Finance Redefined: Lifeline for Terra projects, proposed Terra hard fork and more

Finance Redefined: Lifeline for Terra projects, proposed Terra hard fork and more – Mail Bonus

The last week of the DeFi system was characterized by the collapse of Terra and its aftermath on various ecosystems to which it was connected. The BNB chain has now come to the rescue of several stranded projects on Terra by offering financial and technical assistance.

After the spiral crash, Terra K’s founder Do Kown proposed a revival plan and a hard fork to revive the blockchain. Chain Analysis introduced new tools to track and track stolen funds in many blockchains. Swiss asset manager Julias Baer has set his sights on cryptocurrency and DeFi.

The most popular DeFi symbols saw another week of bleeding, as the majority of these symbols traded red in the past week.

Do Kwon offers Terra a hard fork to save the ecosystem

Do Kwon, co-founder of the troubled Terra Luna blockchain, announced a revised plan to restore the ecosystem after significant market fluctuations and inherent communication design flaws wiped out the vast majority of the blockchain’s market value. As Kwon said, Terraform Labs introduced a new governance model on May 18 to give Terra Luna the blockchain called Terra (symbol name: LUNA).

However, the new chain will not be linked to TerraUSD (UST) stablecoin. Meanwhile, the old Terra blockchain will continue to exist with ICT and is called Terra Classic (LUNC). According to Kwon’s plan, if approved, the new LUNA blockchain will be launched on May 27.

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BNB Chain offers another lifeline for Terra ecosystem projects

Binance will welcome the move and provide support for projects from the Terra ecosystem following the unveiling of the DeFi platform and its stablecoin algorithm this month.

BNB Chain (BNB) is committed to providing investment and support to projects that are considering moving from the Terra ecosystem in the wake of the largest black swan touching the cryptocurrency in recent years.

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DeFi-ing exploits: New chain analytics tool steals stolen cryptocurrencies across multiple chains

Chainalysis launched a beta version of its Storyline software on Wednesday. Known as a “Web3-native blockchain analytics tool”, Storyline aims to monitor and envision smart contracts with a focus on unchangeable symbols (NFT) and the DeFi platform. This is in line with the growing popularity and spread of NFT and DeFi in the cryptocurrency space over the past year.

Chainalysis provides blockchain analysis and annual reports on the criminal development of cryptocurrencies and other analysis. The ever-changing landscape has seen DeFi and NFTs become important gears in the ecosystem, as Chainalysis estimates that these two sectors account for more than half of global cryptocurrency transactions.

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Swiss asset manager Julius Baer is looking at cryptocurrencies and DeFi

The 132-year-old Swiss asset management firm, Julius Baer, ​​plans to offer exposure to cryptocurrencies and diversified financing for its large clients. The company’s CEO, Philipp Rickenbacher, confirmed the transfer into the cryptocurrency upon its delivery of the company’s policy update for the next three years.

Rickenbacher noted that the recent slump in cryptocurrencies markets marked a watershed for its clients to take effect on a future asset class.

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DeFi market overview

Analytical data show that the total value of locked DeFi remained below the $ 100 billion mark and dropped to $ 84.2 billion. Data from Cointelegraph Markets Pro and TradingView show that the top 100 symbols of DeFi in terms of market value were listed a week full of volatile price action and constant bearish pressure.

The majority of the DeFi symbols in the top-100 ranking by market value traded in red, with the exception of a few. Kyber Network Crystal v2 (KNC) rose the most with a 74% increase in the last week, then Kava (KAVA) with 25% and PancakeSwap (CAKE) with 5%.

Thanks for reading our summary of this week’s most influential DeFi development. Join us again next Friday for more stories, insights and education in this powerful space for progress.