WeekFi Recap! NFT Summer is still the same, but the undercurrent is surging under the heat

This week, the total TVL in DeFi market fluctuated and dropped a little (-2.84%). By the end of the week4 Aug, the total TVL in DeFi market was roughly $82.8b. Aave, the dominated protocol in TVL, dropped 6.72% ($14.98b). 

With the boost of Avalanche, Pangolin’s attraction hasn’t faded. It TVL stabled around $350m for 2 weeks. Hegic suffered the most TVL loss with only $11m remained (It has more than $50m TVL 2 weeks ago). 

Spot DEXes trading activity seemed to get colder, especially on Uniswap, decreasing 15.22% compared to last week. However, all figures of dYdX went up last week. dYdX’s daily trading volume exceeds $2.56b, 94% higher than Uniswap. Its weekly revenue boosted 70%, mainly because of the trading mining program. 

We saw some new progress among solid protocols. Aave announced plans for more robust cross-chain governance as the Ethereum community supporting the initial Aave framework branch out to other chains and L2 solutions. Sushiswap joined the Avalanched Rush project, with 2 protocols of $7.5 million each for liquidity mining incentives for AVAX and SUSHI pairs over a three-month period. Pyth Network officially launched on Solana mainnet. Ribbon Finance announced details about V2, bringing greater decentralization to and governance controls to options-strategy vaults. 

The NFT trading market is still booming. Opensea reached a new vol high ($322m/day, $1.2b/month), and CryptoPunks’ floor price exceed 100ETH. Even NBA icon Stephen Curry bought a Bored Ape Yacht spending 55 ETH (Around $180,000). 

Want to know more about what happened this week? Check out the latest DeFi Weekly by TokenInsight.