SYN is up over 30% over the past 24 hours despite more of the same price action from BTC and ETH.
BTC and ETH are up roughly 1% and 3% respectively over the past 24 hours. The funding rates and put-to-call ratios for both assets are not swaying strongly in either direction. It feels like traders are ready to call it a week as we sail into the holiday weekend. SBF has been court-ordered to stay at his parent's home in Palo Alto, CA, until his trial commences. His bail bond, set at $250M, is collateralized by the same house in which he is staying. The most notable altcoin of the day is without a doubt SYN; the native token of the Synapse bridge and eventual Synapse chain. Prior to today's 30% price move, it was trading just above its all-time lows. The Synapse chain aims to be an execution environment built atop its generic messaging and bridging functionality. The project's thesis is that dApps would want to deploy there, given the cross-chain functionality already built into the protocol. It will rely on Ethereum for settlement and be built as an Optimistic rollup. As such, the gas token will be ETH but the community is expected to add more utility to the SYN token over time. The vision is an exciting one, but the plans were announced back in July of this year and updates on the team's progress thus far have been few and far between. Maybe the team is heads down building throughout the bear market. Not a whole lot of notable news or price action today. So I will leave you with happy holiday wishes and cheers to the weekend! - Sam Martin |
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THORChain may be the best alternative to CEX. They are building a DEX that removes the need for cross-chain bridges by enabling native asset swaps between chains. They are also building decentralized alternatives to CeFi products that have previously blown up that enable users to earn a passive yield paid out in the asset that is being provided without sacrificing self-custody (think BlockFi and Celsius). Chad Barraford, the lead developer at THORChain, joined us on 0xResearch to discuss the protocol at a granular level. Be sure to check it out on Apple, Spotify, or YouTube. |
Blur, a new NFT marketplace tailored for serious traders, has seen its market dominance among aggregators shoot up to ~74%. Only 16% of all NFT volume on Ethereum is routed through aggregators, but this number is up from less than 1% a year ago. Blur's third and most heavily weighted airdrop is taking place, where users can earn boxes of various rarities based on the number of successful bids that are placed. There is a strong chance this airdrop opportunity is inflating volume, but I do recommend checking out the marketplace if you are into NFTs. |
Lido dominates the liquid staking market with 74% market share of all liquid staked ETH and 30% of total staked ETH. Given the UX improvements over traditional staking, liquid staking is a sector poised for growth in 2023. LDO is just a simple governance token, but the protocol generates significant revenue, currently ranking second in 24-hour fees. While these fees currently flow to the Lido DAO, a governance vote could move revenue to LDO holders. The DAO currently holds $160M, ranking sixth on the leaderboard. LDO is trading at $0.92 with a $762M market cap. With 82% of supply in circulation, there are no major inflation concerns. If I were doing some DeFi token Christmas shopping, I would strongly consider LDO. Keeping it simple, long LDO is long the market leader in a high-growth sector. |
Our new Dune Dashboard tracks KPIs for Ethereum, the most developed Layer-1 blockchain. |
Arweave allows permanent data storage across a decentralized network of hardware for a one-time fee, and ensures its integrity and accessibility. |
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Bonds typically require 10% down for collateral: $25M. But from where? |
BlockFi wants to collect on a 7.6% stake in Robinhood, collateral pledged by Alameda in the early days of FTX's collapse |
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The insights, views and outlooks presented in the report are not to be taken as financial advice. Blockworks Research analysts are not registered broker/dealers or financial advisors. Blockworks Research analysts may hold assets mentioned in this report, further outlined in the Firm's Financial Disclosures. |
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