DeFi & L1L2 Weekly — 📈 Solana stablecoins’ supply rose by 121%, reaching a record of US$10.4B; Ethereum Co-founder Vitalik Buterin unveiled a new scaling roadmap
The supply of Solana's stablecoins rose by 121%, reaching a record of $10.4B. Ethereum Co-founder Vitalik Buterin unveiled a new scaling roadmap. Uniswap released its v4 upgrade.
Weekly DeFi Index
This week’s DeFi indices showed negative movements, with the market capitalisation, volume, and volatility indices declining -12.27%, -25.39%, and -10.90%, respectively.
Sonic Labs announced the integration of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) into its mainnet. It also incorporated Chainlink’s Data Streams and Data Feeds to power decentralised finance (DeFi) apps.
Chart of the Week
According to Dune, the supply of Solana's stablecoins hit an all-time high of US$10.35 billion at the time of writing, marking a sharp growth of 121% from its supply of $4.69 billion on 1 January.
This rise aligns with broader trends in stablecoin usage within the network's DeFi protocols and coincides with increased trading volume of the popular meme coins like TRUMP and MELANIA.
News Highlights
Ethereum Co-founder Vitalik Buterin outlined plans for scaling Ethereum and related Layer-2s (L2s). The plans aim to include blob scaling for faster transactions and position ETH as a triple-point asset for the Ethereum ecosystem. He also suggested incentivising L2 networks by staking fees from the main network and allocating the rewards to public goods.
Uniswap Labs announced on 22 January that v4 deployments will be rolling out for builders to test integrations on-chain, and all contracts are expected to be fully launched next week. Uniswap v4 will introduce new features such as flash accounting, native ETH support, and custom accounting.
Solana-based decentralised exchange (DEX) aggregator Jupiter announced that 50% of the protocol fees will be used to acquire the meme coin launchpad Moonshot, buy back its native token, JUP, and launch a $10 million fund for open-source AI development. Additionally, the Jupiter decentralised autonomous organisation (DAO) introduced the Jupnet omni-chain network.
Venice AI launched its VVV token on Ethereum's L2 Base network. VVV is the first airdrop aimed specifically at AI agents, with 25% of the initial supply allocated to AI community protocol accounts on Base, including Virtuals and agents, such as Luna, aixbt, and VaderAI.
Decentralised cross-chain liquidity protocol THORChain temporarily suspended its lending and savers programmes for BTC and ETH to prevent an insolvency crisis and restructure the protocol’s debts.
Ramp Network is partnering with MetaMask to allow users to convert ETH directly into fiat currencies during the withdrawal process via L2 networks. This integration simplifies the off-ramp process, enabling faster, more cost effective withdrawals from L2 networks like Optimism, Polygon, and BNB Chain.
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