DeFi Weekly Roundup: Decentralized Finance To Be Reviwed At CFTC Tech Advisory Meeting; DeFi Plunge Below $50 Billion Mark; Synthetix Installs V3 On Ethereum.

How 2 DeFi Protocols Crashed When Chainlink Paused LUNA Price Feeds

The U.S. State Department’s Commodity Regulator set up a console at an impending consultative meeting to investigate some issues in decentralized finance.

On Thursday, March 2, 2023, Christy Romero, commissioner of the Commodities Futures Trading Commission, commented on Twitter that there would be a presentation about DeFi from various professionals. The panel is determined to investigate the DeFi space at an upcoming meeting where crypto industry experts are invited and meant to be available. Several consoles will explore adequate Artificial Intelligence (AI) development and any threats that arise from AI, coupled with threats to the market from cybersecurity.

The crypto market’s worth began to drop again after a buoyant bull accumulation over the past week. The TVL in Defi plunged below the $50 billion mark to exactly $49.8 billion.

On February 25, 2023, Ethereum had the highest TVL, leading by 58.45% of all blockchains. Tron came in second with 10.64%, followed by BSC with 10.01%, Arbitrum with 3.89%, and Polygon with 2.36%. These five blockchains captured 85.35% of the total value stored in decentralized finance on Saturday. Among the top ten blockchains, Arbitrum caught the eye with its TVL increasing by 9.39% last week and 60.87% over the last month.

This week, among the first ten smart contract coins, the biggest drop was attributed to Polygon, with a 17.6% dip. The largest pump was Stacked, which rose to 102.5%. The second-largest coin pump was the Kylin Network (KYL), which rose to 69.1%. The two greatest losers were Astar (ASTR), which lost a whopping 26.2%, and Shiden Network, with a dip of 23.9%.

The recent crypto dip had a huge impact on the values of smart contract tokens and the TVL in DeFi over the last month. Jamie Redman, a news and financial journalist at gave a rundown of how the recent dip impacted Lido and Uniswap. Both Lido and Uniswap enjoyed a 30-day increase of 8.43% and 6.43%, respectively, during the dip.

Synthetix, an on-chain liquidity and derivative trading protocol, deployed version 3 (v3) on the Ethereum blockchain. Synthetix (SNX) is a convention that allows the issuance of synthetic assets on the Ethereum mainnet. These enable users and participants to mint, hold, and trade derivatives.

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