Weekly DeFi Update (Week 12, 21/03/2022 – 27/03/2022)

Terra’s UST is now exchangeable for BTC thanks to the integration by Thorchain. Minswap becomes top DeFi protocol on Cardano. Cronos Ecosystem Grant Program revealed batch 2 of grantees.

Key Takeaways 

• Terra (LUNA) stablecoin UST has been integrated by the Thorchain (RUNE) protocol and can now be exchanged for Bitcoin (BTC) natively.
• Minswap (MIN), a recently-launched DeFi protocol on Cardano (ADA), has surpassed SundaeSwap (SUNDAE) in terms of TVL, making it the top DeFi protocol on Cardano with a TVL dominance of 65.85% at the time of writing.
• Former Polychain Capital partner Tekin Salimi launched a US$125 million crypto fund, dao5, to focus on investing in early-stage protocols and blockchain companies. Dao5 is on track to become a fully founder-owned DAO by 2025.
• The Cronos Ecosystem Grant Program, which focuses on supporting early-stage projects on Cronos, announced its second batch of beneficiaries.
• This week’s price and volume indices were positive at +11.29% and +20.91%, respectively, while the volatility index was negative at -47.26%.

Highlights

• Euler proposes eIP6: Bringing Chainlink (LINK) at the ensure degree
• Loopring (LRC) price surges by 50% after GameStop NFT marketplace integration
• DeFiance Capital rescues $13.3 million at risk of being stolen
• Solana (SOL) stablecoin project Cashio (CASH) plummets to zero after multi-million dollar hack
• MakerDAO (MKR) dev insists DeFi protocol should leverage real world assets to scale
• Litedex (LDX) protocol set to be listed on LBank exchange
• SushiSwap (SUSHI) community proposes Swiss legal structure to limit DAO liability
• FTMCRAZY: Introducing the new hybrid ROI DApp project in the crypto world
• dxFeed implements Airnode API3 to present pricing information for a broad array of Web3 applications
• Crypto investor Katie Haun raises $1.5 billion for Web3 venture fund

Check the latest prices on Crypto.com/Price

Top Token Metrics

DeFi Index Tokens

Notable Events

• Loopring (LRC) metrics surged after GameStop’s NFT marketplace integration

Notable Events

• Trader Joe (JOE) shows decline in TVL, possibly due to the cooling down of the native token AVAX after Avalanche launch on Anchor Protocol