Keeping Up With The Evolution of DeFi On NEAR: Flux, Pulse, and NearPad Updates
Amazing DeFi tools and applications are born everyday in the NEAR ecosystem. To keep up with the evolution of DeFi on NEAR is an arduous task, but hopefully this series is making things a little bit easier for the NEAR community :)
In the previous articles, we have discussed Ref Finance, Skyward Finance, Metapool and NEAR’s DeFi infrastructure. In this third article. of the series ‘The Evolution of DeFi on NEAR’ we will provide an overview of the updates on: Flux, Pulse Markets, and NearPad.
Flux is one of the hottest DeFi applications on NEAR. Being a trustless, decentralised oracle aggregator, it allows users to decentralise their data source and oracles thus eliminating the single oracle problem, and adding a layer of data reliability.
On May 20th, Flux had a very successful seed round raising the staggering amount of $10.3 million. Among the investors are Coinbase Ventures, Distributed Global, and Coinfund.
In July, Flux announced a Foreteller program, and the first acquisition on Flux took place. Pulse, a community owned prediction market platform built on Flux, acquired Stake.gg, a global, permissionless, and open source prediction market platform for gamers. Through this acquisition Stake.gg gained access to the Pulse Ecosystem and to the benefits of Flux Protocol’s automated resolution, and censorship resistant IPFS frontend, just to name a few.
On September 15th, Flux announced its imminent launch on Solana, one of the fastest growing blockchains in crypto. This integration is going to unlock a wide array of features and functionalities on Solana.
To stay updated on Flux’s launch and development follow them on Twitter.
Pulse Markets is a fair-launch open source app for prediction markets built on Flux Protocol.
In July, Pulse announced the first of a kind DAO acquisition, that of Stake.gg., a global eSport prediction market. Through this acquisition, Pulse set a new standard for blockchain mergers and acquisitions as well as groundwork for market applications. Although Stake.gg will be under Pulse, the Stake team will continue to build their eSport Prediction Market vertical and become full-time contributors to the Pulse DAO.
Other big news came in September with the announcement of Pulse DAO and the launch of $PULSE in partnership with NearPad.
The launch of $PULSE will power Pulse’s ecosystem as well as providing an incentive mechanism for community participation in the future of Pulse. Anyone will be able to get the token, meaning that every token holder is going to have a say in the development of Pulse.
NearPad is the launchpad, DEX aggregator, and Yield aggregator of NEAR. What it brings to the ecosystem is a new way for communities and developers to access finance tools for crowdfunding, asset management, and yield optimization. NearPad is also the first DAO-led protocol on Aurora that gives its users an unprecedented control over its future. Users are in control of its treasury and public funds, they propose and vote on funds and teams, and developers can directly pitch their projects to the community.
In August, its seed round, led by NGC, closed with $2 million. Among the investors are the NEAR Foundation, the OWC, Ellipti, LD Capital, Flow Ventures, Genblock Capital, SuperNova Fund, Exnetwork Capital, and Arkn. The closure of this successful seed round did not pass unnoticed as it was covered by Bloomberg’s business section in a thorough article.
September started off with a NearPad token distribution event, which concluded with a sold out in only a few hours.
The NearPad token, $PAD, was also introduced in SushiSwap on the first of September.
On the 2nd of September, NearPad also announced its first IDO project with Pulse Markets.
A few days later it was also listed on Coingecko.
So we have covered the main events for Flux, Pulse Markets, and NearPad. To stay updated on the evolution of DeFi on NEAR, make sure to stay tuned and for the next article!