XDC Network Expands into Japanese Market Through Partnership with SBI Subsidiary; Origin Ether Yield Farming App Surpasses $12M TVL

Daily Top Performer — XDC Network (XDC)

U.S. equities fell yesterday by 0.61% as Global economic concerns, particularly slowing manufacturing and service sector activity in China, contributed to the losses. The broader cryptocurrency market went down, with Bitcoin and Ether dropping 2.36% and 2.01%, respectively, in the past 24 hours.

Today's outperformer is XDC, which surged 19.02% in the past 24 hours due to its partnership with SBI Subsidiary.

Launched in 2017, XDC Network (XDC) is a hybrid blockchain that uses delegated proof-of-stake consensus. It provides users with digitization, tokenization, and swift trade transactions, and focuses on international trade and finance to address the shortcomings in global financing and trade, by offering instant real-time settlements via smart contracts, and KYC features. 

XDC has expanded its footprint in Japan through a partnership with SBI VC Trade, a subsidiary of the Tokyo-based SBI. The network plans to streamline Japan's international trade sector by enhancing transparency and traceability while reducing costs. Leveraging blockchain technology to improve real-world efficiency creates strong intrinsic utility for XDC. 

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Talk of the Town

Origin Ether, a new yield farming app, has seen over $12 million in total value locked (TVL) just two weeks after its launch, as per data from the blockchain analytics platform DefiLlama. Origin Ether uses Ether to generate yield by depositing it into multiple liquid staking and decentralized finance protocols such as Curve and Convex. Some of the Ether is converted into liquid staking derivatives before the deposit, which allows users to gain additional farming rewards. The rise in popularity of such liquid staking protocols comes as Ethereum transitions to proof-of-stake consensus.