Crypto.com Weekly DeFi Update (Week 7, 14/02/2022 – 20/02/2022)

Chainlink announces v2 that will reduce transaction fees by 60%. VVS Finance announces a dual rewards farm with Tectonic Finance on the Cronos Chain.

Key Takeaways 

• Chainlink (LINK) announced the release of its Verifiable Random Function (VRF) v2 to improve the experience in next-generation blockchain games and NFTs. In addition, VRF v2 can reduce the transaction fees by 60% compared to v1.

• Cardano’s first AMM DEX, SundaeSwap (SUNDAE), has crossed 100 million ADA in volume traded since launch. Meanwhile, another DEX built on Cardano, OccamX (OCX) is launching.

• Asset management firms QR Capital and Hashdex have launched the world’s first DeFi Exchange-Traded Funds (ETFs) on Brazil’s stock exchange. Their ETFs are known as QDFI11 (launched on 8 Feb 2022) and DEFI11 (launched on 17 Feb 2022), respectively.

• VVS Finance (VVS) announced the first dual rewards farm in partnership with Tectonic Finance (TONIC). Both DeFi platforms are built on Cronos chain.

• This week’s price, volume, and volatility indices were negative at -9.99%, -23.68%, and -25.54%.

Highlights

• Axelar’s universal blockchain interoperability network raises $35 Million to reach $1 billion valuation

• DeFi project Ref Finance (REF) closes $4.8 million round led by Jump Crypto

• Housecat raises $3.4 Million to help bridge DeFi, investment management

• DeFi may turn to DAO governance to reduce regulatory risks in 2022

• NFTs and DeFi are revolutionising real estate investing and homeownership

• DEX takes aim at protecting blockchains from manipulation and ‘slippage’

• Another fork bites the dust: the looming fall of FortressDAO and the perils of off-chain governance

• Multichain recovers $2.6M stolen funds, to reimburse losses on condition

• Chainlink (LINK)’s competitor, API3 (API3) surges more than 55% in one week amid crypto market doldrums

• Terra injects 450M UST into Anchor reserve days before protocol depletion

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

Notable Events

• Following Ren Protocol (REN)’s change in the bridging fee two weeks ago, the recent price and volume of REN are trending lower than before the update.

• Loopring (LRC) volume is lower this week, relative to the week when they announced the launch of Optimism (Ethereum Layer 2).

Source: CoinGecko, DeFi Llama, Nomics

Notable Events

• Trader Joe (JOE) launched ‘Rocket Joe’, a staking event to promote FiefGuild (a metaverse game with GameFi elements), which has attracted seed liquidity of more than $9.0 million.

• Fantom’s (FTM) leading DEX, SpookySwap (BOO), saw an increase in its native coin market cap after Andre Cronje’s new project, Solidly Exchange (SOLID), started its voting phase for emission.

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