LD Track Weekly Report (2023/08/28): The market is sluggish, and the pledge yield and transaction volume continue to decline.

Trend Research

特邀专栏作者

2023-08-29 10:58 (UTC+8)

This article is about 2134 words, reading the full article takes about 4 minutes

Get a quick look at important market information for the week.

AI Summary

Expand

Get a quick look at important market information for the week.

Summary

Stablecoins: The overall outflow of stablecoins is greater than the inflow, and the supply of DSR is currently rising slowly after Justin Sun’s withdrawal.

LSD: The ETH pledge rate rose to 21.79% last week, a month-on-month increase of 1.34%. Last week, 26.19 million ETHs were locked in the beacon chain, corresponding to a pledge rate of 21.79%, a month-on-month increase of 1.34%; among them, there were 756,900 active verification nodes, a month-on-month increase of 1.90%, and 55,400 verification nodes entered the queue, a month-on-month decrease of 7.39% %. ETH staking yield continues to decline to 3.84%.

Ethereum L2: The total amount of Layer 2 TVL decreased by US$440 million compared with last week, and the total locked amount was US$9.56 billion.

DEX：Dex combined TVL 12.03 billion,A decrease of $240 million from last week. Dex’s 24-hour trading volume is 1 billion, and its 7-day trading volume is 11.79 biliion, an increase or decrease of 3 billion from last week. Ethereum DEX trading volume accounts for 49%.

Derivatives DEX: In the past week (August 21st to August 27th), the total trading volume of major derivatives DEX was about 5 billion US dollars, and the trading volume shrank again, returning to the low area of the year.

stable currency

The overall market value of stablecoins is 124.49 billion U.S. dollars. Compared with last week, the overall market value of stablecoins has not fluctuated greatly. Among them, the market value of Dai reached 5.15 billion U.S. dollars, an increase of more than 29% in the past week and 23% in the past month. Dai The scale changed from falling to rising this week.

source:defillama

Judging from the overall inflow of stablecoins, the overall outflow is still greater than the inflow in the past month.

source:defillama

After the MakerDAO DSR interest rate was lowered from 8% to 5%, Justin Sun withdrew $200 million of his supply, which also caused TVL within the DSR to experience a significant drop. However, observing the changes in its TVL, it can be seen that although the interest rate has been adjusted significantly, the liquidity of other accounts has not been withdrawn, and the current supply still shows a small increase.

source:makerburn

PSM modules have seen significant growth during the week, with supply now reaching 770 million. Maker has achieved initial results in the following two aspects through the increase of the DSR interest rate: ① Increase the supply of USDC in the PSM, and save the source of funds for RWA investment; ② Stabilize the decline in the size of Dai and stimulate the demand for Dai.

LSD

Last week, the ETH pledge rate rose to 21.79%, a month-on-month increase of 1.34%. Last week, 26.19 million ETHs were locked in the beacon chain, corresponding to a pledge rate of 21.79%, a month-on-month increase of 1.34%; among them, there were 756,900 active verification nodes, a month-on-month increase of 1.90%, and 55,400 verification nodes entered the queue, a month-on-month decrease of 7.39% %. ETH staking yield continues to decline to 3.84%.

ETH staking continues to grow steadily

Source: LD Capital

ETH staking yield drops to 3.84%

Source: LD Capital

Among the three major LSD agreements, in terms of price performance, LDO fell 5.6% a week, RPL fell 7.8%, and FXS fell 3.3%; from the perspective of ETH pledge volume, Lido rose 2.29% a week, Rocket Pool rose 1.90%, and Frax rose 0.92%. Curve founder Michael expressed his support for the combination of Frax RWA certificate FXB and crvUSD in Telegram. EigenLayer raised the ETH pledge limit to 100,000 last week, and it is now full. Users who participate in the pledge can mint NFT EigenWorlds. Affected by Binance’s investment and RWA business, Pendle’s price rose by 17.1% last week; the current sDAI mining pool TVL is 12.57 M, fUSDC mining pool TVL is 2.78 M, sDAI’s implied rate of return is 3.81%, and the actual rate of return is 5%; The yield rate is 3.45%, and the actual yield rate is 4.21%. Since Pendle only builds sy/pt LPs, the new pool will often cause oversold YT when adding liquidity, resulting in a decline in the implied yield rate. Pay attention to the relationship between sDAI and fUSDC YT Investment Opportunities.

