Crypto.com Weekly DeFi Update (Week 2, 10/01/2022 - 17/01/2022)

USDT freezes three addresses north of USD 160M. DYDX to fully decentralise by the end of 2022.

Key Takeaways 

• Tether ($USDT) froze three Ethereum addresses holding over USD 160M worth of USDT following a request from law enforcement. (ref)

• dYdX ($DYDX) announced plans to fully decentralise by the end of 2022. This will require the matching engine and orderbook to be decentralised, and will mean that no central party will receive trading fees from dYdX V4. (ref)

• Bogged Finance ($BOG) deployed a Telegram price bot on Cronos. (ref)

• This week’s price was positive at +2.42%, while the volume and volatility indices were negative at -3.62% and -50.36% respectively.

Highlights

• Tether freezes $160M of USDT stablecoin on Ethereum blockchain

• Margin trading exchange dYdX to fully decentralise in 2022

• USDC's supply on Ethereum surpasses that of rival USDT's for the first time

• Ethereum burn rate hits record high as DeFi market jumps

• 44 DeFi hacks in 2021 were due to centralization issues – CertiK report

• NEAR Foundation raises $150M in funding in order to scale up its DeFi efforts

• Consortium of U.S. banks proposes ‘USDF’ stablecoin

• Decentralised exchange Osmosis rises above $1 billion in Total Value Locked

• CoinMarketCap allegedly lists 3 fake SHIB contract addresses, Twitter firestorm ensues

• Defi Project triggers uproar by charging .01 ETH fee to join airdrop

Check the latest prices on Crypto.com/Price

*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

* % change is based on the difference between two subsequent bi-weekly periods

Source: CoinGecko, StakingRewards, DeFi Llama

Notable Events

• Trader Joe released a whitepaper for Rocket Joe, a new DeFi 2.0 primitive on the platform. (ref)

• Uniswap V3 became the highest volume DEX protocol on Polygon. (ref)

---

Thank you for reading! We hope you find our Weekly DeFi Update enlightening!

Hungry for more? Visit our Research Hub and University to access other insightful crypto research! 

Share with a friend if you like our email!