Crypto.com Weekly DeFi Update (Week 10, 08/03/2021 - 14/03/2021)
Top 100 DeFi tokens’ market cap recorded a new high of $93.6B; TVL increased to $44.9B, nearing the ATH of $45.31B in Feb.
Market Recap
According to CoinGecko, the top 100 DeFi tokens’ market capitalization increased from $86.4B on Monday to $93.6B on Sunday, surpassing $90B for the first time in history. At the time of writing, the top 100 DeFi tokens’ market capitalization retraced to $91.8B. Their dominance in the crypto space declined to 4.8% because of the strong performance of Bitcoin and Ethereum.
According to DeFi Pulse, the total value locked (TVL) in DeFi surged from below $40B on Monday to $44.6B on Sunday, reaching $44.9B; around 9M ETH and 34.3K BTC were locked in DeFi at the time of writing.
Overall, the price index and the volume index decreased by 0.70% and 12.06% respectively, while volatility plunged by 51.26%.
Check the latest prices on crypto.com/price
Spotlight of the Week
Crypto DAOs Legality Nears Approval In Wyoming
A decentralized autonomous organization (DAO) is an organization created by pre-programmed rules encoded as a computer program that is transparent and without a hierarchy of control. (ref). Legislation to recognize DAOs as companies has passed through the Senate Committee stage in Wyoming, bringing it one step closer to finally being signed into law. This landmark legislation would grant DAOs the ability to form limited liability companies (LLCs) and make it easier to set up a DAO.
Price Index
Top 3 gainers: BAL (+15.81%), NXM(+12.16%), UMA (+11.01%)
Top 3 losers: COMP(-8.77%), SNX(-8.33%), AAVE(-4.96%)
Balancer is coming to Polkadot via Moonbeam, an Ethereum-compatible smart contract parachain (ref). BAL surged above $50 on Tuesday. At the time of writing, BAL recorded new highs of $56.94, with TVL in Balancer rallying past the previous highs and hitting 1.82B.
NXM increased from $64 on Monday to $73 on Sunday, gaining 14% during this week. (ref).
Universal Market Access (UMA) and Yam Finance are launching a synthetic stock index. This index will track the “ten most bullish stocks according to WallStreetBets”.
Volume Index
Top 3 increase: UMA (+54.70%), REN (+37.38%), LRC (+26.74%)
Top 3 decrease: SNX (-27.10%), UNI (-23.90%), COMP (-25.42%)
Volatility Index
All tokens, except UMA (+31.41%), decreased in volatility.
Top 3 decrease: COMP (-77.24%), CRV (-72.84%), MKR (-72.50%)
Top DeFi News
Active user wallets on Ethereum DeFi have dipped 40% in one month
Alchemix announces $4.9 million raise led by CMS, Alameda, and e-Girl Capital
Big Data Protocol Staking Surges Over $6 Billion in Latest DeFi Frenzy
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