Key Takeaways

• Uniswap (UNI) v3 contract deployment on Polygon (MATIC) was approved by the DAO with 99.3% consensus this week. This will be supported by a USD20m fund for a long-term liquidity mining campaign and general adoption of Uniswap on Polygon (ref).

• Circle successfully launched their USDC stablecoin on Avalanche (AVAX) this week (ref).

• A report by Chainalysis revealed that investors have lost a total of $2.8B to rugpulls over the course of 2021 (ref).

• This week’s price and volatility indices were positive at +0.36% and +1.66% respectively, while the volume index was negative, at -16.46%.

Highlights

• Uniswap v3 contracts deployment on Polygon approved with 99.3% consensus

• Circle's USDC stablecoin deployed on Avalanche blockchain

• DeFi ‘rugpull’ scams raked in $2.8B this year: Chainalysis

• Polygon and Reddit co-founder's VC launch $200 million Web3 initiative

• YFI Skyrockets 30% as Yearn Finance Announces Aggressive Buy-Back Program

• Polygon launches Layer 2 token swap and decentralised exchange aggregator

• Dune Analytics is raising funds at a $1 billion valuation

• YFI price gains 46% in just four days after Yearn Finance's $7.5M buyback

• Terra Becomes Second-Biggest DeFi Platform (Behind Only Ethereum)

• Hubble Protocol Raises $3.6M to Boost DeFi on Solana

• VVS Finance has added a CRO-ATOM crystal farm

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

• Loopring (LRC) to a host trading competition this week with $600k in prizes (ref).

• YFI saw a 46% price increase shortly after Yearn Finance’s $7.5M buyback (ref).

Source: CoinGecko, StakingRewards, DeFi Llama

Notable Events

• TVLs held reasonably stable across different DEXes this week after last week’s declines. Trader Joe saw a +17.96% increase in market capitalisation.

• Uniswap DAO votes to deploy v3 contracts on Polygon (ref).

• Trader Joe’s Cultivation Club Circular #4 released (ref).

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

Hungry for more? Visit our Research Hub and University to access other insightful crypto research! 

Share with a friend if you like our email!

Share Crypto.com DeFi Research