Crypto.com Weekly DeFi Update (Week 27, 04/07/2022 – 10/07/2022)

Celsius pays off the entirety of its loan from MakerDAO. The MakerDAO community votes on bringing traditional banking into its ecosystem. Aave to launch USD stablecoin named GHO.

Key Takeaways 

• Crypto lender Celsius (CEL) reclaimed US$440M of collateral after paying off the entirety of its loan from MakerDAO (MKR).

• The MakerDAO community recently voted on world-first proposals to bring traditional banking into its ecosystem, including Huntingdon Valley Bank and SG Forge Bank.

• Aave (AAVE) shared a governance proposal on Thursday to launch an Ethereum-based (ETH) and overcollateralised stablecoin pegged to the U.S. dollar named GHO.

• This week's price, volume, and volatility indices were positive at +16.26%, +8.24%, and  +23.95%, respectively.

Highlights

• SushiSwap votes to let traders offset carbon emissions

• Vauld stops withdrawals, eyes restructure after users pull nearly US$200M

• Voyager seeks ‘strategic alternatives’ following pause to withdrawals

• USDC transparency stack upgraded by Circle

• Crema Finance attacker returns almost US$8M, keeps $1.7M bounty

• Tether reveals how it returned funds to Celsius following liquidation

• KeyFi CEO sues Celsius on grounds of ‘failing to uphold the contract’ and more

• Decentralised mixer Tornado Cash makes its user interface open-source

• Aztec launches DeFi privacy bridge Aztec Connect

  

Check the latest prices on Crypto.com/Price

Top Token Metric

*Top DeFi tokens based on CoinGecko

Source: CoinGecko

DeFi Index Token

* DeFI index tokens: AAVE, BAL, CAKE, COMP, CRV, CVX, FXS, JOE, LDO, LINK, MKR, OSMO, REN, SNX, SPELL, SUSHI, UNI, VVS, YFI

DEX Metric

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

** Omitted due to incomplete source data

Sources: CoinGecko, DeFi Llama, Nomics

Lending Protocol Metric

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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