Weekly DeFi Update (Week 10, 07/03/2022 – 13/03/2022)

Fantom Foundation addresses Andre Cronje’s departure in an official statement. AVAX has $290M to offer. Risk-to-Earn is coming to Cronos with MM Finance.

Key Takeaways

• Following the departure of DeFi ‘Godfather’ Andre Cronje from the space, Fantom Foundation issued a clarification statement to address concerns from the community regarding the announced termination of several DeFi projects.
• Avalanche (AVAX) launched a $290 million incentive program to accelerate the growth of DeFi in its subnet.
• A fiercely-debated proposal to reduce yield payouts on Anchor Protocol (ANC) was rejected this week. ANC gained +12.76% in total value locked (TVL) over the week, while the price of LUNA rose 20% due to increased DeFi staking activity.
• MM Finance (MMF), the largest DeFi ecosystem on the Cronos chain (CRO) with a TVL of $900 million at the time of writing, announced the launchpad of the first Risk-To-Earn (R2E) DeFi protocol Cronos FC on the Cronos chain.
• This week’s price and volume indices were negative  at -3.74% and -25.24%, respectively, while the volatility index was +43.97%.

Highlights

• VC firm Bessemer announces $250 million fund for decentralised tech, launches DAO
• Cake DeFi launches $100 million corporate venture arm
• Cega raises $4.3 million seed round at $60 million valuation to build exotic DeFi derivatives
• Solana-based DEX CleanDefi (CDFI) raised $1.2 million in a Pre-IDO event of its token
• Pussy Riot launches UnicornDAO to ‘Tackle Patriarchy’ in Web3
• Multi-chain instant swap platform Symbiosis (SIS) announces beta mainnet launch
• THORChain (RUNE) spikes by 34% after activating synthetic assets
• Testnet for decentralised limit trading protocol DeGate (DG) goes live
• GSR partners with Chainlink (LINK) to integrate price data for smart contracts
• Social lending project SHANTI launches in Cambodia
• Genius Yield joins the Cardano (ADA) DeFi Alliance
• KyberSwap (KNC) DEX launches on layer-2 network Arbitrum

Check the latest prices on Crypto.com/Price

Top Token Metrics

DeFi Index Tokens

Notable Events

• Weekly volatility was high, with SNX clocking especially high price, volume and volatility changes caused by an adjustment in fee parameters.
• UMA experienced a sudden surge in price and volume 2 weeks ago. This appears to have cooled somewhat, with this week’s changes being relatively lower

DEX Metrics

Notable Events

• Fantom’s leading DEX, SpookySwap (BOO) saw decline in all metrics due to the price drop of FTM coin after the announcement that Anton Nell and Andre Cronje were ‘quitting DeFi’. FTM has dropped more than 40% since then.