DeFi Lending

Aave

The Aave community has voted to pass the proposal to increase the borrowing rate of the stablecoin GHO from 3% to 4.72%, and the proposal has now been queued for activation. The GHO borrowing limit is US$35 million, and it has borrowed US$34.89 million so far, with a fund utilization rate of 99.7%, close to the upper limit.

The Aave whale address 0x8e74 has been withdrawing coins from Binance to its personal on-chain address two weeks ago. As of the 13th, the address has accumulated 364,000 AAVE, worth US$35.63 million, and has now become the largest personal AAVE holding address. On November 2, the address sold 190,000 UNFI it owned, worth $1.66 million.

Compound

The Compound community will launch a four-month growth plan and will allocate 7,770 COMP, of which 2,760 COMP will be allocated to the BD fund under the plan to support the business development operations of the growth plan; the other 5,010 COMP will be allocated to Growth Fund. The vote will close today (13th) and will be passed.

MakerDAO

MakerDAO has paid a total of $1.5 million in stamp duties to Switzerland on its RWA assets. Stamp duty on Swiss offshore entities is 15 basis points, resulting in MakerDAOs $500 million investment incurring a stamp duty of $750,000, which was paid again by $750,000 when the assets were later sold.

LSD

Last week, 28.63 million ETH were locked in the beacon chain, corresponding to a pledge rate of 23.81%, a month-on-month increase of 1.1%; of which there were 881,800 active verification nodes, a month-on-month increase of 0.72%. This week, ETH staking yield increased by 3.7%; Meme market and on-chain liquidation made on-chain transactions active, Gas increased, and ETH annualized inflation dropped to -0.4%.

ETH staking increased by 1.1% month-on-month this week

ETH staking yield rose to 3.7% this week

ETH annualized inflation drops to -0.4%

Source: ultrasound, LD Capital

Among the three major LSD protocols, from the perspective of price performance, LDO rose by 11.7% in the week, RPL rose by 21.1%, and FXS rose by 4.3%; from the perspective of ETH pledge volume, Lido rose by 0.6% in the week, Rocket Pool rose by 0.67%, and Frax rose by 0.6%. 2.21%. Last week, the price of ETH increased by 8.2%. The large increase in ETH caused more de-pledge sales and the entry of new pledgers in the beacon chain. Overall, the amount of new pledges is greater than the scale of de-pledge; currently 1,340 verification nodes are queued up Entering, 940 verification nodes are queued to exit. The Lido community discusses adding a community staking module to build a permissionless node staking scheme by requiring nodes to provide collateral (similar to RocketPool, the final parameters may be different); last week Brevan Howard Digital stopped selling LDO, and its on-chain wallet has about 5 million LDOs. The current Rocket Pool deposit pool balance is 19,102 ETH, the RPL pledge rate is 50.9%, and the effective pledge rate is 93.4%.

NFTFi

Last week, the total NFT market trading volume was US$140 million, a month-on-month increase of 47.02%; the total market value was US$6.98 billion, a month-on-month increase of 27.62%; there were 6.02 million NFT holders, a month-on-month increase of 0.13%, and 47,000 NFT traders, a month-on-month increase of 9.27%.

Source: NFTGo, LD Capital

Source: NFTGo, LD Capital

Among the NFT trading platforms, Blur had a trading volume of US$83.88 million last week, a market share of 62.7%, and a TV L of US$119 million, far ahead of other platforms that have issued coins (X2Y2, LooksRare); as the NFT market picks up, the price of Blur has risen sharply recently. , it is necessary to pay attention to the number and time of airdrops in the second quarter to judge its impact on secondary market prices.

Source: Dune, LD Capital

In the NFT lending market, BendDAO currently has TV L103 million, ETH deposit interest rate 5.56%, ETH borrowing interest rate 0.86%, BEND pledge interest rate 5.71%; Jpegd TV L2 5.96 million, pETH/WETH LP yield in Curve is 24.86%. Pay attention to the impact that the rise in blue-chip NFT prices will have on the business and profits of lending platforms. Along with the rotation of the market, the price of BEND has increased by 54% in the past week, and the price of JPEG has increased by 11% in the past week, with the increase lagging behind BEND.

