Weekly DeFi Index

The market capitalisation was positive at +2.75%, while the volume and volatility indices were negative at -18.07% and -33.33%, respectively.

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• Chainlink (LINK) partnered with major financial institutions such as Euroclear, Swift, and UBS to enhance corporate data reporting with artificial intelligence (AI) and blockchain technology. This initiative aims to address inefficiencies in post-trade operations, which reportedly cost businesses between US$3 to US$5 million annually.

• Sushi (SUSHI) unveiled its new roadmap, introducing a Route Processor designed to enhance liquidity and user experience. The protocol aims to aggregate liquidity from 35 blockchains to improve multi-chain capabilities, and develop a native decentralised exchange (DEX) ecosystem to provide tailored services while expanding its user base.

Chart of the Week

The spot trading volume ratio between DEXes and centralised exchanges (CEXes) rose to 14.11% in October, its highest since May 2023, when it reached 14.18%.

The DEX landscape is experiencing a shift in market share too. Uniswap continues to take the lead amongst DEXes, but its market share has seen a downtrend from 51% in January 2024 to 22% in October 2024. Conversely, Solana-based Raydium has seen its market share double to 18% in the same period, which is attributed to the surge in meme coin creation and trading on Pump.fun.

News Highlights

• Decentralised AI network Bittensor has upgraded to allow Ethereum-based smart contracts on the subtensor blockchain. Developers can create and deploy decentralised applications (dapps) on the network while leveraging its unique machine learning capabilities.

• Pump.fun, a meme coin deployment platform on the Solana network, released plans for an upcoming token release and a new trading terminal. Known as ‘Pump Advance’, the new terminal features mini-charts, data on top holders, and social indicators to help traders navigate the millions of meme coins in the market.

• World Network, previously known as Worldcoin, launched a new Ethereum Layer-2 blockchain called World Chain. Users verified with the biometric ‘World ID’ can interact with the chain and gain priority access to blockchain resources, including reserved block space and free gas for transactions.

• ApeChain, a new Layer-3 blockchain built by Yuga Labs on Arbitrum One, went live recently. The chain supports native staking yields for the APE token, non-fungible token (NFT) minting, and dapp functionality.

• Fuel Labs launched the mainnet of its optimistic rollup network Ignition, which focuses on parallelisation and an unspent transaction output (UTXO)-based model.

• Maple Finance’s retail-focused platform Syrup.Fi is launching its native token, SYRUP, on 13 November. MPL token holders can convert their tokens into staked SYRUP to earn rewards and generate yield.

• Bitcoin liquid staking platform Solv launched its liquid staking token, SolvBTC.JUP, on Solana. The token accrues yield by providing liquidity on Jupiter Exchange, a decentralised exchange aggregator, and was available to institutional traders before its full deployment.

• DeFi lending protocol Radiant Capitalwas exploited for approximately $50 million. $16 million was drained from a Radiant smart contract on BNB Chain, while other funds were stolen from Radiant’s trading pools on Arbitrum.

Recent Research Reports

• Intent-Based Protocols: Intent-based protocols simplify the user experience and lowers the entry barrier. Learn about them in our report.

  We present to you our latest issue of Research Roundup, featuring our deep dives into AI Agent in Crypto and Pair Trading.

  Delve into Pair Trading, a market-neutral strategy that taps into price movements between two correlated assets, and learn how traders identify opportunities.

• 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.

• Pair Trading: Delve into Pair Trading, a market-neutral strategy that taps into price movements between two correlated assets, and learn how traders identify opportunities.

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 DeFi: Top DeFi Projects on the Solana Blockchain: Explore top DeFi projects on Solana, and learn how the ecosystem has become a hotbed of financial innovation. 

• What Is the IBIT Spot Bitcoin ETF by BlackRock?: BlackRock’s iShares Bitcoin Trust (IBIT), which launched in January this year, is now the top ETF by assets managed. Here’s how it works.

• Non-Custodial Wallets: Your Keys, Your Crypto: Non-custodial wallets offer several advantages over custodial ones, but they come with more responsibilities. Learn more about them.

Author

Research and Insights Team

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