Review of major events that affect the DEFI market in May

Author: Locus.finance Source: Medium Translation: Good Oba, Bit Chain Vision Realm

After experiencing the difficult start of this month, the cryptocurrency market has achieved amazing recovery in the past 30 days. The total capital of the industry has risen from US $ 2.29 trillion to the current $ 2.79 trillion valuation (as of May 28)——The representative increase of 21%.Despite this fluctuation, decentralized finance (DEFI) industry still shows huge elasticity, and its TVL continues to hover between $ 90 billion and $ 108 billion.

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In May 2024, the DEFI Market TVL (Source: Defillama)

According to the latest data, the best cryptocurrency field in the past month is the L-1 blockchain market (increased by 27%), followed by the DEFI ecosystem, an increase of 25%.Researchers pointed out that after the performance of most of 2024, Defi finally showed a strong recovery -among them, Memecoin ranked the best performance.

In addition, a study of Binance showed that since this year, the Defi market has soared by 75.1%, and capital has poured in large quantities, and investors’ confidence in the industry has continued to increase.In addition, researchers pointed out that investors and stakeholders from the cryptocurrency and traditional financial sector have increased the adoption rate in various financial fields.

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Defi’s TVL explosion growth (Source: Binance)

In the end, the stabilized currency market has experienced a significant growth in the past month, and its market value has reached 161.1 billion US dollars on May 24, the highest level in the past two years.

Key indicators

As in the past few months, the liquid pledge agreement Lido maintained the status of DEFI leaders in May, locking the total value (TVL) to US $ 36.09 billion, an increase of 16.64%over the previous month.In addition, the price of LIDO’s original currency “LDO” rose by 15.64% (rose to $ 2.44), and its market value soared by 34.84% to $ 2.32 billion.Nevertheless, the transaction volume of the platform fell by 6.93%to US $ 696.8 million, and its unique active wallet (UAW) address increased by 13.03%to 19,530.

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DEFI project (Source: DAPPRADAR) in the field of DEFI throughout May)

The second place is the famous decentralized lending platform AAVE V3. TVL is $ 11.03 billion, a significant increase of 25.17%.The price of the original currency “AAVE” of the project rose 15.11% to $ 106.06, which promoted its market value to US $ 1.67 billion, an increase of 27.77%.In the end, although the number of UAW fell 13.62%(fell to 59,92K), the transaction value of the platform was US $ 20.55 million, a decrease of 12.55%month -on -month.

Following AAVE is Uniswap V3, TVL is US $ 7.29 billion, an increase of 9.89%.The price of UNI also rose by 34.29% to $ 10.77, driving its market value rose by 44.74% to $ 8.37 billion.In addition, the transaction volume of UNISWAP V3 increased significantly by 12.31%to US $ 131.66 billion, while the number of UAW increased by 2.31%to 2.14 million.

MakerDao is a popular decentralized autonomous organization (DAO) based on Ethereum. Its TVL is US $ 6.54 billion, an increase of 6.15%month -on -month.Although the price of its original currency “MKR” fell 9.77%(falling to $ 2.72), the market value of the platform was still relatively stable to $ 2.64 billion (only 0.85%).MakerDao’s transaction volume also increased significantly by 100%to US $ 1811.9 million.

Finally, the TVL of Eigenlayer, a decentralized Ethereum pledge agreement, dropped by 39.36%, which is currently $ 5.85 billion.Although the transaction volume of the platform surged in 201.33% to $ 4.01 million, the number of UAW decreased by 39.36% to 1418,300.

The development of key markets centered on DEFI needs to be considered

On May 23, the US Securities and Exchange Commission (SEC) officially approved a batch of Ethereum Trek Exchange Trading Fund (ETF) in the United States, which is a major progress in the supervision of the DEFI field.Major companies, including VANECK, Blackrock, Fidelity, GrayScale, Franklin Denpton, ARK 21SHARES, Invesco Galaxy and Bitwise.

To the Memecoin market, due to the soaring PEPE price, an anonymous trader transformed a $ 3,000 investment into an amazing $ 46 million profit in one month.According to reports, the trader originally purchased 4.9 trillion PEPEs at a price of $ 3,000, and finally sold 1.41 trillion PEPEs for $ 7.4 million.According to reports, the person still holds 3.5 trillion PEPE, worth $ 38.9 million.

Former US President Donald Trump, which is currently facing criminal allegations in four judicial regions, announced that his 2024 presidential campaign will accept cryptocurrency donations.In the notice on May 21, the Trump’s 2024 campaign launched a fundraising page for eligible individuals to donate with cryptocurrencies to use the CoinBase Commerce.It is reported that donations can be carried out through Bitcoin, Ethereum, dog coins, Shiba Inu, XRP, USD coins, Solana and 0X.

In the end, Zhao Changpeng, a former CEO of Binance, was sentenced to four months imprisonment for failed to maintain an effective anti -money laundering (AML) plan on the cryptocurrency exchange.Following Zhao in November, Richard Jones, Judge of the Western District Court of Washington, USA, sentenced the judgment on April 30.Although the prosecutor had initially sought three years of imprisonment, judge Jones decided to shorten the sentence and pointed out that there was no evidence that Zhao directly learned that Binance’s specific illegal activities were directly learned.

The risk of penetrating the market

The unknown attackers have recently stole a digital asset worth nearly $ 1.6 million from the decentralized financial agreement Pike Finance.The agreement announced that it will provide 20% of the reward for the return of funds, and the investigation of the incident will continue.According to the Pike team, the latest vulnerabilities occurred on April 30, which was related to the USDC vulnerability reported four days ago.Intelligent contract code contains additional dependencies may help trigger attacks, resulting in inconsistent storage mapping, resulting in the performance of the contract as if it was not initialized.

In another incident, a hacker stole $ 72 million in Bitcoin tokens (WBTC) from the victim, but agreed to return 90% of funds after negotiating with the primitive owner.The attacker will retain the remaining 10% of funds (totaling $ 7.2 million) as a “bounty”.According to data on the chain, the funds have begun to return. So far, almost half of the original stolen goods have been returned to the victims.

Defacious DEFI project

Last month, Thetanuts (NUTS) was listed on the first DEX distribution (IDO) on Bybit Web3, the web3 department of the famous cryptocurrency exchange by Bybit.THETANUTS is a famous DEFI option agreement focusing on cottage options. It has become the highest DEFI option agreement that locks the total value (TVL), with a mark of more than 30 million US dollars.The IDO was held from May 13th to 17th, causing great interest in consumers.

In addition, due to SEC’s approval of Ethereum ETF, ONDO Finance (ONDO) has attracted the attention of the cryptocurrency community.With the support of Pantera Capital, the value of its tokens, which focuses on the ADO Finance, which focuses on the real world assets (RWA) token, has reached a record high of $ 1.25 on May 26.

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