DeFi Weekly is a weekly summary column for the DeFi space, covering the week’s important DeFi data, DeFi project news, and more.
This week’s DeFi data
1、DeFi total market value: $87.361 billion
2、Transaction volume of decentralized exchanges in the past 24 hours: $8.91 billion
3、Total borrowing volume on DeFi lending platform: $16.65 billion
4、Locked assets in DeFi: $80.97 billion
DeFi important developments
DeFi benchmark interest rate falls to 4.73%
Golden Finance reported that the DeFi decentralized financial benchmark interest rate was 4.73% on May 21, down 2.17% from the previous day, according to companion data. The U.S. Treasury Secured Repo Rate (Repo Rate) for the same period was 0.01%, and the difference between the two rates was 4.72%. The DeFi benchmark rate represents the ease of DeFi financing, with higher rates indicating higher financing costs and lower rates indicating lower financing costs. The interest rate differential with the Repo Rate facilitates a like-for-like comparison between DeFi and the traditional market.
Uniswap v2 and SushiSwap 7-day average transaction fees are both higher than Bitcoin
Data provided by Twitter user Whale shows that Uniswap v2 has the second highest 7-day average transaction fee of about $5.913 million, and SushiSwap has the third highest 7-day average transaction fee of about $3.383 million. And Bitcoin’s 7-day average transaction fee was $33.55 billion, ranking fourth in transaction fees.
Fei Labs: FIP-5 Proposal Adopted
May 19, Fei Labs tweeted that the FIP-5 proposal has passed and will be implemented on May 19 Pacific time. The main content of the FIP-5 proposal is to update the bondcurve allocation and add slippage protection to the Uniswap liquidity pool.
Uniswap V3 Total Lockup Value Exceeds $1 Billion
Uniswap V3 surpassed $1 billion in total locked-in value (TVL) in less than two weeks after going live, the company said on May 18. Uniswap V3 is the first of its kind in the world.
Uniswap V3 trading volume jumped to the top of Ether DEX
According to OKLink data, as of 10:00 today, the 24-hour trading volume of Dex on Ether is about $8.52 billion. The top three Dex protocols in terms of trading volume are Uniswap V3 with $1.71 billion, Uniswap V2 with $1.53 billion and SushiSwap with $1.17 billion.
Coinan Smart Chain PancakeBunny Responds to Token Flash Crash: Attacked by Lightning Loans
On May 20, the DeFi revenue aggregator PancakeBunny (BUNNY) of the Coin Security Smart Chain (BSC) responded to the token flash crash by saying that it was attacked by a flash loan from an external developer, and the hacker used PancakeSwap to borrow a large amount of BNB and then continued to manipulate USDT/BNB and BUNNY/BNB prices to Obtain a large amount of BUNNY and sell it, resulting in a flash crash in BUNNY price, and finally the hacker exchanged it back to BNB via PancakeSwap.
TheBlock Researcher: The amount of money withdrawn from DeFi due to hacking exceeded $370 million
TheBlock research analyst IgorIgamberdiev noted in his latest report that the amount of money extracted from DeFi due to hacking exceeded $370 million. all root causes of DeFi attacks can be divided into two types: vulnerabilities due to bugs in the project code only (e.g. lack of soundness checks); bugs caused by DeFi composability ( such as prophecy machine misuse). The most frequent attacks occur on weekends, which makes it difficult for developers (and researchers) to respond.
BSC’s largest lending platform VENUS undergoes large liquidation, suspected malicious manipulation
On May 19, BSC’s largest lending platform VENUS was exposed to a large liquidation with extremely bad manipulation practices. According to the feedback from the community, there are several large investors who have more than 3 million XVS (Venus platform coins) in their hands, they spent tens of millions of dollars to pull the price of XVS from more than $70 to $144 in a short period of time last night, and then mortgaged XVS to lend thousands of BTC and tens of thousands of ETH at the high price level. Venus platform with over $100 million in bad debt.
