Top Crypto News: With the WOWswap and Umbrella Network alliance, the crypto industry is improving decentralized leverage trading. Meanwhile, Convergence’s mainnetFinance’s mainnet was launched. Currently, Bitcoin is trading at $39,218 after experiencing a massive correction. Michael Saylor’s MicroStrategy added $10 million worth of Bitcoin to its holdings during this drop during this drop. At the same time, Ethereum, the second-largest cryptocurrency, trades at about $2,961. For now, let’s look into some intriguing crypto news.
1) Polkadot Launches Final Phase with Parachain
In his official blog, Polkadot founder Gavin Wood announced the beginning of the fifth phase of the main net. In this phase, Polkadot will attain full decentralization and permissionless functionality. Newly launched on the Kusama network, version 0.9 of Polkadot was developed by Parity Technologies, the key team responsible for the initial implementation. New features, such as crowd loans for auction bids and para chain in slot auction capabilities, are now available to the core developers.
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Wood did not specify the Polkadot’s parachain release time. But before the launch, the team will focus on two things. A thorough external audit of the updated Polkadot and Kusama Networks should be the first order of business. Secondly, to host a functional para chain and to successfully perform one crowd loan auction. The first four sections, he said, took about ten months to finish. Nevertheless, Polkadot’s heterogeneous sharded architecture will finally come to fruition with the implementation of this last parachain function.
2) Sharing Helps Decentralized Leverage Trading
WOWswap and Umbrella Network worked together to make leverage trading even better. Thanks to this collaboration, WOWswap users can borrow more BNB from the lending pool and use it to trade their preferred tokens with a leverage of up to 5X. On top of PancakeSwap is WOWswap, a community-owned, decentralized, leveraged trading mechanism. The Umbrella Network provides the DeFi market with inexpensive, dependable, high-speed data service via its decentralized Layer 2 Oracle platform. That is why WOWswap will use Umbrella’s trustworthy price feeds. Borrowing and leveraged trading through Umbrella Network’s oracles are made possible by this price feed.
3) Convergence Finance Mainnet Liquids Grow
Its mainnet has been launched, according to Convergence Finance. According to the tweet, two new products, ConvX and ConvPool, will be launchedsimultaneouslye. Staking, liquidity provision, and AMM exchange are also features that will be a part of these products. Through its lightning-fast interface, Convergence enables private assets to be interchangeable in the DeFi space, making it the first AMM to do so. An easy-to-navigate user interface (UI), the ability to view past transactions, and other significant features will all be improved with this release.
Furthermore, liquidity providers have the opportunity to make substantial profits by staking. For example, on ConvPool, you can see the CONV/ETH, CONV/USDT, and ETH/USD pairs. The team has also implemented an accurate technical user interface for traders by integrating TradingView on ConvX.
4) Earning Cash from 1inch Network and BlindBoxes
On the 1-inch Network, Blind Boxes has announced the commencement of its liquidity mining operation. Additionally, to enhance their Liquidity Protocol’s liquidity, Blind Boxes will introduce an ETH-BLES pair on a 1inch Network. This contribution, which amounts to $76,000 worth of $BLES tokens, will compensate the liquidity providers of the referenced pool on 1inch. Surprise Boxes provides a gamified curation platform and a launchpad for NFTs. By spreading their tokens across decentralized exchanges, holders can earn yield. This draws in more users and makes $BLES tokens more useful in the DeFi ecosystem. Notably, beginning May 17, 2021, 1inch users will be able to earn attractive rewards by farming $BLES tokens. This collaboration will last for 12 weeks.
5) Knit Money Better Synthetic Cross-Chain DeFi
Knit Finance and Harmony have joined up to offer compatible synthetics for the Harmony DeFi ecosystem, which brings us to the end of today’s crypto news. In addition, Knit Finance is an innovative decentralized protocol that links synthetics across many chains, bridges, and real-world markets via collateralization and smart contracts. Thanks to this connectivity, Harmony chain assets can be synthetic in other chains through Knit Finance. As a result, the DeFi ecosystem and all Harmony assets would become more valuable.
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