Crypto.com Weekly DeFi Update (Week 41, 11/10/2021 - 17/10/2021)
Price, volatility, volume indices up. $DOT rallies 30% as Polkadot sets Parachain auctions on 11 Nov.
BTC reached a five-month high, nearing USD 63K. Many commentators linked the rally to the eventual approval of the upcoming BTC ETF by the U.S. Securities and Exchange Commission.
Ecosystem incentives and partnerships continued after Binance Smart Chain announced its $1B growth fund, Sushi and Celo launched their $12.6 liquidity mining rewards, and Morningstar invested $15M in Elrond’s ecosystem.
Trader Joe launched Banker Joe as a lending protocol on Avalanche, propelling Trader Joe’s total value locked (TVL) from $0.9B to almost $2B this week.
Overall, all indices grew. The price, volume, and volatility indices increased 2.13%, 0.37%, and 92.83%, respectively.
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DOT rallied almost 30% this week to reach a five-month ATH of $44 amid news that Polkadot’s Parachain auctions are going ahead on 11 November.
Balancer announced the launch of Tempus Finance on Balancer V2, including a principle-yield AMM.
Ren announced the launch of Ren Labs to help grow Ren as its own L1 by building directly on top of it or by directly using its cross-chain assets.
UniSwap has hired Obama’s former spokesperson Hari Sevugan to manage the company’s public facing communications amid tightening regulatory stance from the SEC on DeFi and crypto.
All DEXes increased in TVL, in line with the general DeFi TVL increase this week from the top 100 DeFi tokens, whose cumulative market cap rose from $119.2B to $130.3B this week. However, the majority’s 7-day average volumes plunged, except for Pancake and SpookySwap. SpookySwap launched ‘Magicats’, where users can mint NFT in late October. (ref)
Fantom continued its impressive activity across all metrics, although the 7-day average volume growth narrowed almost 85%, from 70% to 11% last week.
Trader Joe launched Banker Joe - a lending platform on Avalanche ecosystem to provide a ‘fully formed in-house DEX and lending protocol on the Avalanche ecosystem’. (ref)
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