Crypto.com Weekly DeFi Update (Week 34, 23/08/2021 - 29/08/2021)
1inch Network Aiming to Raise Series B at $2.25B Valuation
Market Recap
DeFi consolidated last week. According to CoinGecko, the market capitalisation of the top 100 DeFi tokens retreated from the 90-day high at $129B on Tuesday to $120B on Friday, recovering to $126B at the time of writing. Their dominance in the crypto space currently sits at 5.82%.
According to DeFi Pulse, the total value locked (TVL) also retracted from the high of $85.9B to $82.1B. Around 9.8M ETH and 195.7K BTC are locked in DeFi respectively at the time of writing.
Overall, the price, volume, and volatility indices decreased by 4.99%, 16.55% and 0.41% respectively.
Check the latest prices on crypto.com/price
Spotlight of the Week
1inch Network Aiming to Raise Series B at $2.25B Valuation
1inch Network, a decentralised exchange (DEX) aggregator, has confirmed that it is in the early stages of raising a Series B round at a pre-money valuation of $2.25 billion. The firm is looking to close the latest venture round by the end of 2021. In an email, Sergey Maslennikov, its chief communications officer, said the company would use the money to expand its developer and marketing teams as it ‘aims to release two more protocols.’ (ref)
Price Index
Top 3 gainers: LRC (+19.60%), REN (+11.23%), NXM (+0.24%)
Top 3 losers: SNX (-12.56%), COMP (-11.50%), BAL (-8.82%)
Volume Index
All tokens’ volume decreased.
Top 3 decreases: UNI (-33.37%), AAVE (-32.81%), COMP (-32.81%)
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%)
Notable Events in DeFi
Loopring zero-knowledge rollup (zkRollup) has started supporting NFT minting, trading, and transfers, directly on layer 2 (ref).
The Nexus Mutual Coverage is now available on Alpaca Finance, allowing users to both buy personal coverage and earn rewards by providing cover for others (ref).
Balancer Labs has awarded a grant to Spectre for its upcoming project to build a new type of liquidity pool for crypto art NFTs using Balancer Smart Pools (ref).
Top DeFi News
1inch Network is Looking to Raise Series B at a $2.25 Billion Valuation
Cosmos (ATOM) RRallies after Launching a Cross-chain Bridge and Wrapped Bitcoin
Hacker Returns All Stolen Assets from $643,000,000 Crypto Heist
Cardano (ADA) to Launch Ethereum ERC-20 Convertor on Testnet Shortly
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