Weekly DeFi Index

This week's market cap, volume, and volatility indices were negative at -17.35%, -20.83%, and -5.18%, respectively.

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• DAI stablecoin issuer and crypto lending protocol MakerDAO voted to open a real-world asset (RWA) vault for Coinbase Custody and transfer up to US$500 million in USDC stablecoins. 

New Project Spotlight

• Blockchain startup accelerator Cronos Labs is collaborating with Amazon Web Services via its AWS Activate programme to support developers in building the next generation of Web3 applications within the Cronos ecosystem, with a focus on the DeFi, GameFi, SocialFi, and infrastructure verticals.

News Highlights

• More than a week after the completion of its Shapella upgrade, the Ethereum network saw an inflow of ETH deposits almost matching the third round of staking withdrawals, according to Nansen. Ethereum’s core developers are also making progress on preparing for the next upgrade after Shapella dubbed Cancun-Deneb, which is expected to occur later this year, and will improve Ethereum's scalability. 

• Layer-1 blockchain Aptos introduced its Delegated Staking feature and lowered the minimum stake requirement to 11 APT. 

• DEX aggregator 1inch deployed its 1inch Aggregation Protocol and 1inch Limit Order Protocol on the zkSync Era — an Ethereum scaling network. The launch will also make DeFi protocols like GemSwap, SpaceFi, SyncSwap, and Mute available on the network via 1inch. 

• Crypto lending platform Maple Finance launched a new cash management pool that allows non-US accredited investors and entities to invest in US Treasury Bills. 

• Arbitrum-based decentralised exchange GMX secured integration of Chainlink’s low-latency oracles after a community vote, which aims to improve security and create a fee structure on the derivatives exchange. 

• Decentralised exchange Bancor announced the launch of its on-chain trading platform Carbon, which claims to increase profitability on trades while staying resistant to MEV sandwich attacks. 

• One billion USDT were minted by the Tether Treasury on the Ethereum blockchain in April, which Tether CTO Paolo Ardoino called an “inventory replenish” for the stablecoin.

• DeFi protocol Ordinals Finance has allegedly initiated an exit scam resulting in a loss of $1 million, according to blockchain security firm CertiK. 269 million OFI tokens were pulled out of smart contracts by the protocol’s developer. 

• Crypto wallet Trust Wallet disclosed a security vulnerability that resulted in almost $170,000 in losses for its users. The vulnerability, found via its bug bounty programme, has now been patched and a claims process has been initiated for affected users. 

Recent Research Reports

• Monthly Research Roundup (March 2023): In this issue, we feature trending market insights, our latest Crypto.com Visa Card Consumer Spending Insights for 2022, and our research reports on liquid staking derivatives.

• 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.

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

Disclaimer

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