Daily Notes: 19-06-2023
Developments
BNB Chain Releases Layer 2 Testnet Based on Optimism's OP Stack
BNB Chain, which is building their layer 2 on the OP stack, has released the opBNB testnet. opBNB testnet is supposed to reach 4K tps at a targeted cost of 0.005 U.S. cents per tx.
ETH Staking Flows
We’ve seen staking outflows of 24.755K over the weekend. This is the first instance of outflows we’ve seen since the 10th of June.
ETHBTC Ratio
The ETH/BTC ratio has traded down over the past 3 days, likely from the perceived positive structural flows that could occur due to the Blackrock BTC ETF.
Increase the MAX_EFFECTIVE_BALANCE
Proposal for Ethereum to increase the maximum validator balance from 32 ETH to 2,048 ETH per validator.
Binance exiting the UK
Binance's subsidiary, Binance Markets Limited (BML), based in the United Kingdom, has formally terminated its registration with the Financial Conduct Authority (FCA).
Following the deregistration, the Financial Conduct Authority (FCA) has stated on its website that no Binance entity is authorized to offer any services in the United Kingdom. Therefore, after the termination of Binance Markets Limited's registration, no Binance entity holds authorization from the FCA to operate in the UK.
Trending Assets
Above $100M MC by performance
MKR, WOO, FXS and OP have outperformed over the past day.
Notably, MKR (up 10.06%) and FXS (up 9.82%) have been strong performers over the past week.
Above $1B MC by performance
Nothing notable to mention amongst coins with a MC above $1B. In general, they have under performed, smaller MC coins.
Trending Contracts
Nothing particularly interesting in trending contracts. The only contract worth noting is the XEN Batch Minter and XENT Token contract, who have been top gas performers recently, despite not garnering much attention in CT.
Top TVL Growth (Protocol)
Equilibria, a yield boost protocol built on top of Pendle, Y2K Finance, an exotic derivatives protocol, and Level Finance, a perpetual DEX, are some relevant protocols that saw high TVL growth over the past 24 hours.
Both Equilibria and Y2K v2 are relatively new
Notably, Level Finance just announced that they would be launching on Arbitrum.
Gained $4 mil TVL in the past 24 hours (+25%)
Coingecko Trending Assets
Trust Wallet Token
Apecoin
Matic
LBR (Lybra Finance)
Sui
Pepe
Arbitrum
Stablecoin Netflows
We saw muted stablecoins flows with just a $20.2 mil net inflow of stablecoins to exchanges today.
Articles / Threads
Pika Retroactive Airdrop
Pika will be doing an airdrop, involving approximately 6.2 million esPIKA tokens (6.2% of supply. These tokens will vest for one year to unlock PIKA
To LPs and traders for all 3 Pika versions: ~4.09m esPIKA
To V2 LPs with loss: ~1.71m esPIKA (3.25 esPIKA is rewarded for each $1 loss)
To community contributors: 0.3–0.4m esPIKA(will reach out to each individual for confirmation)
New Protocols
with gum
Description: coming soon
Twitter: https://twitter.com/withgumxyz
Website: n/a
Galador Finance
Description: The hyper-efficient decentralized exchange and liquidity infrastructure on Mantle.
Twitter: https://twitter.com/galadorfi
Website: https://galador.io/swap