Ethereum L2

TVL

The total amount of Layer 2 TVL decreased by US$440 million compared with last week, and the total locked amount was US$9.56 billion.

Source: L2 beat, LD Captial

Cancun upgrade progress

On August 24, 2023, the 116th Ethereum Core Developer Consensus Conference (ACDC) was held, which mainly discussed four aspects:

(1) All EL and CL clients have joined Devnet #8 (Deneb/Cancun upgrade private testnet), and the two EL clients that have not yet run validators on the testnet are Besu and Erigon.

(2) Dencun testing overview document detailing specific testing areas for the Dencun upgrade that will be developed in the coming weeks, including EVM related testing for Dencun EIP affecting EVM, syncing test blocks between EL and CL clients vs. blobs, chaos testing to evaluate different chaos situations, public testing including more Devnet and shadow forks, MEV related testing, regression testing, bad blocks vs blob testing, blob specific testing.

(3) The Devnet#9 launch plan is briefly discussed. The only major change in the code specification between Devnet #8 and Devnet #9 is the deployment strategy of EIP-4788.

(4) Sort out three unresolved issues during the launch of the Holesky testnet, including the developer agreeing to adjust the Epoch time of the Shapella upgrade on Holesky from 10 to 256; agreeing to use 28 (instead of 16) validators to withdraw the balance ;In order to complete the checkpoint synchronization of the Holesky testnet, the developers agree to support a compressed version of the genesis state

(The launch date of the Holesky public test network is 22:00, September 15, 2023, Beijing time. The Genesis block will have 1,460,000 verification nodes, which is the largest public network so far)

Optimism

Base and Optimism developers jointly announce a revenue and governance sharing agreement.

(1) Base’s smart contracts can only be upgraded through 2/2 multi-signature wallet accounts. One signature is controlled by Base and the other is controlled by the Optimism Foundation. This also means that the Base and OP mainnets will share upgrades, so the block spaces of the chains remain compatible, homogeneous, and ultimately interoperable in the future of the Superchain.

(2) Contribute a certain proportion of base sequencer revenue to Optimism Collective. Base will also pay Optimism Collective 2.5% of its revenue or 15% of its profits, whichever is higher. In return, Base has the opportunity to receive 2.75% of the OP token supply (approximately 118 million) over the next six years, allowing it to have a say in Optimism’s protocol governance.

BASE

friend.tech, the total transaction volume exceeds 50,000 eth, the income level is relatively high, ranking third in 7-day income

Source: Dune, DefiLlama

Unibot is integrated into the Base network, which is also the first Layer 2 network that Unibot is integrated into.

ARB

On August 23, Offchain Labs repurchased 1.72 million ARB at the price of 0.99 USDT through the address starting with 0x b 41. Previously, Offchain Labs purchased 4.48 million ARB through the same address in June at an average price of 0.99 USDT.

On August 27, Offchain Labs withdrew 1.367 million ARB from Binance through the address starting with 0x b 41, equivalent to approximately US$1.3 million. Last week, Offchain Labs withdrew a total of 3.087 million ARB (approximately US$3 million) from Binance through addresses starting with 0x b 41, with an average price of US$0.97.

Activity on the chain

Source: Artemis

DEX

DEX Balancer stated on August 22 that multiple V2 pools faced serious vulnerabilities and advised users to withdraw affected funds immediately

Due to the breach, users withdrew nearly $100 million from Balancer, causing TVL to drop from 852 mln a week ago to 681 mln currently.

Ethereum

ETH L2/sidechain

The two fastest-growing DEXs on the Base chain this week are Alien Base (+ 60%) and Balancer (+ 33%). Alien Base TVL climbed to the second position in the Base ecosystem, and the current TV L2 is 2.56 mln

BTC L2/Sidechain

Alt L1

Derivatives DEX

In the past week (August 21st to August 27th), the total trading volume of major derivatives DEX was about 5 billion US dollars, and the trading volume shrank again, returning to the low area of the year. After the sharp drop of BTC and ETH on August 18, they entered a sideways trading range. At present, BTC is oscillating around 26,000, and ETH is oscillating around 1650. The volatility is not high, and the market transaction is sluggish again.

source:tokenterminal

In terms of TVL, the overall TVL of the derivatives DEX track is still in decline, and funds are slowly flowing out.

source:tokenterminal

In terms of users, the number of daily active users of derivatives DEX continues to decline. The number of daily active users of GMX has reached its lowest level in 2023. The market is deserted and there are few participants.