State of Defi: It's Still Memecoin Season

Welcome to this week's edition of the State of DeFi newsletter, where we bring you the latest decentralized finance (DeFi) updates.

Don't forget to catch the previous edition if you missed it!

So what's been happening in Defi?

SUI Blockchain Launches its Mainnet

The highly anticipated blockchain developed by former Meta employees was launched this week. Sui network has been developed using the Move programming language, which was developed by Meta for use on their Diem platform.

The launch of the network went well, with the network now up and running, and functioning as intended.

Early investors may be less than pleased however, as token price dropped sharply immediately after launch. With such price action to be expected in the early stages of the network's existence, the coin can still be said to be performing well, having done $1bn in volume and installed itself as one of the top 100 cryptocurrencies.

Similar to Sui, the Aptos network is also developed using Move. It should be interesting to chart the progress of the two chains over the coming weeks and months as pioneers of a need technology.

Sushi Launches Concentrated Liquidity Across 13 Blockchains

Capitalizing on the expiration of Uniswap's V3 business source licence, Sushiswap rolled out concentrated liquidity features on multiple chains.

Introduced by Uniswap V3 in May 2021, concentrated liquidity allows liquidity providers to optimize for capital efficiency.

As the most capital-efficient AMM model, the licensed protocol gave Uniswap V3 a significant edge over their competition. Since the expiration of the licence on April 1st, competitors such as Pancakeswap and Sushiswap have been quick to fork the protocol and level the playing field.

The Sushiswap team also announced that a new user interface is planned to be rolled out on the 20 different networks that the platform operates on.

$PEPE Memecoin Hits $1bn Marketcap

Did you fade $PEPE anon?

Since being created on April 14th, the coin has increased in price by a staggering 4,000%. Having said that, $PEPE has since fallen off from those highs, highlighting once again the volatility and potential risk inherent in the purchase of such digital assets.

The latest surge from the coin to a $1bn Marketcap has occurred at least in part, thanks to its listing on Binance. Interestingly there are still a few exchanges that could potentially list the coin and cause it to run further. (Not financial advice).  

Memecoin season is still well underway, although participation is not without its risks.

Conclusion

The building continues on the blockchain despite the broader difficulties in market conditions.

With new blockchains like Aptos and Sui coming online, there will be an interesting new dynamic of competition to keep an eye on in the months and years ahead. While "Ethereum Killers" might not be the correct term, the chains appear to have many ingredients necessary for success.

Furthermore, the continued efforts of DEXs like Pancakeswap and Sushiswap are positive for the space and highlight the fact that competition on-chain is alive and well.

Finally, the recent performance of memecoins show us two things; there is still some life in the market, and crypto is still the wild west.

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*Disclaimer: While every effort is made on this website to provide accurate information, any opinions expressed or information disseminated do not necessarily reflect the views of Bitfinity itself.