Weekly DeFi Update (Week 6, 07/02/2022 – 13/02/2022)

Cardano onboards 17 new contracts & 9,000 wallets daily. New AssangeDAO raises money to free Wikileaks founder. Tectonic Finance TONIC introduces staking on Cronos.

Key Takeaways 

• Cardano onboarded an average of 17 new smart contracts daily in February. Besides, it was reported that Cardano added over 9,000 wallets on average daily in 2022.
• A newly formed DAO, the AssangeDAO, raises nearly $45 million to free Wikileaks founder Julian Assange.
• Tectonic Finance (TONIC), a lending and borrowing DeFi platform built on Cronos chain, introduces the TONIC staking module.
• The Meter Passport token bridge platform has incurred $4.4 million losses due to a smart contract hack, while Dego Finance and Cocos-BCX suffered from exploits resulting in $14.4 million losses.
• This week’s price and volume indices were negative at -7.93% and -2.07%, respectively; while the volatility index surged by 29.31%.

Highlights

• Aave officially debuts protocol for decentralised social media, dubbed Lens
• MakerDAO launches record $10 million bug bounty program on ImmuneFi
• PancakeSwap DEX reportedly set to block users from Iran
• Hector Finance becomes the first deflationary rebase project with stablecoin launch
• Bunny and Qubit turns to DAO following $80 million bug exploit
• DeFi flashes early revival signs as retail and institutional inflows return

Top Token Metrics

DeFi Index Tokens

Notable Events

• Following a vote from the Ren community, Ren Protocol implemented a change in the bridging fee, with the minting fee lowered from 0.36% to 0.20%, while the burning fee increased from 0.07% to 0.10%.
• Loopring (LRC) is now available on Optimism.

DEX Metrics

Notable Events

• Fantom’s (FTM) leading DEX Spookyswap dropped on all metrics. In fact, the entire Fantom ecosystem has been cooling down since Andre Cronje promotion as top protocols with TVL over $400 million are seeing downtrend in TVL. However, Beethoven X (~$343 million TVL) and ProtoFi (~$263 million TVL) were under the spotlight as their TVL surged 20% and 113%, respectively.