Weekly DeFi Index

This week’s DeFi indices all showed positive movements, with market capitalisation, volume, and volatility increasing by +13.61%, +50.68%, and +77.16%, respectively.

Check Price

• Sky, the decentralised lending and borrowing protocol formerly known as Maker, launched its USDS stablecoin on the Solana blockchain. This move aims to leverage the expanding DeFi ecosystem on Solana.

Chart of the Week

According to data from CryptoQuant, the total amount of stablecoins held in all centralised exchanges, specifically those built on the ERC-20 standard, reached an all-time high of US$38.9 billion on 26 November. The surge in supply indicates that more funds are available for trading in the market.

Tether’s USDT dominates the landscape with a market cap of $133 billion, which accounts for about 70% of the total stablecoin market cap. Meanwhile, Ethena’s USDe saw a significant surge in the past month with a 66% growth in market cap, rising from $2.4 billion on 17 October to $4.0 billion on 26 November.

News Highlights

• Crypto.com launched Crypto.com Wrapped Bitcoin (CDCBTC) and Crypto.com Staked SOL (CDCSOL). CDCBTC enables holders to participate in DeFi services such as collateralised lending, asset swaps, and yield generation, while CDCSOL provides users with flexibility and liquidity for staked assets.

• Ripple Labs launched a tokenised money market fund on the XRP Ledger (XRPL) blockchain in partnership with Archax, a UK-regulated digital asset exchange. This initiative represents the first tokenised fund on XRPL.

• The Sui Foundation partnered with asset manager Franklin Templeton to develop new blockchain technologies on the Sui network. The collaboration will focus on supporting native ecosystem builders and deploying innovative projects that tap into the Sui blockchain.

• Aptos Labs is enhancing the connectivity of the Aptos blockchain with decentralised applications (dapps) by bringing payments firm Stripe and stablecoin issuer Circle into the ecosystem. The former will provide crypto on-ramp services to users, while the latter introduces native USDC to the network through its Cross-Chain Transfer Protocol.

• Vana, an EVM-compatible Layer-1 blockchain, announced the upcoming launch of Vana mainnet, a blockchain network that aims to give users control over the monetisation of their personal data.

• Pump.fun, a meme coin platform on Solana, announced that its livestream feature will remain paused while it implements stronger safeguards and infrastructure to ensure appropriate use. This decision follows considerable community backlash regarding harmful broadcasts on the platform.

• Babylon Labs and Lombard Protocol announced an initiative to integrate bitcoin into the Sui blockchain to bring liquidity to the ecosystem. Through this initiative, bitcoin holders will be able to stake BTC and receive LBTC, a liquid staking token issued by Lombard Protocol that is natively minted on Sui.

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

Disclaimer

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