Crypto.com Weekly DeFi Update (Week 6, 08/02/2021 - 14/02/2021)
Top 100 DeFi tokens’ market cap recorded new high of $83.8B; TVL hit $41.3B
Market Recap
According to CoinGecko, the top 100 DeFi tokens’ market capitalization hit new highs of $83.8B on Saturday before plunging sharply to $74B at the time of writing. DeFi token dominance currently sits at 5.1%.
According to DeFi Pulse, the total value locked (TVL) in DeFi climbed from $34.0B to new highs of $41.3B from Monday to Saturday. At the time of writing, the TVL retraced to $38B, while the amounts of ETH and BTC locked in DeFi respectively retraced slightly from local highs of 7.8M and 52K.
Overall, the price index and volume index respectively increased by 27.96, 6.91%. While the volatility index plunged by 46.96%.
Check the latest prices on crypto.com/price
Spotlight of the Week
BadgerDAO Partnering with Yearn Finance to Build Secure Bitcoin Vaults
BadgerDAO, a Bitcoin-on-Ethereum yield vault project dedicated to bringing Bitcoin to DeFi, recently announced a partnership with Yearn.Finance to build best-in-class BTC vaults. In this partnership, BadgerDAO will move their Bitcoin vault balance to Yearn’s and Yearn vault will display in Badger’s app. Together they will build the WBTC vault. As BadgerDAO mentioned in their blog, “This is a step to further secure users funds as we continue to introduce more Yearn developed, maintained and secured vaults to our users.”
Price Index
All tokens increased in price.
Top 3 gainers: YFI (+47.69%), LINK (+43.70%), SNX (+36.91%)
YFI was backed by strong demand as its trading volume increased by 101%. Yearn.Finance announced a partnership with BadgerDAO to build best-in-class BTC vaults this week. What’s more, Grayscale is looking to offer YFI according to a corporate registration filing. On Friday, YFI recorded an all-time-high of $51.544, and its market cap hits an all-time-high of $1.6B.
On Sunday, LINK recorded its all-time-high of $35.35, and its market cap also hit an all-time-high of $14.2B.
The Synthetix announced $12M raised on Sunday, led by venture capital firms Paradigm, Coinbase Ventures, and IOSG. On the same day, SNX price recorded an all-time-high of $28.53. The TVL recorded an all-time-high of $2.99B on Saturday.
Volume Index
Top 3 increase: YFI (+100.70%), LINK (+29.13%), SNX (+26.18%)
Top 3 decrease: NXM (-88.91%), UMA (-70.06%), MKR (-32.38%)
Volatility Index
All tokens, except BAL (+46.71%), decreased in volatility.
Top 3 decrease: UMA (-92.52%), MKR (-79.49%), LINK (-57.06%)
Top DeFi News
Total value locked in DeFi marks new all-time high close to $40B
BadgerDAO partners with Yearn.Finance to build sustainable Bitcoin vaults
Grayscale Files to Register Trust for DeFi Platform Yearn Finance
DeFi aggregator 1inch stages new ‘vampire airdrop’ to Uniswap users
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