Cointime

Cointime

Download App
iOS & Android

ThunderCore Goes All in for DeFi ahead of Next Cycle

Validated Project

Anemerging narrative is beginning to take shape about what went wrong for crypto in 2022, and centralization appears to be a significant factor.

Last year saw numerous disasters in the crypto industry, from the collapse of the algorithmic stablecoin TerraUST; the bankruptcies at the hedge fund Three Arrows Capital and the crypto lenders Voyager Digital and Celsius; and the high drama at the centralized exchange FTX. These mishaps were all linked by centralization and opacity — the problems crypto was supposed to combat. In the search for solutions, there has been renewed attention paid to decentralized finance (DeFi), the sector with the power to deliver on crypto’s promises of a financial system that works for everyone.

ThunderCore is going all in on DeFi

ThunderCore’s team has long been a proponent of greater decentralization in the blockchain industry. Indeed, we believe it’s the only way forward for crypto. That’s why we rolled out our ThunderCore 2.0 upgrade late last year, which overhauls our tokenomics and expands our system of validators, making it possible for anyone to help power our network. At the same time, we are finding a new revenue-sharing market with decentralized exchanges (DEXs).

With this foundation in place, 2023 will be a year of heavy DeFi expansion for our blockchain. We’ve been actively courting key players in the sector with an eye toward getting them to deploy on ThunderCore. With our super-low gas fees and ultra-fast transaction times, our EVM-compatible blockchain is a natural fit for the best DeFi projects.

Why ThunderCore is right for DeFi

ThunderCore is an ideal blockchain for DeFi with gas fees at a fraction of a cent and transaction speeds of over 4,000 TPS. While gas fees are often a primary concern for crypto users and developers in DeFi, transactions on ThunderCore are of negligible cost. It’s common for gas fees on Ethereum to reach over $100 for even a modest transaction.

ThunderCore is also a nurturing blockchain when it comes to developer talent. We value not just crypto but the people behind crypto, and that’s why we support them with various programs and incentives. We offer a $10M Developer Growth Fund to help guide promising projects through to completion, and our ThunderGene API tool makes it easy to integrate Web3 features into any app.

In the year ahead, ThunderCore will be rushing headlong into DeFi expansion, and we heartily encourage any and all developers who share our passion to join us.

Why is DeFi more relevant than ever?

When FTX began to fail in November 2022, its legions of customers from around the world found themselves without access to their funds; the exchange had suddenly halted withdrawals.

As crypto users everywhere began to think more about the perils of such crypto custody arrangements that could see their assets disappear overnight, DEXs saw a massive surge in interest, with tokens connected to DEXs pumping by 24% in mid-November.

The lesson was plain enough to see. There has always been an uncomfortable contradiction between crypto’s ethos of decentralization and its heavy reliance on centralized exchanges like FTX. Clearly, the future would involve storing assets on-chain and cutting out the middlemen.

Challenges for DeFi

DeFi has been no stranger to controversy. Its most serious problem has been with hacks — over $3B had been siphoned off DeFi protocols as of October 2022. However, the ecosystem has the capacity to overcome these issues, as the fate of the protocols is determined by the quality of the codebase.

Another area where DeFi has struggled is its approach to yield. When the sector made its first big splash during the “DeFi Summer” of 2020, extraordinarily high yields were held up through token emissions and VC funding rather than organic revenue generation. At times, yields even rocketed into the four figures. Users would hop between platforms in a practice known as “yield farming.”

In the current crypto landscape, such models have become unworkable. New models such as “real yield” are emerging, which offer a glimpse of a DeFi sector paying out sensible yields based on actual revenues.

The backbone of DeFi

While companies like Celsius rose and fell based on hype and business models that could not withstand market downturns, other entities in the DeFi space have shown themselves to be positive examples. ThunderCore is currently securing deployments for these protocols on our chain.

Curve Finance

Curve Finance is a DEX focused on efficient, low-cost stablecoin trading. Its innovative liquidity pool design allows for high-volume trades without affecting price and offers low slippage and high liquidity. In addition to trading, Curve offers DeFi services like yield farming, staking, and liquidity provision. The platform prioritizes security, emphasizing audits, and its governance model lets token holders vote on upgrades and changes.

