DeFi Industry Market Cap Plunges 23.5% in a Week

Researchers at the Crypto com crypto exchange have assessed the situation in the decentralized finance industry. They have released another weekly report on the state of affairs in the sector. According to them, the DeFi market has shown mixed results: capitalization has decreased by 23.5%, while volume and volatility indices have grown by 69.39% and 96.17%, respectively. This happened against the backdrop of the collapse of Bitcoin and altcoins on the night from Sunday to Monday.

Experts noted that the big event of the week was related to Ethena’s synthetic dollar, USDe. “It experienced almost $120 million in buybacks during the market consolidation. Despite the volatility, the stablecoin was able to maintain its peg at $1, briefly falling to $0.997,” the analysts said.

Since its launch in April this year, USDe has grown to over 3.1 billion tokens. Ethena founder Guy Yang has confirmed that it has successfully processed over $50 million in buybacks, highlighting the system’s resilience. USDe differs from traditional stablecoins by using derivative hedging strategies and collateral in ETH and BTC instead of direct fiat support.

In other news, Kiln has launched its Kiln DeFi product, giving its integrators the ability to earn stablecoin rewards across protocols GhostMorpho and Compound. Crypto com DeFi Wallet became the first integrator to use the infrastructure.

Ripple is partnering with OpenEden to enter the US Treasury token market. The platform will offer digital bonds based on the XRP Ledger, converting them into digital TBILL tokens.

Meanwhile, Ronin Bridge has temporarily shut down after a white hat attack resulted in the theft of $12 million worth of tokens. The Terra blockchain was also attacked, with attackers stealing around $1 million by exploiting a vulnerability in IBC hooks.