LD Racetrack Weekly Report (2023/08/14): RWA Racetrack is on fire, derivative trading volume continues to decline.

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特邀专栏作者

2023-08-15 11:53 (UTC+8)

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Quickly review important industry information for the week.

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Quickly review important industry information for the week.

Summary

RWA: DSR utilization has exceeded 20%, and its interest rate may be reduced to 5%; Spark will establish retroactive airdrops for users.

LSD: The ETH pledge rate rose to 21.25% last week, a month-on-month increase of 1.15%. Last week, 25.55 million ETH were locked in the beacon chain, corresponding to a pledge rate of 21.25%, a month-on-month increase of 0.1.15%; among which there were 727,500 active verification nodes, a month-on-month increase of 2.1%, and 66,100 queued verification nodes, a month-on-month increase. down 8.53%.

Ethereum L2: The total amount of Layer 2 TVL has not changed much from last week; Base chain TVL maintains growth momentum, rising 69.89% this week, reaching $198 million; Debank announced cooperation with OP Stack and launched the DeBank Chain test network; Cancun The next official test network for the upgrade, Devnet 8, will launch this week.

DEX：Dex combined TVL 13.29 billion,Basically the same as last week. Dex’s 24-hour trading volume is 1 billion, and its 7-day trading volume is 10.7 biliion, an increase or decrease of 3.7 billion from last week. Ethereum DEX trading volume accounts for 52%. Curves inflation rate dropped by 15.9%, and daily emission dropped from 532k to 448k.

Derivatives DEX: The overall trading volume of derivatives DEX continued to decline in the past week (August 7 to August 13), with the weekly trading volume of the nine major derivatives DEX being only about $4.5 billion.

RWA

MakerDAO

The current supply of DAI in DSR has reached 1.29 billion, with a weekly growth rate of 230%, and its utilization rate has reached 25% (12.9/51). The DSR interest rate is expected to be reduced to about 5% in the near future.

Both Shenyu and Justin Sun successively deposited DAI into DSR. At present, Suns two addresses have accumulated 231,000 stETH minted and deposited 176 million US dollars in DSR, which means that Suns personal address alone in DSR accounts for 17% of DAI, accounting for 3.5% of the total supply of DAI. The supply of sDAI (DAI wrapped in DSR) reaches 560 million.

source:dune analytics

Judging from the distribution of DAI mentioned above, the share of DAI in DEX and Lending has been shrinking since November 2022, and the DAI holding rate of EOA accounts has reached as high as 68.6%. Since the DSR adjustment, Dai Saving’s share has become larger and larger. Judging from the shrinkage of the three, EOA accounts fell by 12%, DEX fell by 2.2%, and Lending fell by 1%.

source:defillama

The TVL of Maker’s own lending protocol Spark reached 430 million, with a growth rate of 465%. After the EDSR is adjusted to 5%, in order to allow users and loan arbitrageurs to continue to use Spark, founder Rune proposed to establish a retroactive airdrop to reward users after the Spark protocol token SPK is launched.

Because after Maker’s SubDAO is launched, it is expected that 6 SubDAO tokens will be mined online, and SPK will be the first. According to the currently disclosed information, SubDAO mining will be open to all stablecoin holders and MKR holders. In the first 10 years of the launch of Genesis Agriculture, a total of 2 billion SubDAO tokens were distributed to each SubDAO participant: 500 million SubDAO tokens each year in the first two years; 250 million SubDAO tokens each year in the next two years; and 125 million SubDAO tokens each year in the subsequent two years. pieces; 62.5 million pieces per year in the last 4 years.

Aave

The Aave Governance Forum has published a proposal to “Introduce sDAI as a collateral asset into Aave V3” with the aim of creating new synergies with the MakerDAO ecosystem.

The proposal proposes to use the liquid deposit token sDAI as collateral in the Aave V3 Ethereum pool (sDAI cannot be lent). Aave can provide users with DSR income while achieving the effect of amplifying asset leverage. In the long run, it will also be beneficial to the development of the Aave protocol. Of course, one of Aave’s current priorities is also to increase the liquidity of the stablecoin GHO. The amount of GHO loaned has exceeded 20 million.

LSD

Last week, the ETH pledge rate rose to 21.25%, a month-on-month increase of 1.15%. Last week, 25.55 million ETH were locked in the beacon chain, corresponding to a pledge rate of 21.25%, a month-on-month increase of 0.1.15%; among which there were 727,500 active verification nodes, a month-on-month increase of 2.1%, and 66,100 queued verification nodes, a month-on-month increase. down 8.53%. The number of active validators on the Beacon Chain exceeded the 720,896 threshold last week, with the number of daily active validators increasing to 2,470.

