Key Takeaways 

• Following a surprise ‘quit’ announcement by Anton Nell and Yearn Finance (YFI) founder Andre Cronje, both YFI and FTM have collapsed by about 13% and 15%, respectively. Meanwhile, the native token of Solidly Exchange (SOLID), a recent DeFi protocol launched by the same founder, has dove for 60%, despite gaining a TVL of $2.24 billion within days from launch.

• Convex Finance (CVX) price dropped due to forced tokens unlocked for contract redeployment after a non-critical bug was found in its contracts. Despite this, users' deposits remain safe, as reported by the Convex’s team.

• Osmosis (OSMO), the first decentralised exchange servicing blockchains connected by Cosmos’s Inter-Blockchain Communication protocol, has launched a new staking methodology, superfluid staking.

• This week’s price and volatility indices were negative  at -6.92% and -51.82%, respectively, whereas volume index was +13.01%.

Highlights

• Uniswap builds interface to swap altcoins into ETH donations for Ukraine

• 327,000 ETHs leave exchanges in last 7 days as price of Ethereum rises

• Anchor’s TVL surges to all time high of $11.7B after Luna Foundation refills reserves

• Circle delays its DeFi API product, citing need for regulatory guidance

• REN price gains 65% after Catalog launch brings a cross-chain DEX to its blockchain

• DeFi blue chips slide 80% since 2021 as new generation rises

• A16Z invested in Lido, a liquid staking solution for Ethereum

• A merger proposal was initiated to merge Redacted and Lobis, the subDAOs of OlympusDAO

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Notable Events

The increase in UMA Protocol (UMA) last week was likely driven by the announcement of partnership with DappBack to create a Web3 task page and the reportedly surged adoption of its Across protocol.

Notable Events

Fantom’s leading DEX, SpookySwap (BOO) saw decline in all metrics due to the price drop of FTM coin after the announcement of Anton Nell and Andre Cronje regarding ‘quiting DeFi’. Both of them were prolific developers in Fantom Foundation.

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

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