Crypto.com Weekly DeFi Update (Week 26, 28/06/2021 - 04/07/2021)
Compound Launching Treasury for Institutions
Market Recap
The DeFi market rebounded this week. After last week’s plunge, the top 100 DeFi tokens’ market cap partially recovered from $64.9B on Monday to the current level at $74.4B, according to CoinGecko. Their dominance in the crypto space has also ballooned slightly from 4.6% to 4.9%.
According to DeFi Pulse, the total value locked (TVL) rebounded from the 90-day lows at $48.5B on Monday to $56.3B at the time of writing. Around 8.7M ETH and 168.1K BTC are locked in DeFi respectively at the time of writing.
Overall, the price index surged by 31.86%, while the volume and volatility indices decreased by 15.23% and 1.09% respectively.
Check the latest prices on crypto.com/price
Spotlight of the Week
Compound Launching Treasury for Institutions
Compound Finance has introduced Compound Treasury, a new system designed for non-crypto native businesses and financial institutions to access the benefits of the Compound protocol (ref). Compound Treasury will enable Neobanks, Fintech startups, and other large holders of U.S. Dollars to access the interest rates available in the USDC market of the Compound protocol. It will help simplify the complex procedures, such as private key management and crypto-to-fiat conversion, for these institutional users.
Price Index
All tokens increased in price.
Top 3 gainers: COMP (+93.75%), BAL (+66.60%), AAVE (+45.64%)
Balancer Protocol has launched on the Layer 2 solution Polygon to reduce gas costs (ref).
The AAVE founder recently stated that permissioned DeFi can facilitate institutional participation in DeFi for lower general risks. The digital asset platform Fireblocks is assisting Aave to explore how whitelisted markets and private pools can be deployed (ref).
Volume Index
Top 3 increase: LRC (+150.52%), COMP (+113.39%), BAL (+63.71%)
Top 3 decrease: NXM (-75.45%), LINK (-40.80%), REN (-23.44%)
Loopring has partnered with the blockchain UGC community Midu, which will facilitate user operations through layer2 (ref).
Volatility Index
Top 3 increase: COMP (+63.83%), BAL (+24.30%), AAVE (+22.72%)
Top 3 decrease: YFI (-21.24%), MKR (-16.52%), CRV (-12.40%)
Top DeFi News
Compound Labs Launches ‘Treasury’ to Get Big Firms Reaping DeFi Yields
Polygon Launches New General-Purpose Blockchain Called Avail
DeFi Meets AI: Fetch.ai Launches ‘Intelligent Automation’ for Uniswap V2 and PancakeSwap
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