Weekly Update - DeFi and Layer 1 & Layer 2 News (Week 36, 07/09/2022 - 13/09/2022)
Coinbase proposes to move 1.6 billion USDC from MakerDAO’s DAI collateral. The last Ethereum shadow fork upgrade is deployed on the mainnet. Mysten Labs raises $300 million to accelerate Sui adoption.
Weekly DeFi Index
This week's market cap index was negative at -1.84%, while the volume and volatility indices were positive at +19.43% and +30.62%, respectively.
Check the latest prices on Crypto.com/Price
DeFi Index Tokens
*DeFI index tokens: AAVE, BAL, CAKE, COMP, CRV, CVX, FXS, JOE, LDO, LINK, MKR, OSMO, REN, SNX, SPELL, SUSHI, UNI, VVS, YFI.
Coinbase has proposed an investment line with MakerDAO, the organisation behind DAI, the largest decentralised stablecoin. The proposal would move one third, or around US$1.6 billion of USDC backing DAI, to Coinbase for a 1.5% yield. According to the data, MakerDAO is the largest single USDC holder and the stablecoin accounts for 35% of DAI’s collateral, which is roughly $4.8 billion.
The 13th and last Ethereum shadow fork upgrade has been deployed on the mainnet. A shadow fork is a test fork run by developers to check whether the network is equipped to handle the network alterations that the final upgrade will deploy. Additionally, EthereumPoW (ETHW), a proof-of-work version of Ethereum (ETH) created by the community, revealed its mainnet launch plan. Per this roadmap, ETHW will go live 24 hours after The Merge.
Mysten Labs, the company behind the in-development layer-1 blockchain Sui, has raised $300 million to build its core infrastructure and accelerate the adoption of the Sui blockchain ecosystem.
DEX Protocols Metrics
Sources: CoinGecko, DeFi Llama, Nomics, Crypto.com Research
Lending Protocols Metrics
*LDR (Loan to Deposit Ratio) = Total Borrowed / TVL
Sources:CoinGecko,DeFi Llama,Crypto.com Research
Charts on Layer-2 Projects
After the L2 market TVL increased to over $7.6 billion on 10 September, it dropped by -3.70% in the last week. Optimistic rollup projects dropped by -3.05% and zero-knowledge rollup projects decreased by -3.42%, while Ethereum’s TVL increased by +5.07%.
The TVL changes for all major optimistic rollup projects were negative last week, and Arbitrum declined the most at -3.15%.
Similarly, ZK rollup projects’ TVL all declined, and ZKSwap 2.0 plummeted most at -29.48%.
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