Crypto.com Weekly DeFi Update (Week 11, 15/03/2021 - 21/03/2021)
Top 100 DeFi tokens’ market cap recorded a new high of $99.0B; BAL reached ATH of $65.48.
Market Recap
According to CoinGecko, the top 100 DeFi tokens’ market capitalization almost reached the $100B milestone on Saturday increasing from $91.7B on Monday to $99.0B on Saturday. At the time of writing, the top 100 DeFi tokens’ market capitalization retraced slightly to $97.3B. Their dominance in the crypto space increased slightly to 5.2%.
According to DeFi Pulse, the total value locked (TVL) in DeFi has remained at a high level this week, ranging from $43.1B to $44.7B, nearing the ATH level of $46.0B last Sunday; around 9.3M ETH and 32.6K BTC were locked in DeFi at the time of writing.
Overall, the price index increased by 1.83%, while the volume index and volatility index decreased by 16.20% and 18.06% respectively.
Check the latest prices on crypto.com/price
Spotlight of the Week
Aave Launched Unique AMM Liquidity Pool
Aave is a leading DeFi ecosystem focusing on the lending market. Last week it announced a major upgrade to go multi-market: It allows Uniswap and Balancer LPs to collateralize their LP tokens to borrow crypto on Aave. Specifically, a list of tokens supported for collateralization can be found here. While collateralizing these tokens, Aave users can borrow DAI, USDC, ETH, wBTC, USDT, and AMM’s LP tokens. According to its Twitter post, this AMM liquidity pool will be “launched on Ethereum at first, with the potential to be included on other networks as well.”
Price Index
Top 3 gainers: CRV (+23.47%), BAL (+21.34%), UMA (+7.86%)
Top 3 losers: COMP (-6.80%), REN(-4.83%), NXM(-3.64%)
BAL recorded a new high of $65.48 on Saturday, and the TVL of Balancer also reached an all-time high of $1.82B. This strong performance is supported by its increasing volume and can be attributed to protocol integration with Aave, gas fee reimbursement, and a bump in DeFi activity.
CRV surged from $2.1 on Monday to $3.0 on Saturday, increasing more than 40% over 6 days. It then traced back to $2.5 at the time of writing.
1 million UMA call option tokens were minted with a $35 strike price and an April 30th, 2021 expiry. These tokens have been pooled with UMA tokens on SushiSwap and open for everyone to buy. UMA holders can also speculate on the appreciation of the token with leverage and limited downside.
Volume Index
Top 3 increase: NXM (+125.98%), BAL (+113.58%), CRV (+13.47%)
Top 3 decrease: AAVE (-43.71%), REN (-42.49%), UMA (-31.13%)
Volatility Index
Top 3 increase: BAL (+127.85%), CRV (+111.55%), MKR (+62.05%)
Top 3 decrease: UMA (-67.20%), AAVE (-25.91%), NXM (-22.68%)
Top DeFi News
New version of 1inch’s DEX aggregator makes it cheaper than Uniswap
Balancer (BAL) hits an all-time high as DeFi projects trial new solutions
$4.6M in Filecoin ‘Double Deposited’ on Binance; Exploit Open on Other Exchanges
Thank you for reading! We hope you find our Weekly DeFi Update enlightening!
Hungry for more? Visit our Research Hub and University to access other insightful crypto research!
Share with a friend if you like our email!