Weekly Recap! Relatively uneventful market Relatively uneventful DeFi market

This week, Avalanche announced raising $230 million in a private token sale to investors led by Polychain and Three Arrows Capital. The sale was completed in June 2021, and the funds will be used to accelerate the growth of DeFi and enterprise applications on Avalanche through token purchases, grants, and technological support.

The Alpha Finance Launchpad announced support for pSTAKE, designed to increase the capital efficiency of staked crypto assets. Similar to Lido’s ETH and SOL staking programs, pSTAKE will allow users to capture the value from staking underlying tokens, as well as additional incentive rewards for using the pSTAKE platform, and of course the liquidity from received stkTOKENs (e.g. stkALPHA). 

Arbitrum is breaking fast out of the gates, with TVL rising to more than $2.5 billion in the first weeks after launch. Much of the frenzy is driven by sky high yields on projects like NYAN, which have greatly overshadowed liquidity directed to more established projects like Sushiswap.

We have also saw some interesting incidents this week: Avalanche’s protocol Vee Finance, who just closed a $5.3m fund raising, has suffered a hack and caused nearly $35m loss. 

Tracer has completed a sale of 50M TCR tokens for 3.75M DAI, giving its total supply a valuation of $75M at the sales end. 

PrimeDAO, a DAO to DAO finance protocol has closed a $2m funding raising this week.

Want to know more about what happened this week? Check out the latest DeFi Weekly by TokenInsight.