Crypto.com Weekly DeFi Update (Week 16, 18/04/2022 – 24/04/2022)

Terra’s UST has become the third-largest stablecoin. Bastion Protocol closes a US$9 million Series A funding round. Orbit Network incubates under Cronos labs.

Key Takeaways 

• Terra's UST flips BUSD to become the third-largest stablecoin. Meanwhile, Tron’s Justin Sun announced the launch of algorithmic stablecoin USDD backed by TRX.

• Bastion (BSTN), the largest DeFi protocol on the NEAR blockchain, has closed a US$9 million Series A funding round on heels of its impending token launch.

• MetaMask warns Apple users over an iCloud phishing attack, which has recently caused a user to lose about US$650,000. Also, it launched its first hardware wallet integration with Keystone.

• Orbit Network, a decentralised stablecoin lending protocol, announced that it is incubated under Cronos Labs.

• This week’s price and volatility indices were negative at -4.21% and -3.69%, respectively, while the volume index was positive at +27.04%.

Highlights

• MetaMask, Ethereum DApps down as Infura suffers outage

• Twitter to test out Stripe's newly added support for USDC payments

• Net Zero protocol receives Chainlink (LINK) grant to build on-chain geospatial pollution data service

• MakerDAO (MKR) to integrate StarkNet to cut DAI transaction costs

• US$19.2 billion in staked assets — Liquid staking solution Lido (LIDO) set to surpass Curve (CRV)’s total value locked

• Frax (FXS), Terra-backed ‘4pool’ went live on Fantom network, attracts US$31 million

• Derivatives exchange dYdX (DYDX) to become '100% decentralised by end of year'

• Solana (SOL) crypto wallet ‘Phantom’ launches on Android

• Hacker ‘self-destructs’ US$1 million loot gained from DeFi exploit

• Stargate Finance (STG) tumbles after launching staking platform

• Uniswap (UNI) blocks cryptographic wallets linked to crime

• KyberSwap (KNC) launches on BitTorrent chain with US$1.5 million in liquidity mining and incentive rewards

  

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

• Curve Finance (CRV) published an elevated earning which was 100% higher than the average of the past weeks.

• Convex Finance (CVX) has locked over 200 million units of CRV.

• Compound (COMP) has been cooling down after its Robinhood listing.

• Anchor protocol (ANC) passed a proposal to redirect remaining ANC airdrops to the community pool.

DEX Metrics

* % change is based on the difference between two consecutive weekly periods

** Omitted due to incomplete source data

Source: CoinGecko, DeFi Llama, Nomics

---

Thank you for reading! We hope you find our Weekly DeFi Update enlightening!

Hungry for more? Visit our Research Hub and University to access other insightful crypto research! 

Share with a friend if you like our email!