Daily Notes: 22-06-2023
Developments
Silk Road US Government Labelled Wallet Movement
A wallet labelled by Arkham as a US Government wallet that has seized BTC from Silk Road moved 665 BTC ($20,113,630 USD) to Coinbase.
Level Finance Incentives on Arbitrum Go Live
LVL incentives for Liquidity Providers of the Junior, Mezzanine and Senior Tranches went live on Arbitrum today at 16:00 UTC.
Senior Tranche earns 9.51% APR, Mezzanine Tranche earns 60.08% APR and Junior Tranche earns 84.47% APR (these figures fluctuate based on AUM).
Level Finance TVL continues to climb after their launch on Arbitrum. It has still not reached referral contract highs of $41.95M.
BitDAO Announces BIT to MNT Conversion Date
Bybit has announced that they will be supporting the BitDAO ($BIT) Token Conversion to Mantle ($MNT) starting on Jun 22, 2023.
To learn more about $MNT you can find ASXN’s notes on their Tokenomics AMA here.
Prime Trust Faces Trouble
Prime Trust seems to be in trouble as they are accused of being unable to fulfill withdrawals and as BitGo terminates their acquisiton that they
Prime Trust Has 'Shortfall of Customer Funds,' Nevada Regulator Says
Nevada Department of Business and Industry claims that digital asset custody firm Prime Trust has "a shortfall in customer funds" and was unable to meet all withdrawal requests this month.
BitGo says it's terminating acquisition of Prime Trust
BitGo announced that it will be terminating the acquisition of crypto custodian Prime Trust, just two weeks after it announced plans for the deal.
MakerDAO Purchases Treasury Bonds
MakerDAO has bought $700M in US Treasury bonds and has increased its holdings of treasury bonds to $1.2 billion.
MakerDAO had initially bought $500M in treasury bonds in October 2022.Â
GMX Trader
GMX Trader 0x61 had a 7x leveraged ETH short of $11.6 million on GMX.
This position was set to be be liquidated at $1908 (+1.1%) if he didn’t add more collateral.
0x61 has added more collateral to stay in the short position. His liquidation is now at $1945.
Trending Assets
Above $100M MC by performance
BICO, PEPE, AUDIO, ELON and RPL have outperformed today. Notably, PEPE is up 77.04% over the past 7 days.
Above $1B MC by performance
SHIB, LINK and ATOM are the top performers above $1B MC. In the past, memecoins, LINK and ATOM outperforming has often lead to corrections in the market.
Trending Contracts
Nothing particularly notable, except that Jump Trading can be seen to be a top gas user again.
Stablecoin Netflows
We are seeing muted net stable inflows to exchanges over the past day.
Governance Proposals
[ARFC] Gauntlet Recommendation on TUSD for Aave v2 Ethereum
Gauntlet (a risk management firm) proposes that if the Aave community views TUSD as having excess counterparty risk, to iteratively lowering LT, LTV and/or freezing TUSD supply to begin off-boarding TUSD from Aave v2 on Ethereum.
[BIP-342] Reallocate wstETH/wETH Protocol Fees [second vote]
Proposal is to bootstrap the wstETH/bb-a-wETH pool by redirecting protocol fees used for bribes from wstETH/wETH to wstETH/bb-a-wETH pool.
[AIP-34] Introduce Additional wstETH Reward Tokens to ma3WETH/wstETH
Proposal to get the option to add additional rewards to the ma3WETH/wstETH on Aura.
RFP-19: Radiant Expansion & Deployment to Ethereum Mainnet
Proposal is to deploy Radiant on Ethereum Mainnet. Timeline for the launch per the proposal would be Q3 2023.
Lido: Tiered Rewards Share Program: A Sustainable Approach to stETH Growth
Proposal outlines a rewards share program for Lido where a percentage of the Lido DAO’s 5% share of staking rewards would be offered to participants who stake ETH using Lido.
This program would have limited rewards pools, gradual payouts, a fixed duration that the DAO shares with participants, and filtering for program abuse.
Articles / Threads
Optimism announces the third round of RetroPGF.
30M OP tokens will be distributed to contributors to the Optimism Collective.
Vertex Protocol Secures Strategic Investment From Wintermute Ventures
Vertex Protocol, a hybrid orderbook and AMM DEX, has raised an undisclosed amount from Wintermute Ventures.
Early Access FAQ: Hyper VLP 2.0 and Trading
Vela discusses the official launch details Hyper VLP Early Access:
Hyper VLP Early Access opens on June 23rd, 2023 at 2:00 PM CST.
Access for Hyper VLP Legacy (beta) participants is guaranteed.
VLP minters in beta that minted over 100 VLP are also guaranteed access.
Hyper VLP deposits are locked until July 7th, 2023 at 2:00 PM CST, at which time depositors may redeem at anytime (all future rewards and position will be lost).
Owners of wallets who signed up for early access and received a confirmation email are also guaranteed access
New Protocols
Radpie
Description: Radpie is a Next-Generation SubDAO by Magpie that leverages Radiant Capital's robust infrastructure to boost yield & streamline governance benefits.
Twitter: https://twitter.com/Radpiexyz_io
Website: https://blog.radpiexyz.io/
BasedApp
Description: Your smart app for everything crypto. Spend, send, and invest money smarter than ever before.
Twitter: https://twitter.com/basedappHQ
Website: https://basedapp.io/
Astria
Description: The Shared Sequencer Network
Twitter: https://twitter.com/AstriaOrg
Website: https://www.astria.org/
