Weekly Update - Defi and Layer 1 & Layer 2 News (Week 30, 27/07/2022 - 02/08/2022)
Weekly Update - Defi and Layer 1 & Layer 2 News (Week 30, 27/07/2022 - 02/08/2022)
Aave will launch a crypto-based stablecoin called GHO. Ethereum’s 10th "shadow fork" goes into effect. Harmony proposes proposes a hard fork to reimburse users’ funds.
Weekly Update - Defi and Layer 1 & Layer 2 News (Week 30, 27/07/2022 - 02/08/2022)
Weekly DeFi Index
This week's price, volume, and volatility indices were positive at +21.92%, +59.15%, and +44.81%, respectively.
Check the latest prices on Crypto.com/Price
DeFi Index Tokens
* DeFI index tokens: AAVE, BAL, CAKE, COMP, CRV, CVX, FXS, JOE, LDO, LINK, MKR, OSMO, REN, SNX, SPELL, SUSHI, UNI, VVS, YFI.
News Highlight
Aave passed a proposal to launch a crypto-based stablecoin, GHO. The fully collateralised stablecoin is native to the Aave ecosystem and will be initially available on the Ethereum network.
Ethereum’s tenth "shadow fork" went into effect. In preparation of The Merge, Ethereum has been undergoing a series of tests (or “shadow forks”), which copy data from the mainnet to a test network. Additionally, the Goerli testnet merge, the final update before the Merge date, is expected to happen on 10 August.
Harmony proposed a reimbursement plan to make up the US$100 million hack of its Horizon Bridge in June. The plan involves a hard fork of the chain, which will mint billions of ONE.
DEX Protocols Metrics
Sources: CoinGecko, DeFi Llama, Crypto.com Research
Lending Protocols Metrics
*LDR (Loan to Deposit Ratio) = Total Borrowed / TVL
Sources: CoinGecko, DeFi Llama, Nomics, Crypto.com Research
Charts on Layer 2 Projects
Overall, the L2 market saw +10.67% growth over the past week and the projects adopted Optimistic Rollup and ZK Rollup gained +13.94% and +4.51%, respectively, while Ethereum’s TVL rose 9.68%.
Optimistic Rollup still dominates the L2 market with over US$3.8 billion in TVL. Additionally, Optimism’s TVL surged around 32% during the week.
For ZK Rollup projects, StarkNet gained traction with over 15% growth in TVL week on week.
Further Reading
TRON becomes the second-largest public chain by stablecoin market cap
1.4 billion MATIC tokens issued in just one hour, price reacted with 6% fall
After failed first attempt, Lido relaunches proposal for diversified treasury
Aave devs propose freezing Fantom integration, citing lack of traction and potential vulnerability
Solana DeFi protocol Nirvana drained of liquidity after flash loan exploit
Nomad token bridge drained of $190M in funds in security exploit
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