Weekly DeFi Update (Week 20, 16/05/2022 – 22/05/2022)

65.90% of voters favour a LUNA hard fork. South Korean parliament summons Do Kwon to inquire about LUNA and the aftermath. USDT and USDC boost transparency efforts.

May 23, 2022
Defi (1200x728)

Key Takeaways 

  • The Terra (LUNA) blockchain is heading for version 2.0, with 65.90% of the voters favouring a hard fork at the time of writing. The Luna Foundation Guard plans to compensate UST holders with its remaining funds.
  • Do Kwon is summoned to a parliamentary hearing as politicians inquire further details about the LUNA incident and its aftermath.
  • Tether (USDT) shrinks the portion of commercial paper in its reserves by 17%, while Circle commits to transparency with weekly USDC reports.
  • Deus Finance’s DEI became the latest algorithmic stablecoin to lose its dollar peg, and plummeted to 55 cents. As of 22 May 2022, DEI is trading at about US$0.70.
  • This week’s price, volume, and volatility indices are negative at -1.40%, -52.00%, and -56.92%, respectively.


Check the latest prices on Crypto.com/Price

Top Token Metrics

Image 23
*Top DeFi tokens based on CoinGecko
Source: CoinGecko

DeFi Index Tokens

Image 24

DEX Metrics

Image 25
Sources: CoinGecko, DeFi Llama, Nomics

Share with Friends

Ready to start your crypto journey?

Get your step-by-step guide to setting up an account with Crypto.com

By clicking the Get Started button you acknowledge having read the Privacy Notice of Crypto.com where we explain how we use and protect your personal data.
Mobile phone screen displaying total balance with Crypto.com App

Common Keywords: 

Ethereum / Dogecoin / Dapp / Tokens