Aave

Aave is a DeFi platform that provides a trustless and decentralized environment for lending and borrowing digital assets. Aave offers flash loans, which enable users to borrow funds without collateral for a short duration, while users can also earn rewards through liquidity provision. The platform emphasizes security and decentralization, with frequent security audits and a governance model that allows token holders a say in how the protocol is updated.

Compound

Compound is a DeFi platform that allows users to earn interest on deposits or borrow assets at competitive rates. Compound supports a wide range of digital assets, including cryptocurrencies and tokenized assets. Its automated market maker (AMM) algorithm sets interest rates based on supply and demand. Like Curve and Aave, it undergoes audits and gives its stakeholders power over its direction through governance tokens.

SushiSwap

Sushi is a community-driven organization focused on solving the “liquidity problem” of connecting disparate forms of liquidity with decentralized markets. It offers a range of decentralized products, including an exchange, lending market, yield instruments, auction platform, AMM framework, and staking derivatives.

Final thoughts

ThunderCore is the perfect platform to launch your next DeFi project. With our fast and secure technology and developer support, you’ll have all the resources you need to create an innovative and seamless user experience. We can’t wait to see what you’ll build on our network.

Get the latest news here: Cointime channel — https://t.me/cointime_en

ThunderCore ThunderCore $0.00
+0.68%
DeFi
Comments

All Comments

Recommended for you

  • A whale sold 224 WBTC worth $14.4 million in the past three hours

    According to on-chain analyst @ai_9684xtpa, address 0x486...1505e sold 224 WBTC tokens worth $14.4 million through Cowswap in the past three hours, making a profit of $830,000 (selling at an average price of $64,203). The seller had bought 371 WBTC tokens at an average price of $60,504 between November 2023 and April 2024, and still holds 280 WBTC tokens.

  • CryptoQuant CEO: BTC needs to remain above $80,000 for miners to remain profitable after halving

    Bitcoin mining revenue significantly decreased in May due to the impact of the fourth Bitcoin halving event. On May 1st, the total revenue from block rewards and transaction fees reached a new low of only $26.3 million.CryptoQuant CEO Ki Young Ju calculated that, based on current conditions, Bitcoin needs to stay above $80,000 for miners to remain profitable after the halving. However, most miners have taken proactive measures to upgrade their mining equipment to lower long-term operating costs and remain competitive.

  • BTC returns to above 65,000 USDT, up 2.08% in 24 hours

    OKX market shows that BTC has returned to above 65000 USDT, now reporting 65102 USDT, with a 24-hour increase of 2.08%.

  • Hundre Finance attackers have withdrawn 162.2 ETH worth of crypto assets from Curve

    According to PeckShield monitoring, the attacker of Hundre Finance withdrew 784,000 3Crv from Curve and exchanged it for 273 ETH. In addition, they also exchanged 305.6 WOO, 39 PAXG, 200,000 FRAX, and 100,000 DAI, totaling 162.2 ETH. The attacker then bridged 1,034 ETH (2.17 million USD), 842.8K DAI, 1.11 million USDT, 1.27 million USDC, and 457.3 FRAX from Optimism to Ethereum. They also exchanged a total of 480,000 USDC for 142.6 WETH, 306 WOO, and 39 PAXG. They also exchanged 1.11 million USDT for 500.3 thousand USD worth of DAI and 613.8 thousand USD worth of FRAX. Additionally, on April 15, 2023, approximately 786,000 USD worth of USDC was added to Curve3Pool.

  • LayerZero co-founder: "Self-reporting of witch activities" is not aimed at individuals, but at industrial witch studios

    Bryan Pellegrino, co-founder and CEO of LayerZero, stated on social media that the "Self-Report Sybil Activity" is not targeting individual users, but rather large industrial witch farms (studios).Earlier, LayerZero Labs launched the "Self-Report Sybil Activity" plan, which allows witch addresses to self-report related addresses on a designated page and receive an expected allocation of 15%, without answering any questions. The deadline is May 17th, 19:59:59.

