Weekly DeFi Update (Week 16, 18/04/2022 – 24/04/2022)

Terra’s UST has become the third-largest stablecoin. Bastion Protocol on the NEAR blockchain closes a US$9M Series A funding round. Orbit Network a stablecoin lending protocol announces its incubation under Cronos labs.

Key Takeaways 

• Terra’s UST flips BUSD to become the third-largest stablecoin. Meanwhile, Tron’s Justin Sun announced the launch of algorithmic stablecoin USDD backed by TRX.
• Bastion (BSTN), the largest DeFi protocol on the NEAR blockchain, has closed a US$9 million Series A funding round on heels of its impending token launch.
• MetaMask warns Apple users over an iCloud phishing attack, which has recently caused a user to lose about US$650,000. Also, it launched its first hardware wallet integration with Keystone.
• Orbit Network, a decentralised stablecoin lending protocol, announced that it is incubated under Cronos Labs.
• This week’s price and volatility indices were negative at -4.21% and -3.69%, respectively, while the volume index was positive at +27.04%.

Highlights

• MetaMask, Ethereum DApps down as Infura suffers outage
• Twitter to test out Stripe’s newly added support for USDC payments
• Net Zero protocol receives Chainlink (LINK) grant to build on-chain geospatial pollution data service
• MakerDAO (MKR) to integrate StarkNet to cut DAI transaction costs
• US$19.2 billion in staked assets — Liquid staking solution Lido (LIDO) set to surpass Curve (CRV)’s total value locked
• Frax (FXS), Terra-backed ‘4pool’ went live on Fantom network, attracts US$31 million
• Derivatives exchange dYdX (DYDX) to become ‘100% decentralised by end of year’
• Solana (SOL) crypto wallet ‘Phantom’ launches on Android
• Hacker ‘self-destructs’ US$1 million loot gained from DeFi exploit
• Stargate Finance (STG) tumbles after launching staking platform
• Uniswap (UNI) blocks cryptographic wallets linked to crime
• KyberSwap (KNC) launches on BitTorrent chain with US$1.5 million in liquidity mining and incentive rewards

Top Token Metrics

DeFi Index Tokens

Notable Events

• Curve Finance (CRV) published an elevated earning which was 100% higher than the average of the past weeks.
• Convex Finance (CVX) has locked over 200 million units of CRV.
• Compound (COMP) has been cooling down after its Robinhood listing.
• Anchor protocol (ANC) passed a proposal to redirect remaining ANC airdrops to the community pool.

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