- Today’s focus in the crypto market includes notable developments for LUNC coin, Aave, Cardano, and ApeCoin under Animoca Brands.
- Aave makes a significant move by expanding beyond the Ethereum Virtual Machine (EVM).
- Noteworthy details include Aave V3’s launch on the Aptos mainnet and a tax update for Terra Luna Classic (LUNC).
Stay updated with the latest crypto developments including Aave’s expansion to Aptos and pivotal updates in LUNC and Cardano.
Aave Expands Beyond EVM
In a decisive vote held from July 16-19, the Aave community approved with a 99.6% majority to launch Aave V3 on the Aptos mainnet. This marks a revolutionary milestone as Aave, traditionally operating on EVM-compatible chains, embarks on integrating with Aptos, a Layer-1 blockchain utilizing the Move programming language.
Aave V3 on Aptos: Driving DeFi Innovation
Aave Labs has already developed the Move code necessary to integrate Aave V3 into the Aptos network. This code underwent extensive testing on the testnet to ensure a seamless deployment to the mainnet. This integration allows Aptos developers to access Aave’s financial services, potentially accelerating the growth of innovative DeFi applications. Aptos, known for its rapidly expanding ecosystem and high-performance blockchain, offers a fertile ground for DeFi protocols. This strategic move aims to extend Aave’s well-established borrowing and lending services to a broader user base, thereby enhancing liquidity within the Aptos ecosystem.
Terra Luna Classic (LUNC) Tax Update
Developers of Terra Luna Classic (LUNC) have made final tweaks to the burn tax distribution upgrade. Following the development of the Oracle Split mechanism, which redirects community pool rewards to the Oracle Pool (OP), a new terrad client version was created to redirect short-term rewards to long-term ones. These changes, along with block speed factors, delayed the upgrade by a few days.
Community-Driven Upgrade and Its Implications
Popular developer Till Z, known within the Terra Classic community as Fragwuerdig, announced the release of Version v3.1.3, conducted in collaboration with developers including StrathCole. A proposal will be presented to the community for approval to update the Terra Classic chain to version 3.1.3, with the expected halt at block height 19108180 on July 29 at 13:00 UTC. The community anticipates significant LUNC news regarding token burns from TFL ahead of the update.
Cardano and ApeCoin Witness New Developments
A recent Hydra update has triggered an upward trend in Cardano’s Total Value Locked (TVL) in decentralized finance (DeFi). According to DeFiLlama, Cardano’s DeFi TVL has risen to $243.17 million, marking over a 20% increase within two weeks from $242.13 million on July 6. TVL denotes the total assets locked within the Cardano ecosystem, serving as a critical metric for DeFi activity and investment levels. This spike followed an announcement by leading pool operator Stake With Pride that Cardano Hydra’s “God mode” had been activated, especially benefiting applications utilizing the native ADA token.
Animoca Brands’ Proposal for ApeCoin Ventures
On July 21, Animoca Ventures, the venture capital arm of Animoca Brands, initiated a proposal vote within the ApeCoin DAO community to establish ApeCoin Ventures. The proposal suggests that ApeCoin DAO commit 5 million APE tokens, while Animoca Ventures will provide $5 million in fiat currency, creating a joint investment fund totaling $10 million. The fund will focus on financing early-stage and Series A Web3 projects, particularly those capable of integrating APE tokens into their ecosystems.
Conclusion
The latest developments in the crypto space reflect a trend toward expanding technological capabilities and fostering innovative solutions across various platforms. Aave’s integration with Aptos and the Terra Luna Classic tax update exemplify significant steps towards enhancing their respective ecosystems. Meanwhile, the rising TVL on Cardano and the strategic initiatives by Animoca Brands for ApeCoin Ventures signify substantial progress and investment potential within the DeFi and Web3 sectors. These advancements collectively illustrate a promising future for cryptocurrency technology and adoption.
