Key Takeaways

Yearn Finance (YFI) announced its support for the newly-passed ERC-4626 standard for Yearn’s V3 vaults. The new standard is expected to enhance the composability of yield-bearing vaults across multiple networks.
Following its recent Bitcoin purchase, Luna Foundation Guard (LFG) announced a deal with Avalanche Foundation to acquire US$100 million of AVAX to back Terra’s algorithmic stablecoin UST.
MM Finance (MMF) announced a strategic reboot this week. The set of changes include less aggressive bond sales, huge burning strategy, and liquidity mining incentives.
WAVES’s algorithmic stablecoin USDN lost its U.S. dollar peg. This followed its native token that backs the dollar-pegged cryptocurrency WAVES saw a double-digit price slide.
This week’s price and volume indices were negative at -13.94% and -38.50%, respectively, while the volatility index was positive at +10.22%.

Highlights

Check the latest prices on Crypto.com/Price

Top Token Metrics

*Top DeFi tokens based on CoinGecko
Source: CoinGecko

DeFi Index Tokens

*DeFI index tokens: AAVE, ANC, BAL, CAKE, COMP, CRV, CVX, FXS, JOE, LDO, LINK, MKR, OSMO, REN, SNX, SPELL, SUSHI, UNI, VVS, YFI

Notable Events

FXS price has been cooling down after Terra’s introduction of stablecoin pool ‘4pool’.
AAVE was possibly cooled down after a recent surge over its V3 launch.
BAL topped the change metrics following a Vote-Escrow system launch.

DEX Metrics

* % change is based on the difference between two consecutive weekly periods
** Omitted due to incomplete source data
Source: CoinGecko, DeFi Llama, Nomics

Notable Events

The performance of the DeFi sector declined in general this week, with Spookyswap (BOO)’s TVL sliding the most, at -17.21%. This was likely associated with the price drop of Fantom (FTM), which the price fell by -24% from 4 April to 10 April.

11 Apr 2022|MARKET UPDATES

Weekly DeFi Update (Week 14, 04/04/2022 – 10/04/2022)

Yearn advocates for ERC-4626 tokenised vault standard. USDN loses its dollar peg. As price & volume indices tumble, volatility rises.

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