LD Track Weekly Report (2023/07/25): Lack of market hotspots, trading volume and activity continue to decline.
Summary
RWA: According to rwa.xyz, as of July 24, the total tokenization value of US Treasury bonds reached 639 million US dollars (excluding MakerDao's US Treasury purchase business), a decrease of approximately 1 million US dollars compared to a week ago. Maker is the absolute leader in the RWA track, with a total business scale of 3.38 billion US dollars.
LSD: Last week, the ETH staking rate increased to 20.52%, an increase of 1.68% from the previous week. Last week, there were 24.6727 million ETH locked in the beacon chain, corresponding to a staking rate of 20.52%, an increase of 0.92% compared to the previous week, and the growth rate has been increasing for three consecutive weeks. Among them, there are 683,900 active validating nodes, an increase of 1.97% compared to the previous week, and 82,300 validating nodes in the queue, a decrease of 1.06% compared to the previous week.
Ethereum L2: The total Layer 2 TVL decreased compared to last week.
2.3 billion dollars, total locked amount 99.4 billion dollars. Zksync era TVL continues to decline for the third consecutive week, with a drop of 17.86% , while Starknet TVL continues to rise for the second consecutive week by over 30% .DEX: Dex combined TVL is 14.7 billion, a decrease of 0.5 bln compared to last week. Dex 24-hour trading volume is 1.12 billion, 7-day trading volume is 19.3 billion, an increase of 2.1 billion compared to last week.
Derivatives DEX: The overall trading volume of derivatives DEX for the previous week (July 17th to July 23rd) decreased compared to the previous week. The weekly trading volume of 9 major derivatives DEX protocols is approximately 74 billion dollars, while the weekly trading volume of the previous week was approximately 124 billion dollars, a decrease of 40% .
According to rwa.xyz, as of July 24, the total tokenization of US bonds reached $639 million (excluding MakerDao's purchase of US bonds), a decrease of about $1 million from a week ago. The protocol with the largest change in data is Ondo, which decreased by $6 million from last week. Maple Finance's on-chain US bond business currently stands at about $30 million, with no significant growth since July 10. According to Maple 2023's roadmap for the second half of the year, the main direction is to add excess collateralized lending business and enhance LP token liquidity, etc. Maker is the absolute leader in the current RWA track, with a total business scale of $3.38 billion. Over 65% (89.3M/135.6M) of the revenue in the Maker protocol comes from RWA business, and Maker greatly increases protocol income by expanding RWA business.
Source：makerburn.com
Maker's latest approved usage of protocol surplus will have half of it used for MKR buyback, and the other half will be combined with DAI for liquidity injection into Uniswap. Based on the current buyback progress, it is done twice per hour, 5,000 DAI per time, with the initial purchase amounting to 1,530 tokens, which is currently 82% completed. The buyback is expected to be completed on July 26th.
Source: makerburn.com
The most sensitive addresses in the MKR holding address are those of the founder, Rune, and a 16 z address. Maker founder Rune received 5 million DAI from the Maker DAO Lock wallet on July 16th. So far, about 1,600 have been bought back and the wallet balance is 1.4 million DAI, with the possibility of continuing to buy back. Based on the current price of $1,039, it is estimated that 1,351 will be repurchased.
The 16 z address deposited 7,505 on Coinbase on July 10th, and has been depositing around 1,500 per day since July 17th. Starting from July 22nd, itbsp;Starting from today, I will deposit about 1,600 MKR to Coinbase daily. There are still 12,400 MKR in another address, which requires selling for another 8 days at the current rate. This address has transferred out 4,764 MKR in the past month.
LSD
Last week, the ETH staking rate increased to 20.52%, a weekly growth of 1.68%. There were 24,672.7 ETH locked in the beacon chain, corresponding to a staking rate of 20.52%, with a weekly growth of 0.92%, showing an increasing growth rate for the third consecutive week. Among them, there were 683.9 thousand active validator nodes, a weekly growth of 1.97%, and 82.3 thousand nodes in the queue for validation, a weekly decrease of 1.06%.
The 10th AMA of the Ethereum Foundation discussed the following:
- EIP-7002: Allowing withdrawal vouchers to trigger exits for 0x01, reducing custody risks in the ETH staking process.
- Justin Drake mentioned that SSV and DVT are necessary in the short to medium term to address the risk of centralization among node operators.
