Weekly DeFi Update (Week 5, 31/01/2022 – 06/02/2022)

Wormhole crypto restores all funds after exploit. Diem coin by Mark Zuckerberg shuts down. VVS_finance Glitter Mine integrated into Crypto.com DeFi Earn.

Key Takeaways 

• Wormhole, a popular blockchain bridge connecting Ethereum (ETH) and Solana (SOL), has restored all its funds after suffering from an exploit worth over $320M.
• Mark Zuckerberg’s stablecoin project Diem is shutting down officially after more than two years of development.
• After a drama related to the scandalous developer Michael Patryn (0xSifu), Wonderland co-founder Daniele Sestagalli has tweeted the end of the project following a divided vote result from the community.
• VVS Finance introduces a new feature called Smart LP Removal feature, meanwhile, its Glitter Mine is now integrated with Crypto.com DeFi Earn.  
• This week’s price index was positive at +4.09%, while the volume and volatility indices plunged by -20.69% and -27.51%, respectively.

Highlights

• Elrond (EGLD) launches Metastake DeFi platform for the metaverse
• Balancer jumps as team weighs Curve-style tokenomics
• Cardano-powered DEX ADAX goes live, plans to integrate COTI’s Djed stablecoin
• Cardano-based ADALend scores partnership with Robatz Network to build decentralised lending protocol
• PeckShield warns DataDAO users of backdoor that can steal funds
• SushiSwap struggles to overcome lack of management and nixed Frog Nation deal
• SEC Commissioner warns proposal may threaten DeFi
• Trader Joe’s native coin (JOE) climbs as the DEX unveils ‘modular staking’

Check the latest prices on Crypto.com/Price

Top Token Metrics

DeFi Index Tokens

Notable Events

• DeFi Protocol Balancer introduces a vote-escrowed token called veBAL, the price of BAL jumped following the update.

DEX Metrics

Notable Events

• Avalanche-based DEX Trader Joe’s native token climbs after the announcement of ‘modular staking’ – a system that gives token owners three independent ways of staking their holding.