After reaching its all-time low of $40.9 billion in June 2023, the total value locked (TVL) of the decentralized finance (DeFi) sector rose to $46 billion. It then witnessed a drop again to a TVL of $44.19 billion on July 17 and has been on a downward trend ever since. Consequently, Aave (AAVE) finally launched its new algorithmic dollar-pegged stablecoin, GHO, on the Ethereum mainnet.
As investors are unimpressed by the DeFi TVL’s plunge, the revolutionary DigiToads (TOADS) has attained a monumental achievement. Its live presale recently broke the $6.7M mark, proving its immense growth potential. The DigiToads ecosystem features a profitable non-fungible token (NFT) marketplace and play-to-earn (P2E) Web3 game, making it recommended to gamers, traders, and NFT collectors as one of the best cryptos to buy now.
In this crypto digest, let’s explore how the DigiToads presale breaks the $6.5 million mark, DeFi DVL drops again, and Aave launches GHO on the Ethereum mainnet.
DigiToads (TOADS) has Unlocked a New Fundraising Milestone.
DigiToads’ native TOADS coin is one of the best cryptos to buy now because of its high-profit potential to maximize investors by 450% when it launches. The project structured its presale in stages with gradually increasing prices, ensuring early investors benefited from purchasing the TOADS token at discounted rates before the imminent launch price of $0.055 per TOADS coin. DigiToads has sold more than 376 million TOADS coins out of the 405.35 million coins allocated for the presale and community bonus in the final presale stage. With each TOADS coin priced at $0.05, this achievement has resulted in a total yield of over $6.6 million, exceeding the $6.5 million mark.
DigiToads underwent a comprehensive audit conducted by Coinsult, assuring the transparency and security of its presale for its investors. The presale plans to list the TOADS coin on reputable exchange platforms like Bismart and Uniswap to increase its easy accessibility for investors in the DeFi market. Participating in the DigiToads presale allows investors to engage in token trading, stake their assets, and participate in a Web3 game where they can earn gaming rewards.
The presale introduced an exclusive collection of 3500 popular NFTs for minting and ownership. Holders of these NFTs can freely sell, hold, or trade their digital assets, offering opportunities for additional income generation. The presale has caught the attention of crypto whales drawn to the DigiToads staking pool for the chance to win rewards. Staking TOADS NFTs for extended periods rewards users with equity-based and popular NFTs, fostering competitiveness and incentivization for the staking process and attracting more investors to join the DigiToads presale.
DeFi TVL is on a Steady Decline and Generating Unfavorable Investor Sentiment
During the first half of 2023, the DeFi sector declined in performance, with the TVL remaining relatively stagnant. Throughout the year, except for a notable period from April 12 to April 19, the DeFi TVL stagnated below $50 billion. In June, the TVL reached its lowest point at $40.9 billion. After a Ripple ruling, the DeFi TVL rose to $46 billion. Still, the smart contract token economy subsequently relinquished most of those gains, causing the DeFi TVL to decrease by 2.4% on July 17, amounting to $44.19 billion. Ever since, the DeFi TVL has continued to drop, raising concerns among investors about its consistent value instability.
Aave (AAVE) has Launched a Stablecoin that Leverages the Security of the Ethereum Mainnet.
Aave is a DeFi protocol that utilizes its AAVE token to create non-custodial liquidity markets, allowing users to earn interest by supplying and borrowing assets. Aave has launched its algorithmic United States-dollar (USD) pegged stablecoin, GHO, on the Ethereum mainnet. On July 17, two days after Aave launched the stablecoin, it recorded $2.19 million worth of GHO tokens minted. This launch came after a community governance vote, where nearly 100% of the 424 participating addresses voted to introduce the new stablecoin.
Investors can mint the GHO coin using assets they supply into the Aave Protocol V3 Ethereum market as collateral. Aave executes all transactions involving GHO through self-executing smart contracts. Aave has also outlined that the revenue generated from GHO will contribute to its DAO treasury, with governance entrusted to stkAAVE and AAVE token holders. This implementation provides a clear and transparent process for managing the stablecoin and further reinforces Aave’s commitment to its community.
Conclusion
While the DeFi TVL experienced another drop in locked value, Aave launched its algorithmic stablecoin GHO on the Ethereum mainnet, using self-executing smart contracts for transparency and security. Conversely, the DigiToads presale has succeeded incredibly, breaking the $6.6 million mark. These developments highlight the DigiToads project’s continuous growth, even with the DeFi market and the crypto industry’s dynamic nature. With plans to list the TOADS coin on reputable exchange platforms, DigiToads aims to increase its mainstream recognition, increase investor participation, and unlock more remarkable milestones.
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