Crypto.com Weekly DeFi Update (Week 24, 14/06/2021 - 20/06/2021)
Kyber Network expands to Polygon
Market Recap
According to CoinGecko, the top 100 DeFi tokens’ market cap dropped from $80.2B on Monday to $73.6B on Sunday. At the time of writing, the market cap recovered to $76.5B; their dominance in the crypto space sits at 4.9%.
According to DeFi Pulse, the total value locked (TVL) decreased slightly from $60.9B on Monday to $54.6B on Sunday. At the time of writing, TVL dropped to $52.9B. Around 8.6M ETH and 156K BTC are locked in DeFi respectively at the time of writing.
Overall, the price, volume, and volatility indices decreased by 7.36%, 22.14%, and 16.31%, respectively.
Check the latest prices on crypto.com/price
Spotlight of the Week
Kyber Network Integrated with Polygon
Kyber Network is an Ethereum-based decentralised exchange. Polygon Network is an Ethereum layer 2 scaling solution. On Wednesday, Kyber announced plans to expand to Polygon on Jun 30 and launch the Rainmaker liquidity mining program. Rainmaker is the first liquidity mining program of Kyber’s dynamic market maker (DMM) protocol, and it will distribute $30M in rewards over three months to enhance liquidity on both Ethereum and Polygon (ref).
Price Index
All tokens decreased in price.
Top 3 losers: BAL (-18.28%), MKR (-14.71%), CRV (-13.35%)
Curve team opened a proposal to remove CRV rewards from the alUSD pool on Tuesday for the reason that Curve rewards are distributed twice with alUSD (ref).
Volume Index
All tokens decreased in volume.
Top 3 decrease: NXM (-47.96%), CRV (-41.75%), SNX (-33.58%)
Nexus Mutual partnered with iTrust.Finance to offer staking benefits to NXM and wNXM holders (ref).
The Synthetix-based Kwenta exchange strives for independence with a new token (KWENTA token), aiming to become the leading DeFi trading hub (ref).
Volatility Index
All tokens, except LINK (+4.54%), decreased in volatility.
Top 3 decrease: CRV (-65.39%), COMP (-37.44%), MKR (-30.93%)
Top DeFi News
Kyber Network Set to Deploy on Polygon; $30 Million in Incentives to Be Distributed
Iron Finance’s Titan Token Crashes to $0 In a Sudden DeFi ‘Bank Run’
Ethereum’s ‘London’ hardfork set to go live on testnets starting June 24
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