Weekly DeFi Update (Week 40, 04/10/2021 - 10/10/2021)

Price index up, volatility, volume indices down. Yearn goes multichain and launches on Fantom Network.

Key Takeaways

  • It was an eventful week in DeFi with the community spotting a wallet associated with Divergence Ventures, selling millions worth of airdropped Ribbon tokens, and prompting discussion on ‘airdrop ethics’. 

  • Bluechip DeFi project Yearn begins its multi-chain journey with launch on Fantom Network (Yearn on FTM Total Value Locked (TVL): $57m), representing ~1% of Fantom TVL. Lending and borrowing protocol Geist Finance also launched on Fantom this week, reaching $3.6B TVL, 63.34% of Fantom TVL.

  • Aave (TVL: $1.86b), Curve (TVL: $500m) and Instadapp launched on Avalanche this week, representing ~50% of AVAX TVL at the time of writing.

  • TVL across multiple DeFi chains nears $200 billion—Ethereum's TVL dominance 69% (ref).

  • Overall, the DeFi price index grew by 4.28%, while the volume and volatility plummeted by 12.57% and 52.80% respectively.


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Notable Events

  • Yearn token price rallied in line with its announcement of its multi-chain expansion on Fantom.

  • Grayscale is adding Solana (SOL) and Uniswap (UNI) to its Digital Large Cap Fund amid quarterly rebalance.

  • $65M more COMP is at risk as developers wait for a seven-day time lock on code updates to pass.

Notable Events

  • All DEXes increased in TVL except for Trader Joe, which showed a general decrease in trading volume and activity overall. Meanwhile, SpookySwap on Fantom showed impressive activity across the board.

  • SushiSwap will be launching Trident, its next generation AMM (ref).

  • Banker Joe, the lending protocol of Trader Joe (an AMM on Avalanche), launched on 10th Oct (ref).

Thank you for reading! We hope you find our Weekly DeFi Update enlightening!

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