Pledge growth rate increased this week

Source: LD Capital

ETH staking yield drops to 4.10%

Source: LD Capital

Among the three major LSD protocols, from the perspective of price performance, LDO fell by 1.3% over the week, RPL fell by 2.7%, and FXS rose by 0.9%; from the perspective of ETH pledge volume, Lido rose by 1.42% over the week, Rocket Pool rose by 1.35%, and Frax rose by 0.7%. Last week, Coinbase announced its investment in Rocket Pool by purchasing tokens from the team, without disclosing the specific amount and cost; the current Rocket Pool deposit pool balance is 19,200 ETH, the Minipool queue is cleared, the RPL pledge rate is 47.34%, and the effective mortgage is 88.95%. Frax RWA related proposal FIP-277, the current Snapshot vote has been unanimously passed, and the voting ends tomorrow; in terms of funds, Brevan Howard Digital continues to sell FXS, and transferred 100,000 pieces to the exchange last week. The current wallet balance is 661,300 pieces, accounting for 0.91% of the FXS circulation. . In LSDFi, LBR rose 64.7% in a week, focusing on the launch of the V2 version; ZERO rose 38.9% in a week, and the code audit has been completed, and the ZETH/ETH liquidity pool will be launched soon; USH rose 34.7% in a week, announcing the completion of US$3.3 million in financing.

Ethereum L2

TVL

The total amount of layer 2 TVL decreased by US$160 million compared with last week, and the total locked amount was US$10.5 billion.

Source: L2 beat, LD Captial

Base TVL continues its growth momentum, and the on-chain application Friend.tech, BALD, has once again caused community enthusiasm and capital inflows.

Friend.tech has more than 2,000 users, and has completed more than 210,000 transactions, with a transaction volume of 6599 ETH. friend.tech is similar to a paid private community. If you purchase tokens for other peoples accounts, you will enter their private chat rooms to communicate. When your Twitter account token is purchased by others, you will share the transaction proceeds and the price will increase. Currently, only mobile products are available, and registration requires an invitation code.

Source: Dune

DeBank announced on August 11 that it will launch the DeBank Chain testnet on the same day and plans to launch the mainnet in 2024.

DeBank Chain is built based on OP Stack and modifies the consensus mechanism to reduce the gas fee of a single transaction by 100 to 400 times. It also integrates a system similar to account abstraction on the chain to achieve a Web2 experience and is fully compatible with the current EVM standard; The new account system supports transactions signed using dedicated L2 private keys, reducing the use of L1 private keys in social scenarios and providing the security of L1 assets.

Activity on the chain

Source: Artemis

Cancun upgrade progress

The 115th Ethereum Core Developer Consensus Meeting: Discussions at this meeting include the release time of Devnet 8, EIP-4788 code deployment strategy, changes to the CL fork selection specification, etc. Among them, developers agreed to launch Devnet 8, the next official test network for the Cancun upgrade, early next week and agreed to update EIP-4788 from stateful precompilation to regular smart contracts.

Devnet 8, the next official test network for the Deneb/Cancun (Dencun) upgrade, was launched earlier this week. Devnet 8 is the first dedicated test network that will activate all relevant Ethereum Improvement Proposals (EIPs) finalized for the Dencun upgrade.

DEX

Dex combined TVL 13.29 billion,Basically the same as last week. Dex’s 24-hour trading volume is 1 billion, and its 7-day trading volume is 10.7 biliion, an increase or decrease of 3.7 billion from last week. Ethereum DEX trading volume accounts for 52%.

Curves inflation rate dropped by 15.9%, and the daily emission dropped from 532k to 448k, but the annualized inflation rate is still about 18%.

Ethereum

ETH L2/sidechain

L2 OPs trading volume fell the most in the past week, -30%, Arbitrum -16%, Zksync Era and Starknets trading volume are still growing, increasing by 17% and 18% respectively.

BTC L2/Sidechain

Alt L1

Derivatives DEX

The overall trading volume of derivatives DEXs continued to decline in the past week (August 7th to August 13th), with the weekly trading volume of the nine major derivatives DEXs being only about $4.5 billion. Last week, the weekly trading volume of these 9 DEXs was approximately $7 billion. Trading volumes continue to shrink as Bitcoin and Ethereum volatility has reached almost its lowest level in the past five years.