Crypto.com Weekly DeFi Update (Week 7, 15/02/2021 - 21/02/2021)
Top 100 DeFi tokens’ market cap recorded new high of $94.2B; TVL hit $42.7B
Market Recap
According to CoinGecko, the top 100 DeFi tokens’ market capitalization skyrocketed from $74.7 billion on Monday to the new all-time highs of $94.2 billion on Sunday. Their dominance sat at around 5.4% at the time of writing.
According to DeFi Pulse, the total value locked (TVL) recorded new highs of $42.7B on Sunday, after retracing from $41.9B on Friday to $39.9B on Saturday. At the time of writing, 7.7M ETH and 48.7K BTC were respectively locked in DeFi.
Overall, the price index and volatility index respectively increased by 6.96% and 9.99%, while the volume index plunged by 16.32%.
Check the latest prices on crypto.com/price
Spotlight of the Week
DeFi Lending Protocols Making Milestones In Deposits
The three leading lending protocols, namely, Maker, Aave and Compound, all recently made records in deposits. According to Messari, their aggregate collateral lockup surpassed $20B last week, which could generate an estimate of $660m in interest per year. According to DeFi Pulse, the TVLs in Maker, Aave and Compound respectively soared by 149%, 181% and 185% since the start of 2021, indicating the strong capital inflows in the DeFi space.
Price Index
Top 3 gainers: REN (+61.50%), UNI (+40.10%), NXM (+10.98%)
Top 3 losers: SNX (-8.32%), AAVE (-7.41%), LRC (-6.59%)
REN recorded its new all-time highs above $1.83 on Saturday. According to the on-chain analysis from Santiment, the number of whale addresses (i.e. those holding more than 1M REN) surged at the end of January, paving the way for the recent price spike. REN has been actively integrating with popular DeFi projects such as Dogecoin and Filecoin. They have recently launched RenBridge 2, allowing the DeFi ecosystem to access several crypto assets on Ethereum and Binance Smart Chain.
Driven by the current DeFi boom, Uniswap has become the first decentralized trading platform to process over $100B in trading volume. At the time of writing, its TVL also reached new highs of $4.3B.
Both Synthetix and Avalanche retraced after hitting new highs. Avalanche recently announced its partnership with Injective Protocol to create interoperable derivatives.
Volume Index
Top 3 increase: NXM (+216.03%), REN (+76.96%), UNI (+39.92%)
Top 3 decrease: LRC (-42.33%), MKR (-39.35%), COMP (-39.25%)
Volatility Index
Top 3 increase: UNI (+187.82%), REN (+89.97%), LINK (+68.95%)
Top 3 decrease: YFI (-80.67%), BAL (-76.03%), COMP (-56.34%)
Top DeFi News
Uniswap Reaches $100 Billion in Trading Volume, Marking Major Milestone for DeFi
Stablecoin RAI launches, a pure, decentralized alternative for DeFi
Cosmos launches Stargate, paving the way for interoperable DeFi applications
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