Daily Notes 25-08-2023
Daily Notes 25-08-2023
Developments
Base will receive an initial token grant of 10,737,418 $OP tokens ($15.8 million) which is to be locked for 1 year as well as an additional 107,374,177 $OP ($160 million) that is to be vested over 6 years with an initial 1 year cliff. Note that only 9% of the total grant will be allowed to be used in governance votes.
This grant is contingent upon Base’s continued participation in the Optimism Superchain.
In exchange, Optimism will receive a fee contribution of either the greater of 2.5% of Base's total sequencer revenue, or 15% of Base’s net on-chain sequencer revenue (L2 transaction revenue minus L1 data submission costs) which will go towards the Optimism collective.
Centrifuge Pool Potential Default
A governance forum post has indicated that MakerDAO's $1.84 million investment is in jeopardy due to potential default issues with tokenized loans on the blockchain credit platform Centrifuge. ControlFreight, the entity responsible for overseeing the troubled credit pool, announced last Friday that the pool's biggest borrower is at risk of liquidation because of a legal conflict. The credit pool in question is valued at $2.7 million.
Grayscale Decision
No opinions released by the U.S. Court of Appeals for the District of Columbia Circuit. We are still waiting for an opinion to be released as it relates to the Grayscale ETF case and we typically get these opinions on Tuesdays and Fridays.
Tether has updated there reserves to show that they are overcollateralized and have a +$3.29 billion liquidity buffer. As of 24/08/2023, Tether's total assets were US$86.1B, its total liabilities were US$82.8B, and its reserve ratio is above 100%.
DEA Falls For A Fake Transaction Scam
The DEA has fallen for an address poisoning scam, sending $55,200 to the fraudster.
An address poisoning scam is where a scammer will spoof a transaction to a wallet that has a similar or exact same first 6 and last 8 characters that the target has previously sent crypto to, in the hopes the user will not verify the full address and instead receive the crypto.
After noticing the error the DEA contacted Tether in an attempt to freeze the funds but the user had already converted the $USDT to $ETH. They then partnered with the FBI and linked the address to two Binance accounts that had funded it and consequently two gmail address which they hope will yield clues towards an identity.
So far the scammer has received $425,000 worth of crypto since June.
Trending Assets
Top 300 Performers
Top 300 Losers
PEPE, down 17.24%, and $BITCOIN, down 10.85%, underperformed over the past day.
Below $100M MC by performance, on chain
LINQ, up 21.05%, and rDPX, up 17.49%, were top performers for coins below $100M MC over the past day.
Above $100M MC by performance, on chain
RLB performed well, and is 19.97% over the past 24 hours.
Above $1B MC by performance, on chain
Large caps continue to underperformed. MNT is up 2.06% over the past day.
TVL
TVL Above $10M
Over the past day:
Helix, DEX on Injective, TVL grew by 60.58%
Alien Base, DEX on Base, TVL grew by 29.86%.
Liquid Collective, LSTs on Ethereum, TVL grew by 16.86%.
Fees
Nothing particularly notable in terms of fees earned. friendtech is out of the top 10 highest fee earners, as Opensea Seaport moves into the 8th spot, after their fees earned increased 28.93%.
Articles / Threads
$10,000,000 Trading Volume Reached
STFX has reached $10,000,000 total volume traded this month, doubling since July.
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