Daily Notes: 27-07-2023
Developments
Rocket Pool experienced its largest daily redemption of rETH token this week. One user (0x390) redeemed 6,720 rETH and sent a total of 7.1k ETH ($13.1M) to Binance afterward.
Rocket Pool's TVL currently stands at $1.88B, making it the second largest liquid staking protocol, after Lido.
Optimism Daily Transaction Growth
Optimism daily transactions have surpassed Arbitrum daily transactions over the last two days. Overall, Optimism daily transactions have grown 38% over the past week, and 46.35% over the past month.
Daily transaction growth for Optimism has averaged at 13.51% over the past week, while Arbitrum transactions have decreased at a rate of 23.12% over the same time period.
Optimism transaction growth is due to the growth of Worldcoin and WorldApp, since Worldcoin is built on Optimism directly (unlike the upcoming chains of Base and Zora, which are built using OP Stack). WorldApp wallets have grown to 943.4K over the past 2 months.
a16z (0x05e) sent 6.75K MKR to Coinbase(worth approximately $7.83M) at 12:45 PM UTC today. 0x05e has been selling clips of MKR around this size (ranging from 6.5K to 7K MKR), once a week since the 10th of July.
They currently have 5.65K MKR (worth approximately $6.53M) left in this wallet.
This come after Paradigm sent their remaining 3K MKR to Coinbase yesterday.
Trending Assets
Top 300 Performers
UNIBOT & BITCOIN were some of the top performers today.
Below $100M MC by performance, on chain
The top performing coin below $100M MC is BITCOIN (HPOS10I), which is up 85.74% over the past day.
Above $100M MC by performance, on chain
UNIBOT, up 34.21%, is the top performer of the day for coins above $100M MC. Following UNIBOT, OX, up 15.87%, AMP, up 15.34%, and RLB, up 13.29% have outperformed over the past day.
Notably, UNIBOT is up 104.66% over the past week and up 318.09% over the past month.
Above $1B MC by performance, on chain
MKR, up 4.50%, has outperformed over the past day. This is despite a16z wallet selling once a week.
Trending Contracts
Notably, a Linea contract, L1 message service, is the 7th highest gas consumer of the day, and its gas used is up 10.1% over the past day.
TVL
Top TVL gainers > $10 Mil TVL
Over the past day:
PHUX, Balancer fork on HEX, TVL grew by 31.15%.
Quarry, liquidity mining on Solana, TVL grew by 12.37%
Ondo Finance, RWA, TVL grew by 5.25%.
Fees
Ethereum earned the highest fees over the past day, at $7.4M, followed by Lido, at $1.8M, and Tron, at $1.4M.
Notably, Optimism is in the top 10 fee earners of the day, with $201.2K earned.
Governance Proposals
[ARFC] GHO Liquidity Pools: Primary Pools Initial Strategy
The proposal aims to split the Aave DAO's veBAL voting weight to support upcoming GHO liquidity pools as follows:
40%: GHO/bb-a-USD V3 pool.
40%: GHO/LUSD pool.
20%: 80/20 wstETH/GHO pool.
[BIP-386] Allocate Base Incentives
Proposal to allocated 50,000 USDC for Balancer incentives on Base
Sushi: Strategic Cooperation with DWF Labs [Signal]
Proposal to enter into a market making partnership with DWF Labs to increase liquidity for pairs on Sushi, as well as for SUSHI on CEX’s (Binance and OKX)
CIP 28 - Should CoW DAO send its profits to the CoW Treasury Core unit to generate extra revenues?
Proposal to redirect profits from CoW protocol to the treasury to be used to generate yield and farm rewards to create a revenue stream for the DAO.
RFP-21: Distribution Strategy for ARB Allocation
Radiant will distribute their allocation of 3.348M ARB tokens to wallets locked or relocked dLP for 6 or 12 months within the time specified on either Arbitrum & BNB Chain. Those who locked for 12 months might receive either 2.5 times or 3 times more.
GMX proposal for the approval of their V2 genesis parameters.
BIP-388: Wire up Base Chain in preparation for launch
Balancer proposal to take the final steps before their full launch on Base Chain, which includes configuring the Gauge Factory and Authorizer Wrapper and setting a 50% protocol fee.
[HIP-36] Launch Hop on Base Mainnet
Hop proposal to launch on Base Mainnet.
Sonne Improvement Proposal 6: Expansion to Base - Coinbase's Ethereum Layer-2 Blockchain
Sonne proposal to launch on Base Mainnet.
Articles / Threads
Items which will be coming before end of August:
Kickoff for USDC rewards and $VELA buybacks
The start of remaining refunds for beta traders
Other items on the roadmap:
Building out API for integration with trading bots
Trading contest
Referral program
Items being considered:
New 1-click deposit features that go beyond multi-chain
Support for spot trading
Fee structure enhancements
VLP updates to support vault strategy builders
Bot trading marketplace for vendors
Unveiling Gravita x Arbitrum: A New Era begins
Gravita, a stablecoin LSDFi protocol, will be launching on Arbitrum. Initially wETH, rETH and wstETH will be supported. Each will have a 500K GRAI mint cap.
