Crypto.com Weekly DeFi Update (Week 3, 17/01/2022 - 23/01/2022)

UNI to deploy Ethereum compatible V3. Price & volume indices tumble, while volatility sky rockets.

Key Takeaways 

• Uniswap (UNI) outlines steps to deploy V3 to an Ethereum compatible network, meanwhile, it reached a milestone with higher ETH/Stablecoin volume than other well-known exchanges.

• SundaeSwap (SUNDAE), a DEX based on Cardano (ADA), went live this week, but users report failing transactions.

• Single Finance (SINGLE), a yield farming platform built on Cronos, launched an IGO with VVS Finance.

• This week’s price and volume indices were negative at -36.08% and -15.22%, respectively, while the volatility index was positive at +156.95%

Highlights

• DEXs sliding into price war as Uniswap and dYdX slash trading fees

• DeFi vault aggregator Revault partners up with Quantum Economics

• Solana-based DeFi project Hubble Protocol raises USD $10M

• Stader Labs announce $12.5 million strategic raise, receives praise from Terra founder Do Kwon

• Secret Network offers $400M in funding to bring others in on the secret

• Brazilian asset manager Hashdex to launch DeFi ETF including UNI, AAVE, and COMP

• Hacker steals $200,000 through Multichain bug, offers to return 80% to victim

• DeFi Protocol Aave to launch Ethereum-based alternative to Twitter

• 1inch expands to Avalanche and Gnosis Chain

• OlympusDAO sheds 30% triggered by whale sell-off

• Wonderland is buying TIME

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.

Source: CoinGecko, DeFi Llama