Monthly Report — March
The month of March was quite an action-packed one for the Cook community and blockchain world at large. Here is a summary of all the notable activities and events that occurred within the COOK Ecosystem during the month of March 2022.
Crypto/DeFi Markets Watch
The invasion of Russia by Ukraine on Feb 24th, 2022 ruffled more than a few feathers in the world of global finance. And expectedly, the cryptocurrencies market took a hit as well.
However, the markets then took a bullish turn as sanctions meted out to the Russian regime sparked an increase in the adoption of cryptocurrencies for cross-border payments amid the geopolitical crisis.
- The Ukrainian government launched a cryptocurrencies donations campaign that quickly racked up over $60 million in donations from across the world as of Mar 22, 2022.
- The Russian Central bank made a U-turn, as they announced the amendment of the nations “Digital Currency Bill” to legalize the adoption of crypto currencies as a legitimate means of payments within the Russian Federation.
Following a 10% Bitcoin drop-off in the first week of March, DeFi Indexes provided a much-need cushion for our institutional and retail issuers before the crypto markets gradually rebounded.
Inside Cook Finance: March 2022.
Following a hugely successful Q1 2022, the Cook team spent the month of March providing a sneak peek into what the community can expect for the 2nd quarter of the year. March 2022 saw the team foundations to expedite high-growth inducing activities for the rest of year. Some of these activities highlighted the team’s commitment to the roadmap, responsiveness to community feedback as well as technological agility to respond to market swings.
In line with the milestones sent in the 2022 Roadmap, we announced strategic partnerships to enhance user experience. Also following successful proposals in the Community Governance DAO, we introduced new and updated existing Indexes to keep our platform in-tune with the current DeFi market landscape.
During the month of March 2022, we launched the Cook platform launched on the renowned BNB Chain. We also created a total of 7 new Indexes Launched, 2 existing Indexes on the Avalanche network amid many other milestone announcements. Here is a breakdown of it all;
Having set new key milestones on the roadmap for 2022, in the month of February, the Cook team displayed glimpses of speedy execution, innovation and transformation that the community can expect for the rest of the year. During the month, a total of 10 new proposals were launched on the DAO community along with multiple product updates.
Most notably, the team has accelerated actions on the goals of offering multi-chain solutions to users and index selectors globally. After engaging multiple partners across the Avalanche ecosystem, the COOK team has now turned its sights towards the BNB chain, with new BNB indexes in the works. This will expedite Cook’s vision to integrate most popular chains and improve interoperability.
Product improvement is central to the activities of the Cook Team. And in March we made a number of moves to enhance the quality and quantity of Indexes offered on the Cook platform.
- Cook platform Launched on BNB
In line with the Cook 2022 road map, we set a target to launch the Cook platform on the most prominent chains in the metaworld, we successfully launched on the BNB Chain. In terms of total value locked and global adoption rates, BNB Chain is among the top 3 largest networks in the world. This move is set to enhance the global popularity and interoperability of the Cook Platform. Millions of users on the BNB Chain can now interact seamlessly with the Cook Platform and issue an array of Indexes that we have on offer on the BNB Network.
Following incessant requests from the community, we successfully launched Cook Indexes on the BNB Chain. And then we duly introduced new indexes to provide an array of high quality product offerings for users within the BNB network. During the month, we launched 7 new Indexes, offered exclusively on the BNB network.
- Yield Bearing Mega Cap Index
- Yield Bearing Stable Coin Index
- Yield Bearing USDT Index
- Yield Bearing BUSD Index
- Yield Bearing USDC Index
- Yield Bearing BNB Index
- New indexes farming pools
We introduced yield-aggregating Farming pools for all newly-launched indexes on BNB chain
In response to community requests to make sure index compositions are kept at the highest quality, we introduced new updates to some 2 of our existing indexes on the Avalanche network.
Yield Bearing Avalanche Ecosystem V3 Index on Avalanche
We updated the YB-AEV2 to Version 3 to carry out the following changes:
- Updating underlying yield yak farming strategy
- Combing Avalanche Ecosystem V2 Index with Yield Bearing Avalanche Ecosystem V2 Index
- New tokens addition
Yield Bearing Stable Coin Index V2 Index on Avalanche
We also updated the YBSC Index to a V2. The major update in this version was to delist the defunct MIM Yield Yak Strategy.
- Delist MIM yield yak strategy
At Cook we believe that strategic partnerships are crucial to the success of any DeFi platform. Consequently, we have continued to forge alliances with prominent DeFi protocols to help improve user experience, quality of product offerings and to increase our global brand awareness. In March, we finalized two additional high-profile partnerships with Alpaca Finance and Magic.
- Cook Finance integrates Alpaca Finance
Alpaca Finance is a fair-launch leveraged yield farming protocol hosted on the BNB Chain and Fantom. It is currently the largest lending protocol that allows leveraged yield farming on the BNB Chain. The platform has established itself as a key enabler for the entire DeFi ecosystem, Alpaca amplifies the liquidity layer of integrated exchanges, improving their capital efficiency by connecting LP borrowers and lenders.
This partnership will allow COOK to incorporate the leveraged yield-farming protocols of Alpaca, thereby helping COOK holders improve their capital efficiency without taking on additional risk.
- Cook Finance integrates with Magic
Many DeFi & Web3 platform users have raised concerns about difficulties managing passwords, wallet integration and access authorization for dozens of digital services that they currently use. And Research shows that over $140billion worth of Crypto assets has been lost due to forgotten passkeys, lost devices and mismanagement of user access authorization.
Magic is a developer SDK that enables passwordless authentication with blazing-fast, hardware-secured, passwordless login. The Integration of Magic now enables Cook finance users and index issuer to manage their funds securely without having to deal with the complexities of memorizing gazillion passwords.
Marketing: Events, Sponsorships & Promotions
The Cook team also took giant steps towards improving the global awareness of the Cook Finance brand. The executive team attended some notable blockchain events around the world and conducted a giveaway campaign to reward new and existing members of the Cook community.
- Avalanche Summit — Barcelona 2022.
The Avalanche Summit is an annual conference organized for industry leaders, researchers, hackers and developers building on the Avalanche network.
The initiative saw us team up with two other DeFi industry giants to create a “Safe Space” for attendees to co-work, chill and connect with one another at the Avalanche Summit.
The BNB Launch Campaign.
To commemorate the landmark launch of COOK on the BNB chain we conducted a Giveaway that rewarded many active members of the Cook community with amazing prizes.
- 10 users were gifted 20 usd each
- We generated over 2000 engagements across our different social media platforms,
- 10.000 people reached
The next edition of our Monthly summary report will be coming to you in April 2022. Until then, get involved in the Cook community by joining the DAO, and stay informed by following us on our Official pages: Medium, LinkedIn, Twitter, Telegram, and Discord.