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
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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.

Highlights

Check the latest prices on Crypto.com/Price

Top Token Metrics

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*Top DeFi tokens based on CoinGecko
Source: CoinGecko

DeFi Index Tokens

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DEX Metrics

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Sources: CoinGecko, DeFi Llama, Nomics

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