Uniswap Runs Counter to the Bearish Trend and Surpasses Ethereum

After last week’s chaos, the top 100 DeFi tokens showed signs of recovery, many of which registered double-digit gains.

Over the past week, the decentralized financial (DeFi) ecosystem has tried to gain some momentum in the bear market crash. Uniswap has reversed its trend, surpassing Ethereum in terms of network fees paid. However, not all DeFi protocols are so lucky, because Bancor has to suspend its “impermanent loss protection” under the harsh market environment.

DappRadar’s report shows that despite the current market downturn, the GameFi ecosystem continues to flourish. Solend invalidated the Solana whale wallet acquisition plan through the second governance vote.

DeFi summer 3.0? Uniswap surpasses Ethereum in terms of cost

In the seven day rolling average value of decentralized exchange (DEX) Uniswap, the fees paid have exceeded its host blockchain Ethereum.

In the current bear market, this surge seems to be part of a recent spate of high demand for DeFi. In the past seven days, the fees paid by decentralized finance (DeFi) platforms, such as Aave and Synthetix , have surged, while the prices of their native tokens and other tokens, such as Compound (COMP), have also boomed.

Gamefi continues to grow in the crypto winter

Blockchain games are the subject of the latest DappRadar x BGA game Report #5, which was released on Tuesday. The report examines the healthy ecosystem and investments in GameFi and metaverse markets.

The report details several projects and outlines their continued success and growth. Splinterlands, Illuvium, Galaverse and STEPN continue to bring new players to their platforms, gain economic benefits and expand their business.

Bancor suspended impermanent loss protection on the ground of “bad” market

Bancor, a DeFi protocol often regarded as a pioneer of the DeFi space, suspended its impermanent loss protection (ILP) function on Sunday, citing “hostile” market conditions.

In a blog post on Monday, the DeFi protocol pointed out that the suspension of ILP is a temporary measure to protect the protocol and users. When users provide liquidity to the liquidity pool, the proportion of assets they deposit will change in the future, which may allow investors to get more tokens with lower value. This is the so-called impermanent loss.

Solend invalidates Solana whale wallet acquisition plan through the second governance vote

Based on Solana’s DeFi lending protocol , Solend has created another governance vote to invalidate the recently approved proposal, which gives Solend Labs”emergency power” to access the whale’s wallet to avoid liquidation.

On Sunday, the cryptocurrency lending platform launched a governance vote called “SLND1: Mitigate Risk From Whale.”. It allows Solend to reduce the risk of whale clearing to the market by allowing the lending platform to access the whale’s wallet and clearing on the counter.

DeFi Market Overview

According to the analysis data, the total value of DeFi has registered a small recovery, rising to more than $56billion. According to the data from Cointelegraph Markets Pro and TradingView, the top 100 tokens of DeFi by market value are moving, and many tokens have registered double-digit earnings in the past week.

Most of the top 100 DeFi tokens by market value are green trading. Synthetix (SYX) has the largest increase, with a sharp increase of 90% in the past week, followed by Uniswap (UNI), with a price increase of 37% in the past seven days. COMP rose by 31%, while Thorchain (THOR) rose by 22%.