The last week of November remained turbulent for the crypto market as majority of the DeFi tokens struggled with the market volatility.
The prolonged crypto winter aided by the collapse of FTX has kept investors from backing a new protocol that merges DeFi and the foreign exchange market. A new Cosmos blockchain-based DeFi protocol has caught the eyes of investors who have put $10 million behind the project.
Cardano-based leading stablecoin ecosystem Ardana abruptly stopped its development after several launch delays. However, the project remains open-source for others to add to it until they restart the development process.
Aave community has now proposed a governance change after a failed $60 million short attack. The short attack was later traced to the Mango Markets exploiter, as one of the wallets involved in the attack belonged to the same exploiter.
The crypto market remained turbulent throughout the week and the majority of the top 100 DeFi tokens traded in red, barring a few.
DeFi protocol raises $10M from Bitfinex, Ava Labs despite turbulent market
Onomy, a Cosmos blockchain-based ecosystem, just secured millions from investors for the development of its new protocol. The project merges DeFi and the foreign exchange market to bring the latter on-chain.
According to the developers, the latest funding round garnered $10 million from big industry players such as Bitfinex, Ava Labs, the Maker Foundation and CMS Holdings, among others.
DeFi market overview
Analytical data reveals that DeFi’s total value locked plunged below $40 billion. Data from Cointelegraph Markets Pro and TradingView show that DeFi’s top 100 tokens by market capitalization had a volatile bearish week due to the FTX saga, with the majority of the tokens bleeding throughout the week.
Curve DAO Token (CRV) was the biggest gainer among the top 100 DeFi tokens, registering a surge of 23.8% over the past week, The rest of the tokens in the top 100 traded in red on the weekly charts.