Weekly DeFi Update (Week 7, 14/02/2022 – 20/02/2022)

Key Takeaways

• Chainlink (LINK) announced the release of its Verifiable Random Function (VRF) v2 to improve the experience in next-generation blockchain games and NFTs. In addition, VRF v2 can reduce the transaction fees by 60% compared to v1.
• Cardano’s first AMM DEX, SundaeSwap (SUNDAE), has crossed 100 million ADA in volume traded since launch. Meanwhile, another DEX built on Cardano, OccamX (OCX) is launching.
• Asset management firms QR Capital and Hashdex have launched the world’s first DeFi Exchange-Traded Funds (ETFs) on Brazil’s stock exchange. Their ETFs are known as QDFI11 (launched on 8 Feb 2022) and DEFI11 (launched on 17 Feb 2022), respectively.
• VVS Finance (VVS) announced the first dual rewards farm in partnership with Tectonic Finance (TONIC). Both DeFi platforms are built on Cronos chain.
• This week’s price, volume, and volatility indices were negative at -9.99%, -23.68%, and -25.54%.

Highlights

• Axelar’s universal blockchain interoperability network raises $35 Million to reach $1 billion valuation
• DeFi project Ref Finance (REF) closes $4.8 million round led by Jump Crypto
• Housecat raises $3.4 Million to help bridge DeFi, investment management
• DeFi may turn to DAO governance to reduce regulatory risks in 2022
• NFTs and DeFi are revolutionising real estate investing and homeownership
• DEX takes aim at protecting blockchains from manipulation and ‘slippage’
• Another fork bites the dust: the looming fall of FortressDAO and the perils of off-chain governance
• Multichain recovers $2.6M stolen funds, to reimburse losses on condition
• Chainlink (LINK)’s competitor, API3 (API3) surges more than 55% in one week amid crypto market doldrums
• Terra injects 450M UST into Anchor reserve days before protocol depletion

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Notable Events

• Following Ren Protocol (REN)’s change in the bridging fee two weeks ago, the recent price and volume of REN are trending lower than before the update.
• Loopring (LRC) volume is lower this week, relative to the week when they announced the launch of Optimism (Ethereum Layer 2).

Notable Events

• Trader Joe (JOE) launched ‘Rocket Joe’, a staking event to promote FiefGuild (a metaverse game with GameFi elements), which has attracted seed liquidity of more than $9.0 million.
• Fantom’s (FTM) leading DEX, SpookySwap (BOO), saw an increase in its native coin market cap after Andre Cronje’s new project, Solidly Exchange (SOLID), started its voting phase for emission.