Bitcoin

After Terra’s collapse, DeFi shake-up as DAI rises to prominence

Now that Terra has collapsed, it’s time to look into the DeFi space to see how other protocols have been affected by the changes. DeFi surged to prominence in 2020, or if you want to get down with the lingo, during a period known as “DeFi Summer”. Since then, the yields have dropped a bit…

Since then, the yields have dropped a bit as the market became more efficient. This makes sense. Well, there was still a pretty juicy yield available on the Anchor protocol, actually – a salivating 20% – but I heard on the grapevine that it didn’t end so well.

As the above graph from DefiLllama shows, Anchor total value locked (TVL) plummeted from $18 billion to within a rounding error of zero. You can see the TVL of Terra’s entire blockchain if you click “Play Timeline” at the top left corner. This is a change from Ethereum, which had a comfortable hold of second until a few weeks ago. The power of the powerful have fallen.

Guess Whose Back, Back, Back, Back Again

How have the rankings changed? Eminem asked, “How have the rankings changed?” Well, it’s the now-rather-smug-looking DAI stablecoin, which is back, back… back, again. MakerDAO is King of the Hill once more, with $9.5 billion in TVL placing it as the number 1 protocol, following the curious case of Anchor’s vanishing $18 billion.

It’s an ironic twist, but it’s true. MakerDAO launched DAI, the first stablecoin decentralised to gain real prominence. While my Editor Joe KB suggested on our newly-launched CoinJournal podcast last week that Americans don’t do irony, I’m sure this wasn’t lost on anyone.

DAI shares the seductive quality that decentralisation brings with TerraUSD. DAI supporters will shout as loudly as they can about one important distinction: DAI is collateralised.

To give you a quick explanation, DAI is when users borrow against secured collateral. It is also destroyed after the loan is repaid. The user then regains access the locked collateral. It is almost absurd how useful it makes when compared with TerraUSD. However, it was losing significant market shares to TerraUSD. Do Kwon, the founder, didn’t mince words in his battle against this logical stablecoin.

By my hand $DAI will die.

— Do Kwon (@stablekwon) March 23, 2022

Aave and

Curve are the two protocols behind MakerDAO’s new-look top three. They also appear as old-timers, possibly less sexy than the admittedly stunning, but inherently flawed Anchor protocol. Both have a TVL of $8.9 billion and $8.5 million respectively. When Tim Frost, CEO and founder at Yield App, said the following:

, I thought he had some interesting thoughts.

“It’s heartening to see Maker DAO, the original decentralised stablecoin project, return to the top spot in terms of total value locked (TVL) this week. According to data from Defi Llama, Maker DAO – the home of US dollar-pegged stablecoin DAI – is posting a TVL of nearly $10 billion as of Wednesday. While 30% down from where it was last month, this marks a grand achievement for one of DeFi’s oldest projects and a heartening signal for the entire industry.

He went on to say that “these top-three DeFi survivors (MakerDAO, Curve and Aave) really do represent the cream of the crop, providing a snapshot of the industry’s evolution from its earliest days in 2014 to today. This also highlights the importance of solid development, track record and reputation in this industry. These projects were developed during the bear markets of 2018”

Final Thoughts

Frost’s comments are spot on. While overall DeFi TVL fell in line with recent market downturns, this was always going to happen. This is still a very experimental market in an increasingly risky market. But these three big dogs, if I can use that scientific language, do boast the closest thing to a reputable track record that one can find in the industry of DeFi, which has only been around since 2018.

There is a parable in this and it has been repeated over and over again across all asset classes. There has been an intoxicating period where everyone, including their grandmothers, was able to make money. My grandmother’s crypto portfolio was 3X larger than mine during the bull market.

But with the money printer slowing down, rates rising, and a laundry checklist of bull factors that I simply don’t have the energy to write right now, there has been a loss of demand in the economy. We are in the middle of a correction, thanks to a natural flush of all that froth.

Flash in the pans like Anchor is the latest example of bubble hysteria. MakerDAO, Curve, and Aave, if this is the dotcom bubble burst, are the best people to play the Amazons and rise out of the ashes when we get back on track. Sometimes, it’s a good thing to be less sexy. That’s what I tell my mirror after a long night of staring at red candles on the computer screen.

Bitcoin

Introducing iFX EXPO Dubai 2025 – MENA’s No.1 B2B & B2C online trading event

Be part of the ultimate gathering of industry professionals in Dubai Mark your calendars! MENA’s most popular online trading event – iFX EXPO Dubai 2025 – returns to the region, with the latest instalment promising to be the biggest and best one yet. Taking place between January 14-16, 2025, at the Dubai World Trade Centre,…

Be part of the ultimate gathering of industry professionals in Dubai

Mark your calendars! MENA’s most popular online trading event – iFX EXPO Dubai 2025 – returns to the region, with the latest instalment promising to be the biggest and best one yet.

Taking place between January 14-16, 2025, at the Dubai World Trade Centre, the 2+ day exhibition is one of the largest B2B and B2C expos of its kind anywhere in the world, bringing together key players from across the globe.

Whether you are a seasoned trader, new to the industry, or a business looking to grow your presence in MENA, iFX EXPO Dubai 2025 is set to be an unmissable event, with 7k+ professionals from 120+ countries set to be in attendance.

