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Amid the bear market crisis, the decentralized finance (DeFi) ecosystem attempted to gather traction last week. Uniswap reversed course and surpassed Ethereum in terms of network fees paid. However, not all DeFi protocols were as fortunate as Bancor was forced to stop their "permanent loss protection" in response to a hostile market.
Despite the current market slowdown, the GameFi ecosystem continues to prosper, according to the DappRadar research. Solend nullifies the Solana whale wallet takeover attempt with the second governance vote.
After last week's chaos, the top 100 DeFi tokens showed signs of recovery, with some tickets seeing double-digit increases.
Uniswap, a decentralized exchange (DEX), has surpassed its host blockchain Ethereum in rolling seven-day average fees paid.
The increase appears to be part of a recent trend of increased demand for DeFi, notwithstanding the bear market. In the past week, fees paid to decentralized finance (DeFi) platforms such as Aave and Synthetix have increased, while the prices of their native tokens and others such as Compound (COMP) have skyrocketed.
The newest DappRadar x BGA Games Report #5, released on Tuesday, focused on blockchain games. The paper examined investments and healthy ecosystems in the GameFi and metaverse sectors.
The report elaborated on several initiatives, highlighting their sustained success and expansion. Splinterlands, Illuvium, Galaverse, and STEPN have continued attracting new gamers to their platforms, generating monetary interest and developing their companies.
Bancor, a DeFi protocol frequently regarded as the pioneer of the DeFi field, halted its impermanent loss prevention (ILP) feature on Sunday, blaming “hostile” market circumstances.
In a blog post published on Monday, the DeFi protocol said that the ILP halt is a temporary precaution designed to safeguard the protocol and its users. When a user contributes liquidity to a liquidity pool, the ratio of their deposited assets changes later, possibly leaving investors with more of the token with a lower value; this is referred to as temporary loss.
Solend, a Solana-based DeFi lending system, has initiated a new governance vote to nullify the recently-approved proposal that granted Solend Labs “emergency powers” to access a whale’s wallet to prevent liquidation.
The cryptocurrency lending platform launched a governance vote dubbed “SLND1: Mitigate Risk From Whale” on Sunday. It allowed Solend to lessen the market risk associated with the whale’s liquidation by granting the lending platform access to the whale’s wallet and allowing the liquidations to occur over the counter.
According to analytical data, DeFi’s total locked value had a minor rebound, surpassing $56 billion. According to data from Cointelegraph Markets Pro and TradingView, the top 100 DeFi tokens by market capitalization were on the rise last week, with several tokens seeing double-digit increases.
The bulk of DeFi tokens trading in the top 100 by market capitalization was green. Synthetix (SYX) saw the most significant price increase with a 90 percent increase over the previous week, followed by Uniswap (UNI) with a 37 percent increase over the last week. COMP increased by 31%, while Thorchain (THOR) increased by 22%.
Celsius network, a troubled platform for lending due to liquidations and a lack of capital, had a community-led short squeeze of CEL, its native token. It increased 300 percent over the last week due to market concern over its future.