{"id":3705,"date":"2021-08-27T21:53:55","date_gmt":"2021-08-27T16:23:55","guid":{"rendered":"https:\/\/mudrex.com\/blog\/?p=3705"},"modified":"2022-11-07T17:17:42","modified_gmt":"2022-11-07T11:47:42","slug":"defi-tvl-hits-a-record-157b","status":"publish","type":"post","link":"https:\/\/mudrex.com\/blog\/defi-tvl-hits-a-record-157b\/","title":{"rendered":"DeFi TVL hits a record $157B"},"content":{"rendered":"\n<p><strong>This week in The Flippening, TL;DR<\/strong><\/p>\n\n\n\n<p>DeFi TVL hit a record $157B this week.<strong> <\/strong>USDC reserves to be held in cash and treasuries. Visa buys a Cryptopunk NFT for $150,000. Bitcoin touches $50k for the first time since May. All market sectors were in red last week. Coin burning and how it can tackle inflation. FTX is now live on Mudrex and OnlyFans\u2019s porn ban u-turn, a big win for crypto.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Top Highlights of the Week (ending 19th Aug)<\/strong><\/h4>\n\n\n\n<p><strong><a href=\"https:\/\/cointelegraph.com\/news\/defi-tvl-hits-a-record-157b-as-ethereum-competitors-attract-investors\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">DeFi TVL hits a record $157B; Ethereum competitors gain momentum<\/a><\/strong><\/p>\n\n\n\n<p>Interoperability-focused projects that offer cross-chain bridges and lucrative liquidity mining pools are seeing an influx of funds right as DeFi\u2019s TVL hits a new all-time high.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/cointelegraph.com\/news\/defi-tvl-hits-a-record-157b-as-ethereum-competitors-attract-investors\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/U1Ly6SxOiDQ6KogMP8fHglfFc9bbYbikaD0nQPNYMv-Pq09xR2cYdqRgMc-rQ3QuXjVE0krRyKEOwBRKolKayvt8Vs1ksVbQlU_qSt2WW8YFL4J9mVm2UGnZCi6jAYmg06vM_slC=s0\" alt=\"\"\/><\/a><\/figure>\n\n\n\n<p>Data from DeFi Llama shows that the total value locked (TVL) in all DeFi protocols reached an all-time high at $157.06 billion on 22nd Aug.<\/p>\n\n\n\n<p>Though DeFi got its start on the Ethereum blockchain (TVL $114B), it has since grown to other blockchains with smart contracts, the biggest being Binance Smart Chain (TVL $19.3B) and Solana (TVL $2.5B).&nbsp;<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/twitter.com\/emiliemc\/status\/1429664322725158914\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Coinbase\u2019s USDC stablecoin reserves to be held in cash and treasuries<\/a><\/strong><\/p>\n\n\n\n<p>Coinbase\u2019s President and COO Emilie Choi clarified that Starting September 2021, USDC reserves will be held in cash and short-duration US government treasuries.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/twitter.com\/emiliemc\/status\/1429664322725158914\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/fekgznsDqsMAzdjni1DY7aInhWNDLoxCYesz1vwSaUDn6N9aUhlR-5919RVM80R0wibkBhq3-DCBq1CHsZHcA5cU3ktIDlYEeUV2C0abq8VXPuY871kbnlnFOo25beomQMoyv7iI=s0\" alt=\"\"\/><\/a><\/figure>\n\n\n\n<p>The reallocation of the assets backing USDC, a $27 billion stablecoin, marks a swift change from July when consortium member Circle Internet Financial Inc. said that the reserves included corporate bonds and commercial paper.<\/p>\n\n\n\n<p>In July, Coinbase quietly changed the description for USDC on its website and dropped the wording that previously said each USDC was backed by one US dollar &#8220;in a bank account.&#8221;<\/p>\n\n\n\n<p>Emily Choi Tweet that while the changes in the investment portfolio for USDC reserves started in May 2021, it &#8220;will not extend past September.&#8221;<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/twitter.com\/VisaNews\/status\/1429745230023208969\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Visa jumps into the NFT craze; buys a Cryptopunk NFT for $150,000<\/a><\/strong><\/p>\n\n\n\n<p>Visa has purchased a CryptoPunks NFT for 49.5 ETH\u2014the equivalent of approximately $150,000.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/twitter.com\/VisaNews\/status\/1429745230023208969\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/sncQJdk1wDpwaNvyBvU7QUf_HQdQxhSA98aVZzFkjE-8xKVUz7RoYGLxMHSZNvQHTaZZAsCsPbjgppw3dOaYPVLRDS_ZvxzOEXSMnUUab6Dwnn2i14AeYhZucCwEsBhUP6eQ4vKr=s0\" alt=\"\"\/><\/a><\/figure>\n\n\n\n<p>\u201cOver the last 60 years, Visa has built a collection of historic commerce artifacts &#8211; from early paper credit cards to the zip-zap machine. Today, as we enter a new era of NFT-commerce, Visa welcomes CryptoPunk #7610 to our collection.