Crypto.com Weekly DeFi Update (Week 10, 07/03/2022 – 13/03/2022)
Fantom Foundation addresses Andre Cronje’s departure in official statement. Risk-to-Earn is coming to Cronos with MM Finance.
Key Takeaways
Following the departure of DeFi ‘Godfather’ Andre Cronje from the space, Fantom Foundation issued a clarification statement to address concerns from the community regarding the announced termination of several DeFi projects.
Avalanche (AVAX) launched a $290 million incentive program to accelerate the growth of DeFi in its subnet.
A fiercely-debated proposal to reduce yield payouts on Anchor Protocol (ANC) was rejected this week. ANC gained +12.76% in total value locked (TVL) over the week, while the price of LUNA rose 20% due to increased DeFi staking activity.
MM Finance (MMF), the largest DeFi ecosystem on the Cronos chain (CRO) with a TVL of $900 million at the time of writing, announced the launchpad of the first Risk-To-Earn (R2E) DeFi protocol Cronos FC on the Cronos chain.
This week’s price and volume indices were negative at -3.74% and -25.24%, respectively, while the volatility index was +43.97%.
Highlights
VC firm Bessemer announces $250 million fund for decentralised tech, launches DAO
Cega raises $4.3 million seed round at $60 million valuation to build exotic DeFi derivatives
Solana-based DEX CleanDefi (CDFI) raised $1.2 million in a Pre-IDO event of its token
Pussy Riot launches UnicornDAO to ‘Tackle Patriarchy’ in Web3
Multi-chain instant swap platform Symbiosis (SIS) announces beta mainnet launch
THORChain (RUNE) spikes by 34% after activating synthetic assets
Testnet for decentralised limit trading protocol DeGate (DG) goes live
GSR partners with Chainlink (LINK) to integrate price data for smart contracts
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
Weekly volatility was high, with SNX clocking especially high price, volume and volatility changes caused by an adjustment in fee parameters.
UMA experienced a sudden surge in price and volume 2 weeks ago. This appears to have cooled somewhat, with this week’s changes being relatively lower.
* % change is based on the difference between two consecutive weekly periods
Source: CoinGecko, DeFi Llama, Nomics
Notable Events
Fantom’s leading DEX, SpookySwap (BOO) saw a decline in all metrics due to the price drop of FTM coin after the announcement that Anton Nell and Andre Cronje were ‘quitting DeFi’. FTM has dropped more than 40% since then.
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