Weekly DeFi Report: Crypto to Fuel

Crypto assets had shed lower this week, with major tokens failed to break key resistance levels. Bitcoin declined to 50dma at $22.2k after being rejected for several times at the 100dma level ($24.4k). Ethereum traded heavy at the psychological level $2k over last few days and resulted in a correction down to $1.8k. Crypto market cap is currently at $1.1T. Despite the recent slowdown in the crypto market, we continued to see some fundings flowing into the space to support early-stage web3 projects. In addition, Australia’s leading gas station, “OTR”, added crypto integration by accepting crypto payments for its fuel stations and convenience stores, with more than 175 locations in the region. On the macro side, both investors and traders will pay closed attention to the probability for Fed rate hike in September FOMC meeting (54.5% for 50bps rate hike; 45.5 for 75bps).

Top 100 in the last 7 days:

Outperformers: CHZ (+32.0%), LEO (+11.6%), SHIB (+7.4%), OKB (+7.0%), GNO (6.6%), CEL (+6.3%), EOS (+5.7%), HT (+5.5%)

Underperformers: BIT (-30.2%), SNX (-23.4%), GRT (-21.3%), HNT (-21.1%), RUNE (-19.8%), THETA (-19.4%), UNI (-19.2%)

Iron Bank, Yearn Finance and Homora joining Optimism

More in details: The Ethereum-based lending and borrowing platforms entered the layer-2 blockchain network on Tuesday to improve cross-chain interoperability, security and capital efficiency for users. The Ether-based platforms expected the defi service they provided will become more accessible, scalable and reliable by launching on Optimism.

Jump Crypto collaborated with Solana Foundation

More in details: Jump Crypto, the Web3 investment firm, has partnered with Solana Foundation to create a second validator, “Firedancer”, for Solana Blockchain network. The new validator will boost Solana performance, increase its scalability and improve its decentralized structure.

Copper connected to Solana

More in details: Copper, the cryptocurrency custodian firm, linked with Solana blockchain to support its Defi applications. “CopperConnect” is a Defi tool that allows Copper’s institutional clients to lend, borrow, stake or swap tokens. After the access to Solana, Copper’s clients can now have an additional avenue for accessing Defi and cryptocurrency.

HUSD stablecoin temporarily de-pegged

More in details: HUSD stablecoin was issued by Stable Universal, which was said to be fully backed by cash. HUSD has a market cap of $82m, and it has fallen to a low of $0.83 yesterday, then reclaimed $1.00 over the midnight. Huobi Exchange, who supported HUSD since 2018, jumped shipped in April this year. FTX also removed HUSD from its basket of supported stablecoins 16 days before the depeg happened.

Phantom wallet allowed users to burn NFTs for $SOL

More in details: The Phantom Wallet, a widely-used Solana hot wallet, added a new Burn Token feature, which suggesting users to burn spam NFTs for Solana tokens.

CoinFund, a seven-year web3 venture capitalist, launched a $300m early-stage web3 venture fund, “CoinFund Venture I”. The funding was backed by institutional investors and family offices. The capital is expected to be deployed over two to three years.

Unlockd, an NFT-backed Loan Protocol, raised $4.4m seed round funding led by Blockchain Capital. The protocol will launch its mainnet in October. The fresh funding will be used for product development, cross-chain expansion, security issues and marketing and more.

SuperLayer, a blockchain venture firm, secured $25m funding backed by Polygon Network. The funding will be deployed for team expansion and strengthening SuperLayer’s project ecosystem.

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