Published
1 year ago on
June 26, 2022
Decentralised Finance (DeFi) is one of the largest sectors in cryptocurrency and according to DefiLlama, there is currently over $72 billion in DeFi protocols by Total Value of Locked funds (TVL).
We look at three cryptocurrencies, DeFi-related protocols, and ecosystems including Mushe (XMU), which includes DeFi features as well as a cryptocurrency adoption via a fiat-to-crypto onramp.
The Up-And-Coming Project Mushe (XMU)
Mushe (XMU) is the utility and governance token used on the MusheVerse ecosystem. An ecosystem that includes a secure crypto wallet application called Mushe Wallet, NFT features metaverse banking and more. To promote cryptocurrency adoption and onboarding, Mushe features a crypto-to-fiat onramp for swapping between the two.
You can also earn a passive income with Mushe (XMU) by participating in staking on the protocol. Holding and staking tokens gives access to governance rights, such as submitting and voting on proposals to decide the future of the ecosystem. If you want to participate in higher yield stalking activities, you can stake your XMU tokens in yield farming and liquidity farming pools on the platform.
Mushe (XMU) is currently in presale and the token will launch on July 4, 2022. The protocol and token are built on Ethereum (ETH) and use ERC-20 token standard, however, it will migrate to the Solana (SOL) and Stellar (XLM) blockchains in the future.
New Rewards To Be Added For PancakeSwap (CAKE) Holders
PancakeSwap (CAKE) is a BEP-20 token of a popular DeFi protocol built on the Binance Smart Chain blockchain that powers PancakeSwap decentralised exchange (DEX). Binance is also known as the largest centralised cryptocurrency exchange in the world.
Recently Binance Labs, a venture capital division of Binance, announced that it had made a large investment in PancakeSwap of an undisclosed amount. This makes Binance’s support of the DeFi protocol official after having previously integrated PancakeSwap (CAKE) into its mobile application.
At the time of writing, PancakeSwap has the 75th largest market capitalization out of all cryptocurrencies and it is the seventh-largest DeFi protocol in terms of TVL.
In May 2022, the PancakeSwap community voted in favour of passing a governance proposal that would see changes to the protocol. Firstly, three new tokens would be created to incentivize staking to reduce the circulating supply of CAKE: these are bCAKE, iCAKE, and vCAKE. Secondly, the maximum supply of CAKE tokens would be capped at 750 million.
