DeFi & L1L2 Weekly (23/11/2022)

Tether performed a $1B USDT chain swap from Solana to Ethereum. Curve Finance launches stablecoin crvUSD, releases code and whitepaper. Uniswap says it collects users’ public on-chain data.

Weekly DeFi Index

This week’s market cap, volume, and volatility indices were negative at -10.33%, -40.23%, and -73.78%, respectively.

New Project Spotlight

• Users can now easily add their preferred EVM network in the Crypto.com DeFi Wallet. Through EVM network support, users are able to send and receive tokens on their custom networks, directly interact with dApps from their DeFi wallet, as well as tap into mainnet and testnet support.

News Highlight

• Tether, the largest stablecoin issuer in the world, announced a US$1 billion chain swap to convert USDT on Solana to Ethereum ERC20 with the help of an undisclosed third party. 
• Curve Finance released the official code and whitepaper of its stablecoin, crvUSD. The stablecoin will be overcollateralised and rely on an algorithm called Lending-Liquidating AMM (LLAMMA).
• Uniswap announced an update to its privacy policy and will now collect public on-chain data, such as wallet addresses and transaction history, which will be used to “make data-driven decisions to improve user experience”.
• Uniswap Labs introduced two new smart contracts: Permit2, which allows sharing and managing token approvals across different smart contracts, and Universal Router for token and NFT swaps aggregation. 
• Cardano’s developer Input Output Global is releasing a new privacy-focused blockchain called Midnight, which is alleged to preserve privacy while giving access to regulators and auditors. Midnight will be a side-chain of Cardano and offer zero-knowledge proof smart contracts.
• Ren Bridge announced its plans to sunset Ren 1.0 and will soon launch Ren 2.0, an open source community-controlled cross-chain network.

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