Crypto.com Weekly DeFi Update (Week 32, 09/08/2021 - 15/08/2021)
Polygon Acquired Hermez Network
Market Recap
DeFi continued with its bullish run last week. According to CoinGecko, the top 100 DeFi token market surged from $102.3B on Monday to the local high above $117B on Saturday. Their dominance in the crypto space currently sits at 5.65%.
According to DeFi Pulse, the total value locked (TVL) also ballooned from $78.0B to the current level of $83.8B. Around 9.6M ETH and 195.8K BTC are locked in DeFi respectively at the time of writing.
Overall, the price, volume, and volatility indices increased by 9.87%, 2.45% and 53.36% respectively.
Check the latest prices on crypto.com/price
Spotlight of the Week
Polygon Acquired Hermez Network
The Layer 2 Ethereum platform Polygon has acquired Hermez Network, a zero-knowledge(ZK)-based scaling solution, at a cost of $250 million. It is known as the first complete merger in the crypto space as the two projects are merging their teams, technology and native tokens. Polygon has highlighted Hermez’s key assets, including its capacity as the unique decentralised rollup and its EVM-compatible solution in progress (ref).
Price Index
All token prices rose except COMP (-0.96%).
Top 3 gainers: SNX (+24.21%), CRV (+21.92%), UMA (+21.25%)
The total value locked in synthetix has climbed to two-month highs at $1.78B, ranking top among the derivatives protocols (link).
Volume Index
Top 3 increases: LRC (+54.79%), REN (+38.01%), UMA (+37.53%)
Top 3 decreases: COMP (-28.96%), LINK (-5.22%), BAL (-1.78%)
Ren and ICHI communities have formed a strategic partnership to launch community-governed stablecoins for each asset supported by RenVM (link).
Chainlink has announced its successful launch on Arbitrum One, an Optimistic Rollup layer 2 network that enables highly scalable and low cost smart contracts (link).
Volatility Index
All tokens’ volume surged, except for COMP (-27.40%).
Top 3 increases: CRV (+121.67%), LINK (+99.05%), UMA (+85.29%)
Top DeFi News
Cross-Chain DeFi Site Poly Network Hacked; Hundreds of Millions Potentially Lost
Poly Network hacker returns nearly all funds, refuses $500K white hat bounty
‘Wormhole’ Launches for Connecting DeFi on BSC, Terra, and Ethereum to Solana
Polygon acquires Hermez in $250 million deal that includes first-ever token ‘merger’
Cardano (ADA) Launches Smart Contract Public Testnet With Alonzo Purple
Chainlink launches data oracles on Arbitrum One's Ethereum scaling solution
Thank you for reading! We hope you find our Weekly DeFi Update enlightening!
Hungry for more? Visit our Research Hub and University to access other insightful crypto research!
Share with a friend if you like our email!