Weekly DeFi Index

The market capitalisation, volume, and volatility indices were all positive last week, growing by +9.19%, +24.65%, and +41.53, respectively.

Check Price

• The demand for data on The Graph (GRT) network surged by 84% in Q2 2024. This increase is attributed to the growth of decentralised applications (dapps) and rising interest in Web3 technologies.

Chart of the Week

Pump.fun, the memecoin launchpad on Solana, saw a decrease in activity after enthusiasm around it drove Solana’s performance over the last few months. 

This drop suggests that the Solana meme coin mania fueled by the platform may be losing steam, where revenues went back down to April levels — a 58% dip from the peak in August. The number of tokens launched also plummeted by 68% from May. 

News Highlights

• SG Forge, a subsidiary of Societe Generale, is launching its Euro stablecoin, EUR CoinVertible (EURCV), on the Solana blockchain after struggling to gain traction on Ethereum. The move aims to leverage Solana's faster and cheaper transaction capabilities to attract users interested in Euro-linked stablecoins.

• Solana Labs and Google Cloud launched Gameshift, a Web2-to-Web3 bridge for developers. Gameshift is an API that provides foundational Web3 services to projects hosted within the Google Cloud ecosystem. The tool is primarily aimed at developers working on traditional games who want to add Web3 components such as NFTs.

• Sky (formerly MakerDAO) decided to remove Wrapped Bitcoin (WBTC) collateral from its platform. The decision was made following a governance vote with 88.17% approval. Sky will offload WBTC in multiple phases, starting on 3 October and ending on 28 November.

• Sky is preparing to expand its operations on the Solana blockchain. This expansion includes the launch of its stablecoin, USDS, through the Wormhole protocol to enable interoperability. The protocol aims to leverage Solana's growing ecosystem and faster transaction capabilities to enhance its DeFi offerings. 

• Polkadot launched Agile Coretime, a new feature to enhance resource allocation within its ecosystem as part of the Polkadot 2.0 upgrade. This upgrade introduces a dynamic, on-demand blockspace model, replacing the previous auction system, which makes it easier and more cost-effective for projects to access computational resources.

Recent Research Reports

• Research Roundup Newsletter [August 2024]: We present to you our latest issue of Research Roundup, featuring our deep dives into asset allocation with crypto, the decentralised perpetuals market, and the prediction market.

• Alpha Navigator: Quest for Alpha [August 2024]: Cryptocurrencies were down in August; Fixed Income and Equities were up. New Zealand and Canada reduced interest rates; China and Australia kept interest rates unchanged.

• Asset Allocation With Crypto: Adding BTC to portfolios helps increase yield by up to 2% annually without significant impact on volatility. The Modern Portfolio Theory is adopted to compile portfolios including TradiFi, BTC, and ETH.

Interested to know more? Access exclusive reports by signing up as a Private member, joining our Crypto.com Exchange VIP Programme, or collecting a Loaded Lions NFT.

Recent University Article

• Solana Staking: A Guide to Staking SOL: Learn how to make the most of your SOL through Solana staking, with current return rates.

• Solana Seeker: What to Know About the Web3 Mobile Smartphone: SeedVault wallet, dapp store, Genesis token — here’s what to expect from the Solana Seeker smartphone created for the decentralised web.

• Who Is Ethereum Founder Vitalik Buterin?:An overview of Ethereum Founder Vitalik Buterin’s life and achievements, both in the cryptocurrency space and beyond.

Author

Research and Insights Team

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