Weekly DeFi Report: Merge On Track

Digital assets rallied up after the lower-than-expected July CPI number released, with crypto market cap surpassed $1.2T level and BTC trading above $24k. The 8.5% CPI hinted the inflation problem has been declining and implied that the Fed may not take any hawkish action in September FOMC meeting. The expectation for next interest rate hike flipped from additional 75bps to 50bps immediately. Without macro uncertainty ahead, risk assets reacted with surging price actions. In the help of the Merge upgrade, Ethereum, with +17.7% gain this week, continued to outperformed Bitcoin which had a relatively smaller gain of +5.8%. The forked versions of Ethereum continued to be the hottest topic in the crypto space.

Top 100 in the last 7 days:

Outperformers: CEL (+106.7%), DCR (+33.7%), NEAR (+31.2%), NEXO (+27.4%), AVAX (+23.4%), LINK (+22.3%), ZEC (+21.8%), GRT (+20.4%), ETC (+20.2%)

Underperformers: 10SET (-8.5%), APE (-7.3%), LEO (-5.8%), DFI (-5.5%), BIT (-3.7%)

Ethereum completed ‘Goerli Testnet Merge’ and scheduled the ‘Final Merge’

More in details: Ethereum is now another step closer to proof-of-stake (PoS), following the successful merge of its final testnet, Goerli. The Final Merge schedule was revealed, which will tentatively be on 15–16 Sep. After the full transition towards PoS, Ethereum miners will be laid off so they attempted to fork the network.

Curve Finance $570k exploit

More in details: Curve Finance front-end UI, specifically ‘curve.fi’, got exploited on Wednesday. The team has quickly resolved the issue within hours with minimal losses and the entire platform was safe to use again.

BlackRock offering private Bitcoin spot trust

More in details: Following the partnership with Coinbase, the largest asset manager has launched a private trust to offer bitcoin exposure for its institutional clients. It also mentioned that Bitcoin is the primary subject of interest from its clients within the crypto space.

DYDX blocking users associated with Tornado Cash

More in details: Tornado Cash was sanctioned by the US Treasury earlier this week. The decentralized crypto exchange, DYDX, has begun blocking its users whose crypto addresses were linked with Tornado Cash in order to avoid any fraudulent accounts.

Maven 11, Netherlands-based crypto investment firm, launching $30m lending pool on Maple

Jito Labs, Solana MEV infrastructure developer, raised $10m in Series A funding round, co-led by Multicoin Capital and Framework Ventures. Other investors included Alameda Research, Delphi Digital, Solana Ventures and Robot Ventures. Jito Labs aimed at improving the speed and finality of Solana transactions. The fresh funding will help Jito Labs in expanding their team from six persons to eleven or more.

Heirloom, Software-as-a-Service (SaaS) start-up, raised $8m funding, co-led by Ripple and Forte. The firm would use the fund to onboard enterprise firms into the web3 industry using XRP ledger.

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