Weekly DeFi Index
This week’s market cap, volume, and volatility indices were positive at +13.55%, +55.34%, and +29.33%, respectively.
Chart of the Week
zkEVM chains are reaching new heights as the total value locked in Polygon zkEVM and zkSync have seen a significant surge over the past few months. According to the latest data, zkSync has nearly US$650 million locked in. Meanwhile, Polygon zkEVM continued to see stellar growth as its TVL rose to over $42 million and it recently hit the 1 million transaction mark.
News Highlights
- Crypto.com announced a new initiative to establish its first Global Innovation Lab in Singapore, making the city-state its designated global R&D hub. The new Global Innovation Lab team will actively experiment with frontier technologies, and explore new ventures with strategic partners and hackathons, to identify novel applications for blockchain, Web3, and AI.
- DAI stablecoin issuer and DeFi protocol MakerDAO purchased $700 million worth of US Treasury bonds, bringing its total bond holdings to $1.2 billion. The purchase was part of a proposal approved in March to increase the DAO’s real-world asset vault debt ceiling to 1.25 billion DAI ($1.25 billion).
- USDC stablecoin issuer Circle announced that its Cross-Chain Transfer Protocol (CCTP) is now live on Ethereum-based Layer-2 scaling solution Arbitrum. The protocol is designed to enable faster and more secure USDC transfers across the Ethereum, Avalanche, and Arbitrum networks.
- zkSync recently unveiled ZK Stack, a customisable tech stack for creating modular, sovereign ZK-powered Layer-2 and Layer-3 networks referred to as ‘Hyperchains’.
- A new proposal is currently under consideration by Lido token holders, which introduces a tiered profit-sharing programme to incentivise partnerships with other Web3 communities. The proposal has received strong community feedback, citing that while it will expand Lido’s market dominance, it also poses a threat to the health and security of the Ethereum network.
- Starknet moves closer to EVM compatibility with the upcoming launch of its Kakarot testnet, tentatively scheduled for August.
- On 24 June, Layer-2 scaling solution Optimism announced that it has rebranded to OP Mainnet. This name change reflects its goal of creating a ‘superchain’ composed of multiple L2 networks, with the OP Mainnet serving as the foundational layer.
- Blockchain security firm Peckshield reported that Arbitrum-based DeFi project Chibi Finance initiated an exit scam, draining nearly $1 million worth of funds. The team’s website and online accounts have been taken down following the incident.
Recent Research Reports
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| Research Roundup Newsletter [May 2023]: In our latest issue of Research Roundup, we feature trending market insights in May, charts of the month, and our latest research reports exploring memes — what makes them successful, their role in crypto and Web3, and the resurgence of meme mania. | The Evolution of Memes and What Makes Them Successful: What are memes, how have they evolved, and what makes them successful? We also explore the role they play in crypto and Web3, and what the future holds for memes. | Alpha Navigator: Quest for Alpha [May 2023]: Asset classes mostly dipped in May and crypto remains the best performer YTD. US debt ceiling dispute defused. Interest rate decisions from multiple central banks in the coming month. |
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| Research Roundup Newsletter [May 2023]: In our latest issue of Research Roundup, we feature trending market insights in May, charts of the month, and our latest research reports exploring memes — what makes them successful, their role in crypto and Web3, and the resurgence of meme mania. | |
| The Evolution of Memes and What Makes Them Successful: What are memes, how have they evolved, and what makes them successful? We also explore the role they play in crypto and Web3, and what the future holds for memes. | |
| Alpha Navigator: Quest for Alpha [May 2023]: Asset classes mostly dipped in May and crypto remains the best performer YTD. US debt ceiling dispute defused. Interest rate decisions from multiple central banks in the coming month. |
Recent University Articles
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| Bitcoin Scalability: Challenges and Solutions: This article explores the various challenges associated with Bitcoin’s scalability problem, with potential solutions while maintaining network security. | Cryptocurrency Futures and Derivatives: A Growing Market: Explore the rapidly expanding world of crypto futures and derivatives, and learn about their impact on the digital asset market. | Top 10 Bullish Crypto Trading Indicators: This guide explores the top 10 bullish crypto indicators, explaining how each one can be calculated and interpreted — and how they can enhance the crypto trading experience. |
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| Bitcoin Scalability: Challenges and Solutions: This article explores the various challenges associated with Bitcoin’s scalability problem, with potential solutions while maintaining network security. | |
| Cryptocurrency Futures and Derivatives: A Growing Market: Explore the rapidly expanding world of crypto futures and derivatives, and learn about their impact on the digital asset market. | |
| Top 10 Bullish Crypto Trading Indicators: This guide explores the top 10 bullish crypto indicators, explaining how each one can be calculated and interpreted — and how they can enhance the crypto trading experience. |
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Author
Research and Insights Team
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