Weekly Notes 15
Developments
Rollbit announced they are bringing their buyback and burn scheme fully on-chain. On the 3rd, rollbot.eth purchased 255,252 RLB tokens ($38k) before sending 229,727 RLB to the burn address via a Rollbit Hot Wallet.
Celsius could potentially restart under the name “NewCo” which would see the distribution of $2.3 billion of $BTC and $ETH to Celsius customers as well as NewCo Stock start before the end of 2023.
If approved, NewCo would also be seeded with up to $450 million in Crypto and plan for its future stock to be listed on the NASDAQ. Fahrenheit LLC, who will manage NewCo, has also committed to inject up to $50 million in exchange for an equity stake in the company.
A reported 95% of creditors have shown support for the plan. Notably, $4.7 billion of customer assets were lost in Celsius’ bankruptcy so the $2.3 billion to be distributed would cover slightly under 50% of user assets.
Optimism is piloting its fault proof system on the Optimism Goerli Testnet. OP’s fault proof (aka fraud proof) system will allow developers to implement or build any fraud proof system they would like.
For example, this means that zero knowledge proofs among other types could now be used on an optimistic rollup thanks to the creation of Cannon, Optimism’s Fraud-Proof Virtual Machine (FPVM). This innovation allows for further diversity within rollups promoting decentralisation across the Optimism Superchain.
Ethereum Layer 2 StarkWare delays first token unlocks to April 2024
StarkWare, who is building Starknet, has delayed the first tranche of $STRK token unlocks from November 29th 2023 to April 15th 2024.
The tokens in the first unlock belong to employees at StarkWare, core contributors of the chain and early supporters of the Starkware ecosystem.
The SEC’s motion to appeal to turnover the Ripple ruling, which found $XRP to not be a security, has been rejected. However, the SEC will still have the opportunity to appeal again after a trial on April 23rd 2024 that will attend to remaining issues in the matter.
31% of stake on the Solana network now runs through the Jito Labs validator client, which has only been live for 1 year and 2 months. The other 69% is staked through the original validator client launched by Solana Labs.
Blackrock Spot BTC ETF Predicted Approval Acceptance Date
Steven Schoenfield, an ex-blackrock Director, has estimated that the SEC will approve a spot BTC ETF within 3 to 6 months. Previously, Schoenfield estimated that the ETF would be approved in 9-12 months but due to the SEC losing in the Grayscale lawsuit, the abnormal preemptive delaying of BTC ETF applications recently and the SEC now asking for comments on the ETF, he has revised his estimate accordingly.
An OTC scammer has scammed $1 million of the $HyPC token. After selling on both the Ethereum and BNB networks, causing the price to crash by 60% at its lowest point, the scammer received a total $609,145.47 of $ETH and $BNB.
Trending Assets
Below $100M MC by Performance, on chain
X2Y2, up 49.90%, BNT, up 34.74%, and LOOKS, up 20.72%, were the top performers for tokens below $100M MC.
Above $100M MC by performance, on chain
LQTY, up 18.57%, and RLB, up 16.67%, performed well this week.
Above $1B MC by performance, on chain
AVAX, 5.70%, was the top performer for tokens above $1B MC.
TVL
TVL Above $10M
Over the past week:
tBTC, bridge on Ethereum, TVL grew by 87.72%.
Canto Lending, lending on Canto, TVL grew by 34.14%.
Canto DEX, DEX on Canto, TVL grew by 25.16%.
Fees
Fees earned across are down over the past week, with the exception of Stars Arena fees earned, up 3015% and Bitcoin fees earned, up 55.73%.
Governance Proposals
[AIP-90] Deploy Alchemix on Arbitrum
Proposal to launch Alchemix on Arbitrum with a partnership with Ramses DEX.
Articles / Threads
Y2K has launched their new UI.
Perennial has launched Perennial V2, where they’ve integrated Pyth On-demand Oracle system, have added support for complex order types and have redesigned their market structures. Additionally, Perennial V2 will be oracle agnostic, which will allow the launch of markets for NFTs, RWAs, and other long-tail assets.
Pirex ETH is Live on Ethereum Testnet
Redacted Cartel has launched Pirex ETH (pxETH) on Ethereum Goerli testnet, bringing them one step closer to launching Dinero, their stablecoin collateralized by ETH.
Thena is integrating Chainlink CCIP on BNB Chain and Polygon mainnets to enable cross-chain transfers of THENA’s native token, THE.
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