Crypto.com Weekly DeFi Update (Week 25, 21/06/2021 - 27/06/2021)
London Upgrade Now Live on Ethereum Testnet
Market Recap
The sharp sell-offs continue in the DeFi space. According to CoinGecko, the top 100 DeFi tokens’ market cap plunged from $76.5B on Monday to the current level at $61.3B. Their dominance in the crypto space has also declined slightly from 4.9% to 4.2%.
According to DeFi Pulse, the total value locked (TVL) shrank from $54.4B on Monday to $48.0B on Sunday, rebounding slightly to above $50.2B at the time of writing. Around 8.7M ETH and 165K BTC are locked in DeFi respectively at the time of writing.
Overall, the price index plunged by 24.11%, while the volume and volatility indices increased by 13.26% and 2.33% respectively.
Check the latest prices on crypto.com/price
Spotlight of the Week
London Upgrade Now Live on Ethereum Testnet
On June 24, 2021, the London upgrade was launched on Ethereum’s Ropsten testnet. This upgrade contains the highly anticipated EIP-1559, which targets at reducing the volatility of gas fees. This will potentially improve all Ethereum-based DeFi applications’ user experience. The upgrade will be further implemented on Goerli and Rinkeby testnets this week. If the upgrade is successfully activated on all these networks, its release will be scheduled for the Ethereum mainnet.
Price Index
All tokens decreased in price.
Top 3 losers: SNX (-27.86%), AAVE (-25.73%), UMA (-22.85%)
The TVL in Synthetix plunged to a year-to-date low of $610M on Saturday (ref). The TVLs in AAVE and UMA also declined by 13.8% (ref) and 11.5% (ref) respectively this week.
Volume Index
Top 3 increase: NXM (+121.71%), AAVE (+43.98%), MKR (+42.47%)
Top 3 decrease: UMA (-17.80%), SNX (-6.22%), REN (-1.51%)
MakerDAO has reduced stability fees across a wide range of crypto assets used as collateral on the platform (ref).
UMA has launched the Long Short Pair contract, allowing users to generate a pair of long and short tokens for the underlying asset (ref).
Volatility Index
All tokens, except LINK (-21.90%) and REN (-3.44%), increased in volume.
Top 3 increase: CRV (+109.46%), LRC (+108.26%), YFI (+43.32%)
Top DeFi News
Sushiswap to deploy full suite of Sushi products on Harmony’s blockchain
Ethereum EIP-1559 upgrade launches on Ropsten testnet as London hardfork nears
5.9 Million ETH Locked in ETH 2.0 Contract, Totalling 5.08% of Ethereum Supply
Developer ‘rug pulls’ Ethereum DeFi project SharedStake, SGT token falls 95%
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