DeFi (Week 23, 06/06/2022 – 12/06/2022)

Celsius pauses withdrawals, swaps, and transfers due to market conditions. Tron DAO boosts USDD reserves with $50M in crypto, while USDT and USDC announce new launches on Tezos and Polygon.

Key Takeaways 

• Celsius (CEL) paused withdrawals, swaps, and transfers due to market conditions.
• Tron DAO bought US$50 million in Bitcoin (BTC) and Tron (TRX) to overcollateralise USDD. Meanwhile, Tether (USDT) and Circle (USDC) announced launches to Tezos and Polygon, respectively.
• JPMorgan announced plans for a blockchain-based settlement system and institutional-friendly DeFi liquidity pools.
• This week’s volume index and volatility indices were positive at +13.55% and +11.63%, respectively, while the price index was negative at -15.79%.

Highlights

• ApeCoin DAO officially favours remaining within Ethereum ecosystem
• Lido-staked ETH (stETH) prices slip due to liquidity issues
• Algorithmic stablecoin unveils new ways to preserve its peg to U.S. dollar
• Number of DAOs increases 8x along with spike in votes and proposals
• Suspected exploit shuts down Elrond’s Maiar DEX
• DeFi convertible bond offering ‘a huge step forward for DAOs‘
• Terra Classic (LUNC) holders increase 500% in a month as investors bet on LUNC recovery
• GYM Network protocol hacked, US$2.1 million stolen: Here’s how
• Galaxy Digital leads US$20 million funding round in DeFi firm Skolem
• Osmosis (OSMO) chain halted after US$5 million exchange exploit
• Multicoin Capital leads US$60 million round in ‘Data DAO’ Delphia
• DeversiFi launches cross-chain swaps for bridgeless DeFi transactions
• Ripple and Stellar to help launch AUDC stablecoin for Novatti Group
• ApolloX completes new funding round, gets hacked of US$2.8 million APX tokens

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