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BlockFi halves interest rates for major cryptos Solana, Avalanche, Polygon

BlockFi, a popular crypto lending platform, has slashed interest rates by half for some of the market’s cryptos held by non-US clients. Interest rates for Solana deposits will fall from 10% to 5% as of June 1, while rates for Avalanche (AVAX) and Polygon (MATIC) will fall from 10% to 5% and 11% to 5%, respectively. The company outlined its planned changes in a post on May 26.  BlockFi’s move is a reflection of the dynamics in the crypto market. …

Avalanche developer raising $350 million at $5.25 billion valuation: Report

Ava Labs, the main developer of the Avalanche blockchain, is reportedly raising $350 million in new funding at a $5.25 billion valuation. Bloomberg reported the new fundraising on Thursday, citing people familiar with the discussions — although only one source gave the valuation. The Block has reached out to Ava Labs for comments and will update this story should we hear back. The Avalanche blockchain was launched in September 2020 by Ava Labs as an “Ethereum killer.” It has garnered …

Luna Foundation Guard buys $100 million in AVAX for UST’s reserve

The Luna Foundation Guard (LFG), a Singapore-based nonprofit building reserves for the stablecoin Terra (UST), announced Thursday that it will buy $100 million worth of AVAX tokens from the Avalanche foundation to augment its reserves. LFG had bought $231 million in bitcoin the day prior to also boost its UST reserves, but this appears to be the first time LFG is buying into another cryptocurrency. With the AVAX market share significantly smaller than bitcoin’s, LFG is now a significant market …

Layer by Layer Issue 27: Ethereum, Terra, Avalanche, and Fantom

April 7, 2022, 10:06AM EDT • 26 min read Quick Take In this weekly series, we dive into some of the most interesting data and developments across the Layer 1 blockchain landscape, from DeFi and bridges to network activity and funding Ethereum and Avalanche are nearing critical stages of development in their scaling roadmaps Terra’s UST continues its spread across multiple chains while incentives on Fantom are beginning to fuel a new chapter for the ecosystem Join The Block Research …

A look at Avalanche subnets

April 5, 2022, 1:28PM EDT • 9 min read Quick Take Avalanche is one the fastest growing L1 in the crypto space due to its EVM compatibility, low fees and latency, as well as its fast transaction finality  To further bolster the scalability of the Avalanche blockchain, Ava Labs introduced the concept of subnets, where unique ecosystems in the Avalanche network can be operated by different sets of validators Crabada, a popular game on Avalanche, recently launched its own native …

Layer by Layer Issue 25: Avalanche, Terra, BNB Chain, and Cosmos

March 24, 2022, 3:47PM EDT • 17 min read Quick Take In this weekly series, we dive into some of the most interesting data and developments across the Layer 1 blockchain landscape, from DeFi and bridges to network activity and funding L1 teams are starting to develop closer partnerships with other teams, leveraging the technical strengths and communities of their respective networks to forge new synergistic strategies for growth This week, we take a look at Avalanche, Terra, BNB Chain, …

Layer by Layer Issue 18: Avalanche, Cosmos, Osmosis, Terra, Polkadot

January 27, 2022, 8:22AM EST • 18 min read Quick Take In this weekly series, we dive into some of the most interesting data and developments across the Layer 1 blockchain landscape, from DeFi and bridges to network activity and funding Facing elevated user demand from ongoing growth and recent market volatility, L1 blockchains are continuing to confront the difficulties of scaling As new chains begin to emerge at an accelerated pace, deliberate strategies for concentrating liquidity are showing effectiveness …