DeFi & L1L2 Weekly (01/02/2023)

Ethereum to launch ‘Zhejiang’ testnet for simulating ETH withdrawals. Aave buys 2.7M CRV tokens to clear bad debt from Nov exploit. MakerDAO new proposal seeks to increase Compound D3M debt ceiling.

Weekly DeFi Index

This week’s market cap, volume, and volatility indices were negative at -2.53%, -14.15%, and -20.46%, respectively.

New Project Spotlight

• Cronos Accelerator, an expert-led 3-month accelerator programme for selected teams who want to be a part of the Crypto.com and Cronos ecosystem, is now open. Teams can access the Cronos ecosystem, which is made up of a supportive community that shares advice, forms partnerships, and builds together. They will also meet with the Crypto.com App and Exchange teams in order to gain a deeper understanding of the listing assessment process. Visit the Cronos website to learn more.

News Highlights

• Ethereum‘s public staking withdrawal testnet Zhejiang is scheduled to launch today. The Shanghai and Capella testnets will be launched six days after Zhejiang. 
• With the approval of the governance vote for AIP-146, DeFi protocol Aave purchased 2.7 million Curve (CRV) tokens to clear “excessive remaining bad debt” that resulted from the short-seller attack that occurred last November. 
• MakerDAO is seeking community approval on a new proposal put forward by its Open Market Committee, which will increase the maximum debt ceiling on its Compound DAI Direct Deposit Module (D3M) by 300% and set the Target Available Debt to 5 million DAI. 
• Decentralised exchange Sushiswap is launching a perpetual futures exchange on the Sei Network. As shared by its ‘Head Chef’ Jared Grey, this will allow it to expand to non-Ethereum ecosystems and could have an impact on the exchange’s native token, SUSHI, because of a recent revamp of its tokenomics.

Recent Research Reports

We’re all ears.

Your feedback has always helped us provide insightful crypto market trends. Tell us how we can improve this newsletter further by taking a quick survey below (it will only take less than a minute). Thank you!

Disclaimer

The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties.

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement.

The brands and the logos appearing in this report are registered trademarks of their respective owners.

Author

Research and Insights Team

Get fresh market updates delivered straight to your inbox:

Be the first to hear about new insights: