Crypto.com Weekly DeFi Update (Week 48, 23/11/2020 - 29/11/2020)
DeFi tokens plunged then recovered partially; Yearn announced collaboration with Pickle, Cream, and Cover
Market Recap
Amidst volatile price action in Bitcoin and Ethereum, most DeFi tokens made sharp corrections followed by a partial recovery this week. LINK, for example, retraced from $16.2 to $12.4 and then rebounded back to $14 afterwards, retesting the 10-day moving averages. According to DeFi Pluse, the total value locked (TVL) in DeFi fell from $14.4B to $12.9B at midweek, and then recovered to $13.8B by the end of the week.
Overall, the price index and the volume index decreased by 9.39% and 2.85% respectively, while the volatility index grew significantly by 152.30%.
Spotlight of the Week - Yearn Finance integrating with multiple DeFi protocols
Yearn Finance partners with Pickle Finance to raise yield farming incentives and to compensate victims from the recent $19 million exploit in Pickle Finance (ref). Yearn also announced a collaboration with Cream Finance (ref) and Cover (ref) to strengthen its presence in the lending and insurance space.
Price Index
All tokens’ prices decreased, except for ZRX (+0.90%) and KNC (+0.76%).
Top 3 losers: NXM (-25.48%), BAL (-19.65%), SNX (-14.2%)
Volume Index
There was a mixed bag for tokens’ volumes.
Top 3 increase: ZRX (+230.01%), KNC (+59.15%), LINK (+13.66%)
Top 3 decrease: CRV (-41.10%), YFI (-35.35%), AAVE (-26.26%)
According to Dapp.com, the number of users and the transaction volume of tokens in 0x Protocol rallied by 29.2% and 75.4% as compared to the previous week (ref).
Following a community vote, Curve Finance will distribute nearly $3 million in accrued fees to the platform’s governance token holders (ref).
Volatility Index
All tokens’ volatility, except for YFI (-32.74%), soared.
Top 3 increase: MKR (+285.58%), KNC (+185.58%), ZRX (+106.98%)
A stated by Dapp.com, the transaction volume of tokens in MakerDao increased by 8.7% last week (ref).
Top DeFi News
Yearn.Finance Founder Andre Cronje Launches New Protocol “Deriswap”
Curve Finance Votes to Disperse $3M in Fees to Governance Token Holders
Filecoin storage tops 1 billion GB as tokenized FIL launches for use in DeFi
DAI price increase led to a massive $88 million worth of liquidations at DeFi protocol Compound