Daily Notes: 21-06-2023
Developments
BTC
BTC breaches $30,000, putting in another massive 7.6% over 24 hours. We had some large short liquidations coming into the yearly highs around $31,000.
stETH withdrawals
Justin Sun submitted 15,805 stETH for withdrawal today, worth an approximate $30 million. He still holds 288,100 stETH that we know of, making him the largest individual holder.
We can see the jump in withdrawals around 04:30 UTC.
3Pool
The 3pool has returned to a more balanced state with a USDT weighting of 35%. Over the past 7 days we have seen inflows of USDC and DAI to an aggregate tune of $15.1 million.
GMX liquidations
Trader 0x61 has a 7x leveraged ETH short of $11.6 million in size open on the GMX platform. This position is set to be be liquidated at $1908 (+1.1%) if he doesn’t add more collateral. The trader has already topped up their collateral multiple times to avoid liquidation.
Swell Hits $50M TVL and swETH to be Used to Mint Stablecoins soon
Lybra announced that swETH will be able to be used on Lybra’s platform to mint their native stablecoin, eUSD soon.
Swell continues to steadily grow in TVL, as it hits $50M TVL as of today, owing to its successful Voyage campaign.
Raft
Raft, a stablecoin issuer using staked ether (stETH), has seen its total value locked (TVL) skyrocket to $55 million within three weeks, marking a 4,595% growth. This contrasts with other stETH-backed stablecoin protocols like Lybra, whose TVL has remained steady at around $180 million.
Synapse Chain Audits
Aurelius says Synapse chain audits started a few weeks ago and that he will share which firms are auditing the protocol closer to completion of the audits.
Source here
Trending Assets
Above $100M MC by performance
OP, LDO and FXS continue to outperform. OP is up 6.93%, LDO is up 4.48% and FXS is up 16.04% over the past week.
Pepe also had a huge day, gaining 45%
Above $1B MC by performance
LDO and BTC outperform on the daily.
Trending Contracts
Nothing particularly notable regarding trending contracts.
Coingecko Trending Assets
Matic
Trust Wallet Token
Apecoin
Thorchain
Bitcoin
Xbit
Pepe
Stablecoin Netflows
We are seeing stablecoin net inflows to exchanges of $222.3M over the past day.
We are seeing high net stablecoin inflows to Ethereum (+ $26.8M). There are large net outflows from Arbitrum (- $19.9M) and moderate net outflows from Avalanche (- $6.67M) and Optimism (- $1.76M).
TVL Growth
StakeDAO, Idle and Camelot v3 are some relevant protocols that saw high TVL growth over the past 24 hours.
Fee Generation
Ethereum ($4.3M) and Lido ($1.5M) generated the highest fees today. Notably, GMX earned fees have changed -68.47% over the past day - however, this is because GMX experienced an ATH in fees recently, due to high liquidations.
Governance Proposals
MIP16 - Accept ownership of the vault ma3WETH
Proposal for the DAO to accept the ownership of the SupplyVault for WETH on the AaveV3-ETH Optimizer.
Level Finance: New Rounds of Strategic Investment
Level Finance has been approached by institutional investors looking to invest.
The first investment of such kind is a 9-figure asset management company looking to acquire a $20m stake in the project.
This investment would occur in tranches and would depend on the growth of the protocol along with the platforms underlying liquidity.
Each tranche will come with a one year lockup/vesting period.
All deals will be done at spot TWAP all of the proceeds will be added directly to the DAO treasury.
[Temperature Check] Deploy Uniswap v3 on Fantom
Proposal for Uniswap v3 to deploy on Fantom.
Articles / Threads
Aura has launched on Arbitrum
Balancer was allocated 3M ARB tokens via governance.
2 million of these will flow into the 33/33/33 ARB/BAL/AURA Liquidity Pool to facilitate swaps on the network.
The remaining 1 million will flow to Liquidity Providers via an innovative incentive program strategy.
Maverick Protocol announces its $9 million strategic funding round to expand its ecosystem and realizing its vision of improving industry-wide efficiency.
Raise was led by Founders Fund, with support from other funds, including Pantera Capital, Coinbase Ventures, and Apollo Crypto.
gETH: GND Protocol’s Approach to LSDFi
GND announces gETH.
gETH will be minted through using several LSDs and ETH derivatives as collaterals, which will allow it gain diversified yield from ETH and multiple LSDs
By employing a high-liquidity pool of LSDs, GND will also enable non-gETH holders to swap between LSD products.
gETH will support: wstETH, rETH, gmdETH, sfrxETH, WETH and ETH
gETH will earn fees and revenues from: minting/redeeming, Uni v3, bridge fees, LSD appreciation and partnerships.
Supercharge Your Trading Collateral with Yield+
Perpetual Protocol announces Yield+, which allows traders to use their collateral to earn interest.
Vela Exchange Official Launch Schedule
Vela Exchanges announces official launch schedule:
June 23rd — Hyper VLP 2.0 Early Access
June 26th — Trading Early Access
June 26th — Official Launch AMA
June 28th — Public Access
June 28th — Beta Airdrop eligibility check
June 29th — Beta Airdrop Redpill vs Bluepill event
