QDAO DeFi Weekly Update #5

The QDAO DeFi community is helping us push the project to global success! The development of the platform continues, participants accrue daily income and new products are under development. Let’s share some important updates from last week.

Cryptocurrencies and DeFi coins market analysis 

The situation in the crypto market has changed dramatically over the last week. It’s correction time! Market capitalization dropped to the $320 billion mark by losing almost 20% of its value. The reason is clear – a storm in the US stock markets.

Bitcoin lost 11.54% of its price and is now trading around the $10,050 mark. The breaking of $10,000 will be a strong signal for the whole community and could cause panic. The decline will continue towards lower figures.

The DeFi market reacted to the global sinking. In just one week, the total value locked in DeFi services dropped from the $9.5 billion height to $8 billion. Further decline is possible. Here are the week’s results of some popular DeFi coins:

• Chainlink: -26.65%
• Compound: -31.31%
• Aave: -24.53%
• yearn.finance: -31.88%

Now, the crypto market is vulnerable to the events in the traditional financial markets. If the crisis continues, we can expect a further decline.

DeFi news 

The DeFi Market took a short break before the next race but remains in the spotlight of news outlets. Here are the most important news feeds of the week:

• SushiSwap got slammed! The highly anticipated project SushiSwap found itself crashed after a sharp increase in popularity. The project has been handed over to FTX CEO Sam Bankman-Fried. The decision happened after SUSHI fell from $9.5 to $1.13 in just five days.
• Binance enters the DeFi race. One of the biggest exchanges, Binance is launching an automated market maker called Binance Liquid Swap.
• Chinese users demand their DeFi freedom! Local Chinese DeFi exchanges cannot withstand the onslaught of customers. DeFi is one of the most demanded search queries – 900,000 daily!

QDAO DeFi updates

The QDAO DeFi team is working hard to ensure the wealth of the community. Only consistency and users’ support will help our project achieve global success.

We added a series of useful tutorials on our YouTube channel. You can learn many things about popular DeFi platforms, crypto wallets and the DeFi market:

• How to deposit stablecoins into the Curve platform: https://youtu.be/NP6a8Jb3brc
• Balancer tutorial for newbies, how to swap ETH for BAL: https://youtu.be/2801F2lkeGs
• Introductions for Uniswap – the automated liquidity protocol: https://youtu.be/7Z0Pc_VPsqg
• How to create a Metamask wallet and purchase Ethereum (ETH): https://youtu.be/5RuVhk4lSnI
• An Interview with Mr. Mohammed Naquib on the potential of the DeFi market (Part 1): https://youtu.be/hQgaF7_U46w

QDAO DeFi’s blog is full of crucial information. We launched a series of educational articles with one main purpose – to help you earn and share the knowledge! Recently, we added some articles of great value, check them out to improve your investor’s experience:

• How to use yield farming in 2020 wisely: https://qdefi.io/en/blog/post/placing-your-crypto-eggs-eng
• Why stablecoins are not so safe and how to protect your assets: https://qdefi.io/en/blog/post/stablecoins-article-eng
• An interview with Mr. Mohammed Naquib on the potential of the DeFi market (Part 1): https://qdefi.io/en/blog/post/defi-special-guest-part-1-eng
• Who the DeFi leaders are and how to earn using their services: https://qdefi.io/en/blog/post/who-the-defi-leaders-are-eng
• Yield Farming is evolution of DeFi or a bubble?
  https://qdefi.io/en/blog/post/yield-farming-en

The latest stats from QDAO DeFi PULSE

Number of active users — 7894

Total amount of users’ funds: 

2691818.1984 XRP

885.110144209 ETH

201.37511519 BTC

12952411.606 ADA

…and more.

Current users’ interest balance: 

70510.0591 XRP

16.0863086 ETH

2.85178881 BTC

123353.165 ADA

…and more.

Number of withdrawals made: 5769

Want to be the first to hear QDAO DeFi news and updates? Visit our website and stay in touch with us on social media: Twitter, Facebook, Telegram and LINE (for the Japanese-speaking community).