\u201d, Visa said in a tweet.<\/p>\n\n\n\n<p>Cuy Sheffield, head of crypto at Visa said, \u201cWe\u2019re a company steeped in the history of commerce and payments \u2014 but with our eyes on the future. With our CryptoPunk purchase, we\u2019re jumping in feet first. This is just the beginning of our work in this space.\u201d<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity is-style-default\"\/>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Other News and Top Reads<\/strong><\/h4>\n\n\n\n<ul>\n<li>Will Polkadot save decentralized finance from Ethereum\u2019s scaling problems? <a href=\"https:\/\/cointelegraph.com\/news\/will-polkadot-save-decentralized-finance-from-ethereum-s-scaling-problems\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><strong>Read<\/strong><\/a><\/li>\n\n\n\n<li>Sperax USD: a Hybrid Stablecoin with a Twist. <a href=\"https:\/\/messari.us17.list-manage.com\/track\/click?u=5b89525c77acdd986027c25d1&amp;id=1778231b4a&amp;e=45d6ab358a\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><strong>Read<\/strong><\/a><\/li>\n\n\n\n<li>OnlyFan\u2019s porn u-turn is a victory against banking censorship. <a href=\"https:\/\/www.coindesk.com\/markets\/2021\/08\/25\/onlyfans-porn-u-turn-is-a-victory-against-banking-censorship\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><strong>Read<\/strong><\/a><\/li>\n\n\n\n<li>Why domain name investors are buying up NFTs. <a href=\"https:\/\/decrypt.co\/79120\/domain-name-investors-flocking-to-bored-ape-nfts?utm_campaign=daily_bundle_template&amp;utm_content=The%20New%20NFT%20Boom&amp;utm_medium=email&amp;utm_source=sg_email\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><strong>Read<\/strong><\/a><\/li>\n\n\n\n<li>The 15 most expensive NFTs ever sold. <a href=\"https:\/\/decrypt.co\/62898\/most-expensive-nfts-ever-sold\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><strong>Read<\/strong><\/a><\/li>\n\n\n\n<li>Coinbase users angry with customer support after funds disappear from accounts. <a href=\"https:\/\/cointelegraph.com\/news\/coinbase-users-angry-with-customer-support-after-funds-disappear-from-accounts\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><strong>Read<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Market Performance Overview<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/voxNS42LZBLosQNSrgnjm5RzIl_sEEbwWDb0vQS91ohvf63Ldd7suUrTbP1aaiCEE7JielIwOl4d5dXZ38eX-0hIEalNGovJ4xz-OoOVf_Gv31CuQfN7saHC7YMUHJynOmUYplxP=s0\" alt=\"\"\/><\/figure>\n\n\n\n<p>Bitcoin has recovered the milestone price of $50,000 for the first time since May, as the crypto market continues to break out from its spring crash and summer slump.<\/p>\n\n\n\n<p>The week ending 26th Aug saw all the major sectors in red. The most affected sector this week was DeFi, dropping 8.55% with Chainlink going down 14.31%. DeFi sector also dropped 5.34%,with Uniswap (-9.70%) and Aave (-13.24%) contributing to the decline.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/gKyS2JnrFPWvjdC8wx6iJmfPUJxNuzhNx2TgYyBWEvDuRQG6LlMuNjdeNgJiWA2-mdXM2jcAh4R9BP4hU325MEe1bhcKXYC-DuG05pjpu69-xP5e52WpvWSPFiClJ3DnQrvYko1z=s0\" alt=\"\"\/><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Today I Learned<\/strong><\/h4>\n\n\n\n<p>This week in TIL, we\u2019re going to discuss coin burning, and can it tackle inflation?<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.tradingview.com\/chart\/BTCUSDT\/PJvhEdfk-What-does-burning-a-coin-mean-Can-it-tackle-inflation\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/TNbazfpjKySvPO27fnFgcKiymC0K_HGgVPAXV1jh2vy-cdC2q9bb13FE54H-KnCvIoJbGHPwv9PYDvami1yvRtPQYOcg5A7KFMW9PHTjrj-jjXeI8HpYqUS0_a0cpd2xjr33KqZX=s0\" alt=\"\"\/><\/a><\/figure>\n\n\n\n<p>TIL &#8211; Coin-burning is the intentional and permanent elimination of a portion of cryptocurrency coins from circulation. It is done by sending cryptocurrency tokens to an eater address, also known as a \u2018blackhole.\u2019 It is a wallet address where no one holds the private key. Without the private key, these tokens cannot be accessed by anyone and are lost forever.