  • Argentina’s House of Representatives Passes Bill to Regularize Cryptocurrency Taxation

    The Argentine Chamber of Deputies has passed a cryptocurrency tax normalization bill aimed at advancing a series of important government reforms. The bill introduces the possibility of regularizing previously undeclared cryptocurrency assets, up to a maximum of $100,000, without paying government collection fees. However, if the value of cryptocurrency assets exceeds this limit, the government will apply preferential tax rates based on the taxpayer's declaration date.

  • GNUS on Fantom was attacked, with a loss of about $1.27 million

    According to Beosin's monitoring, GNUS on Fantom was attacked, resulting in a loss of approximately $1.27 million. GNUS stated on the X platform that due to recent vulnerabilities, hackers were able to mint fake GNUS tokens on Fantom, transfer them to Ethereum and Polygon through the Axelar Bridge, and sell them to existing liquidity pools. We will take a snapshot of the blocks before the exploit. To ensure fairness, please do not purchase GNUS tokens after the exploit, as we will issue new tokens.

  • Pandu Financial Group received the first round of strategic equity investment of tens of millions of Hong Kong dollars, led by Longling Capital

    Pando Financial Group announced it has received tens of millions of Hong Kong dollars in strategic equity investment led by Longling Investment. Pando Financial Group stated that it plans to use the newly injected funds for key growth areas, including market expansion, innovative product development, key talent recruitment, and technology upgrades, aiming to accelerate the layout of opportunities in the era of virtual assets through these strategic initiatives. Currently, the group's asset management scale has reached $500 million. Pando Asset, a subsidiary of Pando Financial Group, established its headquarters in Zurich in 2022 and issued the Pando 6 spot virtual asset fund (Bitcoin/Ethereum spot ETPs) on the Swiss Exchange. Another subsidiary of Pando Financial Group, Pando Limited, obtained licenses from the Securities and Futures Commission in Hong Kong, including Type 1 (securities trading), Type 4 (advising on securities), and Type 9 (asset management), as well as public fund qualifications, and was approved to manage investment portfolios with more than 10% invested in virtual assets and issued several excellent performance actively managed ETF products.

  • Hong Kong Monetary Authority launches industry consultation on “renaming virtual banks as licensed digital banks”

    Hong Kong virtual banks released their annual reports for 2023 last week. The eight virtual banks collectively lost about 2.99 billion yuan last year, a decrease of about 12% compared to the total loss of about 3.4 billion yuan in 2022. In response to the occasional feeling of "unreality" brought about by the term "virtual" in recent years, the Hong Kong Monetary Authority has initiated a consultation on renaming with the eight virtual banks, the Hong Kong Bankers Association, the Hong Kong Restricted Licensed Banks and Deposit-taking Companies Association, with the aim of renaming virtual banks as licensed digital banks, for a period of one month. It is reported that in the Asian region, similar banks have different names in different places. South Korea and Singapore issue licenses under the name of "digital bank", with Singapore further dividing them into digital full banks (DFB) and digital wholesale banks (DWB).

  • Chairman of the Russian State Duma Financial Market Committee: I do not support a complete ban on the circulation of cryptocurrencies in Russia

    Anton Gorelkin, Chairman of the Financial Market Committee of the Russian State Duma, said that he does not support a complete ban on the circulation of cryptocurrency in Russia. He explained in a post on Telegram that this restriction is not intended to ban the use of all cryptocurrencies, but rather to regulate the establishment of cryptocurrency exchange platforms within the legal framework of Russia. Anton Gorelkin also believes that the establishment of a legitimate cryptocurrency infrastructure in Russia is influenced by geopolitical realities, and this requires consideration of factors related to international relations. He further added that allowing such infrastructure may expose Russian companies to Western sanctions. In addition, Anton Gorelkin pointed out that this restriction may be lifted in the future, and users can still use foreign cryptocurrency exchanges and over-the-counter trading services as before. However, the impact on many over-the-counter cryptocurrency services in Moscow is still uncertain.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company