What's Driving Token Prices? (May 25, 2022)

FTM (+23%) - Layer 1 blockchain Fantom announced it would launch its own algorithmic stablecoin, which is very close to MakerDao’s model. Users can borrow fUSD against various forms of collateral, including sFTM (staked FTM).
UNI (+11%) - Decentralized exchange Uniswap hit a big milestone this week, reaching $1 trillion in cumulative trading volume. The exchange, which launched in 2018, has been a staple of DeFi infrastructure, allowing token swaps for most ERC-20 assets. Uniswap is the leader in decentralized exchange volume with 50% of the cross-chain market-share. Volumes for the dex have fallen recently along with the whole industry and are down roughly -55% from the peak in November.
MC (+5.5%) - Gaming guild Metric Circle released a scathing governance post this past week proposing to cancel and refund a seed investment from one of its early investors, YGG, another gaming guild. The post details involvement from other seed investors and the positive impact they have had while also describing the lack of strategic help YGG has provided MC. Merit Circle saw muted action on the news (+5%) however YGG traded up 20% on the week.
FXS (-0.4%) - Algorithmic stablecoin Frax saw a run on its treasury following the unwinding of Terra. FRAX maintained its peg after a $1.2 billion (or 50%) bank run. Frax made an estimated $1.7 million last week, equating to an $87 million annualized run rate.

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