DeFi & L1L2 (Week 31, 03/08/2022 – 09/08/2022)
U.S. Treasury Department sanctions Tornado Cash. Thousands of Solana hot wallets compromised after private keys were exploited in Slope mobile wallet. Uniswap proposes to form a Uniswap Foundation.
Weekly DeFi Index
This week’s price, volume, and volatility indices were negative at -1.17%, -38.88%, and -52.65%, respectively.
DeFi Index Tokens
News Highlight
- The U.S. Treasury Department sanctioned Tornado Cash, an Ethereum coin mixer. Tornado Cash was accused of being used to launder more than US$7 billion worth of virtual currency since its creation in 2019. In the announcement, the regulatory body blacklists the Tornado Cash website and a list of Ethereum addresses, banning American citizens from using the tool or transacting with these addresses.
- Over 8,000 Solana hot wallets, including Phantom, Slope, and TrustWallet, were compromised last Wednesday and nearly $4.5 million worth of tokens have been drained. Solana developers said they have identified the root cause of the hack: compromised private keys “created, imported, or used in Slope mobile wallet applications”.
- Uniswap raised a proposal to form a Uniswap Foundation based in the United States, which will cost US$74 million. The proposal gained mixed feedback from the community.
DEX Protocols Metrics
Lending Protocols Metrics
Sources: CoinGecko, DeFi Llama, Crypto.com Research
Charts on Layer 2 Projects
- Overall, the L2 market saw +12.16% growth over the past week. Optimisitic rollup and zero-knowledge rollup projects gained +19.34% and +1.01%, respectively, while Ethereum’s TVL rose +6.08%.
- TVL of optimistic rollups continued to surge and was over US$4.7 billion. Again, Optimism led the growth (+40.58%) in TVL, followed by Metis Andromeda (+20.14%) during the week.
- TVL of ZK rollups was stable in the last week with over US$859 million. ZKSwap was under the spotlight as its TVL of version 2.0 and version 1.0 surged +47.23% and +16.25%, respectively.
Further Reading
- Vitalik: Centralized USDC could decide the future of contentious ETH hard forks
- Lido community passes second proposal for token sale to Dragonfly Capital
- White hat hackers have returned $32.6M worth of tokens to Nomad bridge
- Ethereum users flock to Optimism for Aave liquidity mining launch
- Near Potocol discloses wallet breach that may have exposed private keys
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Research and Insights Team
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