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Fiery Incentive Programs and a Silver Lining for BTC

Aug 31, 2021 · 3 min read

By Genevieve Yeoh, and Joo Kian

Market Update

ETH broke out to trade above $3,400 for the first time since May at the New York open, while yesterday’s outperformers in the FTM ecosystem retraced earlier gains. The market in general is looking strong today — which is a welcome development, as always.

Cross Chain Competition Heats Up

Since launching “Avalanche Rush”, its DeFi incentive program on the 18th of August, Avalanche has enjoyed a gush of liquidity to its EVM chain. However, deposits on the network have slowed down in recent days, with the last 2 days resulting in net outflows from the Avalanche Bridge. This was likely impacted by incentive programs on competing Layer 1s. Fantom and Celo, on the contrary, saw an uptick in total value locked for their DeFi projects after announcing incentive programs for their respective chains on Monday.

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