Weekly DeFi Index

This week's market cap index was positive at +13.79%, while volume and volatility indices were negative at -1.13% and -50.03%,respectively.

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• Trading and deposit activity on decentralised crypto exchange Trader Joe’s Arbitrum venue has spiked following the rollout of a liquidity incentives programme. Trader Joe also announced plans to upgrade Liquidity Book, its trading engine automated market maker, to V2.1 soon.

News Highlights

• The majority of the Aave community votes in favour of expanding to Polygon zkEVM, and is voting to potentially add Starknet to the growing list of blockchains for Aave implementation as well.

• The Arbitrum Foundation is under fire for AIP-1, a proposal to allocate 750 million ARB tokens (valued at nearly US$1 billion) to its special grants programme. ARB tokenholders voted against the proposal. However, 50 million ARB tokens have already been transferred on-chain, which caused a stir from the community. The foundation confirmed that it will break up the governance package into separate parts to be voted on instead after community feedback.

• A week after its launch, zkSync Era reportedly experienced block failure due to a malfunction in its block queue database. The team has confirmed that the issue has been resolved within a five-minute timeframe and proposed decentralisation of the platform as a long-term solution.

• DeFi cross-chain protocol Allbridge was exploited for over $570,000 on 2 April, after which the bridge was temporarily shut down for further investigation. Allbridge recently tweeted that the hacker has returned 1,500 BNB tokens and has accepted its offer of a ‘white hat bounty’.

Recent Research Reports

• Liquid Staking Derivatives: Money Legos in DeFi: Liquid staking is now the second largest sector in crypto after DEXes, replacing DeFi lending. Today, the liquid staking narrative remains strong in anticipation of Ethereum’s Shanghai upgrade, and this report explores its current landscape.

• Crypto.com Visa Card Consumer Spending Insights 2022: A full breakdown of what our community across the globe liked to spend on in 2022.

• Alpha Navigator: Quest for Alpha [March 2023]: Bitcoin shines amid banking sector turmoil. Market expects a pause in rate hikes, potentially setting up new tailwinds for risk assets.

Disclaimer

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