Weekly DeFi Index

This week’s market capitalisation index grew by +6.62%, while the volume and volatility indices dropped by -12.35% and -12.90%, respectively.

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• Curve Finance (CRV) introduced a decentralised yield-bearing stablecoin, scrvUSD, to provide low-risk returns for investors and support the underlying crvUSD stablecoin. Users can mint scrvUSD by depositing crvUSD into the scrvUSD module.

Chart of the Week

Decentralised exchanges (DEXes) on Solana hit a record high of US$7.15 billion in daily trading volume on 18 November and have stayed above the $7 billion level since. Additionally, the total weekly trading volume of Solana’s DEXes peaked last week, reaching over $41 billion. 

The total trading volume of Solana DEXes currently stands at $85.9 billion in November, which is more than double the trading volume of Ethereum DEXes, which stands at $41.3 billion. This marks a substantial shift from January when Solana's total trading volume was only 53.3% of Ethereum's. This rapid growth is largely driven by the rise of meme coins on platforms like pump.fun, which facilitated high-frequency trading of new tokens.

News Highlights

• The team behind PayPal USD (PYUSD), PayPal’s US dollar-pegged stablecoin, has integrated LayerZero’s ​​Omnichain Fungible Token (OFT) standard to enable seamless transfers between Ethereum and Solana.

• DYdX, a leading decentralised exchange for derivatives trading, launched its ‘Unlimited upgrade’ initiative, which introduces support for permissionless market listings, and a new liquidity pool designed to support trading pairs on the platform. Users can instantly deploy new markets to access leverage trading for any asset.

• Spark, a DeFi protocol on Sky (formerly MakerDAO), launched the Spark Liquidity Layer. This feature enables users to convert Circle’s USDC stablecoin into Sky’s USDS stablecoin, or its yield-bearing sUSDS stablecoin, across multiple blockchains. The protocol also plans to support USDT in the future.

• The Ethena Foundation approved a proposal to share a portion of the protocol’s fee revenue to stakers of ENA, Ethena’s native token. The Foundation will finalise the parameters for activating the fee switch by 30 November. 

• Lens launched a testnet of Lens V3, enabling developers to explore the upcoming protocol upgrade and prepare for the migration of existing Lens applications. Lens V3 features an on-chain toolkit that allows developers to seamlessly integrate modular social features, such as immutable account creation, social feeds, and membership groups, into their applications.

• The Litecoin Foundation launched Wrapped Litecoin (WLTC) on the Ethereum network, giving users access to Ethereum's DeFi applications. WLTC enables Litecoin holders to engage in activities like staking, lending, and borrowing, which were previously unavailable on the Litecoin blockchain.

• Monad, an Ethereum-compatible Layer-1 blockchain, has started rolling out its testnet as part of a phased release.

• Linea, an Ethereum Layer-2 solution, announced plans to roll out its own token, LINEA, by the end of Q1 2025, enabling holders to participate in governance. The token will be airdropped to ecosystem contributors in the coming months.

Recent Research Reports

• Research Roundup Newsletter [October 2024]: Our latest issue of Research Roundup features our deep dives into Intent-Based Protocols, Solana Staking and Crypto Derivatives Trading – Technical Analysis in Perpetuals and CFDs.

• Alpha Navigator: Quest for Alpha [October 2024]: Crypto and equities saw mixed performances, and interest rates in areas like China and the Eurozone dipped. Dive into the details in the latest Alpha Navigator report.

• Crypto Derivatives Trading – Technical Analysis in Perpetuals and CFDs: The report demonstrates how to use popular technical indicators — MACD & RSI — to build trading strategies within the Crypto.com ecosystem.

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

• How to Automate Trading in the Crypto.com App: Automate trades in the Crypto.com App with trading bots that buy and sell at target prices. Here’s how it works.

• Cardano vs Solana: Key Differences and Future Prospects: Speed, dapps, scalability — Who does it better? Find out in our comparison of Solana vs Cardano.

• Selecting Range in UpDown Options – A Guide: Setting the right range can be the deciding factor for a successful UpDown option contract. Here’s how you can do so.

Author

Research and Insights Team

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