Daily Digest 9/16
Insight on the biggest news and charts that provide context for whats going on in the market today.
Avalanche Foundation raises $230M to support DeFi ecosystem
Avalanche continues to try and grow its ecosystem and now they have received $230 million from groups including Polychain and Three Arrows Capital to support the growth of DeFi on AVAX.
AVAX is up 50% in the past week and this can be a reason as we have seen recently that when a project announces they are giving out or receiving grants the price of the token takes a jump.
Aave also announced recently that they are looking to Avalanche as well as others to launch an alternative with less fees than ETH.
Crypto.com’s Sports Sponsorship Spree Continues With Esports Team Fnatic
Crypto.com and FTX have been signing promotional deals all year with the MLB, NHL, UFC, and now Crypto.com has got a deal with Esports team Fnatic.
The deal is worth $15 million over the next 5 years and will make Crypto.com the global cryptocurrency partner.
More and more sponsorships will continue to come up and will ultimately get more attention to retail investors.
Cuba's cryptocurrency regulations take effect
As of Wednesday Cubans will be able to use cryptocurrencies for commercial transactions and investments as it is officially legal.
Cubas central bank has still taken the step to tell their citizens that cryptocurrencies are still risky by warning of potential bad actors and price volatility.
This will be a good test to see just how great of an improvement blockchain makes for remittances.
As quickly as the total DeFi market cap dropped the other day it recovered just as quickly. DeFi can be looking to make a run very soon as we are also just about at the previous all time high already. DeFi was booming back in May right before the crash and it is great to see that the sector has pretty much fully recovered from then.
Major DeFi lenders active addresses show just how popular Aave is as they have had a much more consistent amount of active daily users over the past couple months.