Crypto.com Weekly DeFi Update (Week 19, 10/05/2021 - 16/05/2021)
Top 100 DeFi tokens’ market cap recorded a new high of $143.7B; TVL hit an ATH of $86.7B.
Market Recap
According to CoinGecko, the top 100 DeFi tokens’ market capitalization recorded a new high of $143.7B on Wednesday. At the time of writing, the market cap retraced to $130.5B.
According to DeFi Pulse, the total value locked (TVL) reached an ATH of $86.7B on Wednesday. At the time of writing, TVL dropped back to $78.3B; around 10.1M ETH and 169.8K BTC are in DeFi respectively.
Overall, the volume index increased by 13.90%, while the price and volatility indices decreased by 5.45% and 88.19% respectively.
Check the latest prices on crypto.com/price
Spotlight of the Week
Balancer V2 Is Live
Balancer is a decentralized exchange platform applying Automated Market Maker (AMM) protocol. Last week, Balancer Lab rolled out the second version of its AMM protocol, featuring lower gas fees, a clean and simple user interface, and an updated community multisig (ref). The estimated fee reduction will be up to 50%. One reason for the lower gas cost is that Balancer v2 gathers all assets from different pools into a single pool. However, some people think using a single vault can cause higher intrinsic risk (ref).
Price Index
Top 3 gainers: CRV (+23.93%), YFI (+20.31%), AAVE (+13.25%)
Top 3 losers: REN (-19.15%), BAL (-16.66%), MKR (-13.34%)
Yearn.finance launched a new “dog token” (WOOFY token), offering a bi-directional peg to YFI (ref). YFI recorded a new high of $90,786.9 on Wednesday, increasing more than 65% in two days. At the time of writing, YFI dropped and is trading at $61,065.1 (ref).
AAVE recorded a new high of $625.74 on Friday, and it dropped to $491.6 at the time of writing (ref).
Balancer Labs rolled out the second version of its AMM protocol, featuring new branding and lower gas fees (ref).
Volume Index
Top 3 increase: LRC (+238.65%), YFI (+187.98%), AAVE (+104.36%)
Top 3 decrease: REN (-33.33%), MKR (-33.22%), BAL (-26.28%)
Volatility Index
All tokens decreased in volatility.
Top 3 increase: REN (-92.75%), LINK (-90.58%), BAL (-89.06%)
Top DeFi News
Crypto.com, Yam Finance, and UMA to Collaborate on a Suite of NFT Products
DeFi startup Balancer Labs rolls out latest version of its automated market-making protocol
1inch Network increases liquidity sources by expanding to Polygon
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