Crypto.com Weekly DeFi Update (Week 25, 20/06/2022 – 26/06/2022)

Solend users vote to limit a whale to avoid major liquidation. USDC tops USDT in the daily number of transactions but not in volume. Bancor pauses impermanent loss protection.

Key Takeaways 

• Solend users, a Solana (SOL)-based DeFi platform, voted to limit the platform's largest whale account to avoid a major liquidation event.

• USDC surpassed USDT's daily transactions on Ethereum (ETH). However, USDT maintained a significantly greater trading volume of US$55 billion against USDC's US$5.7 billion.

• Bancor (BNT) protocol paused its impermanent loss protection mechanism citing adverse market conditions.

• This week's price index was positive at +31.68%, while the volume and volatility indices were negative at -0.11% and -32.47%, respectively.

Highlights

• Celsius (CEL) recovery plan proposed amid community-led short-squeeze attempt

• Goldman Sachs leading investor group to buy Celsius assets: Sources

• Nexo threatens legal action against anonymous Twitter account

• Lido DAO (LDO) begins voting on whether to limit its Ethereum staking dominance

• Curve staking platform Convex suffers DNS hijacking

• Crypto broker Voyager lowers daily withdrawal limits from $25K to $10K

• Tether launches stablecoin pegged to the British Pound Sterling

• Tether (USDT) to undertake full audit by top 12 firm for transparency over USDT reserves

• MakerDAO pauses AAVE lending activities

• Uniswap (UNI) tops Ethereum in terms of daily fees

• DeFi moves into real estate with Tower Fund and Teller Protocol partnership

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

Lending Protocol Metrics

TVL does not include borrowed assets value
* % change is based on the difference between two consecutive weekly periods

** Omitted due to incomplete source data

*** LDR = Total Borrowed / TVL

Sources: CoinGecko, DeFi Llama

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