Weekly DeFi Index

The market capitalisation and volume indices were positive at +4.53% and +25.44%, respectively, while the volatility index dropped by -10.43%.

Check Price

• Uniswap Labs unveiled its own Layer-2 network, Unichain, built on Optimism's OP Stack technology. Set to debut on a private testnet, Unichain aims to enhance transaction speed and reduce costs while improving liquidity. Uniswap CEO Hayden Adams emphasised that the network could serve as a DeFi hub across multiple chains, similar to how Uniswap functions on Ethereum. Unique features include a trusted execution environment for secure block building and a community validation network planned for 2025.

Chart of the Week

Polymarket has facilitated over 13 million betting trades to date, recording more than 300,000 daily trades on average between 6 and 15 October. The platform’s rising popularity is due to ongoing regional conflicts, as well as the upcoming United States presidential election.

To date, only 14.6% of Polymarket wallets have profited, with a majority winning less than US$100.

News Highlights

• The Avalanche Foundation is negotiating a deal to repurchase 1.97 million AVAX tokens from Terraform Labs's bankrupt estate. In 2022, the foundation sold AVAX to the Luna Foundation Guard, a nonprofit organisation that supported the defunct Terra ecosystem, for $100 million, and now plans to buy it back. The repurchase is pending approval from the court overseeing Terraform Labs's estate.

• The Ethena Protocol announced its intention to invest $46 million into real-world assets (RWA). This includes an allocation of $18 million into BlackRock’s BUIDL fund, $13 million into Sky’s USDS stablecoin, $8 million into Mountain’s USDM stablecoin, and $7 million into Superstate's USTB.

• Ethena Labs proposed adding SOL to its treasury as collateral for its USDe synthetic stablecoin. This move aims to enhance USDe's stability, which is maintained through a combination of collateralised stablecoins and hedged trades. If approved by Ethena Lab's independent Risk Committee, SOL will be gradually integrated into the treasury with an initial allocation target of $100 to $200 million.

• Hyperliquid, a decentralised perpetuals trading platform, is preparing to launch its native token, HYPE, in a genesis distribution conducted by the Hyper Foundation. HYPE will play an important role in Hyperliquid’s Proof of Stake consensus and Ethereum Virtual Machine (EVM).

• Circlelaunched a native version of its USDC stablecoin on the SUI blockchain.

Recent Research Reports

• Research Roundup Newsletter [September 2024]: We present to you our latest issue of Research Roundup, featuring our deep dives into AI Agent in Crypto and Pair Trading.

• Asset Allocation With Crypto: Adding BTC improves portfolios by up to 2% annually. The ‘Modern Portfolio Theory’ is able to accommodate portfolios that hold a mix of TradFi, BTC, and ETH.

• AI Agent in Crypto: This report looks into AI agents in the cryptocurrency realm. The landscape in crypto includes Agent Creation, Trading, Smart Wallets/Payments, Gaming, Social, Art/NFT, and Security.

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

• Top Solana Projects: A Guide to the Blockchain’s Ecosystem: The Solana ecosystem has rapidly become a thriving hub for innovation, boasting a diverse range of projects. Here are ten projects to watch.

• Popcat: What It Is and How to Buy POPCAT: Find out how POPCAT, a cryptocurrency based on a popular cat meme, became one of the best-performing meme coins in the Solana ecosystem.

• Solana vs Ethereum: An In-Depth Comparison: Ethereum or Solana? In this detailed comparison, find out which of the chains excels at transaction speeds, fees, dApp ecosystems, and interest from investors.

Author

Research and Insights Team

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