Key Takeaways

• Prices were volatile last week, following the Evergrande-led sell-off and PBOC announcement in China

• Data shows the Chinese crackdown caused uncertainty and increased OTC trading of USDT sell-off. DeFi coins rebounded in pricing in response to the crackdown.

• Layer-2 solutions show continued increased TVL, revenue, and active users despite the turmoil.

Highlights

• DeFi Coins Lead Market Rebound After Huobi Shuts Out Chinese Traders

• New Decentralised Stablecoin in China Targets International Trade

• DeFi Bridging Protocol pNetwork Suffers $12 Million Hack

• Avalanche Recovers From Evergrande-led Sell-Off as AVAX Rebounds Over 30%

• USDT Sell-off Against Yuan Intensifies on Crypto OTCs After China's Crackdown

• Solana Blames ‘Denial of Service Attack’ for Last Week’s Downtime

• Coinbase Joins 8.5M Raise in Crypto Project Bringing DeFi to Bitcoin

• Data Shows Parabolic-style Growth in Layer-Two Based DeFi and DEX Platforms

Check the latest prices on crypto.com/price

Notable Events in DeFi

Coinbase Joins 8.5M Raise in Crypto Project Bringing DeFi to Bitcoin
Portal, a DeFi project looking to build out a DeFi ecosystem on the Bitcoin blockchain, has raised $8.5M with Coinbase Ventures, ArringtonXRP, OKEx and others participating. (ref)

Data Shows Parabolic-style Growth in Layer-Two Based DeFi and DEX Platforms 
According to data from Token Terminal, DeFi continues to be one of the fastest growing sectors of the token economy. Recent layer-two technologies such as Arbitrum, Optimism and Avalanche have seen a surge in user activity, revenue and TVL. (ref)

DeFi Coins Lead Market Rebound After Huobi Shuts Out Chinese Traders
Huobi announced that Chinese investors would not be able to sign up for accounts and all Chinese customers would have their accounts retired by December 31. Following a drop in prices, prices of ETH, USDT and various DeFi coins surged in price. (ref)

Loopring (LRC) now Supports NFTs on L2
Loopring announced that it would be supporting NFTs on layer-2. This would allow anyone to mint and trade NFTs instantly and gas-free in a non-custodial way on the first and longest running zkRollup. (ref) 

Thank you for reading! We hope you find our Weekly DeFi Update enlightening!

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