Nansen, the on-chain data platform, has bought decentralized finance (DeFi) portfolio tracker Ape Board, for what a report said is an eight-figure sum, Yahoo wrote Tuesday (May 17).
Ape Board has over 375 protocols on 33 blockchains including Ethereum, Binance Smart Chain, Avalanche, Solana and Polygon.
A spokesperson for Nansen said the deal was for upwards of $10 million.
Nansen wants to offer a better view of the investment landscape for DeFi, which has been doing well in the past year. The company will boost its platform to offer more portfolio tracking, access to on-chain data and Web3 native communication, it said Tuesday.
With Ape Board and its multichain coverage, traders will get a holistic view of the market which doesn’t require them to use multiple platforms to track holdings and analyze the markets.
Nansen will put its analytics together with Ape Board’s portfolio tracking to make an all-in-one “super-app,” according to a spokesperson.
The total value locked (TVL) of DeFi protocols has fallen around 40% to $113 billion since May began.
But that’s still six times higher than it was at the start of 2021.
Almost $10 billion in Ether tokens were deposited on DeFi platform Lido Finance, with preparations under way for a revamp of Ethereum.
The software upgrade, long waiting in the wings, will likely bring sweeping cuts in energy use, bring more performance and more returns on the blockchain.
Lido beat out other players in the industry, through offering Ether owners an incentive, a token called stETH, tied to the value of the crypto and able to be used on decentralized apps.
Nansen was cited for data, saying there’s over 700,000 ETH sitting on decentralized lending project Aave.
Depending on what kinds of risk a stETH holder is willing to take, the rewards of staking Ether borrowed against the coin might have no limit at all, the report said.