MakerDAO expects total annual revenue to exceed $200 million
MarketBurn data shows that DeFi lending platform MakerDAO’s projected annual gross revenue will exceed $200 million. While this is an estimate based on the platform’s current performance, it shows the tremendous growth MakerDAO has seen in the past few months. By comparison, the company’s average annual revenue on Jan. 1 was just $19 million, an increase of nearly 1,000 percent in just 4.5 months.
Decentralized Lending Platform JustLend Officially Launches Stable Coin TUSD, TRC20TUSD Adds to Lending Usage Scenario
According to the official website of decentralized lending platform JustLend, the proposal No. 2 “Adding support for stablecoin TUSD” initiated by its governance community was passed with more than 600 million votes and officially launched on JustLend today. users can get jTUSD by depositing TUSD and enjoy the high returns of JustLend lending market in time. TUSD is a fully collateralized and on-chain real-time verified USD stable coin. TUSD is fully collateralized and verified by the chain in real time. 70+ centralized exchanges such as Cryptocurrency, FireCoin and Poloniex are now online, basically covering the head exchanges, and circulating in dozens of DeFi trading and lending platforms. jTUSD has a 1:1 ratio of liquidity to USD reserves, achieving 100% reserves, and is audited in real time by Armanino, a national accounting firm, and users can access the public audit results at any time through the official website.
DeFi Project PancakeBunny hackers have converted most of the profitable funds into nearly 46 million DAI
Since May 20 at 10:55 BST, the hacker’s profit address (0x158C24…2C612f) for the PancakeBunny incident has been converted to nearly 46 million DAI via the .2C612f) converted 114,631 BNB and 697,245 BUNNY to ETH via PancakeSwap and transferred them to ETH address 1 (0xa0ACC6…d7E187) and ETH address 2 (0xa0ACC6…d7E187) in a cross-chain manner. .d7E187) and ETH address 2 (0x158C24…. .2C612f). Today, Slow Fog MistTrack monitored that Address 1 transferred 16,500 ETH to Address 2, which then converted ETH to DAI via exchange platforms such as Sushiswap and transferred it back to Address 1. Currently, Address 1 has a balance of 480 ETH and nearly 46 million DAI; Address 2 has no balance. Address 2 has no balance. The Slow Fog security team would like to remind exchanges and wallets to strengthen their address monitoring to avoid the flow of malicious funds to their platforms.
PancakeBunny updates code to prevent similar lightning loan attacks from happening again
In official news, PancakeBunny said in response to the previous lightning loan attack that it has changed its code to prevent similar lightning loan attacks from happening again, mainly including: 1. the function [PriceCalculatorBSC.sol] has been updated so that the token price prediction machine can use the Chainlink contract; 2. update the code so that if Bunny minter has an unbalanced currency pair in its currency pair contract, the protocol will check it, eliminate excessive irregularities (dust) and seamlessly remove liquidity. pancakeBunny has back-tested this strategy and confirmed that it can stop potential lightning credit attacks.
Total stablecoin issuance on ethereum tops $60 billion, a record high
According to the latest data, the total issue volume of stable coins on the ethereum blockchain has surpassed a record high of $60 billion, or $61.09 billion at the time of this writing. Stable coins on ethereum are fiat currencies used in blockchain networks, usually riveted to the fiat price, audited by a third party, with real dollars as reserves or guaranteed by complex algorithms to protect their price. According to the issuance volume, the top three stable coins on Ether are: 1. USDT: $25916047048, with 42.43% of issuance volume; 2. USDC: $181,49530825, with 29.71% of issuance volume; 3. BUSD: $81,68314933, with 13.37% of issuance volume. The total issue volume of stable coins on the ethereum blockchain exceeded $50 billion for the first time on April 20, which means an increase of $10 billion in one month.
1inch Launches Vulnerability Bounty Program of up to $200,000
1inch has launched a vulnerability bounty program of up to $200,000 on the Immunefi platform, according to the official Twitter feed. The bounty program is focused on smart contracts and websites, with the main goal of addressing serious security issues that directly affect the security of funds and incorrect price estimates.
USDC’s total market cap tops $19 billion
According to Circle CEO Jeremy Allaire’s tweet, the market cap of stablecoin USDC has surpassed $19 billion.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/total-stable-coin-issuance-on-ethereum-surpasses-60-billion-a-record-high/
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