Weekly DeFi Index

This week's market cap, volume, and volatility indices were negative at -0.87%, -12.92%, and -49.50%, respectively.

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• The Synthetix (SNX) community has submitted two key proposals: Synthetix Improvement Proposal (SIP) 2014 and 2015. If passed, they will open eight new markets for synthetic versions of several notable cryptocurrencies, including PEPE, SUI, BLUR, FLOKI, and INJ.

News Highlights

• Crypto.com added significant enhancements to the Crypto.com Pay experience, which is now available in more countries, making it easier for users in Asia, Europe, and Latin America to buy crypto with credit or debit cards. Users can now also purchase MATIC, USDC, and DAI with Crypto.com Pay, on top of BTC, ETH, and CRO. Visit the Crypto.com website for full details.

• Cronos Labs, the research and development arm of the Cronos blockchain, is joining the inaugural edition of the Seoul Web 3.0 Festival (SWF2023) as its main blockchain network partner. Cronos will extensively support the three-day SWF2023 hackathon, signalling its commitment to elevating the Seoul developer ecosystem. 

• Decentralised exchange Uniswap V3 will launch on Polkadot through its Ethereum-compatible smart contract parachain, Moonbeam Parachain, following a near-unanimous community vote. 

• A bug was found in Polygon-based DeFi lending protocol Aave V2 made about $110 million of assets temporarily unavailable from the platform. The bug was reported by blockchain security firm BlockSec, citing the ‘ReserveInterestRateStrategy’ contract deployed on Polygon as the main cause. 

• USDT stablecoin issuer Tether announced its plans to increase its $1.5 billion Bitcoin holdings in its reserves, and regularly allocate up to 15% of its realised net operating profits to buy more Bitcoin. 

• Arbitrum-based decentralised exchange Swaprum reportedly initiated an exit scam, draining approximately $3 million (1,628 ETH) in user funds from its liquidity pools. 

• The Dash blockchain stalled and experienced an outage for hours while activating v19 of its Dash Core hard fork. Dash’s development team announced a v19.1.0 fix 13 hours after the incident, and that the v19 hard fork has been delayed until 14 June. 

• Crypto wallet company Ledger announced that it will postpone the launch of Ledger Recover, its private key recovery service, and focus on accelerating its open-sourcing process. This came after the crypto community raised concerns of design and security flaws within the seed recovery phrase feature. 

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.

Latest University Articles

• What Is the BRC-20 Token Standard for Bitcoin?: Learn about the BRC-20 token standard for the Bitcoin blockchain and the tokens that have been minted on it so far.

• What Are ERC-20 Tokens? All About Ethereum’s Most Important Token Standard]: ERC-20 is a token standard for fungible tokens on Ethereum. Learn what it is and how cryptocurrencies can be minted with it.

• How to Buy Bitcoin and Other Cryptocurrencies: Wondering how to buy your first Bitcoin? Or cryptocurrency in general? Here's a step-by-step guide on crypto buying for beginners.

Disclaimer

The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties.

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