Key Takeaways

• The total value locked (TVL) across all DeFi platforms has maintained TVL from last week at $100B, according to DeFi Pulse.

• The market cap of L1 chains such as Fantom and Solana increased with new NFT launches and DeFi integrations.

• Ethereum hit an ATH of $4.4K this week after the Altaire upgrade, while meme coin Shiba Inu (SHIB) trading volume briefly surpassed Ethereum. 

• Numerous ecosystem funding schemes, Q3 reports and exploits were reported this week. In particular, reverberations from the Cream Finance exploit affected the community, with tension emerging between Aave and Yearn, and capital flight observed in the former as vulnerability concerns arise.

• Overall, volume and volatility indexes were positive at 54.7% and 59.1% respectively, while the price index decreased by 6.3%.

Highlights

• Shiba Inu ($SHIB) trading volume briefly surpasses that of Ethereum ($ETH)

• IO Global and Bondly announce development of bridge from Ethereum to Cardano 

• Treasury to give SEC considerable authority over stablecoins like Tether: Report

• Terra's Do Kwon talks SEC subpoena: DeFi 'may not fit in nicely' with current regulations

• Solana-based yield aggregator Tulip raises $5M

• Cardano stablecoin protocol Ardana raises $10M in latest funding round

• Cosmos-based DEX Osmosis raises $21M from a consortium of investors

• NEAR Protocol offers $800M in grants in bid for DeFi mindshare

• The Graph announces beta integration with NEAR Protocol

• DeFi protocol Aave encounters major capital flight

• Cream Finance hacked for over $130M

• $60M stolen from AnubisDAO in latest DeFi attack

• Popsicle Finance to repay victims of $25M attack

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

• Polkadot to introduce $770M fund as parachain auction approaches (ref)

• REN Protocol October ecosystem update is released (ref)

• CRV hits a 1 year high, rising 168% on 28th October with trading volume rising 89%, hitting $1.6B (ref)

• Uniswap reaches milestone, surpassing $500B in total trading volume since its launch in November 2018 (ref, ref)

• Zurich based ETP issuer Valour set to provide exposure to Uniswap (UNI) (ref)

• Tension between Aave and Yearn teams emerges in the wake of Cream Finance’s $130M exploit (ref)

• Justin Sun, Tron CEO, withdraws $4.2B from Aave amid concerns of similar vulnerabilities to Cream Finance suggested by Yearn developer (ref)

Source: CoinGecko, StakingRewards, DeFi Llama

Notable Events

• TVL generally increased across the board, with only Raydium and Avalanche slightly decreasing by 0.6% and 3.4% respectively. Market cap grew for newer DEXes on rival L1s such as Fantom, Solana, and Avalanche.

• Fantom’s Spookyswap continues to show sustained growth with positive numbers across all metrics, hitting 112% in its 7-day average volume. The surge comes amid Fantom’s Developer Conference, which took place on the 25th to 29th in the UAE and online, and integrations with Zapper, 0x Protocol, and Artion, to name a few. On the NFT front, SpookySwap’s generative NFT project Magicats went live. It was supported by Artion and PaintSwap on the secondary market and incorporated new incentives for $BOO holders.

• Raydium also shows increased growth in market cap (15%) and almost 50% 7-day average volume ahead of its peers. This week it announced new liquidity pools, NFT drops, and a new DeFi gamification protocol to be launched on DropZone and AcceleRaytor respectively.

• SushiSwap released its Q3 update, covering product updates, community and multi-chain deployment (ref)

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

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