Weekly DeFi Update (Week 7, 14/02/2022 – 20/02/2022)
Chainlink v2 will reduce transaction fees by 60%. SundaeSwap crosses 100M ADA traded. CRO VVS announces dual rewards farm with TONIC.
Key Takeaways
- Chainlink (LINK) announced the release of its Verifiable Random Function (VRF) v2 to improve the experience in next-generation blockchain games and NFTs. In addition, VRF v2 can reduce the transaction fees by 60% compared to v1.
- Cardano’s first AMM DEX, SundaeSwap (SUNDAE), has crossed 100 million ADA in volume traded since launch. Meanwhile, another DEX built on Cardano, OccamX (OCX) is launching.
- Asset management firms QR Capital and Hashdex have launched the world’s first DeFi Exchange-Traded Funds (ETFs) on Brazil’s stock exchange. Their ETFs are known as QDFI11 (launched on 8 Feb 2022) and DEFI11 (launched on 17 Feb 2022), respectively.
- VVS Finance (VVS) announced the first dual rewards farm in partnership with Tectonic Finance (TONIC). Both DeFi platforms are built on Cronos chain.
- This week’s price, volume, and volatility indices were negative at -9.99%, -23.68%, and -25.54%.
Highlights
- Axelar’s universal blockchain interoperability network raises $35 Million to reach $1 billion valuation
- DeFi project Ref Finance (REF) closes $4.8 million round led by Jump Crypto
- Housecat raises $3.4 Million to help bridge DeFi, investment management
- DeFi may turn to DAO governance to reduce regulatory risks in 2022
- NFTs and DeFi are revolutionising real estate investing and homeownership
- DEX takes aim at protecting blockchains from manipulation and ‘slippage’
- Another fork bites the dust: the looming fall of FortressDAO and the perils of off-chain governance
- Multichain recovers $2.6M stolen funds, to reimburse losses on condition
- Chainlink (LINK)’s competitor, API3 (API3) surges more than 55% in one week amid crypto market doldrums
- Terra injects 450M UST into Anchor reserve days before protocol depletion
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Top Token Metrics
| Metrics | Top 20 DeFi tokensmarket cap | Top 100 DeFi tokens market cap | DeFi dominance*vs. all crypto |
|---|---|---|---|
| Current | $75.16B | $98.52B | 5.69% |
| 7-Day Change | -4.85% | -5.45% | +0.11 p.p. |
| 14-Day | -10.47% | -11.35% | -0.05 p.p. |
Source: CoinGecko
DeFi Index Tokens
| Metrics | Price | Volume | Volatility |
|---|---|---|---|
| Top Gainers | – | BAL (+3.11%) | UMA (+52.84%) BAL (+35.13%) SNX (+13.25%) |
| Top Losers | REN (-17.01%) SNX (-14.65%) AAVE (-13.39%) | NXM (-79.62%) LRC (-51.03%) REN (-40.49%) | UNI (-36.70%) LRC (-36.03%) LINK (-30.17%) |
Notable Events
- Following Ren Protocol (REN)’s change in the bridging fee two weeks ago, the recent price and volume of REN are trending lower than before the update.
- Loopring (LRC) volume is lower this week, relative to the week when they announced the launch of Optimism (Ethereum Layer 2).
| Metrics | UniswapEthereum | SushiMulti-Chain | PancakeBSC | SpookySwapFantom | RaydiumSolana | Trader JoeAvalanche |
|---|---|---|---|---|---|---|
| Market Cap (Native Coin) | $4.28B | $702.00M | $1.99B | $157.74M | $236.39M | $173.37M |
| 7-Day Change | -3.52% | -4.65% | -3.16% | +5.98% | -12.64% | +1.86% |
| TVL | $7.53B | $4.17B | $4.62B | $1.22B | $687.09M | $1.51B |
| 7-Day Change | -1.11% | -7.61% | -1.29% | -0.67% | -4.14% | +4.64% |
| Mcap/TVL | 0.57x | 0.17x | 0.43x | 0.13x | 0.34x | 0.12x |
| 7-Day Avg. Volume | $1.67B | $104.01M | $399.80M | $212.83M | $46.06M | $174.17M |
| 7-Day Change | -10.98% | -23.75% | -18.40% | -36.92% | -5.74% | -13.69% |
| Avg. Volume / TVL | 0.22x | 0.23x | 0.09x | 0.17x | 0.07x | 0.12x |
Source: CoinGecko, DeFi Llama, Nomics
Notable Events
- Trader Joe (JOE) launched ‘Rocket Joe’, a staking event to promote FiefGuild (a metaverse game with GameFi elements), which has attracted seed liquidity of more than $9.0 million.
- Fantom’s (FTM) leading DEX, SpookySwap (BOO), saw an increase in its native coin market cap after Andre Cronje’s new project, Solidly Exchange (SOLID), started its voting phase for emission.
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