Recap: DeFi Week of July 20 🦄

Hello Defiers! hope you’re having a great weekend! Summing up this past week: yEarn’s YFI governance token has dominated DeFi, soaring from just over $30 to more than $4,000, driving more than $300 million to the platform and spurring seven on-chain votes, in just one week. Value locked in DeFi pierced through $3 billion, two weeks after crossing $2 billion, but not happy with that, it made the $4 billion milestone a couple of days later, thanks to the addition of yEarn to DeFi Pulse’s leaderboard and the surge in the price of ETH. mStable added some drama by backtracking on its MTA token drop to early investors. UMA launched a fixed-rate stablecoin and Gemini will custody of .crypto domains. And speaking of custody, US regulators said banks can now custody digital assets. MakerDao raised the Dai debt ceiling as demand for the stablecoin continued to climb.

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