USDT condemns rumours about its reserves while its market cap drops below US$70B. TronDAO injects US$700M to support USDD, making it the most over-collateralised stablecoin. Finblox and Babel Finance restrict withdrawals due to market instability.
Key Takeaways
- Tron’s stablecoin USDD traded at US$0.96 at press time. Meanwhile, TronDAO injected US$700 million, making USDD the most over-collateralised stablecoin.
- Tether (USDT) released a statement condemning false rumours about its reserves, while its market capitalisation dropped below US$70 billion.
- Finblox and Babel Finance reportedly limited withdrawals over the past week due to market instability.
- This week’s price index was negative at -16.16%, while the volume and volatility indices were positive at +12.07% and +46.96%, respectively.
Highlights
- Circle launches Euro-backed stablecoin
- Nexo proposes Celsius buyout as rival lending platform halts withdrawals
- MakerDAO (MKR) votes to disable Aave DAI deposit to stave off Celsius risks
- Biggest ‘stETH’ pool almost empty, complicating exit for would-be sellers
- BlockFi liquidates major counterparty after it fails to meet margin call
- Scientists claim to have designed a fully decentralised stablecoin pegged to electricity
- EarthFund introduces DAO-as-a-service platform to address important social issues
- MetaMask, Phantom fix ‘Demonic’ vulnerability in browser wallets
- DeFi protocol Inverse Finance (INV) exploited for US$1.2 million
- Chainlink (LINK) joins Gitcoin Grants Round 14 as matching partner to support Ethereum infrastructure development
- The Bank for International Settlements (BIS) to launch market intelligence platform amid stablecoin, DeFi collapse
- DeFi protocol Abracadabra’s stablecoin MIM briefly slides to US$0.91 during the crypto market rout
Check the latest prices on Crypto.com/Price
| Metrics | Top 20 DeFi tokensmarket cap | Top 100 DeFi tokens market cap |
| Current | $25.91B | $34.12B |
| 7-Day Change | -11.50% | -12.52% |
| 14-Day Change | -23.69% | -25.45% |
Source: CoinGecko
| Metrics | Price | Volume | Volatility |
| Top Gainers | – | OSMO (+175.94%)OHM (+95.28%)LDO (+76.82%) | MKR (+194.94%)SNX (+112.74%)VVS (+106.08%) |
| Top Losers | OSMO (-41.91%)LDO (-40.73%)AAVE (-32.54%) | FXS (-45.28%)SNX (-33.21%)REN (-30.52%) | FXS (-62.03%)OSMO (-32.75%) |
| Benchmark | ETH (-29.93%) | ETH (+45.43%) | ETH (+98.68%) |
** Omitted due to incomplete source data
Source: CoinGecko, DeFi Llama, Nomics
* % change is based on the difference between two consecutive weekly periods
** Omitted due to incomplete source data
*** Defined as Total Borrowed divided by TVL; For MakerDAO: LDR ratio defined as Total Borrowed divided by (Total Borrowed + TVL)
Source: CoinGecko, DeFi Llama
