Daily Notes 14-11-2023
Developments
OKX has launched their zero knowledge EVM compatible Layer 2 chain “X1” on testnet through Polygon’s Chain development kit. The chain will use OKX’s native token, OKB, which will be used by users to pay for gas fees on the network.
X1 will “serve as OKX’s new native network” utilising the security that zero knowledge proofs bring to “drive the future of Web3”. The chain aims to be live on mainnet in the first quarter of 2024
Aave Increases Borrow Rate for GHO
Aave has increased the borrow rate for their multi-collateral backed stablecoin, GHO, from 3% to 4.72% following governance approval.
The aim of this increase is to return GHO back to its $1 peg whilst remaining competitive to other stablecoin borrow rates (ie sDAI). The price of GHO has been under its peg for ~100% of its short lifetime and currently sits at $0.96 having dipped to as low as 0.91 late last month.
Noble and Circle USDC Cross Chain Transfer
Circle’s Cross Chain Transfer Protocol for USDC will be coming to Noble, an application-specific chain built for native asset issuance in Cosmos, on the 28th of November. This will allow users to send their USDC directly from other chains to all Cosmos chains that are connected to IBC like the dYdX chain.
Circle's CTO Marcus Boorstin said that “This will be the first time CCTP has integrated with a non-Ethereum Virtual Machine (EVM) chain.”
dYdX Chain‘s (dYdX v4) beta mainnet has gone live. Users can trade over 33 pairs. There will be no trading rewards at this stage but validators and stakers will accrue trading rewards.
Vitalik published an article on the Ethereum scaling technology, Plasma. Plasma chains settle on Ethereum but execute transactions off-chain with their own mechanism for block validation. The OMG network which utilises Plasma tech had its native token increase by as much as 33% before retracing to +10% on the daily.
Ankr partners with Optimism to launch a rollup as a service product to enable users to create an “an independent OP Stack-based L2 that exclusively serves traffic from their application or project”.
South Korean Crypto Legislation
South Korea's democratic party candidates will be required to disclose crypto holdings as it’s 2024 legislative election nears.
Trending Assets
Below $100M MC by performance, on chain
BANANA had a great day, and is up 34.37%.
Above $100M MC by performance, on chain
DYDX is up 21.49% and RLB is up 12.91% over the past day. PRIME has also been performing well, and is up 10.69% over the past day and 94.91% over the past month.
Above $1B MC by performance, on chain
Large caps have not been performing very well. AVAX is showing some strength, and is up 3.52% today.
Trading Volumes
crvUSD, DYDX and MKR are dominating volumes on chain.
TVL
TVL Above $10M
Over the past day:
Astroport, AMM on Cosmos, TVL grew by 30.70%.
PayCash, DEX on EOS, TVL grew by 14.55%.
sDAI, yield-bearing stablecoin on xDai, TVL grew by 14.04%.
Fees
Synthetix fees earned are up 179.63% compared to yesterday.
Articles / Threads
ether.fi has launched their ambassador program. Ambassadors,will receive exclusive access to project updates and news, early access to new products and features, and rewarding contribution opportunities.
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