DeFi (Week 24, 13/06/2022 – 19/06/2022)

USDT condemns rumours about its reserves while its market cap drops below US$70B. TronDAO injects US$700M to support USDD, making it the most over-collateralised stablecoin. Finblox and Babel Finance restrict withdrawals due to market instability.

Key Takeaways 

• Tron’s stablecoin USDD traded at US$0.96 at press time. Meanwhile, TronDAO injected US$700 million, making USDD the most over-collateralised stablecoin. 
• Tether (USDT) released a statement condemning false rumours about its reserves, while its market capitalisation dropped below US$70 billion.
• Finblox and Babel Finance reportedly limited withdrawals over the past week due to market instability.
• This week’s price index was negative at -16.16%, while the volume and volatility indices were positive at +12.07% and +46.96%, respectively.

Highlights

• Circle launches Euro-backed stablecoin
• Nexo proposes Celsius buyout as rival lending platform halts withdrawals
• MakerDAO (MKR) votes to disable Aave DAI deposit to stave off Celsius risks
• Biggest ‘stETH’ pool almost empty, complicating exit for would-be sellers
• BlockFi liquidates major counterparty after it fails to meet margin call
• Scientists claim to have designed a fully decentralised stablecoin pegged to electricity
• EarthFund introduces DAO-as-a-service platform to address important social issues
• MetaMask, Phantom fix ‘Demonic’ vulnerability in browser wallets
• DeFi protocol Inverse Finance (INV) exploited for US$1.2 million
• Chainlink (LINK) joins Gitcoin Grants Round 14 as matching partner to support Ethereum infrastructure development
• The Bank for International Settlements (BIS) to launch market intelligence platform amid stablecoin, DeFi collapse
• DeFi protocol Abracadabra’s stablecoin MIM briefly slides to US$0.91 during the crypto market rout

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