Daily Notes: 11-07-2023
Developments
A proposal is live for Mantle to stake 200k treasury ETH with Lido & under the MantleLSD program
200k will be split between the Lido staking proposal and MantleLSD, its own lsd implementation
No other LSD protocols are being considered other than Lido
Lido program
40k ETH from BitDAO treasury used to buy stETH/wstETH
stETH will be used to bootstrap DEX liquidity on Mantle
MantleLSD program:
LSD token will be called mntETH
Adopted as a version of ETH on Eigenlayer
mntETH may be adopted as the gas token on Mantle
Rodeo Finance was exploited for 472.1 ETH ($888K). Exploiter has since bridged the funds from Arbitrum to Ethereum. 285 of this ETH has been swapped to $unshETH , 150ETH has been transferred to Tornado Cash.
Rodeo Finance’s token (RDO) dropped 60% post hack, but has since recovered and is now trading at 40% below pre-hack levels.
CoWSwap announces the launch of CoW Hooks
CoW Hooks can be used to chain together actions such as trading, bridging, staking, depositing, and more.
Each CoW Hooks execution is a single transaction, and gas fees are only paid once execution is completed.
Aave proposes launching GHO, an Aave native stablecoin, with two initial facilitators: the Aave V3 Ethereum Facilitator and the FlashMinter Facilitator.
GHO is a multi-collateral stablecoin that is initially only minted from assets supplied to the Aave Protocol.
2
Cboe reaches surveillance agreement with Coinbase for spot bitcoin ETFs
Cboe has updated five filings on Tuesday. The amendments include adding information about how Cboe has “reached an agreement on terms” with Coinbase regarding surveillance-sharing agreements.
The filings that were modified are for the Wise Origin Bitcoin Trust, WisdomTree Bitcoin Trust, VanEck Bitcoin Trust, Invesco Galaxy Bitcoin ETF, and ARK 21Shares Bitcoin ETF.
COIN 0.00%↑ has been outperforming off of ETF narratives. Additionally, it benefits from:
Having the largest userbase in US for spot trading crypto
Having exposure to ETH + and OP via their Base L2
Coinbase Cloud infrastructure for staking
Building overseas exchange
Brian Armstrong being bald
Giza has raised $3M in their pre-seed round led by CoinFund.
Giza is building a stack on Starknet to serve provable machine learning outputs on-chain to improve smart contract capabilities.
a16z Derisks MKR
a16z has started to move some MKR tokens which they have been receiving from Maker Governance since October 31st 2022. As of now, they’ve only moved 6.4K MKR ($5.88M), and still hold 11.7K MKR ($10.76M).
Ambient has announced that they have raised $6.5M in a seed round led by Blocktower Capital.
Ambient has reached a TVL of $4.42M in just over a month.
Alluvial Finance, who are an enterprise liquid staking protocol on Ethereum, announced a $12M Series A raise led by Ethereal Ventures and Variant.
Alluvial Finance will use the proceeds to fund The Liquid Collective, a group being developed in collaboration with Coinbase, Figment, Nexus Mutual and others. Liquid Collective’s lsdETH will be called $lsETH
Prisma Announces cbETH Integration
PrismaFi, an LST-backed stablecoin protocol, announced that cbETH will be one of the initial collaterals to be accepted on Prisma Finance
Trending Assets
Above $100M MC by performance
COMP, up 8.45%, and GLM, up 7.90%, outperformed over the past day. Notably, AAVE is up 39.22% and COMP is up 150.78% over the past 30 days.
Above $1B MC by performance
AAVE is up 4.04% today, possibly due to the proposal for GHO (Aave’s native stablecoin) going live.
Trending Contracts
StarkEX, SHARP verifier contracts Memory Page Fact Registry contract is the 14th highest gas consuming contract.
Fees
Ethereum has earned the highest fees over the past day, with a total of $11.13M, followed by Lido, which earned $1.78M. Notably, Ethereum fees earned increased by 60.87% and Uniswap V3 fees earned increased by 44.26% over the past day.
Governance Proposals
Proposal to migrate $BIFI token away from Multichain and to instead redeploy $BIFI on Ethereum, with a single universal governance pool, and the capability to bridge staked $mooBIFI tokens via a new bridging solution managed by the DAO.
[HIP-35] Reducing Recognized Delegate Voting Weight Requirement
Proposal to decrease the 90,000 HOP voting weight to be eligible for delegate compensation, to ensure the delegate program is accessible.
QIP201: Add ETH as Collateral for MAI on Polygon's ZKEVM
Proposal to add ETH as collateral for MAI on the Polygon zkEVM Ethereum L2.
QIP200: Add MATIC as Collateral for MAI on Polygon's ZKEVM
Proposal to add MATIC as collateral for MAI on the Polygon zkEVM Ethereum L2.
