Key Takeaways 

• Yearn Finance (YFI) announced its support for the newly-passed ERC-4626 standard for Yearn’s V3 vaults. The new standard is expected to enhance the composability of yield-bearing vaults across multiple networks.

• Following its recent Bitcoin purchase, Luna Foundation Guard (LFG) announced a deal with Avalanche Foundation to acquire US$100 million of AVAX to back Terra’s algorithmic stablecoin UST.

• MM Finance (MMF) announced a strategic reboot this week. The set of changes include less aggressive bond sales, huge burning strategy, and liquidity mining incentives.

• WAVES’s algorithmic stablecoin USDN lost its U.S. dollar peg. This followed its native token that backs the dollar-pegged cryptocurrency WAVES saw a double-digit price slide.

• This week’s price and volume indices were negative at -13.94% and -38.50%, respectively, while the volatility index was positive at +10.22%.

Highlights

• Convex Finance (CVX) addresses bug that could have led to a US$15 billion rug pull

• Near Protocol (NEAR) to launch its own stablecoin USN on 20 April 2022

• Inverse Finance loses over US$15 million in DeFi platform hack

• Sushi (SUSHI) and Synthetix (SNX) get the boot in Grayscale DeFi fund rebalancing

• Gamma’s AI-powered liquidity strategies for Uniswap (UNI) are coming to Polygon (MATIC)

• Terra Wallet Leap raises US$3.2 million in private token sale

• CLabs to work with eCurrency to integrate CBDCs with DeFi

• Cardano (ADA) DEX Bashoswap (BASH) expands to Mikomedia Testnet and announces private BASH token sale

• Lithium Finance (LITH) updates its whitepaper with quite a few new classes

• Bastion Protocol (BSTN) raises round led by ParaFi Capital

• EverLend (LEND), first lending protocol on Everscale Network, kicks off operations with successful LEND token launch

• Interlay introduces new protocol for Bitcoin’s reciprocal relationship with DeFi

• DeFi platform EQIFi (EQX) introduces new mobile app with yield aggregator

• DeFiChain adds new tokens associated with MicroStrategy, Intel, and Walt Disney

Check the latest prices on Crypto.com/Price

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Top Token Metrics

*Top DeFi tokens based on CoinGecko

Source: CoinGecko

DeFi Index Tokens

*DeFI index tokens: AAVE, ANC, BAL, CAKE, COMP, CRV, CVX, FXS, JOE, LDO, LINK, MKR, OSMO, REN, SNX, SPELL, SUSHI, UNI, VVS, YFI

Notable Events

• FXS price has been cooling down after Terra’s introduction of stablecoin pool ‘4pool’.

• AAVE was possibly cooled down after a recent surge over its V3 launch.

• BAL topped the change metrics following a Vote-Escrow system launch.

DEX Metrics

* % change is based on the difference between two consecutive weekly periods

** Omitted due to incomplete source data

Source: CoinGecko, DeFi Llama, Nomics

Notable Events

The performance of the DeFi sector declined in general this week, with Spookyswap (BOO)’s TVL sliding the most, at -17.21%. This was likely associated with the price drop of Fantom (FTM), which the price fell by -24% from 4 April to 10 April.

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

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