Solana was front and center yesterday after the market saw a few interesting spectacles. First, SOL price fell to a low of around $8. This is very likely due to LP redemptions at several crypto funds
Solana was front and center yesterday after the market saw a few interesting spectacles. First, SOL price fell to a low of around $8. This is very likely due to LP redemptions at several crypto funds. We know for a fact that Multicoin and Sino were heavily exposed to all things SOL and FTX. "HAHA, you guys are rekt!" appears to be the general sentiment on Twitter, but it is important to remember that these guys bought SOL with entries probably lower than $1.
After some relentless selling in the afternoon, the chart reached a moment so bad that all you could do was laugh at it. The bold had their "I'll buy all the SOL you have right now at $8!!!" moment. And then, the unexpected happened. Lord Vitalik Buterin tweeted about the Solana developer community and how the ecosystem is now more attractive that many of the value extractors left. SOL giga squeezed towards $11 and liquidated about $20M in shorts. This momentum was short lived, and SOL trickled back down to around $9.50, but given the uptick in volume and attention, yesterday could have very well been a structural change to its market.
- 0xpibblez |
|
|
Everybody loves to talk about why X DEX is better than Y DEX, but let's look at some facts here. Throughout the last four months of 2022, Uniswap continued to keep the lion's share of DEX volume. This indicates its sticky user base. Curve's token incentives and DeFi integrations definitely keep it afloat in second place, but when visualized like this, the journey to flipping Uniswap is an uphill battle. We have to throw an honorable mention to Balancer, who actually beat out SushiSwap. This is likely due to Aura, a Convex fork that brought $600M TVL back to Balancer. This chart comes for our second part of our Year End Review report, unlocked for free by MetaMask Institutional. Be sure to give it a read! |
We're trying something a bit different today in the governance section. SushiSwaps' head chef posted in the Discord last night that he is done with his tokenomics proposal for SUSHI. This is not in the governance forums yet, but be on the lookout later today. This is an important step for the struggling DEX and could lead to a pivotal moment for the future of the asset. While it won't result in an instant approval, we will get the opportunity to watch some fun discussions and market reactions in real time. |
The wonderful team at Consensys sponsored and unlocked two free reports this week. Part one, a 2022 Year End Review report covering all things networks and infrastructure was published this on Tuesday. Don't want to read another 100 page report? Well we packed it up concisely into just 14 pages. We talk all things ETH, L2s, Alt L1s, and bridges, so be sure to check it out. |
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. |
|
|
The price of Solana is now squarely below $10, having sunk 75% since the FTX saga sent tokens tied to Sam Bankman-Fried ablaze. |
Bahamas regulators took control of FTX crypto following a peculiar cyberattack as the exchange prepared to file for bankruptcy. |
|
|
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. |
133 W 19th St, New York, NY, 10011 |
|
|
|
No comments:
Post a Comment