Weekly Update - DeFi and Layer 1 & Layer 2 News (Week 5, 26/01/2023 - 01/02/2023)
ETH developers launch ‘Zhejiang’ testnet for simulating ETH withdrawals. Aave buys 2.7M CRV tokens to clear bad debt from exploit. MakerDAO’s new proposal seeks to increase Compound D3M debt ceiling.
Weekly DeFi Index
This week's market cap, volume, and volatility indices were negative at -2.53%, -14.15%,and -20.46%, respectively.
Check the latest prices on Crypto.com/Price
*DeFI index tokens: AAVE, BAL, CAKE, COMP, CRV, CVX, FXS, JOE, LDO, LINK, MKR, OSMO, REN, SNX, SPELL, SUSHI, UNI, VVS, YFI.
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As of 31 Jan 2023
Sources: DeFi Llama, Crypto.com Research
Note: TVL excludes governance token staking, staked LP tokens that one of the coins in the pair is governance token, borrowing, and vesting
As of 31 Jan 2022
Sources: CoinGecko, DeFi Llama, Crypto.com Research
News Highlights
Ethereum‘s public staking withdrawal testnet Zhejiang is scheduled to launch today. The Shanghai and Capella testnets will be launched six days after Zhejiang.
With the approval of the governance vote for AIP-146, DeFi protocol Aave purchased 2.7 million Curve (CRV) tokens to clear “excessive remaining bad debt” that resulted from the short-seller attack that occurred last November.
MakerDAO is seeking community approval on a new proposal put forward by its Open Market Committee, which will increase the maximum debt ceiling on its Compound DAI Direct Deposit Module (D3M) by 300% and set the Target Available Debt to 5 million DAI.
Decentralised exchange Sushiswap is launching a perpetual futures exchange on the Sei Network. As shared by its ‘Head Chef’ Jared Grey, this will allow it to expand to non-Ethereum ecosystems and could have an impact on the exchange's native token, SUSHI, because of a recent revamp of its tokenomics.
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Thanks for your help I'm a big time crypto currency buyer this year I'm not selling unless it's green or obviously until it gets to mych I'm not that stubborn thanks,