Weekly DeFi Update (Week 6, 07/02/2022 – 13/02/2022)
Cardano onboards 17 new contracts & 9,000 wallets daily. New AssangeDAO raises money to free Wikileaks founder. Tectonic Finance TONIC introduces staking on Cronos.
Key Takeaways
- Cardano onboarded an average of 17 new smart contracts daily in February. Besides, it was reported that Cardano added over 9,000 wallets on average daily in 2022.
- A newly formed DAO, the AssangeDAO, raises nearly $45 million to free Wikileaks founder Julian Assange.
- Tectonic Finance (TONIC), a lending and borrowing DeFi platform built on Cronos chain, introduces the TONIC staking module.
- The Meter Passport token bridge platform has incurred $4.4 million losses due to a smart contract hack, while Dego Finance and Cocos-BCX suffered from exploits resulting in $14.4 million losses.
- This week’s price and volume indices were negative at -7.93% and -2.07%, respectively; while the volatility index surged by 29.31%.
Highlights
- Aave officially debuts protocol for decentralised social media, dubbed Lens
- MakerDAO launches record $10 million bug bounty program on ImmuneFi
- PancakeSwap DEX reportedly set to block users from Iran
- Hector Finance becomes the first deflationary rebase project with stablecoin launch
- Bunny and Qubit turns to DAO following $80 million bug exploit
- DeFi flashes early revival signs as retail and institutional inflows return
Top Token Metrics
| Metrics | Top 20 DeFi tokens market cap | Top 100 DeFi tokens market cap | DeFi dominance* vs. all crypto |
|---|---|---|---|
| Current | $79.08B | $103.99B | 5.57% |
| 7-Day Change | -6.48% | -6.35% | -0.17 p.p |
| 14-Day Change | 2.83% | 3.30% | -0.30 p.p |
Source: CoinGecko
DeFi Index Tokens
| Metrics | Price | Volume | Volatility |
|---|---|---|---|
| Top Gainers | – | NXM (+78.90%) REN (+45.94%) LRC (+33.39%) | REN (+31.65%) LINK (+30.69%) UNI (+22.31%) |
| Top Losers | SNX (-16.17%) CRV (-15.20%) MKR (-10.17%) | MKR (-61.77%) SNX (-35.28%) UMA (-10.17%) | BAL (-43.04%) SNX (-41.87%) MKR (-30.52%) |
Notable Events
- Following a vote from the Ren community, Ren Protocol implemented a change in the bridging fee, with the minting fee lowered from 0.36% to 0.20%, while the burning fee increased from 0.07% to 0.10%.
- Loopring (LRC) is now available on Optimism.
DEX Metrics
| Metrics | UniswapEthereum | SushiMulti-chain | PancakeBSC | SpookyswapFantom | RaydiumSolana | Trader JoeAvalanche |
|---|---|---|---|---|---|---|
| Market Cap | $4.74B | $781.29M | $2.15B | $155.97M | $292.04M | $194.33M |
| 7-Day Change | -6.18% | -13.48% | -5.22% | -22.10% | -6.86% | -11.73% |
| TVL | $7.26B | $4.51B | $4.79B | $1.23B | $716.79M | $1.40B |
| 7-Day Change | -2.44% | -3.11% | +11.82% | -11.13% | -6.14% | +2.23% |
| Mcap/TVL | 0.65x | 0.17x | 0.46x | 0.13x | 0.41x | 0.14x |
| 7-d Avg. Volume | $210.83M | $166.17M | $100.02M | $4.00M | $36.28M | $16.42M |
| 7-Day Change | +18.76% | +11.26% | +10.28% | -27.51% | +23.17% | -35.86% |
| Volume / TVL | 2.9x | 3.68x | 2.09x | 0.33x | 5.06x | 1.17x |
Source: CoinGecko, DeFi Llama
Notable Events
- Fantom’s (FTM) leading DEX Spookyswap dropped on all metrics. In fact, the entire Fantom ecosystem has been cooling down since Andre Cronje promotion as top protocols with TVL over $400 million are seeing downtrend in TVL. However, Beethoven X (~$343 million TVL) and ProtoFi (~$263 million TVL) were under the spotlight as their TVL surged 20% and 113%, respectively.
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