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


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