Building on the huge success of last year’s event, passholders will be able to access 13+ hours of insightful content across three stages, Speaker Hall, Idea Hub, and Traders Arena, featuring a stellar lineup of influential experts and visionary thinkers.

A must-attend event for traders

iFX EXPO Dubai 2025 has cemented its reputation as a global meeting point for the online trading community, offering traders the chance to experience unparalleled networking opportunities and cutting-edge industry insights.

It is a gateway to learning and growth, with all areas of the venue providing fantastic learning opportunities. The main expo floor will serve as the primary marketplace where traders can network with top brokers, access industry leaders, and explore the latest trading platforms and state-of-the-art technologies.

As well as the insightful speaker sessions, Q&As, and panel discussions featured at the Speaker Hall and Idea Hub, traders will be able to head to the Traders Zone, comprising the exclusive Traders Lounge and Traders Arena.

The Traders Lounge serves as an important hub for collaboration, where traders from around the world can exchange insights, build relationships, and keep updated with the latest industry trends in a more informal setting.

Meanwhile, the Traders Arena provides a dynamic stage for trading education and community building, offering an ideal environment for traders to learn, share, and grow within the world of online trading.

Business sponsorship and exhibitor opportunities

iFX EXPO Dubai 2025 presents FX and fintech firms with a unique opportunity to showcase their business to a target audience of thousands of attendees from across the industry, including brokers, traders, affiliates and IBs, liquidity providers, fintechs, prop firms, institutional investors, and more.

From start-ups to established companies, the event offers the ideal platform to promote their offerings and put their brand on the map through a range of exclusive sponsorship and exhibitor packages.

By becoming an official sponsor or exhibiting at a booth, companies can not only boost their visibility but also unlock greater opportunities to form strategic partnerships, generate leads, and drive business growth.

Due to high demand, there are limited booths and sponsorship slots available, meaning interested parties are encouraged to get in touch with the event organisers quickly to avoid disappointment.

For more information about how to sponsor or exhibit as a business, click here.

Counting down to Dubai

The excitement is already building, with January fast approaching. iFX EXPO Dubai 2025 is gearing up to be the biggest online trading event of the year in MENA, offering unmatched opportunities for traders and businesses alike.

Early bird registration is now open, so don’t miss the chance to secure a spot at the event everyone will be talking about. To guarantee attendance at iFX EXPO Dubai 2025, click here.

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Uniswap unveils own layer-2 network Unichain, UNI price soars 11%

Uniswap has launched its layer-2 network called Unichain The OP Stack-powered L2 is in testnet and is designed to improve transaction speed, lower costs, and boost liquidity UNI token’s price surged to $8.14, its highest level in over two months Uniswap, a leading decentralized exchange platform, has announced a major development for its network and…

Uniswap has launched its layer-2 network called Unichain
The OP Stack-powered L2 is in testnet and is designed to improve transaction speed, lower costs, and boost liquidity
UNI token’s price surged to $8.14, its highest level in over two months

Uniswap, a leading decentralized exchange platform, has announced a major development for its network and ecosystem.

The news helped Uniswap’s native token UNI to soar double digits on Thursday.

On October 10, the Uniswap team revealed that the DEX platform was looking to launch its layer-2 network on Ethereum. The L2, dubbed Unichain, is earmarked for decentralized finance (DeFi).

Per the Uniswap Labs announcement, its a solution to transaction speed and costs for the exchange’s users. Also key to the launch is the question of liquidity.

Introducing @unichain — a new L2 designed for DeFi ✨

Fast blocks (250ms), cross-chain interoperability, and a decentralized validator network

Built to be the home for liquidity across chains pic.twitter.com/lqfJh6Ltio

— Uniswap Labs 🦄 (@Uniswap) October 10, 2024

Unichain is powered by Optimism’s OP stack and offers one-second block times. Sub-block times of 200-250 milliseconds is also part of the development.

Uniswap Labs wrote on X:

“This type of speed isn’t just great for UX, it also improves market efficiency and lowers value lost to MEV.”

Uniswap has partnered with OP Labs for native interoperability, with this enabling implementation of cross-chain messaging and cross-chain liquidity. The platforms plan to bolster the ecosystem’s connectivity with cross-chain swapping across the Uniswap interface and wallet.

According to details in today’s announcement, the Unichain testnet is live, while the mainnet will go live later in Q4, 2024.

UNI price soars 11%

Native Uniswap DEX token UNI is among the top gainers in the crypto market. This follows a price explosion for the cryptocurrency after the news emerged.

With most altcoins down on the day or struggling for upside, UNI spiked more than 11% to hit highs last seen in July 2024. The token’s surge to the multi-month high of $8.14 saw Uniswap rank as the top performing coin among top 100 coins by market cap.

UNI traded around $8.05 at the time of writing, still up by more than 9%.

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Bitcoin

Fundstrat’s Tom Lee Predicts Bitcoin Bull Market Surge Due to Supply Shock

Tom Lee, CIO of Fundstrat Capital, a financial research firm, has predicted that the bitcoin bull market will continue in December and announced that the first cryptocurrency will reach “well over $100,000” by year-end. Tom Lee Forecasts Bitcoin Reaching $100,000 By Year’s End in All-Asset-Encompassing Bull Market The bull market predictions for bitcoin prices keep [……
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