Crypto.com Weekly DeFi Update (Week 8, 21/02/2022 – 27/02/2022)

Yearn Finance launches layer-2 on Arbitrum. Terra raises $1B emergency reserve for black swan events. Ukraine conflict see volume & volatility soar.

Key Takeaways 

• Yearn Finance (YFI) launched its first Ethereum layer-2 service on Arbitrum. Meanwhile, Solidly Exchange (SOLID), a new DeFi project built on the Fantom blockchain by Yearn founder Andre Cronje, has reached a TVL of $2.37 billion since launched on 10 Feb 2022.

• Cosmos (ATOM), the 2nd largest DeFi ecosystem by TVL, announced the launch of interchain accounts. At the same time, pSTAKE Finance brings liquid staking and a new airdrop to the Cosmos ecosystem.

• MMDAO, the team behind MMFinance (MMF) on the Cronos chain, introduced the 8th MMF Launchpad with the major concept of ‘Protocol-Owned-Liquidity (POL)’.

• This week’s price, volume, and volatility indices were positive at +3.56%, +31.56%, and +78.27%, respectively.

Highlights

• Former Cisco employee launches DAO to buy Denver Broncos

• Switzerland-based index provider offers DeFi exposure

• Austrian programmer and ex-crypto CEO likely stole $11 billion of Ether

• DEX super aggregator unites DApps across multiple chains

• Maple Finance partners with Celsius to launch wETH lending pool

• Opera announces the integration with DeFi platform DeversiFi

• Solana wallet Slope Finance raises $8 million

• Wrapped Bitcoin inflows stall as Ethereum DeFi use down

• The DAO is a major concept for 2022 and will disrupt many industries

• Front-running, flash bots and keeping things fair in the crypto market

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

In general, this week's metrics were mainly driven by the conflict between Russia and Ukraine, and the crypto market volume and volatility are at a higher-than-usual level. (Note: NXM has a smaller base of about $4,000 average daily volume, hence, the % change is exaggerated.)

* % change is based on the difference between two consecutive weekly periods | Source: CoinGecko, DeFi Llama, Nomics

Notable Events

• Crypto markets plunged due to the conflict between Russia and Ukraine, together with the increases in the trading volumes and volatility.

• Following the hype and rapid growth of Solidly Exchange (SOLID), a new project by Andre Cronje on the Fantom (FTM) network, Fantom’s leading DEX, SpookySwap (BOO) also saw an increase in its native coin market cap.

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