Daily Notes: 26-06-2023

Developments

Optimizing FXS Buybacks

Frax Proposal [FIP -256] Optimizing FIP-77’s TWAMM Parameters, has been put up to vote on snapshot.

• Proposal argues that currently the FXS buyback TWAMM is monotonic and doesn't take into account price levels

• Instead, FIP-256 proposes that the TWAMM should become more aggressive and increase in magnitude at lower price levels, and stop buying FXS at a higher price levels.

USDT Underweight in 3Pool

USDT is now underweight in the 3pool after reaching a 75% weighting in the pool just two weeks ago.

swETH Growth

swETH is the fastest growing ETH staker, adding 58% to it's stake in the past month.

BTC Metrics

• Bitcoin number of addresses with a balance equal to or above 1 (wholecoiners) reach 1 million.

• Additionally, BITO, a Bitcoin Futures ETF, had its highest level of weekly net inflow of the year over the last week

Trending Assets

Above $100M MC by performance

• ARB, MAGIC and WOO outperform on the daily.

• MAGIC is up 20.41%, WOO is up 14.07% and ARB is up 12.44% over the past week.

Above $1B MC by performance

• ARB outperforms on the daily, while other assets above $1B MC lose momentum.

Trending Contracts

• Nothing notable here, aside from Jump Trading being back in the top gas users/consumers.

• Additionally, it is genuinely interesting to see for how long XEN related contracts have been top gas consumers.

Articles / Threads

Introducing the ZK Stack

• zkSync announces the ZK Stack, a modular, open-source framework that is both free and designed to build custom ZK-powered L2s and L3s (referred to as Hyperchains), based on the code of zkSync Era.

Introduction to Hyperchains

• zkSync announces hyperchains (L3’s using ZK Stack) and hyperbridges to connect them.

Maverick Ecosystem Incentive Program

• Maverick Protocol introduces the Maverick Ecosystem Incentive Program. 30.85% of the total token supply is earmarked for airdrops and liquidity mining.

• Incentive program will be used to:

  • Bootstrap liquidity during Maverick ve-model launch stage 1.

  • Incentivize early Maverick ve-model participants (token projects) and ecosystem builders (i.e. metaprotocol builders).

Celer Announces cBridge Bridging Support for Sui

• Celer’s cBridge to will support bridging to Sui.

Public Beta Launch of Umami DAO’s Deconstructed GLP Vaults

• Umami’s Deconstructed GLP Vaults vaults will be open to the public at the end of this week.

• Initial TVL caps will be:

  • USDC: 500K, ETH: 250K, BTC: 200K, UNI:25K, LINK:25K