Crypto.com Weekly DeFi Update (Week 27, 05/07/2021 - 11/07/2021)
ShibaSwap DEX Captured $1.5B TVL in Two Days
Market Recap
The DeFi market consolidated this week. According to CoinGecko, the top 100 DeFi tokens’ market cap fluctuated in the $74B - $79B range, sitting at $77B at the time of writing. Their dominance in the crypto space has improved from 4.9% to 5.3%.
According to DeFi Pulse, the total value locked (TVL) moved narrowly in the $54B - $58B range. Around 8.9M ETH and 165.4K BTC are locked in DeFi respectively at the time of writing.
Overall, the price and volatility indices dropped by 0.66% and 0.95% respectively, while the volume index increased by 30.73% respectively.
Check the latest prices on crypto.com/price
Spotlight of the Week
ShibaSwap DEX Captured $1.5B TVL in Two Days
Shiba Inu has recently launched the decentralized exchange (DEX) ShibaSwap on the Ethereum Network. Besides the famous meme token SHIB, the ShibaSwapplatform features two new tokens: LEASH is a rebase token pegged to the price of DOGE, and BONE is a reward for liquidity providers. Leveraging the popularity of SHIB in the crypto community, the platform’s TVL has surpassed $1.5B within two days post launch (ref). Nevertheless, some DeFi experts have raised concerns over the project’s transparency and safety (ref).
Price Index
Top 3 gainers: SNX (+44.29%), AAVE (+10.34%), YFI (+0.34%)
Top 3 losers: BAL (-13.56%), LRC (-10.79%), NXM (-9.15%)
Over the past week, Synthetix has raised the annualized percentage yields (APY) offered to the SNX stakers to 39.3%, which likely drove SNX’s price and volume surge (ref). The TVL in Synthetix has also climbed above $1B again since mid-June (ref). Meanwhile, Synthetic officially announced that its Optimism-based layer-2 exchange will be enabled the week of July 26th (ref).
Later this month, Aave is going to launch the Aave Pro, a permissioned protocol dedicated to institutional investors (ref).
On its V2 platform, Balancer has launched stable pools that are designed specifically for assets that trade at a similar price, which could increase capital efficiency for like-kind swaps (ref).
Volume Index
Top 3 increase: SNX (+395.68%), AAVE (+73.02%), NXM (+68.56%)
Top 3 decrease: LRC (-68.90%), BAL (-33.89%), UMA (-22.39%)
Volatility Index
Top 3 increase: SNX (+74.87%), YFI (+34.83%), UNI (+8.35%)
Top 3 decrease: BAL (-53.75%), LRC (-53.12%), COMP (-38.53%)
Top DeFi News
Shiba Inu's Newly Launched ShibaSwap DEX Explodes With $1.5B TVL in Less Than 2 Days
DAO Behind DeFi Pulse Index Raises $7.7M From Galaxy Digital, 1kx
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