Weekly DeFi Update (Week 8, 21/02/2022 – 27/02/2022)
Yearn Finance launches layer-2 on Arbitrum. Terra raises $1B emergency reserve for black swan events. Ukraine conflict sees volume & volatility soar.
Key Takeaways
- Yearn Finance (YFI) launched its first Ethereum layer-2 service on Arbitrum. Meanwhile, Solidly Exchange (SOLID), a new DeFi project built on the Fantom blockchain by Yearn founder Andre Cronje, has reached a TVL of $2.37 billion since launched on 10 Feb 2022.
- Cosmos (ATOM), the 2nd largest DeFi ecosystem by TVL, announced the launch of interchain accounts. At the same time, pSTAKE Finance brings liquid staking and a new airdrop to the Cosmos ecosystem.
- MMDAO, the team behind MMFinance (MMF) on the Cronos chain, introduced the 8th MMF Launchpad with the major concept of ‘Protocol-Owned-Liquidity (POL)’.
- This week’s price, volume, and volatility indices were positive at +3.56%, +31.56%, and +78.27%, respectively.
Highlights
- Former Cisco employee launches DAO to buy Denver Broncos
- Switzerland-based index provider offers DeFi exposure
- Austrian programmer and ex-crypto CEO likely stole $11 billion of Ether
- DEX super aggregator unites DApps across multiple chains
- Maple Finance partners with Celsius to launch wETH lending pool
- Opera announces the integration with DeFi platform DeversiFi
- Solana wallet Slope Finance raises $8 million
- Wrapped Bitcoin inflows stall as Ethereum DeFi use down
- The DAO is a major concept for 2022 and will disrupt many industries
- Front-running, flash bots and keeping things fair in the crypto market
Top Token Metrics
| Metrics | Top 20 DeFi tokens market cap | Top 100 DeFi tokens market cap | DeFi dominance* vs. all crypto |
|---|---|---|---|
| Current | $81.53B | $103.41B | 6.02% |
| 7-Day Change | +8.72% | +4.87% | +0.35 p.p. |
| 14-Day Change | +4.16% | -0.45% | +0.44 p.p. |
Source: CoinGecko
DeFi Index Tokens
| Metrics | Price | Volume | Volatility |
|---|---|---|---|
| Top Gainers | REN (+16.43%) UNI (+15.09%) MKR (+5.73%) | NXM (+1305.79%) REN (+82.76%) MKR (+55.49%) | REN (+143.19%) UNI (+120.65%) LINK (+93.95%) |
| Top Losers | CRV (-8.87%) UMA (-8.37%) LRC (-6.34%) | BAL (-30.19%) | UMA (-9.55%) |
Notable Events
In general, this week’s metrics were mainly driven by the conflict between Russia and Ukraine, and the crypto market volume and volatility are at a higher-than-usual level. (Note: NXM has a smaller base of about $4,000 average daily volume, hence, the % change is exaggerated.)
DEX Metrics
| Metrics | Market Cap(Native Coin) | 7-Day Change* | TVL | 7-Day Change* | Native Coin Mcap / TVL | 7-Day Avg. Daily Volume | 7-Day Change* | Avg. Daily Volume / TVL |
|---|---|---|---|---|---|---|---|---|
| Uniswap Ethereum | $4.47B | -4.59% | $7.53B | -1.11% | 0.59x | $2.35B | +32.49% | 0.53x |
| Sushi Multi-chain | $602.82M | -11.97% | $3.99B | -17.35% | 0.15x | $239.16M | +41.37% | 0.40x |
| Curve Finance Ethereum | $858.95M | -8.06% | $17.55B | -7.17% | 0.05x | $245.90M | +12.65% | 0.29x |
| Pancake BSC | $1.70B | -11.77% | $4.26B | -7.76% | 0.40x | $451.12M | +8.06% | 0.27x |
| SpookySwap Fantom | $181.51M | +38.03% | $974.76M | -20.11% | 0.19x | $337.52M | +57.14% | 1.86x |
| Raydium Solana | $210.40M | -7.18% | $617.68M | -10.10% | 0.34x | $76.75M | +83.88% | 0.36x |
| Trader Joe Avalanche | $182.21M | +10.38% | $1.40B | -9.15% | 0.13x | $207.08M | +17.74% | 1.14x |
| VVS Finance Cronos | $239.26M | +9.42% | $1.26B | -3.84% | 0.19x | $3.71M | -5.91% | 0.02x |
Source: CoinGecko, DeFi Llama, Nomics
Notable Events
- Crypto markets plunged due to the conflict between Russia and Ukraine, together with the increases in the trading volumes and volatility.
- Following the hype and rapid growth of Solidly Exchange (SOLID), a new project by Andre Cronje on the Fantom (FTM) network, Fantom’s leading DEX, SpookySwap (BOO) also saw an increase in its native coin market cap.
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