LD track week observation (2023/05/29)
Summary
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Summary
l LSD: The growth rate of Ethereum pledges is accelerating. Last week, the amount of ETH pledges in the beacon chain increased by 2.05% month-on-month, and has entered a faster growth range. The current ETH pledge rate has reached 17.92%. LSDFi is in full bloom, and LSDFi's performance is divided. Last week, LBR, ZERO, and TENET performed well, while AGI and USH were not as expected.
l Ethereum L2: The overall tvl of Ethereum L2 has risen by 5% in the past week, and the total lock-up amount is 9.05 billion US dollars. zksync era TVL has seen a strong increase in the past two weeks, and the number of bridged Ethereum is the highest, nearly 10,000 ETH, and the activity on the chain has also surpassed arbitrum many times.
l BRC 20: Last week, the transaction volume of BRC-20 related projects showed an overall downward trend, and the transaction volume rebounded on weekends, and concentrated on OXBT and ORDI. OXBT is currently listed on OKex Ordinals marketplace and Alex brc 20 dex. The number of transactions on the chain and the number of currency holding addresses have surpassed ORDI.
l GameFi: The overall popularity of the sector is not high, but various projects are continuing to promote and release news, which brings market opportunities. Before the Apple Developers Conference on June 5, you can pay attention to projects related to the Metaverse concept.
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Source: LD Capital
Figure: ETH staking yield remained the same as last week
Source: LD Capital
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Source: LD Capital
The Frax team initiated a proposal to grant sfrxETH/FRAX the Fraxlend AMO quota on the BSC, Optimism, and Arbitrum chains; the discussion on Lido's pledge dividend was rejected by Hasu, the team's strategic advisor. Most CDP minting stablecoin agreements distribute the benefits of minting rights to users, and Frax returns the benefits of minting rights to the agreement through the AMO mechanism; the Frax core team initiated the proposal FIP 231 – 233, intending to grant sfrxETH/ETH The Fraxlend AMO quota on the BSC, Optimism, and Arbitrum chains is capped at 5 million FRAX; this move will not only expand the income of the agreement, but also help to lower the borrowing rate of sfrxETH and promote the growth of Frax ETH pledge business. Last week, the discussion on Lido’s staking dividend was rejected by Hasu, the team’s strategic advisor. The main reason is that Lido’s treasury reserves are not enough to safely maintain the team’s expenses after the start of dividends. At the current stage, Lido should focus on product construction rather than staking dividends.
The performance of LSDFi is divided. Last week, LBR, ZERO, and TENET performed well, while AGI and USH fell short of expectations. New projects need to pay attention to the continuous construction of the team, timely delivery of products, and the size of the secondary market selling pressure brought by the top mining. Follow-up look forward to Gravita Performance of Protocol, Prisma Finance, Tapio Finance, Swell Network, Ion Protocol, Equilibria and other agreements (judged based on public information, not investment advice).
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Among them, zksync era TVL rose strongly in the past two weeks.
Source: l 2b eat
Starknet TVL still maintains a steady upward trend.
Source: l 2b eat
In the past week, the number of arbitrum and optimism Total Value Bridged is close, among which zksync has the highest bridge of nearly 10,000 ETH, and starknet has decreased compared with last week.
Source: Dune
Recently, the overall activity on the chain is arbitrum > zksync era > optimism > Starknet, and zksync era has surpassed arbitrum many times.
Derivatives DEX
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Figure: Weekly trading volume of major derivatives DEX
Figure: Weekly trading volume of major derivatives DEX
source:tokenterminal
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Figure: GMX weekly trading volume changes
source:Dune Analytics
Figure: GMX weekly trading volume changes
source:tokenterminal
Figure: kwenta weekly trading volume changes
source:tokenterminal
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Figure: Kwenta transaction incentive rules
source:mirror.xyz/kwenta.eth
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From the perspective of the number of daily active users, GMX is still the protocol with the largest number of users, about 1,200. Kwenta has around 400 daily active users.
BRC-20
Trading volume is relatively easy to increase through trading incentives, while holdings and daily active users can better reflect real trading data. Therefore, although Kwenta's trading volume surpassed GMX within this week, GMX still has a large advantage in terms of real trading volume.
Last week, the transaction volume of BRC-20-related projects showed an overall downward trend, and the transaction volume rebounded during the weekend, and was concentrated on OXBT and ORDI.
Figure: Trading Volume Changes
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Source: dune.com, LD Capital
OXBT is led by @BitGod 21 and originated when @Frankdegods proposed to @BitGod 21 to migrate DeGods to BTC and create a related BRC 20 token. And @Frankdegods is the founder of Solana NFT projects Degods and y 00 ts. Degods has successfully cross-chained to the Ethereum chain, and y 00 ts has successfully cross-chained to Polygon. Both NFT projects have a solid community foundation, so OXBT’s attention The degree is naturally high.
GameFi
OXBT is currently listed on OKex Ordinals marketplace and Alex brc 20 dex. The number of transactions on the chain and the number of currency holding addresses have surpassed ORDI.
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The most popular game on GameFi last week was MoDragon, a new incubation game launched by Mobox. The game genesis NFT was airdropped on May 18 to addresses on the ARB chain that had received airdrops and deep users of Mobox by lottery. On May 25th, the NFT airdrop was issued, and the game was officially launched at the same time.
The total number of transactions now stands at 6,175, with a transaction volume of about 2,125 ETH worth about $4 million.
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In addition, the COCOS token will be renamed as COMBO, and the currency exchange time has been officially determined. Binance will close the COCOS spot trading pair on May 29, and reopen trading on June 2.
At present, the games with the highest trading volume in the market are still the old-generation GameFi such as AxieInfinity, Mobox, and Kingdoms, and there are no new projects that have broken out of the circle in the GameFi sector. Before the Apple Developer Conference on June 5th, you can focus on Metaverse-related projects.
