Crypto.com Weekly DeFi Update (Week 22, 31/05/2021 - 06/06/2021)
0x launched on Polygon
Market Recap
According to CoinGecko, the top 100 DeFi tokens’ market cap increased from the lows of $84.4B on Monday to the highs of $98.6B on Friday. At the time of writing, the market cap dropped back to $89.6B; their dominance in the crypto space sits at 5.3%.
According to DeFi Pulse, the total value locked (TVL) retraced from the lows of $60.3B on Monday to $69.4B on Friday. At the time of writing, TVL fell back slightly to $67.1B. Around 9.7M ETH and 180.8K BTC are locked in DeFi respectively at the time of writing.
Overall, the price index increased by 4.06%, while the volume and volatility indices decreased by 38.72% and 74.72%, respectively.
Check the latest prices on crypto.com/price
Spotlight of the Week
0x API is live on Polygon Network
Polygon is a scalability solution for Ethereum, using Proof-of-Stake algorithm to improve efficiency and decrease transaction fees. 0x is a DEX aggregator on Ethereum, while 0x API is used for DEX liquidity aggregation on Ethereum and Binance Smart Chain, and it recently expanded to Polygon. This allows developers to source a variety of Polygon-based DEXs, including QuickSwap, SushiSwap, Curve, Dodo, mStable, and more (ref).
Price Index
Top 3 gainers: CRV (+42.20%), REN (+17.45%), UMA (+17.34%)
Top 3 losers: COMP (-2.64%), SNX (-1.07%), LINK (-0.96%)
Yearn Finance and Convex Finance are competing to attract liquidity from Curve Finance’s investors (ref).
Ren’s permissionless, trustless custodian, RenVM has successfully integrated with Avalanche. This integration will help to lower gas fees, facilitate deposits and withdrawals on Avalanche (ref).
Volume Index
Top 3 increase: NXM (+70.49%), UMA (+65.88%), CRV (+54.49%)
Top 3 decrease: MKR (-56.86%), LRC (-51.69%), SNX (-46.30%)
Volatility Index
All tokens decreased in volatility.
Top 3 decrease: MKR (-89.63%), YFI (-82.45%), UNI (-76.45%)
Uniswap Labs partnered with professional Dota 2 Team, Team Secret, to develop esports activation for Uniswap. This partnership can help Uniswap reach new audiences and drive adoption (ref).
Top DeFi News
More than 5 million ETH has been sent to Ethereum 2.0's deposit contract
Ren’s Permissionless, Trustless Custodian, RenVM Now Live On Avalanche
Binance Smart Chain’s PancakeHunny latest to suffer smart contract exploit
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