Crypto.com Weekly DeFi Update (Week 28, 12/07/2021 - 18/07/2021)
Square To Create New Bitcoin Platform for DeFi
Market Recap
The DeFi suffered sell-offs this week. According to CoinGecko, the top 100 DeFi tokens’ market cap declined from $78.4B on Monday to $71.2B at the time of writing. Their dominance in the crypto space currently sat at 5.34%.
According to DeFi Pulse, the total value locked (TVL) slashed from $60.7B to the current level of $55.6B. Around 9.4M ETH and 183.5K BTC are locked in DeFi respectively at the time of writing.
Overall, the price, volume, and volatility indices plunged by 18.21%, 31.99%, and 74.81% respectively.
Check the latest prices on crypto.com/price
Spotlight of the Week
Square To Create New Bitcoin Platform for DeFi
Square CEO and Jack Dorsey has announced that the company is “focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services.” He emphasized that the to-be-named platform would have a primary focus on Bitcoin and feature “open roadmap, open development and open source.” (ref)
Price Index
All tokens’ prices dropped.
Top 3 losers: SNX (-23.37%), UNI (-21.95%), CRV (-20.39%)
The alpha launch of Uniswap v3 has been delivered on the Optimistic Ethereum (OΞ) mainnet, which could improve transaction cost savings and transaction speed (ref).
Curve Finance has deployed a new version of the tricrypto liquidity pool, which features more optimal parameters and some bug fixes in parameter change and admin fee (ref).
Volume Index
All tokens’ volumes dropped, except for NXM (+13.72%) and LRC (+2.35%).
Top 3 decreases: COMP (-49.82%), AAVE (-41.92%), MKR (-36.0%)
Aave founder Stani Kulechov suggested that his protocol should build “Twitter on Ethereum'' after Jack Dorsey said he was developing a new Bitcoin (BTC)-centric financial services platform (ref).
Volatility Index
All tokens’ volatility dropped.
Top 3 decreases: MKR (-82.29%), AAVE (-77.55%), UNI (-73.71%)
Top DeFi News
UniSwap Governance Passes 20M Education Grant Pushing for Regulatory Awareness
Square is building a decentralized finance business using bitcoin
Pontem and Pinknode Team Up to Bridge Polkadot and Facebook's Diem
1inch Foundation launches $3M grants program for DeFi developers
Another DeFi Exploit: Bondly Finance Compromised, BONDLY Price Crashes 60% in Hours
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