Daily Notes 27-11-2023
Developments
Following a successful proposal to reduce the max inflation parameter of Cosmos’ native token ATOM from 19% to approximately 13.4%, Cosmos’ founder Jae Kwon has initiated steps and community discussion about hard forking the Cosmos blockchain.
The hard fork would be called AtomOne and have its own new native token although it would include ATOM participation to prevent “mass selling of ATOM and collapsing it all”.
A large amount of the new token would be airdropped to ATOM stakers proportionally.
KyberSwap has recovered $4.7 million of funds stolen last week with the remaining $1M going to the hacker as a white hat bounty. This recovery is separate from the main exploit event.
Last week, weekly crypto fund inflows reached $346 million. Bitcoin inflows accounted for $311.5 million (90%) of that sum. Ethereum took second place with $33.5 million, and Solana third with $3.5 million.
According to a Bitfinex report, 83.7% of Bitcoin holders are in profit which is the highest level seen since November 2021. Additionally 70 percent of Bitcoin’s supply has not been transacted or moved for over a year.
Binance Futures launched USTC perpetuals with up to 50x leverage. USTC, TerraClassicUSD was previously pegged to $1 before the Luna collapse in May of 2022.
Japanese Crypto Fund CGV has announced that they will be investing $5 million into the Blast ecosystem through “incubating and investing in innovative projects”.
Google Cloud is now among 65 operators taking part in EigenLayer’s testnet. EigenLayer is a restaking protocol whose mainnet is set for release in the first half of 2024.
Binance founder CZ has been denied the right to leave the US before his sentencing.
Magic Eden has introduced a wallet made for “Magic Eden users and cross-chain NFTcollectors”. The wallet is in closed beta and will support Bitcoin, Ethereum, Solana, and Polygon (the 4 chains Magic Eden’s marketplace supports). Users can apply for the waiting list via a link posted on their twitter.
TORN, the native token of Tornado Cash, has gone down 53% after Binance announced the tokens delisting on the 7th of December 2023,. Additionally BitShares, PERLECO and Waltonchain will also be delisted on the same date.
Trending Assets
Below $100M MC by performance, on chain
BALD, up 51.87%, and GROK, up 45.41%, outperformed over the past day.
Above $100M MC by performance, on chain
SSV had a good day and is up 8.21%.
Above $1B MC by performance, on chain
UNI is up 1.20%.
Trading Volumes
GROK, FLIP and LINK have the highest trading volumes on chain currently.
TVL
TVL Above $10M
Over the past day:
Terra Bridge TVL grew by 76.94%
Youves, synthetics on Tezos, TVL grew by 65.28%.
BiSwap, DEX on Binance, TVL grew by 16.59%.
Fees
Vertex is the 15th highest fee earner today, at $206.9K earned. Convex fees earned are up 189.16% over the past day. Arbitrum fees earned are down 44.91%.
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