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Overview of the NEAR ecosystem last week
Recently, the Near ecosystem has attracted cash flow, with $1.6 billion in assets on Rainbow Bridge. To find investment opportunities and update the status of the Near ecosystem, let’s go through and analyze and evaluate recent events!
Near, Aurora Foundation are all implementing grants to projects on the ecosystem to grow their ecosystem. Various grants ranging from $50,000-2,000,000 were issued.
Impressive numbers of the NEAR . system
Recently, the Near system has achieved many impressive numbers:
- Near-system TVL reached $1.12 billion, (Near: $275 million, Aurora: $831 million)
Burrow Cash raised $ 5 million, Trisolaris successfully raised capital from many large VCs in the market.
New and updated projects
Recently, there are many new projects on Near and Aurora. Active projects with many important developments:
- Projects in the lending/borrowing segment are continuing to have an intense battle between the parties: Aurigami, Bastion and Burrow to “win” TVL and attract new cash flows into the ecosystem.
- Bastion Protocol not only shows its ambition to dominate lending but also wants to become the biggest player in stableswap on Aurora.
Trisolaris successfully raised capital from many big VCs, demonstrating its development potential through its newly launched roadmap.
Burrow Cash raised $5 million, along with Ref Finance becoming the two main DeFi pieces in the system.
The ecosystem has several other notable events.
Analyzing each puzzle piece on the Near . system
Lending & Borrowing
1. Bastion Protocol
Bastion Protocol is a lending and borrowing project on Near. Bastion has just announced that it will launch the next product of the project – Stableswap. This is a product that allows projects to trade peer-to-peer assets with low slippage, with cTokens (the tokens received after depositing assets into Bastion) as the product they focus on developing in the meantime. head.
This product allows users to optimize capital efficiency. From there, users can get multiple yield sources at the same time with Bastion Protocol. For example, you can deposit stNEAR, providing one-sided liquidity for the stNEAR-NEAR pair. After that, users can get multiple yield sources such as: Metapool’s META token, Staking yield, APR deposit, LP APR, BSTN farming reward for lending products and stableswap at the same time.
New products help users optimize capital use. This shows that Bastion team has creativity, and high capacity in product design.
2. Burrow Cash
Burrow Cash launch their product on Mainnet Near. Total TVL (including borrow and deposit) has reached 100 million USD in the first phase. Currently, the project is opening liquidity mining for the BRRR token. You can deposit and borrow to farm BRRR tokens.
I also use the project and use the looping strategy (deposit and then borrow, then continue to deposit and repeat) to optimize capital and farm out a lot of $BRRR tokens in the first weeks of product launch.
The project also announced a backer set of many large funds in the market, with a fundraising amount of $ 5 million.
3. Other puzzle pieces
In the past week, other lending applications on Near have had some updates including:
- Aurigami: Aurigami allows stNEAR to be used as collateral to borrow other tokens. They announced a partner with Multichain and continue to increase the reward for the USDC lending and borrowing pool.
- The remaining lending applications have nothing new in recent times.
The coming time will be a boom period for lending applications on the system, accompanied by retroactive opportunities, especially with projects with strong backers Bastion, Burrow Cash, and Aurigami. Let’s follow and test the project’s products.
1. Ref Finance
Ref Finance reached 120 million TVL last week (mainly due to NEAR price increase). The project also launched a number of new pool farms including: NEAR-SOL, SKYWARD-NEAR and NFT ASAC staking.
The top DEX exchange on Aurora successfully raised $ 4.5 million from many large investment funds such as Jump Crypto, Electric Capital, Dragonfly Capital. With the capital raised, Trisolaris will apply veNomics, develop stableswap on Aurora in the future.
This investment is one of the proofs that the cash flow into the Near and Aurora systems is getting stronger and stronger.
On Near there is a single staking project, Metapool. Over the past month, the fact that lending products use stNEAR as collateral and allow farming with this token has created the need to deposit NEAR into Metapool.
Metapool’s TVL volume increased from 30 million to more than 100 million dollars, and the price of META has also increased.
In summary, in recent times, the outstanding events in Near Protocol include:
- Projects announced to raise capital continuously: Trisolaris, Burrow Cash… Cash flow of VCs is gradually pouring into Near faster.
Vibrant ecosystem with continuous updates of projects in many areas.
Which update are you most impressed with this week? Please comment below to let me know!
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