Weekly DeFi Update (Week 18, 02/05/2022 – 08/05/2022)
UST depegged after US$285M sell-off but quickly regains peg. Uniswap reports deeper liquidity on multiple Ethereum pairs than leading centralised exchanges. Cronos Ecosystem Grants Program announces third batch of grant recipients.
Key Takeaways
- The world’s third largest DeFi protocol by total value locked (TVL), Anchor Protocol (ANC), has lowered the UST earn rate from 19.4% to 18.0% annual percentage yield (APY) since 1 May 2022. Also, a proposal to roll out voting escrow ANC (veANC) has been approved.
- Terra’s UST depegged after a massive US$285 million sell–off on Curve Finance (CRV) and leading centralised exchange. It was soon stabilised and back to peg. Meanwhile, Luna Foundation Guard (LFG) has added another US$ 1.5 billion of Bitcoin (BTC) to its UST reserves.
- Uniswap V3 (UNI) is reported to have deeper liquidity in multiple Ethereum (ETH) pairs than leading centralised exchanges by about 2x or more.
- Cronos Ecosystem Grants Program announced the third batch of grant recipients, which include a few DeFi projects, such as Argo Finance.
- This week’s price and volume indices were negative at -7.04% and -9.75%, respectively, while the volatility index was positive at +38.89%.
Highlights
- Curve Finance (CRV) integrates with Near’s Aurora Network.
- Terra’s LUNA declines 10% amid UST depegging concern
- Hacked crypto platform offers ‘No Questions Asked’ US$10 million bounty for stolen funds
- Total investment in Syndicate DAO tops US$28 million after latest funding round
- Jane Street dives into DeFi with US$25 million USDC loan
- Lido (LDO) briefly becomes top DeFi protocol by TVL with US$20 billion staked
- Juno’s DAO votes to confiscate US$35 million in tokens from whale in messy dispute
- ’Revolution’ promised by Tron’s Justin Sun looks like clone of Terra’s algorithmic stablecoin
- Ribbon Finance (RBN) gives half its protocol revenue to stakers
- Vector Finance (VTX) TVL hits a record high as the Curve Wars shift to Avalanche
- Tron DAO buys US$39 million worth of TRX as reserves for its USDD stablecoin whose circulating supply has exceeded US$200 million
- Polkadex has won the 16th Polkadot’s parachain slot
- Cardano’s first eUTxO cross-chain decentralised exchange goes live on public testnet
Check the latest prices on Crypto.com/Price
Top Token Metrics
| Metrics | Top 20 DeFi tokensmarket cap | Top 100 DeFi tokens market cap |
|---|---|---|
| Current | $72.41B | $92.35B |
| 7-Day Change | -12.73% | -11.70% |
| 14-Day Change | -20.83% | -20.67% |
Source: CoinGecko
DeFi Index Tokens
| Metrics | Price | Volume | Volatility |
|---|---|---|---|
| Top Gainers | CRV (+12.63%) UNI (+0.28%) FXS (+0.07%) | ANC (+161.57%) FXS (+101.52%) CRV (+22.22%) | ANC (+316.91%) FXS (+207.72%) SPELL (+141.28%) |
| Top Losers | VVS (-18.62%) MKR (-17.88%) LDO (-14.20%) | CAKE (-50.98%) SNX (-41.55%) AAVE (-33.17%) | LDO (-89.80%) SNX (-44.24%) CAKE (-43.75%) |
| Benchmark | ETH (-10.30%) | ETH (+2.43%) | ETH (+47.01%) |
Notable Events
** Omitted due to incomplete source data
Source: CoinGecko, DeFi Llama, Nomics
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