innovation meeting this challenge…This human-centric approach to crypto wallet security was designed with the end user in mind, making it easier than never safe crypto investment.”
StarkNet Deploys Nine Inaugural DApps to Advance Consumer Adoption
Layer 2 scaling solution StarkNet, well known for its Ethereum protocol service StarkWare, announced the rollout of its first set of decentralized applications (DApps) this week.
The DApps focus on a range of sectors, including an ERC-721 non-fungible token project called Mallows, a real-time price chart also from the Mallows team, as well as a Cairo-multisig contract, among others.
StarkNet is a permissionless validity rollup, or zero-knowledge rollup, that uses core compression technology to augment the production and security benefits of Ethereum’s Layer 1. unlimited scaling potential”.
Here are the latest projects we’ve listed – all building on StarkNet ✨ from @StarkWareLtd https://t.co/y55wb8p8nb️
— zkRollups.xyz (@zkRollupsXYZ) February 22, 2022
The StarkWare team revealed its pursuit of full decentralization over the next year, a strategy that proceeds with a $50 million Series C fundraising round led by Sequoia Capital on November 16, bringing the valuation of the $2 billion project.
Celsius Deploys Crypto Lending Service on Maple Finance
Digital asset lending platform Celsius this week became the first delegate from the centralized finance industry pool to deploy a cryptocurrency lending service on Maple Finance, using the smart contract and infrastructure of blockchain from the latter to offer a $30 million pool to institutional-grade investors.
Celsius follows in the footsteps of existing pool delegates BlockTower, Orthogonal Trading, Maven 11, and Alameda Research, which partner with Maple for this type of project. The introduction of Wrapped Ether (wETH) is expected to complement existing accessibility to Trade Circle’s native stablecoin, USD Coin (USDC), allowing investors to use the asset across an array of trading components, including staking, lending and borrowing.
Cointelegraph spoke with Sidney Powell, co-founder and CEO of Maple Finance, to find out the prerequisites and financial nuances that interested institutional investors should be aware of before committing to the pool.
Powell shared that “institutions are working directly with the Celsius team to borrow from this pool. Borrowers must go through the KYC and credit assessments established by Celsius,” adding:
“In this case, digital asset institutions Wintermute and Amber have already done business on Maple, therefore have a credit reputation on the chain and have also signed a main loan agreement. This, coupled with Celsius’ established processes, means onboarding has been streamlined for all parties.
And on top of that, it’s our first demoninated WETH pool! https://t.co/foCHZSIsS7
—Lucas Manuel (@lucasmanuel_eth) February 24, 2022
Analytical data reveals that the total value of DeFi decreased slightly by 8.53% over the week to $106.82 billion.
Terra (LUNA) was the only climber in the DeFi space this week with a 27.7% gain after a positive performance on Friday.
Interviews, reports and other cool stuff
Thanks for reading our roundup of this week’s most impactful DeFi developments. Join us again next Friday for more stories, ideas and education in this dynamically evolving space.