Daily Notes: 07-07-2023
Developments
nftperp sunsetted their v1 vAMM after 280,000ETH ($518,000,000 USD) of trading volume in their private beta.
nftperp announced that due to liquidation logics and accounting error, the platform has accrued bad debt, which is why the team decided to sunset the v1 vAMM. Users that were in positive unrealized PnL, will receive their margin and a pro rata a share of VNFTP tokens.
Shibarium Set To Launch in August
According to a recent blog post by developer Shytoshi Kusama, Shibarium, the highly anticipated layer 2 blockchain, is set to launch following a conference in Toronto scheduled for August.
The U.S. Securities and Exchange Commission (SEC) is currently conducting an investigation into the team members of BarnBridge, a decentralized finance (DeFi) protocol. This regulatory scrutiny adds to the series of challenges faced by crypto companies in the country.
Douglas Park, the legal counsel elected by BarnBridge DAO, has informed that the SEC is specifically examining BarnBridge DAO and individuals connected to it.
Gemini, a cryptocurrency exchange, has filed a lawsuit against Digital Currency Group (DCG) and its founder Barry Silbert. The Winklevoss twins, founders of Gemini, have alleged that over $1.2 billion worth of assets belonging to Gemini Earn users are currently held in limbo within Genesis Global, which is owned by DCG. Gemini's accusation states that Barry Silbert and Genesis provided false financial reports, despite knowing that Genesis was financially unstable, in order to sustain the Gemini Earn program.
Circle Freezes Multichain Hackers Funds
Circle has blacklisted $63,290,029 USDC from the Multichain hacker.
The DAO of Arbitrum has given its approval to an improvement proposal, which entails locking 700 million ARB tokens, equivalent to $770 million, in a vesting contract. Over the course of four years, the contract will gradually release the funds to the Arbitrum Foundation.
The 700M ARB are part of the 750M that the Arbitrum Foundation had controversially transferred to the Administrative Budget Wallet and announced through AIP-1: Arbitrum Improvement Proposal Framework.
Trending Assets
Coingecko Top 250 Performers
BONE performed well, up 20% on the day off the back of media reports that the long awaited L2, Shibarium chain, is set to launch in August.
Rollbit (RLB) is up 12.3%, and has been discussed extensively on CT, due to their newly announced departure to Ethereum and high-profile affiliate deals.
Above $100M MC by performance
RLB, up 23.48%, BONE, up 16.46%, and OCEAN, up 11.09%, outperformed over the past day.
Notably, BONE is up 53.28% over the past week, with news that the Shibarium launch is soon.
Above $1B MC by performance
Coins with above $1B MC had been underperforming over the last two days, but today are in the positive. UNI is up 4.45% over the past day, and 11.16% over the past week.
Trending Contracts
Beanstalk Protocol is the 15th most gas consuming contract on Ethereum. Gas used on Beanstalk is up 2735% over the past day.
Coingecko Trending Assets
Pepe 2.0 - memecoin that ran up to $80 mil recently
Pepe
Multichain
Fantom
Rollbit
Matic
Verge
Stablecoin Netflows
Stablecoin Chain Flows
Arbitrum saw the highest stablecoin net inflows of $16.9B. Most notably, Ethereum had very high stablecoin outflows, with net outflows of - $146.7B.
TVLs
Two notable products had large increases in their TVL over the past day:
Arkadiko Finance, a self-repaying loans protocol on Stacks saw 316% TVL growth.
stUSDT, a RWA protocol on Tron, saw TVL growth of 113.91%.
Fees
Ethereum earned the highest fees today, at $47.2M, followed by Lido at $12.3M. Ethereum fees are up 129.14% over the past day.
One thing to note is that fees from Blur Bids are down 98.21% over the past day, at $1.5M.
Articles / Threads
Perennial’s new UI is live and new all-time volume!
Perennial has hit $1B volume since their launch in February on Arbitrum.
Additionally, Perennial has completely redesigned and updated their UI to include a new earn page and a modular design system.
The MAV Liquid Locker is live on Stake DAO
StakeDAO has introduced the MAV Liquid Locker, which allows users to deposit their MAV and receive an equivalent amount in sdMAV, which can be used across DeFi.
