LD Capital Track Weekly Report (2023/10/10): During the National Day holiday, POW projects attract attention
Summary
Borrowing: MakerDAO RWA business scale is about to reach the debt ceiling.
LSD: This week, the ETH staking yield continued to fall to 3.44%, and the annualized inflation rose to 0.395%.
Ethereum L2: The total amount of Layer 2 TVL is 10.71 billion US dollars, and TVL has fallen by 3.39% in the past 7 days; the 119th ACDC meeting gradually clarified the Cancun upgrade timeline, and the upgrade test network will be publicly launched in early November; OP Stack is in 10.03 Launch fault proof on OP Goerli testnet alpha.
DEX：Dex combined TVL 11.43 billion,Basically the same as last week. Dexs 24-hour trading volume is 2b billion, and its 7-day trading volume is 12.9 2b billion, an increase of 2.5 billion from last week.
POW: During the National Day, POW’s major tokens with the largest market capitalization all rose. However, as BTC surged higher and fell back, the overall increase was not much. LTC/BCH/KAS 7-day gains range from -6% to -10%. FLUX and DNX achieved larger gains, with 7-day gains of 3% and 25.2% respectively.
loan
MakerDAO
MakerDAOs current total RWA assets have reached US$3.28 billion and are about to reach the upper limit of US$3.34 billion. The community completed a poll on raising the RWA 015 and RWA 007 debt ceiling to $3 billion on September 28, garnering 95,859 MKR votes in support. The size of Dai in DSR is US$1.68 billion, which has not grown much since October.
Aave
1) Aave initiated a temperature check vote to add FXS to the Ethereum V3 liquidity pool, hoping to promote the diversification of GHO collateral. The current vote is 99.99% in favor and the quorum has been reached.
2) Aave integration manager Marc Zeller posted on the X platform that Aave DAO has purchased 390,000 GHO to support the anchoring plan. Marc Zeller said that more anchoring plans will also be started, including interest rate modifications, repurchases, and the establishment of a GHO liquidity committee.
The current GHO total is about 24 million, with no breakthrough growth since August.
LSD
Last week, the ETH pledge rate rose to 22.81%, a month-on-month increase of 1.37%. Last week, 27.44 million ETH were locked in the beacon chain, corresponding to a pledge rate of 22.81%, a month-on-month increase of 1.37%; of which there were 849,900 active verification nodes, a month-on-month increase of 3.69%, and there were only 2,651 verification nodes left in the queue to be activated, basically Clear out. This week, the ETH staking yield continued to fall to 3.44%, and the annualized inflation rose to 0.395%.
ETH staking increased by 1.37% month-on-month this week
Source: LD Capital
ETH staking yield continued to drop to 3.44% this week
Source: LD Capital
ETH annualized inflation this week is 0.395%
Source: ultrasound, LD Capital
Among the three major LSD protocols, in terms of price performance, LDO fell by 3.7% in the week, RPL fell by 11.6%, and FXS fell by 7.1%; from the perspective of ETH pledge volume, Lido rose by 0.84% in the week, Rocket Pool rose by 0.9%, and Frax rose by 0.84%. 1.43%. The current Rocket Pool deposit pool balance is 17,859 ETH, the RPL pledge rate is 50.35%, and the effective pledge rate is 85.74%. Many nodes need to supplement collateral. SSVs current TVL growth has stagnated, and its partners have not added more node operations, but since it is an Israeli project, it may receive attention in the short term.
Ethereum L2
TVL
Total Layer 2 TVL is $10.71 billion. TVL fell 3.39% in the past 7 days
Source: L 2b eat, LD Captial
Cancun upgrade
On October 5, 2023, Ethereum developers held 119 ACDC meetings to gradually clarify the upgrade timeline.
1. Devnet-9 launches on Friday, September 29th. Network participation is around 90%, however, since the launch of Devnet-9, some bugs have been discovered in the client software, specifically in the execution layer (EL) clients Reth, Besu and Nethermind.
2. Developers discussed the launch date of the next (possibly final) development network, Devnet-10. The purpose of Devnet-10 is primarily to test the new maximum epoch churn limit defined in EIP 7514. Engineer Parithosh Jayanthi, if all client teams fix outstanding bugs and issues, developers could try to roll out Devnet-10 as early as next week
3. Regarding the discussion on the launch time of Devnet-10, ACDE Chairman Tim Beiko reiterated the decision made at the ACD conference call last Thursday, aiming to publicly launch the Dencun upgraded test network before the start of the Ethereum Developer Conference Devconnect. Devconnect is scheduled to be held in Istanbul, Turkey, in mid-November this year. During ACDE #171, developers agreed to launch Dencun on the Goerli test network (the public Ethereum test network) before Devconnect.
OP
OP Stack launched fault proof on OP Goerli test network alpha in 10.03. Its modular design lays the foundation for the future of multiple proofs including ZK proof, which is currently under testing.
ARB
On October 7, on the snapshot, Arbitrumdao voted on 95 STIP applications for eligible protocols. This proposal outlines a consensus framework created by the community at a time to allocate up to 50 million DAO funding incentives. The plan is designed to meet short-term community needs. It is planned to allocate DAO-owned ARB to the incentive plan. The allocation is expected to be in 2024 Distributed by January 31st.
In the past 20 days, the trend correlation between OP, ARB and ETH has been relatively high.
Source: tradingview
Starknet
According to community news, the Starknet Token Unlock Contract (0x BE 19...BAB 3) was updated last week. The update information shows that the token unlock date has been postponed from November 30 this year to April 15 next year.
On-chain activity
Source: Artemis
DEX
Dex combined TVL 11.43 billion,Basically the same as last week. Dexs 24-hour trading volume is 2b billion, and its 7-day trading volume is 12.9 2b billion, an increase of 2.5 billion from last week.
Ethereum
BNT, as a concept coin affected by the Palestinian-Israeli conflict, saw significant gains today.
ETH L2/sidechain
BTC L2/Sidechain
Alt L1
POW
Track Quotes
During the National Day, BTC maintained slight fluctuations after rising higher, hitting 28300 – 28500 several times, but failed to achieve a breakthrough. The trend of BTC has an impact on the trend of POW tokens. During the National Day, all major POW tokens with the largest market capitalization rose. However, as BTC rose and fell, the overall increase was not much. LTC/BCH/KAS 7-day gains range from -6% to -10%. FLUX and DNX achieved larger gains, with 7-day gains of 3% and 25.2% respectively.
24-hour output and computing power
According to the information disclosed by F2Pool, in terms of output ranking, KAS ranks third, behind BTC and DOGE; LTC ranks fourth; BCH ranks sixth; and DNX ranks seventh. DNX’s ranking has increased significantly. In mid-September, DNX was ranked ninth.
In GPU mining, DNX currently occupies the largest computing power, and has grown by 5% since mid-September, accounting for 23%. This is a relatively high proportion of computing power. DNX is the second project after ETH to obtain more than 20% of the computing power.
Judging from the growth rate of computing power, DNX deserves attention. Two issues that have attracted much attention in this project are: one is the actual situation of the team and whether it has the corresponding professional capabilities; the other is whether the neural computing and AI computing power platform technology mentioned can be realized.
Regarding these two issues, the current measures taken by the project party and the community include: First, inviting community members to the company headquarters to visit and communicate. The project is located in Austria. The investors are local Austrian entrepreneurs. The project comes from its corporate laboratory and the team has about 30 employees. People around. The second is to provide test applications. Community members can apply to participate in the test and understand the relevant operation conditions.
