Crypto.com Weekly DeFi Update (Week 19, 09/05/2022 – 15/05/2022)

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Crypto.com Weekly DeFi Update (Week 19, 09/05/2022 – 15/05/2022)

$USDT briefly loses peg. Celsius Network reportedly removes $500M from Anchor. Do Kwon publishes a ‘Terra Ecosystem Revival Plan’.

Crypto.com

May 16

Key Takeaways

Tether (USDT) briefly lost its dollar peg this week, dipping as low as US$0.95 on Thursday as the collapse of LUNA and UST shook the market’s confidence. However, the $1 peg was restored by Friday. At the time of writing, USDT is trading slightly under $1, at $0.9989.
Celsius reportedly removed at least $500M from Anchor during the recent UST turmoil. Founder Alex Machinsky took to Twitter to deny recent rumours of losses as a result of market volatility.
UST’s depegging continued this week, with LUNA falling to below $0.01. Do Kwon published a Terra Ecosystem Revival Plan over the weekend which aims to lay out the way forward for the ecosystem.
This week’s price index was negative at -33.72%, while the volume and volatility indices were positive at +67.25% and +230.03% respectively.

Highlights

Check the latest prices on Crypto.com/Price

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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

DEX Metrics

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

** Omitted due to incomplete source data

Source: CoinGecko, DeFi Llama, Nomics

Notable Events

PancakeSwap governance proposal set to cap CAKE supply at 750M

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