Daily Notes 29-11-2023
Developments
Sei, a chain built using the Cosmos SDK, will be adding support for the Ethereum virtual machine (EVM) in their upcoming v2 upgrade.
This will allow for backwards compatibility of EVM smart contracts and services that support the EVM with 0 changes. This is achieved through Sei nodes adopting GETH which will process “ethereum transactions” and the consequent state changes. Additionally, Sei v2 will optimistically run all transactions in parallel.
dYdX Social Mitigation Strategy
A proposal written by investment firm Reverie has been posted for voting on whether to “launch a social mitigation strategy for MEV” on dYdX chain (v4). Ending on the 3rd of December, the votes so far as they stand: 18.3% in favour, 0.7% against and 81% abstaining.
The mitigation strategy would adopt a social slashing strategy to combat dYdX chain’s in-memory orderbook design that enables MEV.
BITO Reaches ATH In Total Fund Assets
ProShares Bitcoin Strategy ETF (BITO) has reached an all time high of $1.5 billion in total fund assets.
Wormhole has raised $225 million at a $2.5 billion valuation in a funding round that saw participation from Brevan Howard, Coinbase Ventures, Multicoin Capital and Jump Trading among others.
Wormhole is an interoperability protocol that offers cross-chain bridging and messaging. In the raise announcement, Wormhole also announced the launch of Wormhole Labs, a company that will contribute to the Wormhole protocol.
Celsius To Open Partial Withdrawals
Celsius will open partial withdrawals for holders of “Class 6A General Custody Claims' and/or Class 6B Withdrawable Custody Claims,". The holders will only be able to withdraw 72.5% of their claims and only up until February 28th 2024. For the select holders withdrawals will open “around the 29th of November” (today).
Velodrome Frontend Compromised
Velodrome’s frontend has been compromised. According to ZachXBT, the attackers have been syphoning funds to two wallets which hold $145,000 combined. Velodrome has said that protocol funds are safe, contracts are unaffected and to only interact through their decentralised frontend. The incident may reflect in the price of Velodrome’s native token, VELO, which is 6% in the last 24 hours.
Former co-founder and CEO of Twitter, Jack Dorsey led a $6.2 million seed funding round for a decentralised Bitcoin mining pool project, OCEAN. The project will provide non-custodial and direct payouts to miners from the block reward.
The IOTA token has risen 50% in the last 24 hours as the team launches the ‘Iota Ecosystem DLT Foundation’ supported by $100 million in IOTA tokens vested over the next 4 years. The foundation, located in Abu Dhabi, is focused on promoting distributed ledger technology (DLT) in the middle east.
Trending Assets
Below $100M MC by performance, on chain
OX is up 22.98% following movements on Su Zhu’s wallets.
Above $100M MC by performance, on chain
CANTO is up 3.89%, OLAS is up 3.81%.
Above $1B MC by performance, on chain
MATIC and MKR both had a good day, both up around 3.8%.
Trading Volumes
sETH2 (StakeWise’s LST) dominated trading volumes on chain.
TVL
TVL Above $10M
Over the past day:
Kamino Lend, lending on Solana, TVL increased by 51.85%.
sDAI, yield-bearing stablecoin, TVL increased by 30.66%.
Outcome Finance, multichain synthetics, TVL increased by 20.22%.
Fees
Ethereum fees earned are up 30.88% over the past day.
Disclaimer:
The information and services above are not intended to and shall not be used as investment advice.
You should consult with financial advisors before acting on any of the information and services. ASXN and ASXN staff are not investment advisors, do not represent or advise clients in any matter and are not bound by the professional responsibilities and duties of a financial advisor.
Nothing in the information and service, nor any receipt or use of such information or services, shall be construed or relied on as advertising or soliciting to provide any financial services.