Key Takeaways

• The total value locked (TVL) across all decentralised finance (DeFi) platforms has tapped a record high of $100B, according to DeFi Pulse.

• It has been a bullish week as ETH and BTC both reached all-time highs (ATH), at $4K and $67K respectively. Total crypto market cap reached $2.5T. (ref)

• Terra is set to connect to the Cosmos Ecosystem, Solana’s Wormhole releases UI support for Terra Network and Terra founder is set to sue the SEC after being served a subpoena at Messari Mainnet. Terra’s (LUNA) price peaked at $45.25 this week (ATH: $49.70). (ref)

• The Ethereum Altair Beacon Chain, which helps transition the network away from PoW, is being upgraded on the main network. It will be upgraded next week by providing light client support and other features. 

• Overall, the price index grew 3.25%, while volume and volatility indexes decreased 2.67 and 23.36% respectively.

Highlights

• Terra Blockchain is set to connect to the Cosmos ecosystem

• Dune now integrates with Binance Smart Chain

• Polychain Capital joins $32M investment in DeFi lending protocol element finance

• DeFi project Thorchain back online, lifting token 18%

• Cosmos announces launch of new blockchain, Sagan

• Polygon becoming more independent from Ethereum as app numbers rise: report

• Polygon avoids losses worth $850M; pays out $2M for disclosing vulnerability

• Binance Smart Chain to introduce fee-burning mechanism

• Binance Smart Chain DeFi protocol PancakeBunny suffers flash loan attack

• Polkadot (DOT) founder announces $774 million development fund for DeFi

• The Ethereum Altair upgrade is next week

Check the latest prices on crypto.com/price

*DeFi dominance is defined as the total market capitalisation of DeFi coins as a percentage of that of all currencies (including DeFi coins), based on Coingecko’s data. See Coingecko’s definition of dominance for more information. Source: CoinGecko

Notable Events

• Uniswap posted record volumes on its L2 networks, with data showing DeFi users choosing Abriturum over Optimism as its preferred L2 on the exchange. (ref)

• Messari’s Q3 report highlighted Compound’s outstanding ATHs in loans and deposits with other new products like Compound Treasury and Compound Chain. (ref)

• Curve Finance launched its new pool on Harmony. (ref)

• Independent news organisation Associated Press has announced a partnership with Chainlink to bring its journalistic information to blockchain based apps, such as election results, financial information, or sports and entertainment information. (ref) 

• Balancer has integrated with Gnosis to launch a new decentralised exchange platform Balancer-Gnosis-Protocol to bring the best of both protocols - such as gasless trading, better trading pricing, and MEV protection. (ref)

Source: CoinGecko, StakingRewards, DeFi Llama

Notable Events

• All DEXes increased in market cap and TVL, in line with the general bullish week as the TVL in DeFi reached an ATH of $100B, with Trader Joe leading the surge at 138% - in line with Joe’s recent deployment of Banker Joe. However, the 7-day average volumes all decreased across the board. 

• Fantom reached ATH, surging 90% over the past 30 days. Market cap reached $5.9B, doubling in the same period.

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

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