Last week, the decentralized financial system (DeFi) attempted to gain some traction amid a bear market crash. Uniswap saw a trend reversal and overtaken Ethereum in terms of paid network fees. However, not all DeFi protocols were so lucky, as Bancor was forced to pause its “non-permanent loss protection” in the wake of a hostile market.
The DappRadar report shows that the GameFi ecosystem continues to thrive despite the current downturn in the market. Solend nullifies the plan to acquire Solana’s whale portfolio by the second referee’s vote.
The top 100 DeFi coins are showing signs of recovery after last week’s chaos, with many coins posting double-digit gains.
DeFi Summer 3.0? Uniswap outperforms Ethereum in fees, and DeFi outperforms
Decentralized exchange (DEX) Uniswap has overtaken its Ethereum blockchain host in terms of fees paid over a seven-day rolling average.
The rally appears to be part of a recent wave of increased demand for DeFi amid the current bear market. Decentralized finance (DeFi) platforms such as Aave and Synthetix have seen a sudden rise in fees paid over the past seven days, while the price of local tokens and others such as Compound (COMP) have also boomed.
GameFi continues to grow despite crypto winter: DappRadar تقرير report
Blockchain gaming was the subject of the latest DappRadar x BGA Games Report #5, which was published on Tuesday. The report looked at healthy ecosystems and investments in the GameFi and metaverse markets.
The report covered several projects in detail, outlining their continued success and growth. Splinterlands, Illuvium, Galaverse, and STEPN continued to bring new players to their platforms, gain financial interest and expand their businesses.
Bancor pauses protection against non-permanent losses citing ‘hostile’ market conditions
Bancor, the DeFi protocol often credited as a DeFi astronaut, discontinued its non-permanent loss protection (ILP) function on Sunday, citing “hostile” market conditions.
In a blog post on Monday, DeFi noted that the ILP pause is a temporary measure to protect the protocol and its users. When the user gives liquidity to the liquidity pool, the proportion of the assets deposited later changes, which can leave investors with more tokens of lower value, this is known as non-permanent loss.
Solend nullifies the plan to acquire Solana’s whale portfolio by the second referee’s vote
Solend-based DeFi Lending Protocol created another vote on governance to invalidate a recently approved proposal that gave Solend Labs “emergency powers” to gain access to a whale wallet to avoid liquidation.
On Sunday, the crypto-lending platform launched a governance vote titled “SLND1: Mitigating Whale Risk.” It allowed Solend to reduce the risks posed to the market by whale liquidations by allowing the lending platform to access the whale’s wallet and allowing liquidations to limit over-the-counter.
DeFi Market Overview
Analytical data reveals that the total value of locked DeFi posted a slight recovery above $56 billion. Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi coins by market capitalization have been on the move, with many coins posting double-digit gains over the past week.
The majority of DeFi tokens traded in the top 100 by market capitalization in green. Synthetix (SYX) posted the biggest gain, up 90% over the past week, followed by Uniswap (UNI), which has seen a 37% rise in price in the past seven days. COMP gained 31%, while Thorchain (THOR) saw a 22% rise.
before you go!
Celsius Network, a lending platform that has been experiencing problems due to liquidation and lack of capital, has seen a brief community-led push for its original CEL token. It has recorded a 300% jump over the past week amid market uncertainty about its future.
Thank you for reading our summary of the latest impactful DeFi developments this week. Join us again next Friday for more stories, ideas, and education in this dynamically evolving space.