Crypto.com Weekly DeFi Update (Week 21, 23/05/2022 – 29/05/2022)

Uniswap hits $1T in total volume. $USDT’s market cap dwindles. Terra will burn 1B UST.

Key Takeaways 

• Uniswap (UNI) hit a milestone of US$1 trillion in lifetime volume since its launch on Ethereum (ETH) four years ago.

• Tether (USDT) shed US$10 billion of its market cap since the Terra (LUNA) collapse, falling to US$72.47 billion. Meanwhile, USDT expanded its blockchain arsenal with a Polygon launch.

• Terra’s community voted to burn 1 billion UST in an effort to restore the dollar peg, while Nansen debunked the case that a single attacker destabilised UST.

• This week’s price index was negative at -11.73%, while the volume and volatility indices were positive at +4.12% and +12.21%, respectively.

Highlights

• TRON flips Shiba Inu (SHIB) in market capitalisation, 5.8 billion TRX burned

• TRON overtakes Avalanche to become the third-biggest network by DeFi TVL

• Lido (LDO) community to vote on limiting protocol’s share of ETH

• Common raises US$20 million to build DAO management platform, launch token

• WAVES announces DeFi Revival Plan to fix the aftermath of USDN’s depeg and the liquidity crisis at Vires Finance

• Dogecoin-Ethereum Bridge for DeFi use remains on track: DOGE developer

• Brave integrates Solana (SOL) as part of browser’s Web3 push

• Cardano (ADA)'s Epoch 340 is finished as smart contract usage spikes to 29%

• New DeFi Index targets ‘proven’ blue-chip assets

• Algorithmic stablecoin resiliency more important than growth: Vitalik Buterin

• Anchor Protocol got exploited with launch of Luna 2.0, user makes "free" US$800,000

• Siam commercial bank Is chasing DeFi yield through compound

• Yearn Finance (YFI)’s Q4 2021 report

  

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, BAL, CAKE, COMP, CRV, CVX, FXS, JOE, LDO, LINK, MKR, OSMO, REN, SNX, SPELL, SUSHI, UNI, VVS, YFI

DEX Metrics

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

** Omitted due to incomplete source data

Sources: CoinGecko, DeFi Llama, Nomics

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