Crypto.com Weekly DeFi Update (Week 50, 13/12/2021 - 20/12/2021)

Top 100 DeFi token market caps climbed by 1.9%. Green light for $UNI v3 contract on Polygon, $USDC launched on AVAX.

Key Takeaways

• Uniswap (UNI) v3 contract deployment on Polygon (MATIC) was approved by the DAO with 99.3% consensus this week. This will be supported by a USD20m fund for a long-term liquidity mining campaign and general adoption of Uniswap on Polygon (ref).

• Circle successfully launched their USDC stablecoin on Avalanche (AVAX) this week (ref).

• A report by Chainalysis revealed that investors have lost a total of $2.8B to rugpulls over the course of 2021 (ref).

• This week’s price and volatility indices were positive at +0.36% and +1.66% respectively, while the volume index was negative, at -16.46%.

Highlights

• Uniswap v3 contracts deployment on Polygon approved with 99.3% consensus

• Circle's USDC stablecoin deployed on Avalanche blockchain

• DeFi ‘rugpull’ scams raked in $2.8B this year: Chainalysis

• Polygon and Reddit co-founder's VC launch $200 million Web3 initiative

• YFI Skyrockets 30% as Yearn Finance Announces Aggressive Buy-Back Program

• Polygon launches Layer 2 token swap and decentralised exchange aggregator

• Dune Analytics is raising funds at a $1 billion valuation

• YFI price gains 46% in just four days after Yearn Finance's $7.5M buyback

• Terra Becomes Second-Biggest DeFi Platform (Behind Only Ethereum)

• Hubble Protocol Raises $3.6M to Boost DeFi on Solana

• VVS Finance has added a CRO-ATOM crystal farm

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

• Loopring (LRC) to a host trading competition this week with $600k in prizes (ref).

• YFI saw a 46% price increase shortly after Yearn Finance’s $7.5M buyback (ref).

Source: CoinGecko, StakingRewards, DeFi Llama

Notable Events

• TVLs held reasonably stable across different DEXes this week after last week’s declines. Trader Joe saw a +17.96% increase in market capitalisation.

• Uniswap DAO votes to deploy v3 contracts on Polygon (ref).

• Trader Joe’s Cultivation Club Circular #4 released (ref).

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