Key Takeaways

The Terra (LUNA) blockchain is heading for version 2.0, with 65.90% of the voters favouring a hard fork at the time of writing. The Luna Foundation Guard plans to compensate UST holders with its remaining funds.
Do Kwon is summoned to a parliamentary hearing as politicians inquire further details about the LUNA incident and its aftermath.
Tether (USDT) shrinks the portion of commercial paper in its reserves by 17%, while Circle commits to transparency with weekly USDC reports.
Deus Finance’s DEI became the latest algorithmic stablecoin to lose its dollar peg, and plummeted to 55 cents. As of 22 May 2022, DEI is trading at about US$0.70.
This week’s price, volume, and volatility indices are negative at -1.40%, -52.00%, and -56.92%, respectively.

Highlights

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Top Token Metrics

*Top DeFi tokens based on CoinGecko
Source: CoinGecko

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Sources: CoinGecko, DeFi Llama, Nomics

23 May 2022|MARKET UPDATES

Weekly DeFi Update (Week 20, 16/05/2022 – 22/05/2022)

65.90% of voters favour a LUNA hard fork. South Korean parliament summons Do Kwon to inquire about LUNA and the aftermath. USDT and USDC boost transparency efforts.

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