- YFI leads the latest DeFi rally
- Uniswap records highest ever daily volume
- Top 3 lending platforms hit $20 billion in outstanding loans
- ETH supply in smart contracts consistently increases
- YFI hit an all-time high of $90,000 during today’s Asia session after several months of choppy price action.
- The rally began a couple of days ago, but was further incited by Yearn embracing the dog coin craze.
- A week after Uniswap v3’s launch, Uniswap v2 recorded $3.6 billion in daily volume — its highest ever figure in a single day. The DEX also hit a record of 230,000 swaps on May 10.
- As mentioned yesterday, dog coins are the primary catalyst for higher Uniswap volumes.
- Aave, Compound, and Maker together hit $20 billion in outstanding loans this week.
- Maker has significantly increased its market share on the back of recent protocol changes and the ETH rally creating more demand for leverage. Aave loans saw a jump in light of their deployment on Polygon.
- A rough proxy for ETH flowing into DeFi, the percentage of ETH supply held in smart contracts is growing consistently. It’s currently at levels last seen before the DAO hack (when ETH supply was also much lower).
- ETH exiting centralized exchanges and moving into smart contracts at a steady pace is one of the main catalysts for the ongoing ETH rally.
The S&P 500 opened gap down today as consumer inflation comes in higher than analysts’ expectation.
CPI comes in significantly higher than expected.
Core CPI up 3.0% from last year. That’s vs expectations of 2.3%
On a month over month basis, we got a 0.9% core reading vs. 0.3% expected. That’s the big one right there.
— Joe Weisenthal (@TheStalwart) May 12, 2021
Axie Infinity and Yield Guild announce a documentary on play-to-earn and its effect in developing countries (releases tomorrow).
ANNOUNCEMENT: we are launching a documentary on play-to-earn this Thursday, May 13 at 9am ET following the lives of the people from Cabanatuan City, Philippines that were saved by playing Axie Infinity during the early lockdown period last year. Trailer: https://t.co/zkAnsXR79C
— Yield Guild Games (@YieldGuild) May 11, 2021
The Fed is working on an open source CBDC.
FED’S ROSENGREN SAYS CENTRAL BANK IS CONSIDERING BOTH TECHNICAL AND POLICY ISSUES SURROUNDING A https://t.co/3Hke8sXa7c DIGITAL CURRENCY
ROSENGREN SAYS MIT, BOSTON FED WILL RELEASE WHITE PAPER IN EARLY Q3 THIS YEAR, CREATE AN OPEN SOURCE LICENSE FOR THE CODE
— *Walter Bloomberg (@DeItaone) May 12, 2021