Daily Notes: 29-06-2023

Jun 29, 2023

Binance Crypto Custody License Application Denied by German Regulator BaFin
Binance has faced regulatory troubles in Europe over the past month, as it withdrew an application for regulatory approval in Austria, gave up on its registration with Cyprus’ securities regulator, quit the Netherlands and was ordered to halt operations in Belgium.

O(1) Labs has submitted a proposal to Optimism Foundation for their zero knowledge proof stack (built on the MIPS zkVM as part of Mina Protocol) to be applied to OP Stack fraud proofs.

Sui Releases New Emission Schedule

Following the recent claims that the team has misrepresented emissions and has been selling rewards, Sui Foundation has released their new tokenomics.
Notably, the investors’, early contributors and foundation cliffs have been postponed from November 2023 to April 2024

However, 61M SUI, approximately $41.9M USD, which represent 0.611% of total supply, will still be unlocked on the third of July 2023.

Camelot DEX has proposed that Arbitrum Foundation grants 2M ARB per month to Camelot DAO for the next 6 months (totalling 12M ARB) to fund liquidity incentives for Arbitrum-focused projects on Camelot, including the onboarding of new and multi-chain protocols entering the ecosystem.
Liquidity incentives will be distributed across four different categories as follows:
- Ecosystem Builders: 50%.
- Integration Partners: 25%.
- Core Pairs: 15%.
- Liquid Staking Derivatives: 10%.

Coinbase has done $900M USD in trading volumes over the period of June 21 to June 28. This comes after institutional interest in BTC rises and Binance loses access to European markets.\

PancakeSwap has launched on Polygon’s zkEVM. This is PancakeSwap’s fourth chain, after BSC, Ethereum and Aptos.

Polygon Labs announces that they will unify the new Layer 2 zero-knowledge chains with new staking and interoperability layers.

Non-Ethereum EVMs

There has been a steady decline in BSC TVL over the past few weeks, while Arbitrum TVL continues to climb.

Additionally, Avalanche, Optimism and Polygon TVL has been stagnant since the start of the year.

Notably, we are not seeing many new projects launch on Avalanche, while Optimism and Polygon seem to still attract some teams.

Above $100M MC by performance

COMP and SNX are top performers today. Notably, DeFi 1.0 is up double digits this week, with COMP up 70%, SNX up 16% and AAVE up 12%.

Above $1B MC by performance

Nothing particularly notable to mention about the performance of coins above $1B MC.

Trending Contracts

Proposal to to move forward with Aave Robot v1, the first iteration of a framework and architecture of smart contracts to automate permissionless actions of Aave

Temperature check for the following proposals:
- Create a UNI-ARB Working Group - 2,200,000 ARB requested
- Enabling upfront yield - 200,000 ARB requested
- MMA Infrastructure Development - 250,000 ARB requested
- Combined Liquidity Incentives - Up to 2,000,000 ARB requested

Maverick Protocol announces its upcoming native bridge for MAV token, utilizing LayerZero’s omnichain technology.
- MAV is built on the OFT (omnichain fungible token) standard of LayerZero