Decentralized Finance Market Hits All-Time High of $236 Billion

The Decentralized Finance (DeFi) market made a massive rebound in October after a month-long lull, with total value locked (TVL) across leading protocols soaring to an all-time high of $236 billion. It seems that bullish sentiment is running high across the crypto market, with Bitcoin surging to an all-time high of $67,000 on October 21. At the same time, several DeFi coins and smart contract tokens are experiencing significant gains, creating an exciting opportunity for companies like WonderFi Technologies (NEO:WNDR) (OTC:WONDF), DeFi Technologies Inc. (NEO:DEFI) (OTC:DEFTF), Voyager Digital (TSX:VYGR) (OTCQX:VYGVF), Coinbase Global (NASDAQ:COIN), and HIVE Blockchain Technologies Ltd.(NASDAQ:HIVE) (TSXV:HIVE).

Related: ShapeShift to Decentralize Entire Company

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WonderFi Technologies (NEO:WNDR) (OTC:WONDF) has continued to solidify its position in the growing decentralized finance sector over the last couple of months. On November 1, the company announced its plans to purchase up to C$10 million in crypto and DeFi assets, targeting key assets that will provide long-term value.

WonderFi also just closed an upsized bought deal for roughly C$26.4 million, which the company intends to allocate to its product development roadmap and distribution of its products to a global audience, with a portion being allocated to growth of the Company’s digital asset portfolio.

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Two weeks prior, WonderFi announced a partnership with DeFi Pulse Inc, a company that designs indexes for decentralized finance, to offer digital asset indexes through the WonderFi App. The DeFi Pulse Index includes the top DeFi assets available on Ethereum with significant usage and a commitment to ongoing maintenance and development.

Ben Samaroo, CEO of WonderFi commented, “Partnering with DeFi Pulse to offer this index through WonderFi aligns us with the leading index provider in the sector, and creates an opportunity for us to bring new index products to market with DeFi Pulse and Index Coop as the market matures”.

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In addition, WonderFi Technologies is collaborating with Circle Internet Financial to offer Circle’s USD Coin (USDC) through the WonderFi app. The offer will help expand access to the world’s fastest-growing and dollar digital currency, which has over $31.2 billion in circulation and $1.1 trillion transferred on-chain to date. WonderFi said it intends to use USDC in its treasury management to optimize yield on unused working capital and cash reserves.

Kevin O’Leary, an investor in both WonderFi and Circle, stated, “Stablecoins like USDC are a key part of the growth of this industry, and it’s great to see industry leaders like Circle and WonderFi striving to provide better access.”

For more information on WonderFi Technologies (NEO:WNDR) (OTC:WONDF), please visit this link.

Decentralized Finance Companies Project Gains

DeFi Technologies’ (NEO:DEFI) (OTC:DEFTF) just announced that its subsidiary, Valour Inc., will be launching the Valour Uniswap ETP, which is the first-ever Valour Uniswap ETP, enabling investors to gain exposure to Uniswap ETP being offered to the investing public on traditional equity exchanges. With $4.8 billion in total liquidity currently in the platform, Uniswap is one of the largest and most-traded DeFi protocols.

Fast-growing US crypto platform Voyager Digital (TSX:VYGR) (OTCQX:VYGVF) just announced that it has secured final approval from the Autorité des marchés financiers (AMF) and the Autorité de contrôle prudentiel et de résolution (ACPR) to begin operations in Europe. Voyager is the first non-French and non-European company to receive this designation.

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Crypto exchange platform Coinbase Global (NASDAQ:COIN) just announced that it is upsizing its previously announced debt offering to $2 billion due to market interest. The company intends to use the proceeds for general corporate purposes, which could include investments in product development, as well as investments or acquisitions in other companies, products or technologies.

Crypto mining company HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) (TSXV:HIVE) just announced its C$450,000 investment in Network Entertainment Inc, an award-winning media production company with an emerging non-fungible token (NFT) business.The investment follows Network Entertainment’s announcement of its plan to create and distribute NFTs by utilizing content and relationships from its library, as well as global partnerships, upcoming projects and third-party IP.

As WonderFi Technologies (NEO:WNDR) (OTC:WONDF) gears up for its brand expansion via its new partnerships, the DeFi sector’s recent success reassures there are exceptional gains ahead.

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Decentralized Finance Market Hits All-Time High of $236 Billion


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