Ethereum L2

TVL

The total amount of Layer 2 TVL is US$13.77 billion, and the overall TVL has increased by 10.18% in the past 7 days.

Source: L2 beat, LD Captial

Optimism

1. The first failure proof of the Optimism ecosystem, Canyon, will be launched on the Superchain testnet at 17:00 UTC on November 14

2. The launch of Superchain Faucet can provide test network ETH for all OP chains, simplifying the development process of Optimism Collective builders.

3. Merge OP Reth, which means that the Ethereum node Reth can now be used as is in the OP Stack.

Arbitrum

1. The second #ArbitrumDay will be held virtually during Devconnect on November 16;

2. Centrifuge will introduce tokenized treasury bills, real estate and other assets into Arbitrum.

Starknet

1. The V 0.13.0 mainnet is planned to be launched on January 22, 2024, and will support STRK to pay transaction fees. The planned date for network upgrade is:

- November 19, 2023: V 0.12.3 Goerli testnet;

- December 11, 2023: V 0.12.3 mainnet. ;

- December 5, 2023: V 0.13.0 Goerli testnet. If necessary, this date may be pushed back a week to December 13;

- January 22, 2024: V 0.13.0 mainnet, waiting for governance vote;

On-chain activity

Source: Artemis

AI

RNDR

1. RNDR, the leader in the AI ​​​​track, officially announced its migration from the Ethereum network to the Solana network on November 3, and will distribute up to 1.14 million RNDR to new node operators who join the Render Network through the computing client.

2. Proposal RNP-005 passed the final vote on November 8: Beam is an on-demand GPU cloud service designed to provide GPUs for AI and ML projects. With this proposal, Beam seeks to leverage Render Networks expanded GPU nodes to help power its customers, with a focus on smaller, less user-intensive projects in the AI/ML space.

FET

1. FET, the leading AI project in the Cosmos ecosystem, released a new AI product, DeltaV, on October 5. DeltaV is a new search AI chat interface based on the blockchain network and is committed to creating an open platform for a new artificial intelligence economy.

2. FET announced that it will sponsor and participate in the New York Artificial Intelligence Summit, which will be held from December 6 to 7, 2023.

Derivatives DEX

BTC broke through the previous resistance level of 35,500 last week and reached around 38,000, setting a new yearly high again. At the same time, the open interest of the contract has also increased rapidly, and the funding rate has increased significantly, reaching an annual high.

The current contract open interest is 34.3 billion, which is already higher than the 30 billion in February 2023 and is back to the level from July to September 2022. Higher positions indicate stronger market sentiment.

source:coinglass

Trading volumes have also remained high over the past week. On November 10, trading volume hit a yearly high of nearly $200 billion as the market pulled back extremely quickly. This violent fluctuation also caused the largest single-day liquidation since August 18, with approximately US$450 million liquidated on that day.

source:coinglass

As the market recovers, the trading volume of derivatives DEX has recovered rapidly. Trading volume in the last seven days has returned to year-high levels. DYDX’s trading volume is still significantly ahead of other projects, with an average weekly trading volume of around $1.4 billion. GMX and Synthetix are next, at around $200 million.

source:Token Terminal

Judging from the token price, DYDX is the strongest. The main reason is that its DYDX Chain is online and token stakers will participate in the distribution of transaction fees.

POW

Although BTC is strong, the overall performance of POW tokens is average. The narrative focus of BTC this time is mainly focused on BRC 20, rather than other POW concept tokens. The top gainer token in this track over the past week was KAS, which hit an all-time high of nearly $0.01. Since the token was launched, it has increased more than 100 times and currently ranks among the top 40 in terms of market value.

From the perspective of 24-hour output, KASs output income is currently second only to BTC, surpassing DOGE tokens, moving from third place to second place. Dynex experienced a significant decline, slipping from seventh to ninth place.

