DeFi & L1L2 Weekly (07/12/2022)

Telegram to build crypto exchanges and wallets. Trader Joe to deploy on Ethereum L2 network Arbitrum. US$20M exploit confirmed on Ankr and Helio Protocol, Ankr to reimburse affected users.

Weekly DeFi Index

This week’s market cap was positive at +6.01%, while volume and volatility indices were negative at -17.09 and -60.53%, respectively.

Check the latest prices on Crypto.com/Price

New Project Spotlight

• Coca-Cola and Crypto.com have teamed up to release an NFT collection called “Piece of Magic”, which celebrates iconic moments from FIFA World Cup history. The artworks are created in collaboration with digital artist GMUNK, and developed and hosted on Crypto.com NFT. 
• Mane Netizens rejoice: Crypto.com just released new details about the upcoming “Crypto.com Land – The First Frontier” collection. Three sales periods have been confirmed: the private Land Sale is scheduled on 13 December, followed by early access and public Land Sales on the 15th. Head over to Crypto.com NFT to learn more.

News Highlight

• Messaging platform Telegram announced that it’s planning to build non-custodial wallets and decentralised crypto exchanges, which would enable millions of its customers to safely trade their crypto, its founder and CEO Pavel Durov said in his Telegram channel. 
• As part of its global expansion efforts, DeFi protocol Trader Joe announced that it will be moving from Avalanche and deploying onto Arbitrum One in January 2023, further expanding into the Ethereum ecosystem. 
• Decentralised exchange SushiSwap initiated a proposal to increase the revenue paid to xSushi holders from 10% to 100%, and redirect it to the Treasury to help rebuild its treasury funds. 
• About US$20 million worth of funds were stolen in a series of attacks targeting infrastructure provider Ankr and stablecoin issuer Helio Protocol. The first exploit on Ankr sent aBNBc (a reward token tied to BNB) prices down by 99%, which then caused the follow up exploit on Helio. To reimburse users affected by the attack, Ankr said they will reissue ankrBNB tokens to valid aBNBc holders prior to the exploit and will purchase $5 million worth of BNB to compensate qualified liquidity providers. 
• Polygon announced that it will be joining The Graph Network, a Web3 indexing protocol used for querying blockchain data. This integration will allow Polygon developers to rely on fully decentralised APIs and easily find the data they need to improve efficiency on their dApps.

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Research and Insights Team

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