Weekly DeFi Update (Week 2, 10/01/2022 – 16/01/2022)

USDT freezes three addresses north of USD 160M. DYDX to fully decentralise by the end of 2022. BOG deploys price bot on Cronos CRO.

Key Takeaways 

• Tether ($USDT) froze three Ethereum addresses holding over USD 160M worth of USDT following a request from law enforcement. (ref)
• dYdX ($DYDX) announced plans to fully decentralise by the end of 2022. This will require the matching engine and orderbook to be decentralised, and will mean that no central party will receive trading fees from dYdX V4. (ref)
• Bogged Finance ($BOG) deployed a Telegram price bot on Cronos. (ref)
• This week’s price index was positive at +2.42%, while the volume and volatility indices were negative at -53.30% and -50.36% respectively.

Highlights

• Tether freezes $160M of USDT stablecoin on Ethereum blockchain
• Margin trading exchange dYdX to fully decentralise in 2022
• USDC’s supply on Ethereum surpasses that of rival USDT’s for the first time
• Ethereum burn rate hits record high as DeFi market jumps
• 44 DeFi hacks in 2021 were due to centralization issues – CertiK report
• NEAR Foundation raises $150M in funding in order to scale up its DeFi efforts
• Consortium of U.S. banks proposes ‘USDF’ stablecoin
• Decentralised exchange Osmosis rises above $1 billion in Total Value Locked
• CoinMarketCap allegedly lists 3 fake SHIB contract addresses, Twitter firestorm ensues
• Defi Project triggers uproar by charging .01 ETH fee to join airdrop

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Notable Events

• Trader Joe released a whitepaper for Rocket Joe, a new DeFi 2.0 primitive on the platform. (ref)
• Uniswap V3 became the highest volume DEX protocol on Polygon. (ref)