Crypto.com Weekly DeFi Update (Week 21, 24/05/2021 - 30/05/2021)
Eth Layer 2 solution Arbitrum launched.
Market Recap
According to CoinGecko, the top 100 DeFi tokens’ market cap bounced back from the low of $68.3B on Monday to highs of $97.9B on Thursday, increasing 43.3% in four days. At the time of writing, the market cap dropped to $84.4B; their dominance in the crypto space increased to 5.2%.
According to DeFi Pulse, the total value locked (TVL) retraced from lows of $50.4B on Monday to $66.4B on Thursday. At the time of writing, TVL fell back to $60.3B. Around 9.6M ETH and 176.9K BTC are locked in DeFi respectively at the time of writing.
Overall, the volume index decreased by 25.13%, while the price and volatility indices increased by 68.61% and 53.02%, respectively.
Check the latest prices on crypto.com/price
Spotlight of the Week
Layer 2 Ethereum Scaling Solution Arbitrum Launched
Arbitrum is a layer 2 scaling solution aiming to reduce congestion and lower gas fees on Ethereum, and was launched for developers on Friday (ref). Albitrum attracted major DeFi protocols. Uniswap is going to deploy its version 3 on Arbitrum after a snapshot poll showed that nearly 100% of Uniswap voters want Arbitrum on the DEX.
Price Index
All tokens increased in price.
Top 3 gainers: UNI (+86.70%), LINK (+77.22%), YFI (+73.85%)
Uniswap launched version 3 of its platform in March, resulting in high trade volumes despite the crypto market downturn (ref). It is now going to deploy on Arbitrum, an Ethereum layer 2 scaling solution, after a snapshot pool launched (ref).
Chainlink’s founder said DeFi and oracles can help fight climate change at Consensus 2021 on Tuesday (ref).
Volume Index
All tokens, except MKR (+0.82%), decreased in volume.
Top 3 decrease: NXM (-91.85%), SNX (-68.46%), AAVE (-51.89%)
MakerDAO unveiled its scaling and multi-chain strategy roadmap (ref).
Volatility Index
All tokens, except SNX (-35.64%), increased in volatility.
Top 3 increase: MKR (+151.46%), YFI (+94.77%), UNI (+66.28%)
Top DeFi News
Layer 2 network Arbitrum ships guarded launch, attracts major DeFi protocols
Uniswap likely to expand to Ethereum scaling solution Arbitrum
1inch integrates with Mercuryo, enabling fiat onramp to DeFi
BurgerSwap Flash Loan Exploit Leaves $7.2 Million in Losses of Stolen Ether, BNB, and More
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