Weekly DeFi Index

This week's market cap was positive at +6.01%, while volume and volatility indices were negative at -17.09 and -60.53%,respectively.

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

New Project Spotlight

• Coca-Cola and Crypto.com have teamed up to release an NFT collection called “Piece of Magic”, which celebrates iconic moments from FIFA World Cup history. The artworks are created in collaboration with digital artist GMUNK, and developed and hosted on Crypto.com NFT. 

• Mane Netizens rejoice: Crypto.com just released new details about the upcoming “Crypto.com Land - The First Frontier” collection. Three sales periods have been confirmed: the private Land Sale is scheduled on 13 December, followed by early access and public Land Sales on the 15th. Head over to Crypto.com NFT to learn more.

As of 6 Dec 2022

Sources: DeFi Llama, Crypto.com Research

Note: TVL excludes governance token staking, staked LP tokens that one of the coins in the pair is governance token, double counting (TVL feeds into another protocol), borrowing, liquidity staking, and vesting

As of 6 Dec 2022

Sources: CoinGecko, DeFi Llama, Crypto.com Research

News Highlight

• Messaging platform Telegram announced that it’s planning to build non-custodial wallets and decentralised crypto exchanges, which would enable millions of its customers to safely trade their crypto, its founder and CEO Pavel Durov said in his Telegram channel. 

• As part of its global expansion efforts, DeFi protocol Trader Joe announced that it will be moving from Avalanche and deploying onto Arbitrum One in January 2023, further expanding into the Ethereum ecosystem. 

• Decentralised exchange SushiSwap initiated a proposal to increase the revenue paid to xSushi holders from 10% to 100%, and redirect it to the Treasury to help rebuild its treasury funds. 

• About US$20 million worth of funds were stolen in a series of attacks targeting infrastructure provider Ankr and stablecoin issuer Helio Protocol. The first exploit on Ankr sent aBNBc (a reward token tied to BNB) prices down by 99%, which then caused the follow up exploit on Helio. To reimburse users affected by the attack, Ankr said they will reissue ankrBNB tokens to valid aBNBc holders prior to the exploit and will purchase $5 million worth of BNB to compensate qualified liquidity providers. 

• Polygon announced that it will be joining The Graph Network, a Web3 indexing protocol used for querying blockchain data. This integration will allow Polygon developers to rely on fully decentralised APIs and easily find the data they need to improve efficiency on their dApps.

Recent Research Reports

• Alpha Navigator (November 2022): Risk assets were up in November, with the exception of crypto amid the FTX collapse and contagion. Could potentially slower rate hikes provide some Christmas cheer?

• Social Graph and Digital Identity in Web3: Relationships and identities are key elements that make up social networks. In this report, we put a spotlight on the roles that decentralised social graphs and digital identity play in Web3 social.

• Decentralised Social Networks: An Overview: Decentralised social networks aim to enable participants to take back ownership of and better monetise their content and data. We explore the project landscape.

Disclaimer

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Thank you for reading! We hope you find our Weekly DeFi and Layer 1 & Layer 2 News Update enlightening!

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