Weekly DeFi Index

The market capitalisation and volume indices were negative at -4.01% and  -2.28%, respectively,  while the volatility index grew by +97.74%.

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Chart of the Week

According to DefiLlama, Solana (SOL) reached US$25.18 million in fee revenue last week, making it the highest weekly fees recorded. The network also generated its highest real economic value (REV) of $11.1 million on 24 October 2024, which comprises on-chain transaction fees and Maximum Extractable Value (MEV) tips, according to data from Blockworks Research.

The main driver behind Solana’s surging fees is the growing demand for Jito tips and priority fees, propelled by traffic surges from meme coin trading on platforms like Pump.fun and Moonshot.

News Highlights

• Lido DAO (LDO) voted to approve the launch of its Community Staking Module (CSM), which simplifies the process of running a validator. The module lowers the amount of ETH needed to be a validator from 32 ETH to 2.4 ETH.

• Uniswap and Across announced a partnership to enable permissionless cross-chain swaps. The integration of Across’s intent-based bridging allows traders to seamlessly bridge and execute cross-chain swaps directly within the Uniswap platform.

• Solayer and OpenEden announced the launch of a yield-bearing stablecoin called sUSD on Solana, which is backed by US Treasury bills. This stablecoin is the first of several tokenised real-world assets (RWAs) that Solayer intends to introduce on the Solana platform.

• Chainlink expanded to Bitcoin through an integration with Spiderchain, a Layer-2 Bitcoin protocol. Spiderchain's builder, Botanix Labs, has joined the Chainlink Scale program, which gives them access to Chainlink's oracle services.

• Synthetix has launched its V3 liquidity platform on Arbitrum. Kwenta, a perpetuals exchange, will be the first DeFi protocol to use the liquidity infrastructure.

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

• Understanding AI Scams in Cryptocurrency: Tips to Protect Yourself: Intent-based protocols simplify the user experience and lowers the entry barrier. Learn about them in our report. 

• Top NFT Platforms on Solana: Popular Marketplaces in 2024: Solana offers a growing selection of NFT marketplaces. Here’s our selection of some popular ones.

• 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.

Author

Research and Insights Team

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