Weekly DeFi Index

This week's market cap index was negative at -3.75%, while volume and volatility indices were positive at +12.43 and +58.97, respectively.

Check Price

Chart of the Week

Tether (USDT), the world’s largest stablecoin, continues to dominate the market, setting a new all-time high market cap of US$83.2 billion and surpassing its previous record high in May 2022. This comes after Tether reported outstanding performance in Q1 2023 with a net profit of $1.48 billion and with a market dominance reaching a two-year high of 64.45%.

News Highlights

• The MakerDAO community voted to open a new real-world asset (RWA) vault dedicated to investing up to $1.28 billion in US Treasury bonds via crypto asset manager BlockTower Capital. 

• Curve Finance passed a proposal for Curve’s stablecoin, crvUSD, to onboard Lido’s liquid staking token, stETH. The addition of stETH allows crvUSD to scale, increasing its debt ceiling by 15 times. 

• Crypto payments company Circle announced its plan to launch a native version of its USDC stablecoin on the Arbitrum blockchain, which is scheduled to be released on 8 June. All USDC on Arbitrum is currently bridged from Ethereum.

• Layer-2 blockchain Optimism completed its Bedrock upgrade on 6 June, which introduced a series of improvements, including lower gas fees and 90% faster deposit-confirmation times. 

• The majority of the Uniswap community rejected a proposal to turn on protocol fees for liquidity providers, with over 45% of votes in favour of the no-fee option. 

• Cryptocurrency wallet service Atomic Wallet experienced a significant security breach over the weekend, resulting in users losing over $35 million of assets. In a tweet, Atomic Wallet said that “less than 1%” of its monthly active users were impacted in the breach, and the investigation is ongoing.

Recent Research Reports

• Alpha Navigator: Quest for Alpha [May 2023]: Asset classes mostly dipped in May and crypto remains the best performer YTD. US debt ceiling dispute defused. Interest rate decisions from multiple central banks in the coming month.

• The Evolution of Memes and What Makes Them Successful: What are memes, how have they evolved, and what makes them successful? We also explore the role they play in crypto and Web3, and what the future holds for memes.

• 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.

Recent University Articles

• What is Cryptocurrency: Still wondering what cryptocurrency actually is, how it works, and how to use it? We’ve got the answers in this crypto beginner’s guide.

• A Short History of Bitcoin Price: The price of BTC has experienced peaks and valleys ever since it launched in 2009. Learn all about Bitcoin's price history.

• 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.

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement.

The brands and the logos appearing in this report are registered trademarks of their respective owners.

We’re all ears.

Your feedback has always helped us provide insightful crypto market trends. Tell us how we can improve this newsletter further by taking a quick survey below (it will only take less than a minute). Thank you!

Take our survey now

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

Hungry for more? Visit our Research Hub and University to access other insightful crypto research! 

Share with a friend if you like our email!

Share