Daily Notes: 05-07-2023
Daily Notes: 05-07-2023
Developments
MKR Fund Accumulation
Maker has demonstrated impressive performance over the past two weeks, capturing our attention.
This is attributed to their smart engine burn proposal, Spark protocol growth, augmented DSR (Dai Savings Rate), and the notable rise in protocol revenues. Upon analyzing the on-chain data regarding the types of holders, a recent trend has emerged within the last week.
Fresh wallets have been observed receiving MKR tokens from Coinbase or Coinbase Prime. This development suggests that the accumulation of MKR is being driven by sophisticated institutions or funds. In our analysis, we have successfully identified five wallets exhibiting these distinctive characteristics:
0x936a90cbD6f4E36DD56c1Cd03002ab07F09DbF2B
0xeC53c4042932e0f00fa95e540f091afafcB322F3
0xdA9C5F07db6a647647f46B9bfcd72E435dd7caD8
0x3FC9374492AAA1AE933993474efEA555659C674A
0xD56B25905F5572A96e84545467f53f7069d61C45
0xdD4f2b72CC50c7e7BB96f372AbEA14527b6d231E
BTC ETF News
Valkyrie, a crypto asset manager, has recently re-submitted an application for a spot Bitcoin exchange-traded fund (ETF), with Coinbase listed as a Surveillance Sharing Agreement (SSA) counterpart. In an effort to align with the regulatory standards set by the US Securities and Exchange Commission (SEC), Valkyrie has included the SSA, following the footsteps of other similar filings like Blackrock and Fidelity.
Spot bitcoin ETF filers and SEC are also supposedly meeting next week, according to this guy who we have found to be a reliable expert on this stuff.
Another update in the BTC ETF world is that BlackRock CEO, Larry Fink, will be appearing on FoxBusiness with Liz Claman and C.Gasparino at 3:30PM EST to talk about the refiling of its BTC spot ETF, ESG and more.
Celsius Moves Altcoins
Celsius has started moving some of the altcoins that they announced that they would be converting.
Notably, more than $17M LINK, $7M USD worth of AAVE, $5.68M RETH and $4M worth of SNX has been sent to Celsius' Fireblocks Custody wallets and to Wintermute.
The top BLUR farmer 0xCB has withdrawn 7.8K ETH from the BLUR pool and quit farming after the trait bidding update
Reportedly, 0xCB made up 10% of Blur’s TVL and almost 8% of the total farming points.
The 1inch team sold 11,000 ETH ($20,975,572) AT 12pm UTC today. When asked if they will buy back, the Co-founder said “Sure, we need to test also in reverse direction”.
swETH used in protocols reached 12M ($2.35M USD)
Ambient Finance (prev. CrocSwap) has reached $3.76M TVL in less than 1 month.
Uniswap Cumulative Transactions
Uniswap surpasses 200 million total transactions since it’s inception in 2018.
Trending Assets
Above $100M MC by performance
INJ is up 18.25% over the past day. Unfortunately, it is also down 60.67% over the past week.
Above $1B MC by performance
Coins above $1B MC have underperformed over the past day.
Trending Contracts
VMPX is the top gas consumer for the day. Notably, A Coinbase wallet is in the top 15 top gas consumers as well.
Top Fee Earners
Ethereum is the top fee earner over the last 24 hours, with a 39.1% increase in fees earned since yesterday, followed by Lido, Tron and Bitcoin.
Notably, PancakeSwap fees earned are up 36.16% over the past day.
Stablecoin Netflows
Stablecoin Chain Flows
Major stablecoin inflows into Optimism ($11.6M) and Polygon ($3.2M), and stablecoin outflows from Ethereum (-$16.7M), Arbitrum (-$4.2M) and BSC (-$2.5M)
Articles / Threads
Aevo announces the launch of Aevo Referrals, which all users can access.
When new users sign up using a Referral link, the referrer gets 10% of the referee’s trading fees as rewards, and the referee gets a 10% discount on trading fees for 6 months.
WOOFi expands to tenth network — Polygon zkEVM
WOOFi has decided to expand to Polygon zkEVM
Pika Protocol is launching Pika V4, where:
Pyth Oracle will be integrated
40 more trading pairs will be added
TradingView will be integrated
Trading fees will be reduced
Support for adding and withdrawing margin from active positions will be added
Low leverage will be offered
PIKA staking and esPIKA program will be offered
Governance Proposals
Proposal to add GMX to Aave v3 on Arbitrum Network
Proposal to add rETH to Aave v3 Optimism as collateral and to the ETH correlated eMode.
Proposal to deploy Starknet Alpha v0.12.0 on Mainnet.