- Increase the validator's staking limit to 2,048 ETH to reduce the growth of active validators and facilitate faster transaction finality.
Total pledge amount continues to increase for three consecutive weeks
Source: LD Capital
ETH Staking Yield Maintained at around 4.5%
Source: LD Capital
Among the three LSD protocols, in terms of price performance, LDO dropped 7.9% in the past week, RPL dropped 14.8%, FXS dropped 7.7%; in terms of ETH staking volume, Lido increased by 0.99% in the past week, Rocket Pool increased by 2.73%, Frax increased by 1.39%. Last week, RPL TVL had the fastest growth rate while experiencing the biggest price drop. This analysis can be combined with the two proposals passed last week, Rocket Pool RPIP 25 and Nexus Mutual NMPIP 197. RPIP 25 modified the inflation distribution of RPL, gradually reducing oDAO's inflation distribution from 15% to 1.5%, and gradually increasing pDAO's inflation distribution from 15% to 28.5%. It also allows pDAO to directly spend funds to maintain three months of development work, which may result in Rocket Pool losing some partners such as Coinbase and Bankless. In NMPIP 197, Nexus deposited 14,400 ETH into Rocket Pool to diversify its treasury assets, which is the main reason for the increase in Rocket Pool TVL this week. In addition, SSV will hold its second mainnet meeting on August 1st, which may lead to Limited Launch stage, introducing partner operators; StakeWise released V 3 testnet, hyping up mainnet expectations.
Ethereum L 2
TVL
Layer 2 TVL decreased by 230 million US dollars compared to last week, with a total locked amount of 9.94 billion US dollars.
Data Source: l 2 b eat
Zksync era TVL has seen a continuous decline for the third week, with a decrease of 17.86%, while Starknet TVL has continued to rise for the second week by more than 30%.
Event Review
BitDAO Layer 2 Mantle Network announced the launch of its mainnet Alpha version at EthCC on July 17th.
As of July 24th, according to defilama data, the TVL is $3.47 million.
Source: defilama
ConsenSys Layer 2 Network Linea opened access to Linea mainnet Alpha on July 18.
As of July 24, according to defilama data, TVL is $10.22 million.
Source: defilama
Large Amount Unlock
The Optimism token Op will unlock 24.16 million tokens (about 38.17 million USD) at 12:00 on July 30, accounting for 0.56% of the total supply.
DEX
Dex combined TVL 14.7 billion, decreased by 0.5 billion compared to last week. Dex 24-hour trading volume 1.12 billion, 7-day trading volume 19.3 billion, increased by 2.1 billion compared to last week.
Ethereum
The DEX trading volume on Ethereum is 12.8 billion, an increase of 66% compared to last week, and the protocol with the fastest 7-day TVL growth is Smardex.
ETH L 2/sidechain
Significant shrinkage in L 2 transaction volume this week, with Starknet -63%, zksync Era +13%, Optimism -14%, Arbitrum -22%, Polygon -31%, only Zksync Era saw positive growth in transaction volume over the week; Starknet's DEX TVL ranked first in growth among L 2 platforms
BTC L 2/sidechain
Alt L 1
Derivative DEX
The overall trading volume of Derivative DEX declined last week (July 17th to July 23rd) compared to the previous week. The weekly trading volume of the 9 major Derivative DEX protocols was approximately $7.4 billion, while the previous week's volume was approximately $12.4 billion, a decrease of 40%.
Source: tokenterminal
Vertex's trading volume has shown significant growth, surpassing gains network and following closely behind GMX and Kwenta. This is mainly due to its trading incentives program and the expectation of token airdrops.
GMX's trading volume has been greatly impacted by the new protocol. GMX's current incentives mainly consist of fee rewards, with a staking incentive APR of 3%. Early users have boost rewards, which can increase to around 5%-7%. The new protocol, in addition to fee rewards, also offers token incentives with higher yields.
In terms of TVL, GMX and DYDX have experienced slight decreases, while MUX has seen a small increase, reaching $61.79 million. Overall, there has been less capital inflow and activity.
Source：Defillama
Project Progress This Week
Synthetix and Chainlink CCIP Collaboration to Enhance the Security of sUSD Cross-chain Transfers
Synthetix and Chainlink CCIP collaboration enables the use of cross-chain services on the mainnet, facilitating the transfer of snxUSD between Ethereum and Optimism, and enhancing cross-chain security.
