Finance redefined: Uniswap violates $ 1T volume, WEF 2022 discussion on Terra and more

Finance redefined: Uniswap violates $ 1T volume, WEF 2022 discussion on Terra and more – Mail Bonus

The DeFi system continues to grapple with continued market fluctuations and the aftermath of the collapse of the Terra ecosystem. Over the past week, major DeFi protocols have shown signs of increased business activity, with Uniswap breaking the $ 1 trillion trading volume target.

Terra remained the focus of most discussions on blockchain and cryptocurrencies at the World Economic Forum (WEF), where analysts said Terra was offering unsustainable returns. DeFi insurance protocol to pay out millions after Terra’s crash, while interest in Ethereum Name Services (ENS) broke new records.

The top DeFi symbols by market value had a mixed week of price action, with several symbols in the top 100 recorded double-digit gains over the past week, while many others continue to trade in red.

WEF 2022: Terra was offering unsustainable returns and DeFi can support financial participation

Report from the opening day of the Blockchain Hub Davos 2022 conference, Cointelegraph Editor-in-Chief Kristina Lucrezia Cornèr hosted a panel discussion on DeFi entitled “Programmable Money is Here – and it’s changing the world as we know it.

Horsman of Coral Capital said that the Terra crisis was partly due to “they were actually offering unsustainable returns, and [that] it was venture capital firms that were launching these returns to launch ecosystems. He pointed out that his company decided to withdraw money from the project in November – December 2021 after their reserve model data predicted worrying calculations for the future.

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InsurAce says it will pay millions to creditors after the collapse of Terra

InsurAce’s DeFi insurance policy states that it was right to shorten the claims period for people affected by the TerraUSD (UST) disconnection event from 15 days to seven – but added that it has already processed almost all 173 claims and will pay 11 million. .

InsurAce (INSUR) is the third largest guarantor of Distributed Financial Conduct (DeFi), with a market capitalization of $ 15 million. On May 13, InsurAce caused an uproar when it announced that it had shortened the claim window for those with covers related to Anchor (ANC), Mirror (MIR) and stablecoin UST after the collapse of the Terra layer-1 blockchain.

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Uniswap breaks $ 1T by volume – but has only been used by 3.9M addresses

Uniswap’s Distributed Stock Exchange (DEX) has exceeded $ 1 trillion in total trading since its launch on Ethereum in late 2018.

However, it comes from a relatively small group of users, which indicates that there is a lot of potential growth expected. According to data from Uniswap Labs, a major contributor to the development of the protocol and ecosystem, the number of accumulated DEX addresses reached 3.9 million this month after just over three years.

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Interest in Ethereum name service gaining “significant mass”

The Ethereum name service has its best month in history for new registrations, renewal of bills and income, thanks to community awareness and low petrol fees.

EnS’s chief designer Nick Johnson tweeted on Monday as a measure of the Web3 domain service through May so far. He pointed out that the numbers were in a position to break the current record because they were already at an all-time high, “and there is still a week left until May.

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DeFi market overview

Analytical data show that the total value of locked DeFi continued to show an outflow last week, falling to $ 79 billion, a $ 5 billion decline over the past week. Data from Cointelegraph Markets Pro and TradingView show that the top 100 symbols of DeFi in terms of market value were listed a week full of volatile price action and constant bearish pressure.

The majority of the DeFi symbols in the top 100 series by market value traded in red, with the exception of a few. Aave (AAVE) rose the most with a 15% increase, followed by Loopring (LRC) with 14%. Tezos (XTZ) rose by 11% while Kava (KAVA) rose by 10%.

Before you go!

Terra’s Do Kown revival proposal was finally approved. Kwon’s “Terra Ecosystem Recovery Plan” is creating new currencies and giving them to investors who lost money. “Let’s call the current Terra blockchain network ‘Terra Classic’ and the current Luna blockchain, ‘Luna Classic’ and create a new Terra blockchain,” tweeted CEO Kwon on May 18.

Thanks for reading our summary of this week’s most influential DeFi development. Join us again next Friday for more stories, insights and education in this powerful space for progress.