Key Takeaways 

• Tron’s stablecoin USDD traded at US$0.96 at press time. Meanwhile, TronDAO injected US$700 million, making USDD the most over-collateralised stablecoin. 

• Tether (USDT) released a statement condemning false rumours about its reserves, while its market capitalisation dropped below US$70 billion.

• Finblox and Babel Finance reportedly limited withdrawals over the past week due to market instability.

• This week’s price index was negative at -16.16%, while the volume and volatility indices were positive at +12.07% and +46.96%, respectively.

Highlights

• Circle launches Euro-backed stablecoin

• Nexo proposes Celsius buyout as rival lending platform halts withdrawals

• MakerDAO (MKR) votes to disable Aave DAI deposit to stave off Celsius risks

• Biggest ‘stETH’ pool almost empty, complicating exit for would-be sellers

• BlockFi liquidates major counterparty after it fails to meet margin call

• Scientists claim to have designed a fully decentralised stablecoin pegged to electricity

• EarthFund introduces DAO-as-a-service platform to address important social issues

• MetaMask, Phantom fix ‘Demonic’ vulnerability in browser wallets

• DeFi protocol Inverse Finance (INV) exploited for US$1.2 million

• Chainlink (LINK) joins Gitcoin Grants Round 14 as matching partner to support Ethereum infrastructure development

• The Bank for International Settlements (BIS) to launch market intelligence platform amid stablecoin, DeFi collapse

• DeFi protocol Abracadabra’s stablecoin MIM briefly slides to US$0.91 during the crypto market rout

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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

Source: CoinGecko, DeFi Llama, Nomics

Lending Protocol Metrics

TVL for lending protocols includes borrowed assets value
* % change is based on the difference between two consecutive weekly periods

** Omitted due to incomplete source data

*** Defined as Total Borrowed divided by TVL; For MakerDAO: LDR ratio defined as Total Borrowed divided by (Total Borrowed + TVL)

Source: CoinGecko, DeFi Llama

Thank you for reading! We hope you find our Weekly DeFi Update enlightening!

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