<\/p>\n\n\n\n<p>Although creating an artificial supply crunch might seem like an illegal market manipulation technique, it definitely isn&#8217;t!<\/p>\n\n\n\n<p>This act is primarily done to control the price of the particular coin. Burning a portion of the entire circulation decreases the supply, thereby increasing its relative scarcity and thus creating a deflationary effect.<\/p>\n\n\n\n<p>After the London Hard Fork upgrade to the Ethereum network, around 3.17 ETH is being burned every minute. To put this into perspective, around half a million dollars worth of ETH is being burned every hour.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Featured<\/strong> &#8211; <strong>Mudrex integrates with FTX<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/mudrex.com\/algos\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/xIjRZ0k4ClSt6HZwe5qikGkcYy_DYrVq6b1Wob7j90-4lt7O1rTB7xbGi-t6dbG404Ta_FiFBvUoIsHqWJ4F4gfZQVHPXHtCjlAferwGm3HkJJurpjuHa1XvVdrhESjysaA_q0tc=s0\" alt=\"\"\/><\/a><\/figure>\n\n\n\n<p>We\u2019re super excited to announce that FTX is live on Mudrex. Now you can simply connect your FTX API keys on Mudrex, and start investing in your favorite algos using your FTX account.<\/p>\n\n\n\n<p>On another note, our Mudrex Wallet Deposit campaign is ending soon on 31st Aug.<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/mudrex.com\/wallet\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">So hurry up, deposit crypto worth more than $250 in your Mudrex Wallet by 31st August and get up to $500.<\/a>&nbsp;<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Top Algos of the Week<\/strong><\/h4>\n\n\n\n<p>Mudrex helps investors like you to invest in high-performing automated trading algorithms created by some of the best traders in the world. Here are 3 top performing algorithms from the last week:<\/p>\n\n\n\n<ul>\n<li><a href=\"https:\/\/mudrex.com\/algos\/c403d24a-dac0-4908-9b1a-36e7dcdef35f\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Windfarm BNB <\/a>(Performance Score: 8)<\/li>\n\n\n\n<li><a href=\"https:\/\/mudrex.com\/algos\/212e100a-4e46-4bf8-b150-fa46cdbf1cac\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">King-ETH 1<\/a> (Performance Score: 8)<\/li>\n\n\n\n<li><a href=\"https:\/\/mudrex.com\/algos\/528c8968-e62e-41f5-b465-ecc7600e8596\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">ETH-USDT Multitimeframe<\/a> (Performance Score: 9)<\/li>\n<\/ul>\n\n\n\n<p>Here we are, at the end of our 4th edition. We hope you liked reading it. Please write back with your feedback, comments, and stuff that you\u2019d like us to include in the newsletter.&nbsp;<\/p>\n\n\n\n<p>We\u2019ll leave you with this hilarious meme that perfectly describes Onlyfan\u2019s u-turn on banning porn.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/BdUJNxPLWCQIYcKBt5SF4_Yd1fA_f-fQpQRcHgUS198lx9uxpshuaWqZVshRtP88sd0B42QuBQ0wtg56-ZcAjubtNS8grIGGEsggcLN-EGN69KqHp5bQVMqmt2KTepoFInMtEvuC=s0\" alt=\"\"\/><\/figure>\n\n\n\n<p><a href=\"https:\/\/mudrex.com\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Join Us Today!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This week in The Flippening, TL;DR DeFi TVL hit a record $157B this week. USDC reserves to be held in cash and treasuries. Visa buys a Cryptopunk NFT for $150,000. Bitcoin touches $50k for the first time since May. All market sectors were in red last week. Coin burning and how it can tackle inflation. [&hellip;]<\/p>\n","protected":false},"author":42,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":""},"categories":[1082],"tags":[],"_links":{"self":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts\/3705"}],"collection":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/users\/42"}],"replies":[{"embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/comments?post=3705"}],"version-history":[{"count":6,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts\/3705\/revisions"}],"predecessor-version":[{"id":65414,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts\/3705\/revisions\/65414"}],"wp:attachment":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/media?parent=3705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/categories?post=3705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/tags?post=3705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}