Dynex’s hashrate also dropped, from a peak of 24% to 14%. According to the information provided by the community, some graphics cards are cheating, causing the computing power to be inflated, so these graphics cards have been disabled.

The current progress of Kaspa is that the RUST language rewriting has been completed and the development of the smart contract platform is underway. After the smart contract platform is successfully developed, DAPP can be developed on the POW chain. The community believes that a smart contract platform based on POW is better than a smart contract platform based on POS. Sub-prime coin Dynex has underperformed during the recent bull market, with a 14% price drop in seven days.

Layerzero

Basic data

Since November, the number of active users and transfers related to layerzero has increased, but the transfer amount has not increased significantly compared with before.

STARGATE

As a cross-chain liquidity protocol based on LayerZero, Stargates TVL ranks first among the chain-breaking protocols, with a total locked-up amount of US$368 million, far exceeding the second-placed synapse of US$105 million.

Last week, stargateTVL rebounded slightly by nearly 30m, but the amount of chain failure and protocol revenue did not rebound and remained at a relatively low level.

ecological development

Kava has launched wETH on KAVA via Stargate.

Aragon announced the integration of LayerZero and zkSync for multi-chain governance. The new plug-in Aragon OSx will realize asset and permission management across EVM chains, use LayerZero for cross-chain messaging, and use zkSync Era rollup to achieve low-cost and secure voting. The code of the plug-in is currently Undergoing security audit.

Gamefi

From November 7th to 13th, the top three targets with the highest price increases in the Gamefi sector are MEME, ILV and IMX. (Note: Due to too many Gamefi projects, only some projects are included.)

Illuvium

It will be available on the Epic Games Store on November 28th.

Stepn

Stepn and Gas Hero jointly announced that they will issue NFT airdrops in Gas Hero to holders of Genesis and OG shoes in Stepn. Among them, holders of Genesis shoes (including box) can get 1 BCV + 1 Hero; holders of OG shoes (including box) can get 1 Hero. Gas Hero is expected to undergo community testing from November 24th to December 8th and use GMT as the game token.

the Sandbox

1. The Sandbox cooperates with Aave ecological NFT game Aavegotchi to release a new game Ripples of the Gotchiverse and provides 50,000 SAND and 5,000 GHST as P2E rewards.

2. Gucci settled in The sandbox and launched the Gucci Cosmos Land experience.

3. Animoca Brands, the parent company of the Sandbox, will receive a US$50 million investment from the Saudi NEOM Investment Fund, of which US$25 million will be through the issuance of convertible notes.

DEX

Dex combined TVL 12.85 billion,An increase of 0.9 billion from last week. Dex’s 24-hour trading volume was 3.2 billion billion, and its 7-day trading volume was 25 billion, a significant increase of 7.6 billion from last week.

Ethereum

Bancor,Thorchain was the two protocols with the fastest TVL growth this week, increasing by 75% and 37% respectively

RUNE TVL has climbed into the top ten on Ethereum. Due to RUNEs own arbitrage mechanism, arbitrageurs have brought a large amount of transaction fees to BTC-RUNE and ETH-RUNE, and APY and TVL have increased. RUNE uses an incentive mechanism to ensure that there are 3 US dollars of RUNE for every 1 US dollar of non-RUNE assets on the network. is locked, so the growth leverage of TVL amplifies the demand for RUNE, increasing the buying pressure.

Bancor fell by more than 50% after the price reached 1.96 U.

ETH L2/sidechain

BTC L2/Sidechain

Alt L1

Cosmos

The top ten projects with net inflows from IBC volume this week are: Osmosis, Axelar, Cosmos hub, Neutron, Terra, Celestia, Kujira, Stride, Umee and Secret.

TIA, the king project with $55 million in financing, rose more than 120% this week. The next unlocking of TIA will be on October 24, 2024, which means that the new supply of TIA will not exceed 200 million. From the perspective of circulation, it is small compared with other L2s, and MC is still smaller than other L2s. space.

The fundamentals of the project are relatively solid, and the DA service will complement other L2s, making it a leading project in this track.

Elsewhere, Kujira, Quicksilver and Stride continued last weeks gains.