These major developments have shaken the crypto market as well as the global financial markets over the past months. China’s Evergrande debt repayment crisis sent shockwaves throughout global equities markets, as well as the United States Securities and Exchange Commission’s (SEC’s) Consistent signaling for upcoming regulationSentiment within the market remained strong for decentralized finance (DeFi), stablecoins, as well as Decentralized Financing (DeFi).

Although the Evergrande issue has been resolved, government restrictions on unstablecoin and unregulated DeFi platforms continue. As traders seek non-centralized places to exchange with, this has led to increased volume of cross-chain enabled layer-one protocols as well as layer-two solutions.