Weekly DeFi Index
This week’s market cap, volume, and volatility indices were negative at -0.32%, -22.93%, and -45.22%, respectively.
- Solana on-chain staking is now supported by the Crypto.com Exchange, and SOL token holders can earn staking rewards of up to 5% APR. Head over to Crypto.com for more details.
- Ethereum’s Shapella upgrade is expected to go live on 12 April and for the first time, users will be able to withdraw their locked ETH from the Beacon chain.
- USDT stablecoin issuer Tether blacklisted ‘Sandwich the Ripper’, an Ethereum validator address linked to an MEV bot exploit that drained about US$25 million worth of digital assets. Tether has now frozen 3 million USDT from the exploit. However, the crypto community has expressed concerns regarding the move by Tether.
- Avalanche developer Ava Labs released Evergreen subnets, a suite of tooling and customisations aiming to help institutions improve control and communication on the blockchain.
- A smart contract on DeFi protocol Sushi suffered a $3.3 million exploit over the weekend. The exploit involved Sushi’s ‘RouterProcessor2’ contract used to route trades on the SushiSwap exchange, and developers urged users to revoke the contracts. The protocol confirmed it has recovered 100 ETH (~$186,000) to date.
- zkSync aided Gemholic, the team behind the decentralised exchange GemSwap, in identifying a solution to retrieve 921 ETH (~$1.7 million) raised in a token sale. This was after a bug in Gemholic’s smart contract resulted in the team losing access to the funds.
Recent Research Reports
|Liquid Staking Derivatives: Money Legos in DeFi: Today, the liquid staking narrative remains strong in anticipation of Ethereum’s Shanghai upgrade, and this report explores its current landscape.||Crypto.com Visa Card Consumer Spending Insights 2022: A full breakdown of what our community across the globe liked to spend their crypto on in 2022.||Alpha Navigator: Quest for Alpha [March 2023]: Bitcoin shines amid banking sector turmoil. The market expects a pause in rate hikes, potentially setting up new tailwinds for risk assets.|
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!
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.
Research and Insights Team
Get fresh market updates delivered straight to your inbox:
Be the first to hear about new insights: