Notable Messari Intel Updates
The Solana bridge, Wormhole, was exploited for 120,000 wETH in the second largest DeFi hack to date.
The 1inch team has announced the launch of 1inch Earn, a set of concentrated liquidity pools optimized for stablecoin swaps.
The Solana team announced the launch of Solana Pay, a new payments protocol designed to connect merchants and consumers.
cLabs has disclosed a vulnerability that could lead to a network stall on the Celo blockchain. The team reports that no funds are at risk.
The Fei Protocol team has introduced Tribe Turbo, a lending and credit primitive that allows supported collateral types to borrow FEI with a 0% interest rate.
Notable Messari Governor Updates
The Balancer DAO has introduced a proposal that aims to implement Curve’s vote-escrow system by introducing the veBAL token. Preliminary discussions are ongoing.
The Synthetix DAO has submitted a proposal that aims to upgrade the Synthetix Network to use the new Off-Chain Reporting (OCR) price feeds from Chainlink on Optimism. Voting is active and can be accessed by following this link.
The Friends With Benefits DAO has submitted a proposal that aims to select three artists via community votes for the first cohort of FWB Artists in Residence (FAiR) program. Voting will begin today and can be accessed by following this link.
The Paraswap DAO has submitted a proposal that aims to launch several liquidity initiatives that transfer Paraswap’s main liquidity source into a Curve V2 pool partly owned by the ParaSwap protocol. Preliminary discussions are ongoing.
10. The Uniswap DAO has submitted a proposal that aims to approve Hermes DeFi with an Additional Use Grant to deploy Uniswap V3 on Harmony. Preliminary discussions are ongoing.
Sector Returns
This is the first time in four weeks that not all sectors finish with negative returns. Four of the six sectors covered ended the week with positive returns. Impressively, Smart Contract Platforms, which had the largest decline last week, has seen the highest sector return this week. It took the first place returning 7.67%, followed by the DeFi sector bringing in 4.53%. Top Assets took the last spot as it brought a return of -1.17% for the week.
Top Assets
Top Assets brought a diverse set of returns as the sector had four assets end the week on the green while six were in the red. Solana(SOL) was the best performer of the sector as the alternate Layer 1 broke off from the pack during the second part of the week only to give back the gains and barely end the week on the lead, returning 8.9%. Following closely was Ethereum (ETH) as it ended the week with an 8.5% return. Terra (LUNA) was the clear laggard of the group, trading far below the rest and ultimately finishing the week with a 19.1% decline.
DeFi Assets
After three weeks of precipitous decline and $20 billion in total TVL wiped out, the DeFi sector has seen some signs of stability. As hinted on the January 20 recap, TVL broke the $220 billion critical support line and has settled on the September 2021 top of $200 billion as support. Maker (MKR) was the clear outperformer of the group ending the week with an impressive 26% return while the next best performer, Curve (CRV), was 18.3% away returning 7.7% on the week. Loopring (LRC) ended the week far below the rest of the group, returning a 19.3% loss.
Smart Contract Platforms
The Smart Contract Platform sector saw the most evenly distributed range of returns as half of the assets ended the week with positive returns while the other half recorded losses. Solana (SOL) was the best performer of the week returning 8.9% closely followed by Ethereum (ETH) with 8.5%. Cosmos (ATOM) and Terra (LUNA) broke downwards from the group early on and traded closely for the rest of the week. ATOM ultimately took the last spot returning -20.5% and LUNA -19.1%.
Currencies
For most of the week it seemed as if the majority of the assets in the Currencies sector would end the week with positive returns. Only three of the ten assets ended the week with a positive performance. Zcash (ZEC) was the best performer of the group by an 11.7% margin, returning a 13.3% gain while the next best performer was DASH (DASH) at 1.6%. Bitcoin Cash (BCH) took the last spot for the week ending with a 4.5% decline.
Web3
Render (RNDR) has not just been one of the best performers of the Web3 sector, but also the market. RNDR finds itself on a 34.8% gain while the rest of the market has been on a decline. RNDR is just one of the seven assets within the Web 3 sector that finished the week with positive returns while Helium (HNT), the best performer of last week, took the last spot with a 12.4% loss.
Gaming
Eight of the top ten assets by market capitalization within the Gaming sector brought positive returns for the week. The top performer was Yield Guild Games, bringing in a 15.1% return followed closely by Sandbox (SAND) with 14.1%. The rest of the group had returns ranging from 9.8% down to -2.7% with Axie Infinity (AXS) taking the last spot.
