Crypto.com Weekly DeFi Update (Week 14, 04/04/2022 – 10/04/2022)
$USDN loses dollar peg. Yearn advocates for ERC-4626 tokenised vault standard. Price & volume indices tumble, volatility rises.
Key Takeaways
Yearn Finance (YFI) announced its support for the newly-passed ERC-4626 standard for Yearn’s V3 vaults. The new standard is expected to enhance the composability of yield-bearing vaults across multiple networks.
Following its recent Bitcoin purchase, Luna Foundation Guard (LFG) announced a deal with Avalanche Foundation to acquire US$100 million of AVAX to back Terra’s algorithmic stablecoin UST.
MM Finance (MMF) announced a strategic reboot this week. The set of changes include less aggressive bond sales, huge burning strategy, and liquidity mining incentives.
WAVES’s algorithmic stablecoin USDN lost its U.S. dollar peg. This followed its native token that backs the dollar-pegged cryptocurrency WAVES saw a double-digit price slide.
This week’s price and volume indices were negative at -13.94% and -38.50%, respectively, while the volatility index was positive at +10.22%.
Highlights
Convex Finance (CVX) addresses bug that could have led to a US$15 billion rug pull
Near Protocol (NEAR) to launch its own stablecoin USN on 20 April 2022
Inverse Finance loses over US$15 million in DeFi platform hack
Sushi (SUSHI) and Synthetix (SNX) get the boot in Grayscale DeFi fund rebalancing
Gamma’s AI-powered liquidity strategies for Uniswap (UNI) are coming to Polygon (MATIC)
Terra Wallet Leap raises US$3.2 million in private token sale
Lithium Finance (LITH) updates its whitepaper with quite a few new classes
Interlay introduces new protocol for Bitcoin’s reciprocal relationship with DeFi
DeFi platform EQIFi (EQX) introduces new mobile app with yield aggregator
DeFiChain adds new tokens associated with MicroStrategy, Intel, and Walt Disney
Check the latest prices on Crypto.com/Price
Top Token Metrics
*Top DeFi tokens based on CoinGecko
Source: CoinGecko
DeFi Index Tokens
*DeFI index tokens: AAVE, ANC, BAL, CAKE, COMP, CRV, CVX, FXS, JOE, LDO, LINK, MKR, OSMO, REN, SNX, SPELL, SUSHI, UNI, VVS, YFI
Notable Events
FXS price has been cooling down after Terra’s introduction of stablecoin pool ‘4pool’.
AAVE was possibly cooled down after a recent surge over its V3 launch.
BAL topped the change metrics following a Vote-Escrow system launch.
DEX Metrics
* % change is based on the difference between two consecutive weekly periods
** Omitted due to incomplete source data
Source: CoinGecko, DeFi Llama, Nomics
Notable Events
The performance of the DeFi sector declined in general this week, with Spookyswap (BOO)’s TVL sliding the most, at -17.21%. This was likely associated with the price drop of Fantom (FTM), which the price fell by -24% from 4 April to 10 April.
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