October saw significant advances for Flow, with strides in community engagement, decentralized finance (DeFi) protocols expansion, and developer ecosystem growth.
- DeFi on Flow grew steadily throughout October
- The Flow Community Rewards point redemption is live
- A Messari report highlighted the advantages of Flow as a consumer blockchain
- Flow was the top pick for L1 hackers at ETHGlobal San Francisco
Flow DeFi Momentum Saw An October Uptrend
DeFi is growing on Flow. Total Value Locked (TVL) on Flow went up at least 13% in October, with a peak of around $22.42 million on the 20th, and a general uptrend across the month. The growth was driven by the optimal environment Flow provides for DeFi and an increase in ETH-based liquidity following the Crescendo network upgrade.
Key drivers of liquidity on Flow include Increment Finance, Ankr, Trado.one, and KittyPunch, with each protocol contributing substantial value through decentralized exchange, lending, and liquid staking services. Additional lending and vaulting services from More Markets and stablecoin liquidity from the Celer bridge network enhance cross-chain liquidity and smooth asset transfers on Flow. Altogether, these protocols collectively drive the liquidity and growth of Flow’s DeFi environment, reflecting the network’s expanding financial utility. See the full October DeFi growth report here.
Redeem Flow Rewards In 30 Seconds
Flow Community Rewards are now live, and users can earn Boxes and Keys by interacting with various applications on Flow. Combined, Keys and Boxes unlock Points that can be spent in the upcoming Rewards Store, to get exclusive experiences, real-life items, and onchain items. A complete explanation of Boxes and Keys and the partners offering them is available here, and this guide shows how to redeem Flow rewards in 30 seconds.
Messari Recognizes Flow as the Leading Consumer Network
Messari analyzed Flow’s multi-node architecture and recognized the network as a leading hub for consumer applications. Flow architecture prioritizes security and decentralization while offering enhanced throughput, an ideal foundation for supporting high-demand applications. Messari also highlighted the growth of an EVM-based DeFi ecosystem on Flow, enabled by the EVM equivalence introduced to Flow through the Crescendo upgrade. Read the full report here.
Flow At ETHGlobal San Francisco
The Flow World Tour stopped at ETHGlobal San Francisco, where Flow attracted 1 in 5 hackers and emerged as the Layer 1 network of choice for participating developers. More than 50 new Flow apps were created, over 100 developers joined the ecosystem, and PumpRoyale, a Flow project, took home the top prize as the overall hackathon winner.
Winners for the Most Killer App Potential on Flow included:
- hoshi — 1st place
- Roblox Coin Exchange — 2nd place
- Super Tweets — 3rd place
- Keyless — tied for 4th place
- Avazon — tied for 4th place
There was a four-way tie for the Best Sports Apps on Flow:
See the full event recap for more information on these Flow-based finalists.
Partnerships and Launches in October
Ledger Integration — Ledger hardware wallets now connect directly with Flow apps, providing increased operational security options and added asset protection.
Mintify Partnership with Bitmap Emporium — Traders on Minitify can now earn experience points and leverage the Emporium’s builder academy.
CryptoKitties: All the Zen — The new CryptoKitties Telegram MiniApp surpassed 90,000 daily active users, and continues to grow.
Join Flow in Thailand in November
With October behind, the next stop for the Flow World Tour is Thailand. In Chiang Mai on November 4th, 2024, developers at Edge City Lanna Hackathon will tackle
a new builder category: Social.
While in Chiang Mai, Flow connecting for fireside chats with the best in web3, including:
- Vitalik Buterin, Cofounder of Ethereum, with Dieter Shirley, Cofounder of Flow
- Dan Finlay, Founder of Metamask, with Jeff Doyle, Head of Wallet at Flow
- Matt Hamilton, Senior Developer at Arbitrum, with Dieter Shirley, Cofounder of Flow
Then, beginning November 15, 2024, the tour will make its next stop at ETHGlobal Bangkok with another new builder category: Gaming.
Join the competitions and build the next generation of social apps on Flow.
