Weekly DeFi Index

This week, the market capitalisation grew by +2.23%, while the volume and volatility indices dropped by -24.51% and -58.21%, respectively.

The decentralised finance (DeFi) perpetuals (perps) trading volume surpassed US$1 trillion, reaching $1.3 trillion in October. This marks a significant increase compared to August’s record of $762 billion. Although centralised exchanges (CEX) still dominate in perps trading volume, DeFi platforms are gaining traction with a more compatible user experience and high leverage attracting speculative traders.

News Highlights

• Trump Media and Technology Group Corp. (Trump Media), operator of Truth Social, announced a partnership with Crypto.com to introduce prediction markets on its platform, making it the first social media platform to offer embedded prediction market capabilities. This integration will allow users to trade prediction contracts on events like political elections, sports, and economic indicators using real-time data.
• Ethereum's upcoming Fusaka upgrade completed its final test on the Hoodi testnet, marking a significant step toward its mainnet launch. The upgrade aims to improve scalability and reduce costs by introducing PeerDAS, which allows validators to process only segments of data instead of full ’blobs’.
• IBM unveiled Digital Asset Haven, a platform designed to help banks, governments, and large corporations manage digital assets securely across multiple blockchains. The platform offers custody, transaction routing, settlement, and compliance tools like identity verification and anti-money laundering (AML) checks, with a SaaS version expected to launch in the fourth quarter of this year.
• Circle's L1 blockchain, Arc, went live in a public testnet with participation from over 100 companies, including BlackRock, Visa, and Amazon Web Services (AWS).
• Western Union is planning to launch the US Dollar Payment Token (USDPT) stablecoin on the Solana blockchain, in partnership with Anchorage Digital, a regulated digital asset bank.
• Telegram founder Pavel Durov announced Cocoon, a decentralised AI compute network built on the TON blockchain, which will pay GPU owners in Toncoin (TON) for providing private AI compute. The network aims to challenge centralised AI providers like AWS and Azure by offering a privacy-first, user-driven alternative where individuals can contribute computing power and earn crypto.
• Jupiter, a Solana-based DEX aggregator, launched a beta version of its prediction market in partnership with Kalshi, targeting a full rollout by Q4 2025. The platform allows users to bet on real-world events, with Kalshi providing liquidity.
• Securitize and BNY Mellon launched a tokenised fund backed by AAA-rated collateralised loan obligations (CLOs), aiming to bring high-quality credit assets on-chain. Grove, an institutional-grade credit protocol, plans to anchor the fund with a $100 million allocation.
• Japan launched its first yen-backed stablecoin, JPYC, developed by fintech firm JPYC. The stablecoin is backed one-to-one by bank deposits and government bonds, and has attracted interest from seven companies planning to integrate it into their services.
• Consensys, the parent company of MetaMask, has reportedly hired JPMorgan and Goldman Sachs to lead its initial public offering (IPO), according to Axios.
• L1 blockchain Monad launched its airdrop reveal event, allowing eligible participants to unlock token rewards through interactive, community-driven activities.
• Ethereal, a DEX built by Ethena Labs, launched its mainnet alpha, allowing a select group of users to trade using Ethena’s USDe stablecoin.

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