Weekly DeFi Update (Week 33, 16/08/2021 - 22/08/2021)

Galaxy Digital and Bloomberg Launched New DeFi Index

Market Recap

DeFi continued to grow last week. According to CoinGecko, the top 100 DeFi token market surged from $118.3B on Monday to a local high above $125.2B on Saturday. Their dominance in the crypto space currently sits at 5.81%.

According to DeFi Pulse, the total value locked (TVL) also reached a 3-month high of $84.7B on Saturday. Around 9.7M ETH and 194.1K BTC are locked in DeFi respectively at the time of writing.

Overall, the price and volume indices increased by 1.41% and 22.37%, while the volatility index decreased by 15.43%.

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Spotlight of the Week

Galaxy Digital and Bloomberg Launched New DeFi Index   

On Aug 19, Bloomberg and Galaxy Digital announced the launch of the Bloomberg Galaxy DeFi Index, which tracks the performance of the largest DeFi protocols. The index constituents are selected according to institutional trading, custody readiness in the US and quality of pricing. Each of them will represent a 1% to 40% coverage of the benchmark’s overall value. As of August 1, 2021, Uniswap accounted for the largest weighting with 40%. Alongside the index launch, Galaxy Digital’s funds platform, Galaxy Fund Management, is now offering the Galaxy DeFi Index Fund, a passively managed fund tracking the performance of DEFI (ref).

Price Index

Top 3 gainers: LRC (+52.50%), REN (+21.32%), UMA (+16.77%)
Top 3 losers: UNI (-3.11%), AAVE (-1.57%), COMP (-1.55%)

Loopring has launched a new round of liquidity incentives on its layer-2 AMM and order book exchange (ref). It will also make an announcement revolving around Layer-2 NFTs this week (ref).

Ren Protocol announced its full integration with the layer-2 scaling solution Arbitrum, which aims at allowing crypto transfers between native chains and Arbitrum with minimal fees (ref).

Volume Index

Top 3 increases: LRC (+144.81%), REN (+67.79%), BAL (+47.23%)
Top 3 decreases: MKR (-17.90%), NXM (-16.12%), UNI (-7.10%)

Balancer announced that it had partnered with DAO-based staking platform Lido to introduce a MetaStable Pool incentive program (ref).

Volatility Index

Top 3 increases: LRC (+69.40%), COMP (+22.65%), BAL (+12.29%)
Top 3 decreases: CRV (-52.26%), MKR (-49.62%), SNX (+42.47%)

Top DeFi News

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