Crypto.com Weekly DeFi Update (Week 5, 31/01/2022 - 06/02/2022)

Diem coin by Mark Zuckerberg shuts down. Wormhole restores all funds after exploit.

Key Takeaways 

• Wormhole, a popular blockchain bridge connecting Ethereum (ETH) and Solana (SOL), has restored all its funds after suffering from an exploit worth over $320M.

• Mark Zuckerberg’s stablecoin project Diem is shutting down officially after more than two years of development.

• After a drama related to the scandalous developer Michael Patryn (0xSifu), Wonderland co-founder Daniele Sestagalli has tweeted the end of the project following a divided vote result from the community.

• VVS Finance introduces a new feature called Smart LP Removal feature, meanwhile, its Glitter Mine is now integrated with Crypto.com DeFi Earn.  

• This week’s price index was positive at +4.09%, while the volume and volatility indices plunged by -20.69% and -27.51%, respectively.

Highlights

• Elrond (EGLD) launches Metastake DeFi platform for the metaverse

• Balancer jumps as team weighs Curve-style tokenomics

• Cardano-powered DEX ADAX goes live, plans to integrate COTI’s Djed stablecoin

• Cardano-based ADALend scores partnership with Robatz Network to build decentralised lending protocol

• PeckShield warns DataDAO users of backdoor that can steal funds

• SushiSwap struggles to overcome lack of management and nixed Frog Nation deal

• SEC Commissioner warns proposal may threaten DeFi

• Trader Joe's native coin (JOE) climbs as the DEX unveils 'modular staking'

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

*DeFI index tokens: LINK,YFI,AAVE,SNX,UNI,COMP,MKR,UMA,REN,LRC,NXM,BAL,CRV

Notable Events

DeFi Protocol Balancer introduces a vote-escrowed token called veBAL, the price of BAL jumped following the update.

* % change is based on the difference between two subsequent bi-weekly periods | Source: CoinGecko, DeFi Llama

Notable Events

Avalanche-based DEX Trader Joe’s native token climbs after the announcement of ‘modular staking’ - a system that gives token owners three independent ways of staking their holding.

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