Crypto.com Weekly DeFi Update (Week 47, 22/11/2021 - 28/11/2021)

Price index is down, volume & volatility indices are up. Vitalik Buterin proposes EIP-4488

Key Takeaways

• SpookySwap and Trader Joe outperform their peers, posting triple-digit average volumes during the 7-day period, and engaged in continued collaboration with various other DeFi protocols to provide a range of yield opportunities for their users.

• Cronos has surpassed $1Billion TVL 3 weeks since the Mainnet Beta launch

• Vitalik Buterin proposes EIP-4488 which lowers gas fees for L2 solutions in the short term to “incentivize an ecosystem-wide transition to roll-up centric Ethereum”. (ref)

• The total value locked (TVL) across all Ethereum DeFi platforms has grown to $106.59B, according to DeFi Pulse, up from $104B last week. According to DeFiLlama, the TVL for all DeFi platforms reached $265.9B, up from $261B last week.

• Overall, DeFi price index was negative at -10.45%, while volume and volatility was positive at +23.18% and +24.50%, respectively.

Highlights

• Crypto.com Cronos chain reaches $1B TVL

• Vitalik Buterin puts forward EIP-4488

• EIP 1559 has burned 1 million Ethereum

• Ethereum layer 2 project Boba Network hits $1B locked

• Tether, Circle hit with information requests from U.S. Senator

• Elrond leapfrogs into DeFi’s top 10 as users chase ridiculously large incentive program

• Celsius (CEL) announces massive $750 million funding for its ecosystem

• Moonbeam wins the second Polkadot Parachain Auction contributing 35 million DOT

• Nansen introduces Abritrum integration

• Botto partners with Ohm Protocol to offer BOTTO-ETH Bonds on Olympus Pro

• Ardana and NEAR join forces to build a cross-chain bridge

• Flurry Finance deploys on Polygon after hitting $3 million TVL in just a month of launch

• Avalanche's first memecoin SDOG ends in a $30M rugpull

• Gasless deposits on dYdX now live

• zkSync will be the first ZK-Protocol indexed by The Graph

• Crypto data firm DappRadar set to launch its own token

Check the latest prices on crypto.com/price

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*DeFi dominance is defined as the total market capitalisation of DeFi coins as a percentage of that of all currencies (including DeFi coins), based on Coingecko’s data. See Coingecko’s definition of dominance for more information. Source: CoinGecko

Notable Events

• DeFi protocol Moonbeam wins Polkadot’s second parachain auction with $1.4B pledged. (ref)

• C3 Protocol raises $3.6M for cross-margining layer led by Arrington Capital and Jump Capital. (ref)

• DeFi Privacy project Panther raises $22M in its 1.5-hour public sale. (ref)

Source: CoinGecko, StakingRewards, DeFi Llama

Notable Events

• The TVL and market cap of all DEXes decreased between -36.64% (SushiSwap) and -13% (Raydium) this week, except for Trader Joe, which outperformed the market with an +18.86% TVL increase.

• Raydium and PancakeSwap are the only two DEXes that show negative numbers across all metrics, with Raydium underperforming compared to its peers. 

• SpookySwap and Trader Joe posted exceptional 7-day average volume percentage changes at 397% and 104%, respectively. This week saw continued collaboration between the two DEXes with yield farms for $BOO, $JOE and $wFTM, as well as new vaults in collaboration between SpookySwap and Beefy Finance.

• 0xMaki announced that he will be joining decentralised liquidity provision and market maker Tokemak. (ref)

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