The Sudo airdrop was launched yesterday — the moment many have been waiting for is here. Sudo was one of the most widely talked about NFT protocols in 2022, introducing a gas-efficient NFT AMM, with its related token XMON going on a parabolic run from the lows of $4,000 to $44,000 in the second half of 2022. Be sure to check if you are eligible for the airdrop here. Along with the lockdrop and airdrop, Sudo governance will also launch. Via on-chain proposals, holders can vote on adjusting the fee switch, adding new routers, whitelisting external pool contracts, and incorporating bonding curves. Heading into the first FOMC meeting of the year, the market is pricing in a 99.9% chance of a 25 bps rate hike. Expect the Fed to meet the market consensus with inflation slowing down, despite a tight labor market. There are also major tech earnings this week, with Apple (the entire stock market at this point), Google, Microsoft, and Meta announcing. BTC ETFs saw a cumulative net inflow of 9,131 BTC in January, the highest inflow since May 2022, perhaps signaling an increased interest and appetite for risk in crypto. Valkyrie's Bitcoin Miners "We're Gonna Make It" ETF is one of the best-performing BTC ETFs in 2023, rising over 100% in January alone. Maybe we're done with miner capitulation? - purplepill |
|
|
In our 1/19 newsletter, we wrote about the upcoming launch of Sommelier Finance's Real Yield USD stablecoin strategy. Sommelier Finance is a Cosmos app chain that leverages its infrastructure to deploy complex, institutional-grade, and non-custodial DeFi strategies on Ethereum. According to the team's backtests, depositors should receive between 2.5 and 6.5% APY, depending on the total vault TVL. Since its launch on Jan. 25, the vault has grown to nearly $2M TVL, with Sommelier's total TVL up over 100% in the past week. The team has been hinting at more strategies coming down the pipeline, with some speculating it could be related to cross-DEX arbitrage.
To learn more about Sommelier Finance, our analyst EffortCapital wrote a thorough piece here before joining the team.
|
Despite the ongoing bear market, there is never-ending drama on CT from founders trashing on competitor protocols. James Prestwich, Founder and CTO of Nomad (yes, the same Nomad that was hacked for $190M a week after announcing their fundraise), wrote a lovely blog post disclosing vulnerabilities in Layer Zero. The TLDR is that the LZ team has the ability to modify the verification and proving library through a simple 2 of 5 multi-sig. If you want the scoop and a more detailed explanation, check out James' article here. In response, Bryan Pellegrino wrote a lengthy thread saying that if you set up your own configuration rather than relying on the default settings, none of the vulnerabilities mentioned by James are true. If you do set up your own configuration, then validation libraries can never be modified, moved, or corrupted. Bridges aren't easy, especially trustless bridges. Instead of project teams bickering on Twitter, they should work together to push the industry forward by developing standards for performing cross-chain messaging functions safely. With Circle's CCTP on the horizon, and the cross-chain messaging war heating up, there are bigger fish to fry than attacking one another. |
The Osmosis team has been rapidly upgrading their product over the past few months with new features such as stableswap liquidity pools (like Curve), Geometric TWAP orders, and also CosmWasm smart contract functionality built on top of its DEX. With its most recent proposal, Prop 414, the team is looking to leverage its new smart contract capabilities to create a more comprehensive DeFi stack. This proposal would allow Mars, a decentralized credit protocol, to tap into Osmosis' liquidity to potentially become the premier borrowing/lending protocol in the Cosmos ecosystem. You may remember Mars as a lending protocol built by the Delphi Labs team on Terra. Post-Terra crash, the Delphi team decided to stay within the Cosmos ecosystem and create novel products to help Cosmos DeFi flourish.
There are two key missing ingredients in the Cosmos ecosystem to enable its next phase of DeFi growth - a native stablecoin and a liquid lending market for native Cosmos assets. With native USDC coming in early Q2 and multiple lending protocols going live, we may see a Cosmos DeFi summer in 2023.
|
The liquid staking derivative landscape is maturing as numerous solutions are now available for investors to choose from with various tradeoffs. |
STFX is a SocialFi platform built on Arbitrum that gamifies asset management by allowing anyone to raise capital for short-term trading ideas. |
|
|
The crypto investment firm claims Grayscale incorrectly treated GBTC's potential conversion to an ETF "a foregone conclusion" |
Deal count eclipses 200 for the first time, though value of crypto acquisitions about a third of what it was in 2021 |
|
|
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