DeFi & L1L2 Weekly — 📈 Polymarket hits US$2.5 billion in volume amidst the US presidential election; TON Foundation launches Society DAO to enhance decentralised governance
Polymarket hits a record of $2.5 billion in volume amidst the US presidential elections. TON Foundation launches Society DAO to enhance decentralised governance. Swell launches optimistic rollup in Op
Weekly DeFi Index
The market capitalisation and volatility indices were negative at -8.97% and -23.11%, respectively, while the volume index was positive at +3.99%.
Synthetix, the decentralised finance (DeFi) protocol focused on derivatives, announced plans to acquire Kwenta, an exchange that split from its ecosystem in 2020. The acquisition would enable Kwenta to operate under the name ‘Synthetix Exchange’, merging the operations of both platforms into one entity. The proposal includes purchasing Kwenta’s entire circulating supply of 532,375 KWENTA tokens, in exchange for 9.05 million new SNX tokens specifically issued for this transaction.
The co-founder of Sky (formerly MakerDAO), Rune Christensen, is preparing a proposal to stop token emissions and reduce the total supply of tokens. The proposed structure would support long-term supply reduction and include a burn mechanism, reflecting MakerDAO’s original tokenomics model.
Chart of the Week
Election-betting markets have risen in popularity during the US presidential cycle. Polymarket, a blockchain-based prediction platform, has seen its monthly trading volume exceed US$ one billion in October, with a cumulative trading volume of $2.45 billion from August to 6 November 2024.
Kalshi, another prediction marketplace, has started accepting USDC deposits from 28 October, enabling US traders to bet on the presidential election and congressional races. This move has led to over $20 million in USDC being deposited by 21,000 users within 36 hours of its launch.
News Highlights
The Open Network (TON) foundation announced the launch of a new governance model called Society DAO, aimed at fostering a more decentralised ecosystem. The Society DAO comprises four founding members: TON Core, TON Society, Wallet in Telegram, and the newly established developer collective, TON Studio. In addition, TON revealed plans to launch a new synthetic Bitcoin token, TON Teleport BTC, on its blockchain. The new token will serve as a decentralised bridge enabling BTC transfer on the TON network.
Swell will join the Superchain ecosystem of Optimism (OP) by launching an optimistic rollup on the OP Stack. Swell’s OP chain will adopt ETH as the gas token and allocate a portion of sequencer revenue to the Optimism Collective.
Ondo Finance announced its partnership with Wellington Management to provide intraday liquidity for the latter’s tokenised US Treasury Fund, known as the Delta Wellington Ultra Short Treasury On-Chain Fund.
Sonic SVM, the first Solana Virtual Machine (SVM) chain built for creating gaming economies, partnered with restaking platform, Solayer, and liquid restaking layer, Adrastea, to enhance Solana delegator rewards.
Curve DAO members are voting on a new proposal to allocate 10% of crvUSD loan fees toward crvUSD savings to strengthen the stablecoin’s ecosystem. The vote began on 3 November and has received 9 million worth of vote-escrowed CRV (veCRV), representing 92% of votes in favour. However, this accounts for only 4% of the quorum required for the proposal to pass. Voting will end on November 9.
VanEck announced the listing of an exchange-traded note (ETN) in Europe that tracks the performance of Pyth Network's native token, PYTH. The ETN will trade on Euronext Amsterdam and Euronext Paris, and will be made available to investors in 15 European countries, including Germany, France, and Norway.
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