Decentralised Finance

DeFi Protocol Revenue Reaches New High

Decentralized finance (DeFi) protocols have already recorded over $175 million in revenue in February, making it the biggest month ever for DeFi revenue generation, according to data compiled by The Block.

DeFi protocols have already earned over $20 million more this month than in January. According to the data, Uniswap accounted for 43.6% of that revenue, while 20.9% went to SushiSwap, and 15.9% to Compound. 

Additionally, decentralized exchanges (DEXs) are set to finish February with the highest monthly volume on record.

According to data from CoinGecko updated on February 25, February’s monthly volume figure of DEXs has reached $64.83 billion, surpassing January’s volume of $61.16 billion. Uniswap continues to be the leader among DEXs, with a monthly volume above $30 billion in February so far – the second month in a row.

Alameda Leads Investment in Oxygen

On another note, Alameda Research, a leading quantitative trading firm, is leading a $40 million investment round in ‘DeFi Prime Brokerage’ Oxygen. Other investors in the round include Multicoin Capital, Genesis Capital and CMS. 

Oxygen is built on Solana, a blockchain that can handle 50,000 transactions per second, compared to Ethereum’s 15 or so transactions per second. Moving forward, Oxygen plans to deliver more complex DeFi features by launching on Serum, the high-speed, non-custodial DEX built on Solana. 

Oxygen helps users with access to liquidity, leverage, yield generation and borrowing to short. It is also announcing an integration with Maps.me, a mobile alternative to Google Maps with about 100 million users. 

Alameda led a $50 million investment in Maps.me earlier this year. Genesis and CMS also participated in that round. 

Sam Bankman-Fried, CEO of Alameda Research and the derivatives exchange FTX, also an adviser to both Serum and Oxygen, told The Block that with the integration, Maps.me users will be able to deposit funds into the wallet in the form of tokens, earn yield on those tokens while they are stored, and ultimately pay for good and services such as hotel bookings.

Oxygen powers its ecosystem with the OXY governance token, which will stage an Initial Exchange Offering (IEO) on March 11, and list on FTX, BitMax and Serum DEX on March 16.

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