DeFi News Digest: 2 – 8 May

The Midas team has prepared a summary of the DeFi market, events, and important news that happened last week. 

More smart DeFi ideas and memes (of course) – Discord and Telegram channel. Stay tuned!

DeFi Overview 🤟

According to DeFiLlama, the total value locked (TVL) in DeFi projects: $159.04 billion

Despite the DeFi market drop, Dune Analytics data shows that the number of decentralized finance (DeFi) users is rapidly growing and hit a new all-time high of 4,701,139. 

DeFi Market Cap: $79,342,195,464

DeFi Pulse Index: $118.33

The DeFi Pulse Index is a capitalization-weighted index that tracks the performance of decentralized financial assets across the market. Underlying tokens: UniSwap, Loopring, Aave, Maker, Yearn, Compound, Sushi, Synthetix, REN, Rari Capital, Balancer, Badger, KNC and Farm.

L2 Solution overview 👌

The Total Value Locked in Ethereum Layer2 systems: $5.64  billion

DeFi News 👾

  • Tron’s new algorithmic stablecoin USDD went live

  • Polkadot upgrade locks in parachain messaging

  • Ribbon Finance gives half its protocol revenue to stakers

  • Opera browser enabled direct access to BNB Chain-based DApp ecosystem

  • Moonbeam added cross-chain capabilities, introduced xcDOT

  • Stablecoin exchange Kinesis is live on Evmos

Earning 💵

Top stablecoin pools from Defiyield

  • Beefy Finance with 45.54% APY

  • LiquidDriver with 36.00% APY

  • Beethoven with 35.08% APY

Additional useful content❤️

  • How to avoid front runners on decentralized crypto exchanges

  • Diving into Optimism and the promise of Layer 2 solutions

  • How Proof of Stake will make ETH ultra-sound money

Meme of the week 👍

Disclaimer: This post is for informational purposes only and should not be relied upon as a basis for investment decisions. Please do not follow any opinion as a specific strategy.

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