BTC and ETH are at… *checks notes* the same prices we saw before the Christmas holiday. Attempting to watch charts or even trade this price action is equivalent to watching paint dry. In fact, Bitmex's BTC historical volatility index breached a new all-time low.
BTC and ETH are at… *checks notes* the same prices we saw before the Christmas holiday. Attempting to watch charts or even trade this price action is equivalent to watching paint dry. In fact, Bitmex's BTC historical volatility index breached a new all-time low. However there are a few totally valuable and totally organic gainers in the past few days. For example, REN is up 40% since 12/25, and funding continues to be negative. Recall that Ren had to deprecate its protocol and all wrapped assets as a result of the FTX blow up. The markets love a scam pump. Next up is LUNC, which is up 22% since 12/25. Since Do Kwon's infamous "deploying capital" tweet and the collapse of UST, the Terra ecosystem has been non-existent. I would argue that there is absolutely no reason for this token to be listed on any exchange. However, LUNC currently has $45B of open interest on Binance, and the markets are showing the people's love for gambling. - 0xpibblez |
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While bridge volume suffered a serious decline in the latter half of this year, cumulative bridging to L2s showed a stark contrast to the trend. There are a couple market dynamics to thank for this, including GMX on Arbitrum, Velodrome on Optimism, and sybil attacks on both networks to attempt to earn an airdrop. Interestingly enough, we can see that this new L2 money is remaining on the networks, signaling that L2 dApp adoption is on a continued uptrend. This chart came from part one of our Year End Review report, unlocked for FREE by Consensys. Be sure to check it out below. |
The wonderful team at Consensys sponsored and unlocked two free reports for the upcoming week. Part one, a 2022 Year End Review report covering all things networks and infrastructure was published this morning. 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. |
Victory Lap Edition On 12/23 we pointed out that LDO could potentially be a mostly circulating, deep value purchase. To be specific, this is what we wrote: 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. Of course this section is never financial advice, but LDO is now up 10% past that level. If we find a strong narrative or fundamental edge in flows, we'll tell you what we are considering rolling the dice on. Sometimes, price goes up, but sometimes, price goes down. |
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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DeGods and y00ts, two leading projects on Solana, are migrating to other blockchain networks in a bid to continue growing. |
Fidelity wants to trademark metaverse services including mutual fund and retirement planning, alongside a potential NFT marketplace. |
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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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