Key Takeaways 

• The world’s third largest DeFi protocol by total value locked (TVL), Anchor Protocol (ANC), has lowered the UST earn rate from 19.4% to 18.0% annual percentage yield (APY) since 1 May 2022. Also, a proposal to roll out voting escrow ANC (veANC) has been approved.

• Terra’s UST depegged after a massive US$285 million sell-off on Curve Finance (CRV) and leading centralised exchange. It was soon stabilised and back to peg. Meanwhile, Luna Foundation Guard (LFG) has added another US$ 1.5 billion of Bitcoin (BTC) to its UST reserves.

• Uniswap V3 (UNI) is reported to have deeper liquidity in multiple Ethereum (ETH) pairs than leading centralised exchanges by about 2x or more.

• Cronos Ecosystem Grants Program announced the third batch of grant recipients, which include a few DeFi projects, such as Argo Finance.

• This week’s price and volume indices were negative at -7.04% and -9.75%,respectively, while the volatility index was positive at +38.89%.

Highlights

• Curve Finance (CRV) integrates with Near’s Aurora Network.

• Terra’s LUNA declines 10% amid UST depegging concern

• Hacked crypto platform offers ‘No Questions Asked’ US$10 million bounty for stolen funds

• Total investment in Syndicate DAO tops US$28 million after latest funding round

• Jane Street dives into DeFi with US$25 million USDC loan

• Lido (LDO) briefly becomes top DeFi protocol by TVL with US$20 billion staked

• Juno’s DAO votes to confiscate US$35 million in tokens from whale in messy dispute

• ’Revolution' promised by Tron's Justin Sun looks like clone of Terra's algorithmic stablecoin

• Ribbon Finance (RBN) gives half its protocol revenue to stakers

• Vector Finance (VTX) TVL hits a record high as the Curve Wars shift to Avalanche

• Tron DAO buys US$39 million worth of TRX as reserves for its USDD stablecoin whose circulating supply has exceeded US$200 million

• Polkadex has won the 16th Polkadot’s parachain slot

• Cardano's first eUTxO cross-chain decentralised exchange goes live on public testnet

Check the latest prices on Crypto.com/Price

Check 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

• CRV jumped as institutional capital flows in.

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!

Share