Weekly DeFi Update (Week 15, 11/04/2022 – 17/04/2022)

Uniswap launches Uniswap Labs Ventures to invest in Web3 projects. Anchor Protocol plans to expand to Polkadot’s Acala network. VVS Finance announces its next IGO partner: Argo.

Key Takeaways 

• Uniswap (UNI) launches a venture unit, Uniswap Labs Ventures, to invest in Web3 projects. Also, a new ‘swap widget’ that allows any website to swap tokens directly without visiting the platform, is launched.
• A month after launching on Avalanche, Terra’s Anchor Protocol (ANC) continues its expansion into a new network – Polkadot’s Acala network.
• Tornado Cash adds Chainalysis tool to block crypto wallet sanctioned by the U.S. Office of Foreign Assets Control (OFAC). This blockade only applies to the DApp’s front end, but not the underlying smart contract.
• VVS Finance (VVS) announced the launch of its next Initial Gem Offering (IGO) with Argo Finance (ARGO), the first liquid staking protocol built on top of the Cronos-chain that aims to maximise the capital efficiency of CRO across the Cronos ecosystem.
• This week’s price and volume indices were negative at -7.10% and -31.04%, respectively, while the volatility index was positive at +15.65%.

Highlights

• US$500 billion in crypto managed by CoinStats as it raises US$3.2 million to enter DeFi
• Blackrock, Fidelity to invest in crypto firm Circle’s US$400 million funding round
• Steve Aoki, Ashton Kutcher, Paris Hilton join US$87 million MoonPay Investment Group
• Skynet Trading launches US$40 million fund to support Elrond network’s DeFi push
• Beanstalk hacker steals US$76 million in flash loan exploit
• Ichi tokens (ICHI) plunged by 90% after bad debt fiasco on Rari
• Lido Finance (LIDO) announced its decentralisation roadmap
• DeFi protocols heed MakerDAO (MKR)’s call to back DAI with real-world assets
• DEX aggregator 1inch (1INCH) expands to Fantom network
• LunarCrush (LUNR) on Zilliqa launches DeFi suite called LunrFi
• Multichain (MULTI) introduces V4 of anyCall to improve its cross-chain service network
• MetaMask Institutional adds Ethereum Gnosis safe, custody options for DAOs and DeFi
• DeFi platform Oasis.app secures US$6 million in Series A funding round
• Tether (USDT) plans to reduce commercial debt holdings in its reserve, goes live on Kusama

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Notable Events

• Compound (COMP) topped the change metrics as driven by its Robinhood listing.

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