Several DeFi Giants Start Flash Mob About Upcoming Project, What’s Happening?

Multiple DeFi protocols including MakerDAO, SushiSwap, and Balancer simultaneously posted pictures of “fist bump” with different background colors on their official Twitter accounts on Saturday. The decentralized finance platforms hint at an upcoming huge announcement related to the DeFi market on Monday, February 6.

While other DeFi protocols just posted the picture, Gearbox Protocol added some additional hints. Gearbox in a tweet on February 4 said it is just a flash mob organized by decentralized finance DAOs about a first attempt at coordination in the decentralized finance industry.

“In case you are confused: this is just a fun DAO flashmob happening with some other awesome DeFi projects (as you could have noticed already). A first attempt at coordination, as to speak. But maybe marketing contributors could actually prepare something cool for Monday anyway.”

Crypto Twitter Speculates About Upcoming DeFi Announcement

The DAO flash mob has confused people why all DeFi platforms have posted a similar “fist bump” picture. Some crypto enthusiasts speculate that it is likely related to Arbitrum’s upcoming token release or multiple DeFi projects planning to form an alliance.

Arbitrum is a Layer-2 Ethereum scaling solution aimed at tackling unaffordable high transaction fees and congestion on Ethereum. It also offers a suite of Ethereum scaling solutions that are secure, fast, cheap, and EVM-compatible.

While the details on the DeFi project or collaboration are still limited, Gearbox Protocol marketing contributors could actually prepare something interesting for Monday amid the huge DeFi news.

The last year was difficult for the DeFi industry due to hacks, scams, and liquidity crisis amid the Terra-LUNA and the FTX crash. According to DeFiLlama, the total value locked (TVL) in DeFi fell from over 180 billion in January 2022 to below $40 billion in December 2022.

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Arbitrum-Linked GMX Token Skyrockets 15%

Arbitrum has no native token, but a rise in Arbitrum network activity is associated with the GMX token. Decentralized perpetual exchange GMX’s native token GMX skyrocketed over 15% in the last 24 hours, with the current price trading at $73.65. The 24-hour low and high are $64.26 and $75.92, respectively.

Also Read: Dogecoin (DOGE) On The Rise With Elon Musk Twitter Ad Revenue Initiative

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.