Weekly DeFi Index

This week's market cap, volume, and volatility indices were negative at-6.57%, -22.97%,and -10.34%, respectively.

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• Curve Finance launched its native stablecoin crvUSD on the Ethereum mainnet. crvUSD is an overcollateralised stablecoin backed by assets like USDC, ETH, liquid staking derivatives (e.g., sfrxETH), and liquid provision tokens of stablecoin pools.

News Highlights

• For the first time since 2017, Bitcoin transaction fees in a single block surpassed the block subsidy rewarded to miners. Transaction fees in the block were 6.7 BTC, while the block subsidy was 6.25 BTC. The recent surge in transactions can be attributed to Ordinals NFTs and BRC-20 tokens.

• Maker DAO launched Spark Protocol, its new DeFi lending solution for DAI users. The platform’s first iteration, Spark Lend, will act as a lending marketplace to supply and borrow cryptocurrencies like ETH, stETH, DAI, and sDAI.

• Decentralised exchange SushiSwap rolled out its v3 concentrated liquidity pools across 13 networks. The launch aims to help the protocol become more capital efficient by allowing liquidity providers to supply liquidity within a narrower price range (compared to traditional liquidity pools).

• On 9 May, lending protocol Aave’s v3 went live on the Ethereum Layer-2 scaling solution Metis Network, following a positive community vote. Metis Network adopts the Hybrid Rollup by combining the transcendent scalability of the Optimistic Rollup architecture with the security provided by Zero-Knowledge cryptographic proofs.

• Microsoft, Deloitte, Goldman Sachs, and other financial institutions and tech giants are partnering to launch Canton Network. It is a privacy-enabled blockchain network designed for institutional assets, allowing for interoperable and synchronised transactions in finance.

• DeFi protocol Deus Finance faced a major security breach over the weekend, losing over US$6 million on its stablecoin DEI in the process. The hacker exploited a vulnerability in the Arbitrum and BNB Chain networks, according to blockchain security firm Peckshield.

Recent Research Reports

• Monthly Research Roundup (April 2023): In this issue, we feature trending market insights, and our latest research reports take a closer look into Bitcoin’s expanding ecosystem, specifically Layer 2s, DeFi, and NFTs.

• Alpha Navigator: Quest for Alpha [April 2023]: Asset classes were generally flat in April, with cryptocurrency outperforming other assets. The US Federal Reserve could be on the cusp of ending its interest rate hike cycle.

• Bitcoin’s Expanding Ecosystem: Layer-2, DeFi, NFT: The landscape of the latest projects building on top of Bitcoin is expanding beyond payments. It now includes Layer-2 scaling solutions and key application categories like DeFi and NFTs.

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