LD Race Track Weekly Report (09/04/2023): ETH staking rate slightly increases, Layer 2 track relatively active.
Abstract
RWA: The current tokenized US bond market size has reached $635 million, a slight decrease from mid-August.
LSD: Last week, the ETH staking rate increased to 22.02%, a month-on-month growth of 1.06%. There were 26.47 million ETH locked in the beacon chain, corresponding to a staking rate of 22.02%, a month-on-month growth of 1.06%. Among them, there were 772,600 active validator nodes, a month-on-month growth of 2.08%, and 49,800 validator nodes in the queue, a month-on-month decrease of 10.07%. The ETH staking yield continued to decline to 3.75%.
Ethereum L2: The total value locked (TVL) in Layer 2 increased by $70 million compared to last week, with a total locked amount of $9.63 billion. The top 4 projects in terms of TVL are Arbitrum, OP Mainnet, Zksync Era, and Base.
DEX: Dex combined TVL is $12 billion, which is unchanged from last week. Dex has a 24-hour trading volume of $1 billion and a 7-day trading volume of $12 billion, with a growth of $0.5 billion compared to last week. Ethereum DEX accounts for 50% of the total trading volume.
The current tokenized US Treasury bond scale reaches $635 million, slightly decreasing from mid-August.
Maple Finance
Completed a $5 million financing on August 22nd and plans to return to the Solana ecosystem. According to defillama, its TVL continued to grow after February 23rd and the total TVL is currently 97.98 million, with RWA shares at 43.5 million.
MakerDAO
MakerDAO DSR interest rate has been lowered from 8% to 5%, and after a rapid decline in DSR scale, it has steadily increased since August 23rd, with the current scale reaching 1.35 billion. The PSM portion has increased compared to last week.;3700 million.
Recent update proposals include:
Increasing the supply cap of Spark protocol wstETH from 200,000 wstETH to 400,000 wstETH;
Adjusting the market parameters for Spark protocol ETH;
Reducing the on-chain debt of potential default ConsolFreight (RWA 003-A) loan from 2 million Dai to 0 Dai.
Frax Finance
The team expects the apr of the RWA section to be close to 10% at the beginning of the online launch; the basic yield is about 5% (decreasing with the increase of TVL); Sam predicts that it can reach a scale of billions under ideal conditions. Overall, the Frax Finance business is too diversified, the RWA business is not yet online, and there is high uncertainty.
TProtocol
The core work last week was the migration testing from v1 to v2, and the v2 version is expected to be launched soon. The core features of v2 include a loan recovery mechanism to improve capital utilization efficiency. The protocol mainly recovers loans in two ways: first, by quickly selling LP tokens through the Curve liquidity pool, and second, by liquidating through Matrixdock.
LSD
Last week,
ETH Staking Ratio Rise to 22.02%, a MoM Increase of 1.06%. Last week, there were 26.47 million ETH locked on the beacon chain, corresponding to a staking ratio of 22.02%, a MoM increase of 1.06%. Among them, there were 772,600 active validation nodes, a MoM increase of 2.08%, and 49,800 nodes in the queue for validation, a MoM decrease of 10.07%. ETH Staking Yield continues to decline to 3.75%.ETH Staking Continues to Grow Steadily
Source: LD Capital
ETH Staking Yield Decreased to 3.75%
Source: LD Capital
In the three major LSD agreements, in terms of price performance, LDO fell by 2.5% in a week, RPL fell by 6.5%, and FXS fell by 5.8%; from the perspective of ETH collateral, Lido rose by 1.88% in a week, Rocket Pool rose by 1.98%, and Frax rose by 1.01%. Discussions about decentralized ETH collateral were raised last week. Small and medium-sized LSD protocols like Rocket Pool, Stake Wise, Stader Labs, Diva, and Puffer promised to have ETH collateral shares of less than 22%, but Rocket Pool, which has the largest share, is currently only 3%; the largest LSD protocol, Lido, currently has 32% of the collateral share and rejected self-restriction in a community vote in June 2022; Frax founder Sam mocked self-restriction as a lame marketing strategy for small LSD protocols.
Ethereum L2
TVL
Source: L 2b eat, LD Capital
OP Labs hires former Google executive as Chief Operating Officer:
Prithvi Subburaj, former General Manager at Google, worked at Google for over 15 years and held leadership positions in software engineering. He previously managed the wireless subscription service Google Fi. Subburaj's appointment is the first executive hire at OP Labs after Optimism co-founder Karl Floersch transitioned to CEO.
Aerodrome becomes the highest TVL Dex on the Base chain
After the launch of the forked protocol Aerodrome on Base, the current TVL is 190.01 million, making it the highest TVL Dex on the Base chain.
exAerodrome plans to incentivize users through airdrop of its native Aero token, targeting veVELO holders. The airdrop will be distributed in veAERO form, accounting for 40% of the total supply.
Base TVL has seen the fastest growth across the entire L2, ranking fourth in TVL with a 7-day increase of 53.36%.
Velodrome remains the leader in on-chain TVL with 161.15 mln.
The dYdX community has approved the proposal for "V4 Adoption and Migration of DYDX to dYdX Chain."
The proposal includes:
1. Adopt dYdX V4 open-source software as the next version of the dYdX protocol;
2. Adopt DYDX as the L1 token of the dYdX chain;
3. Use the smart contract developed by the dYdX Foundation to establish a permissionless, one-way cross-chain bridge for DYDX between Ethereum and the dYdX chain;
4. It is recommended that dYdX chain validation nodes refer to the above-mentioned smart contract when distributing DYDX on the dYdX chain;
5. On dYdX V3, wethDYDX will have the same governance and application functionality as DYDX based on Ethereum.
Shibarium network is back online with total transaction volume exceeding 800,000.
Source: shibariumscan
Users can use SHIB, BONE, and other tokens on Shibarium for token exchange, lending, borrowing, or staking tokens to earn rewards.
Onchain Activity
Source: Artemis
DEX
Dex combined TVL 12 billion, unchanged from last week. Dex 24-hour trading volume 1 billion, 7-day trading volume 12 billion, increased by 0.5 billion compared to last week. Ethereum DEX transaction volume accounts for 50%.
Ethereum
ETH L2/sidechain
The fastest growing DEX on the Base chain this week is Aerodrome (+81508%), and the TVL has climbed to the top position in the Base ecosystem, currently at TV L1 88 million
BTC L2/Sidechain
Alt L1
