The markets pulled an ugly move right in time for dinner last night, with BTC and ETH nuking 5% lower in just one hour. This triggered a swift $170M in liquidations. The brutal price action likely has something to do with Voyager, who transferred $12.8M to Coinbase on March 1, including 4,000 ETH, 368B SHIB, and 5M VGX. It is likely that they found more tokens to sell over the past two days. Maybe somebody needs to teach them how to TWAP because market selling everything in one candle is a surefire way to get an unfavorable execution price. While many coins quickly lost 10% in a matter of minutes, some strong contenders were unphased. For example, YFI did not flinch and made a new 180-day high. SNX also completely retraced its dump, likely due to its recent V3 implementation, which has greatly improved its fundamentals. Kwenta, a perpetual futures DEX that utilizes Synthetix, also made a new ATH yesterday. Be sure to check out a report about Kwenta that we dropped back in December to learn something new today. - 0xpibblez |
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After recently adding support for 22 more assets, including OP, APE, DYDX, FTM, etc, Kwenta has seen overwhelming demand for its perpetual futures trading product. Since the beginning of February, the KWENTA governance token has risen 2x and shows little reason to slow down. Since the FTX fiasco of November 2022, perpetual futures DEXs continue to exhibit strong product market fit and attract market participants away from centralized venues. |
Tuesday's report, covering basis trading on dYdX, is free! Trading the basis on perps offers the potential for positive returns while mitigating many risks typically associated with crypto assets. The report finds that dYdX has tremendous potential value for basis traders. The collapse of FTX highlighted a prime benefit of dYdX: self-custody. With the enablement of multiple collateral types, a spot market, and even lending, dYdX could continue its push to siphon market share from centralized trading venues. Check out the full report now! |
In April 2022, Frax introduced FPI, an inflation-resistant stablecoin. The protocol recently launched a staking system for its FPIS governance token. With $2M in profits over the past year, it is worth diving into the protocol to see what comes next. |
Trading the basis on dYdX perps offers the potential for positive returns while mitigating many risks typically associated with crypto assets. |
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Stacks, a layer-2 protocol linked to Bitcoin, has vaulted to a top spot among this week's best-performing digital assets. |
After spending the past roughly thirty months building Ripple's case, Stuart Alderoty has lots of tips... and he's not shy about sharing them. |
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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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