DeFi & L1L2 Weekly: ⭕️ Circle to End USDC Support on TRON

Circle to end USDC support on TRON blockchain. Solana integrates Filecoin to boost decentralised data storage. Uniswap v4 targets Q3 launch date following Ethereum Dencun upgrade.

Feb 21, 2024 DeFi Weekly

Weekly DeFi Index

This week’s market cap, volume, and volatility indices were positive at +2.60%, +9.74%, and +77.68%, respectively. Weekly DeFi Index
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Chart of the Week

USDC stablecoin issuer Circle announced it has decided to stop supporting USDC on the TRON blockchain, effective immediately. In its blog post, it stated that its decision to stop minting USDC on TRON stems from a comprehensive “risk management” framework that evaluates the suitability of all blockchains where USDC is supported. 

As it stands, the total stablecoin market on the TRON blockchain is valued at US$51 billion. The Layer-1 blockchain saw its USDC supply drop from a high of 1.41 billion in January 2023 to 314 million today. USDC Market Cap Tron DeFi Index Token Performance
  • The Graph (GRT) experienced a notable surge, recording 41% growth in the past week as its price jumped from $0.17 to $0.24 today. This can be attributed to several factors, including the network’s significant expansion in Q4 2023, growth in query volume and advancements in Layer-2 transactions, and the AI sector’s uplift from OpenAI’s recent Sora launch. TVL Top Chains Top DEX by Chain

News Highlights

  • Solana announced its partnership with Filecoin in efforts to improve data redundancy, expand scalability, and bolster the network’s security protocols. Solana will incorporate Filecoin’s storage solutions, as part of its goals to decentralise data storage and make the network’s block history more readily available to its users.
  • Uniswap unveiled the launch of Uniswap v4, tentatively set for Q3 2024 following the Ethereum Dencun upgrade. The new version will introduce ‘hooks’ for dynamic adjustments and diverse use cases, potentially leading to lower fees for users, and will undergo rigorous auditing before deployment to the Ethereum mainnet. 
  • Aave proposed to launch a $5 million quarterly incentive programme called ‘Merit’. Designed to boost adoption and align user behaviours with Aave’s goals, Merit targets GHO miners and LST depositors, offering them periodic airdrops of WETH and Aave’s native GHO token. 
  • Arweave officially launched AO, a distributed, decentralised computing based on the Arweave environment. AO introduces a built-in computational layer that extends Arweave’s capabilities beyond storage to provide nearly unlimited computing performance, all while ensuring minimal trust and verifiability between different systems.
  • On 15 February, Trader Joe introduced SHOE, an experimental token based on the DN-404 contract launched on Avalanche. Created by Ethereum developers, DN-404 (short for Divisible NFT-404) is a hybrid token standard that combines features of both fungible ERC-20 tokens and non-fungible ERC-721 tokens.
  • Starknet‘s user base decreased following the release of airdrop details. The airdrop faced challenges around eligibility disputes and the timing of token unlocks, with many users saying they felt excluded based on the minimum balance requirements.
  • FixedFloat, a non-custodial cryptocurrency exchange, was hacked for $26 million over the weekend. The attacker drained over 400 BTC and over 1,700 ETH, worth $26 million at the time, and on-chain data showed multiple high-value transfers to various addresses. Its official website remains inoperative to date; however, the exchange assured that users’ funds remained safe and the funds stolen affected only the company’s internal operations.

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