Crypto.com 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.
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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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.
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).
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