Daily Notes 06-11-2023

Developments

ARB Staking Inital Proposal Passes

The Arbitrum staking proposal has passed Snapshot voting. Users will be able to stake their ARB to receive their share of 100 million ARB in rewards allocated from the Arbitrum treasury. 

To get a ballpark figure for staking yield, we can use a simple model that looks at the # of ARB tokens in circulation and the number of ARB allocated for staking rewards. We can see that with 1.275B ARB tokens circulating, if 30% of these are staked, that would be 382.5M ARB.

See out full post here - https://twitter.com/asxn_r/status/1721589480120103158

Blur Shows Strength Amidst NFT Bear Market

As OpenSea cuts 50% of its employees, the BLUR token has soared by 31% in the last 24 hours. Since bottoming on October 12th, BLUR has gone up by 140% to its current price of 0.36 cents.

HFT Unlocks

$44 million of Hashflow's token, HFT, will be unlocking on November the 7th at 00:00 UTC. $17 million worth will go to early investors, $13.52 million to Ecosystem Development, $13.28 million to the Core Team and $115,000 for community rewards. 

Germany 3rd Largest Bank Launch Crypto Custody

Germany’s third largest bank, DZ BANK, has launched its own digital asset custody platform for the processing and custody of digital financial instruments. Dr. Holger Meffert, the head of Securities Services & Digital Custody at DZ BANK, stated that “within the next ten years a significant proportion of capital market business will be processed via distributed ledger technology (DLT)-based infrastructures”.

Crypto Fund Inflows

Last week, weekly crypto fund inflows reached $261 million. Cumulatively, the last six-weeks of inflows have totalled $767 million, the largest since December 2021.

Bank of England Stablecoin Bill

The Bank of England and Financial Conduct Authority (FCA) is asking for feedback on their proposals for stablecoin regulation which would, if successful, seek to regulate fiat-backed stablecoins in early 2024 and algorithmic stablecoins which would come shortly after.

TAO

Bittensor, a decentralised AI project broke out to near all time highs with large social media engagement.

Trending Assets

Below $100M MC by performance, on chain

TRU, up 59.23%, LMWR, up 55.38%, and PLS, up 29.78%, performed well over the past day.

Above $100M MC by performance, on chain

As noted, BLUR had a good day gaining 38% on higher than average volume, rallying in response to their largest competitor OS firing 50% of their staff. This could be related to a few positive NFT mints like the recent Springfield punks mint post the Simpsons NFT episode.

BITCOIN is up 15% today.

Above $1B MC by performance, on chain

INJ continues to perform well, up 6.2% today.

Trading Volumes

TVL

TVL Above $10M

Over the past day:

• Elysium Bridge, bridge for Elysium, TVL grew by 24.68%.

• Pando Rings, lending on Mixin, TVL grew by 23.66%.

• Scallop Lend, lending on Sui, TVL grew by 19.75%.

Fees

GMX V1 fees earned are up 1236.89% over the past day. Uniswap V2 fees earned are down 41.06%, OpenSea Seaport fees earned are down 29.91%.

Governance Proposals

[ARFC] GHO - Increase Borrow Rate

Proposal to increase the GHO Borrow Rate from 3.00% to 4.72%, the proposed sDAI rate.

Phase out BUSD on Stargate

Stargate proposal shutto down BNB BUSD pool and associated pathways and swap all BUSD multisig holdings into another highly liquid, USD-pegged stablecoin.

Articles / Threads

Arbitrum STIP Rewards for Rysk

Rysk Finance's proposal to the Arbitrum STIP was voted to receive $500k ARB to distribute as rewards to Rysk liquidity providers and options traders on the Rysk platform. The rewards will be distributed weekly from November 3rd, 2023 to February 9th, 2024. Liquidity providers in the Rysk DHV vault will receive a share of ~17.8k ARB weekly, proportional to their share of the total vault. Options traders will receive a share of ~17.8k ARB weekly, with 80% going to contract sellers and 20% to buyers who hold positions for over 24 hours.

Introducing ARB Rewards on Perennial

Perennial has been granted 750,000 ARB tokens from Arbitrum to distribute as incentives over the next 3 months to grow activity on Arbitrum. The incentives program will run for 12 weeks with rewards distributed each week totaling around 62,500 ARB per week. Rewards will be split between traders and liquidity providers.

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