Crypto.com Weekly DeFi Update (Week 29, 19/07/2021 - 25/07/2021)
SushiSwap To Launch Next-Generation AMM
Market Recap
DeFi resurged this week. According to CoinGecko, the top 100 DeFi tokens’ market cap rebounded from the monthly low of $66.2B on Wednesday to $77.7B at the time of writing. Their dominance in the crypto space currently sits at 5.36%.
According to DeFi Pulse, the total value locked (TVL) also rebounded from $54.3B to the current level of $61.2B. Around 9.6M ETH and 186.3K BTC are locked in DeFi respectively at the time of writing.
Overall, the price, volume, and volatility indices increased by 6.0%, 0.5%, and 285.4% respectively.
Check the latest prices on crypto.com/price
Spotlight of the Week
SushiSwap To Launch Next-Generation AMM
The decentralized exchange (DEX) SushiSwap revealed that they are going to launch the next-generation automated market maker (AMM) Trident. The new AMM will be focused on capital efficiency and cryptocurrency volatility protection. Trident will move from a singular constant product pool to a wider variety of pool types. The new AMM will feature 4 pool types at its launch. In particular, the hybrid pools allow users to swap like-kind assets at reduced price impacts. An IPool interface will standardize pool interfaces across Ethereum and allow for further pool types to be added. Trident will be launching within the next couple of weeks (ref).
Price Index
All token prices rose except for SNX (-9.67%) and COMP (-0.48%).
Top 3 gainers: NXM (+12.05%), AAVE (+9.22%), UNI (+8.48%)
Citing 'evolving regulatory landscape', Uniswap Labs announced that it would restrict access to certain tokens on the protocol it supports through its interface (ref).
Volume Index
Top 3 increases: CRV (+25.79%), LINK (+16.64%), COMP (+14.18%)
Top 3 decreases: SNX (-44.37%), LRC (-21.83%), YFI (-15.71%)
First-layer blockchain Avalanche has incorporated Chainlink price feeds, facilitating the DeFi apps’ access to the price reference data across a variety of asset classes (ref).
Volatility Index
All tokens’ price volatility surged.
Top 3 increases: MKR (+526.47%), AAVE (+308.78%), COMP (+237.90%)
Maker Foundation’s CEO Rune Christensen declared that the MakerDAO platform is now completely decentralized. The global community has taken over all governance responsibilities of the protocol, and the Foundation will formally dissolve within the next few months (ref).
Top DeFi News
SushiSwap DeFi Protocol Announces Next Generation Trident AMM
Chainlink now live on Avalanche to enable advanced DeFi apps
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