Weekly DeFi Update (Week 5, 31/01/2022 – 06/02/2022)
Wormhole crypto restores all funds after exploit. Diem coin by Mark Zuckerberg shuts down. VVS_finance Glitter Mine integrated into Crypto.com DeFi Earn.
Key Takeaways
- Wormhole, a popular blockchain bridge connecting Ethereum (ETH) and Solana (SOL), has restored all its funds after suffering from an exploit worth over $320M.
- Mark Zuckerberg’s stablecoin project Diem is shutting down officially after more than two years of development.
- After a drama related to the scandalous developer Michael Patryn (0xSifu), Wonderland co-founder Daniele Sestagalli has tweeted the end of the project following a divided vote result from the community.
- VVS Finance introduces a new feature called Smart LP Removal feature, meanwhile, its Glitter Mine is now integrated with Crypto.com DeFi Earn.
- This week’s price index was positive at +4.09%, while the volume and volatility indices plunged by -20.69% and -27.51%, respectively.
Highlights
- Elrond (EGLD) launches Metastake DeFi platform for the metaverse
- Balancer jumps as team weighs Curve-style tokenomics
- Cardano-powered DEX ADAX goes live, plans to integrate COTI’s Djed stablecoin
- Cardano-based ADALend scores partnership with Robatz Network to build decentralised lending protocol
- PeckShield warns DataDAO users of backdoor that can steal funds
- SushiSwap struggles to overcome lack of management and nixed Frog Nation deal
- SEC Commissioner warns proposal may threaten DeFi
- Trader Joe’s native coin (JOE) climbs as the DEX unveils ‘modular staking’
Check the latest prices on Crypto.com/Price
Top Token Metrics
| Metrics | Top 20 DeFi tokens market cap | Top 100 DeFi tokens market cap | DeFi dominance* vs. all crypto |
|---|---|---|---|
| Current | $84.66B | $111.19B | 5.80% |
| 7-Day Change | 10.09% | 10.43% | -0.07 p.p |
| 14-Day Change | -3.07% | -0.92% | -0.82 p.p |
Source: CoinGecko
DeFi Index Tokens
| Metrics | Price | Volume | Volatility |
|---|---|---|---|
| Top Gainers | BAL (+18.15%) NXM (+14.39%) MKR (+12.80%) | NXM (+71.89%) SNX (+21.12%) | BAL (+16.89%) COMP (+15.73%) SNX (+7.11%) |
| Top Losers | YFI (-1.18%) LRC (-0.79%) | REN (-41.46%) LRC (-33.38%) AAVE (-26.27%) | REN (-45.69%) LRC (-39.91%) CRV (-39.46%) |
Notable Events
- DeFi Protocol Balancer introduces a vote-escrowed token called veBAL, the price of BAL jumped following the update.
DEX Metrics
| Metrics | UniswapEthereum | SushiMulti-chain | PancakeBSC | SpookyswapFantom | RaydiumSolana | Trader JoeAvalanche |
|---|---|---|---|---|---|---|
| Market Cap | $5.28B | $922.15M | $2.20B | $203.27M | $322.62M | $229.33M |
| 7-Day Change | +3.26% | +6.71% | +7.89% | -1.40% | +6.56% | +9.58% |
| TVL | $7.49B | $4.69B | $4.72B | $1.38B | $763.69M | $1.35B |
| 7-Day Change | +13.90% | -10.66% | +9.75% | +10.01% | +2.17% | +17.86% |
| Mcap/TVL | 0.71x | 0.2x | 0.47x | 0.15x | 0.43x | 0.17x |
| 7-d Avg. Volume | $177.52M | $149.35M | $91.77M | $5.53M | $29.45M | $25.60M |
| 7-Day Change | -13.65% | -33.37% | -43.31% | -47.89% | -35.65% | +34.28% |
| Volume / TVL | 2.37x | 3.19x | 1.95x | 0.4x | 3.86x | 1.9x |
Source: CoinGecko, DeFi Llama
Notable Events
- Avalanche-based DEX Trader Joe’s native token climbs after the announcement of ‘modular staking’ – a system that gives token owners three independent ways of staking their holding.
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