DeFi & L1L2 Weekly (26/01/2023)

Ethereum Shanghai Mainnet shadow fork goes live. MakerDAO approves proposal to deploy USDC in Yearn Finance. SushiSwap passes Kanpai proposal, will redirect all trading fees to its treasury.

Jan 26, 2023
DeFi Weekly

Weekly DeFi Index

This week’s market cap was positive at +9.12%, while volume and volatility indices were negative at -2.82% and -23.42%, respectively.

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Defi Index Token Performance 26 Jan
  • Osmosis (OSMO) is seeing some traction amid news of the launch of its Neon upgrade. The upgrade aims to make cross-chain trading more attractive by introducing key upgrades to the network, including geometric TWAP (Time Weighted Average Pricing) in liquidity pools, a downtime detection module, and more efficient pricing ticks while preventing liquidity attacks.
Tvl Of Top Chains 1
Top Dex By Chain 26 Jan

News Highlights

  • Ethereum moves one step closer to the Shanghai Upgrade with the successful release of its latest shadow fork, with only a few minor technical issues reported. 
  • A MakerDAO community vote was passed in favour of deploying up to US$100 million worth of USDC from the Maker reserve on DeFi protocol Yearn Finance. Maker estimates that this amount of USDC on Yearn will earn an annual yield of 2% using the proposed strategy. 
  • DeFi protocol SushiSwap passed a governance action to further strengthen its treasury. Its fee diversion protocol called ‘Kanpai’ enables the DAO to direct all trading fees from xSushi holders to its Sushi treasury. The governance action has been passed, with the majority of votes coming from token holders who staked SUSHIPOWAH and xSUSHI. 
  • Fantom unveils ‘Ecosystem Vault’, a decentralised funding system to fund and support new projects in the Fantom ecosystem. This system will take 10% of all transaction fees paid on the network in FTM, and projects will need to pass a governance proposal for funding to be approved.

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