Despite Crypto Twitter continuing its Arbitrum arc, we are done harping on the situation, though we will continue to monitor the discussion and provide our opinions in the forums. Yesterday, Elon decided to change Twitter's bird logo to the lovely DOGE. No surprise, DOGE ripped ~30%, a cool few billion added to its market cap as it flirts with $1. This followed a legendary interaction with an infamous Wall Street Bets Twitter account last year: |
Later in the day, crypto markets dumped (~$35B off the total cap) following Cobie tweeting an encrypted hash that supposedly decrypted to "Interpol Red Notice for CZ." The hash was SHA256 and required a salt (phrase) to decrypt. Cobie later revealed he was testing a group chat to see if he could trust them, which, as it turns out, he could not. |
Finally, cross-chain communication protocol Layer Zero announced a raise this morning: $120M at a $3B valuation. A16Z, Sequoia, and Circle ventures participated in the round, among others. Though the team claims the raise was to enable a push into gaming, I suspect the $ZRO token may be coming sooner than later. Stargate's token, a protocol built on top of Layzer Zero, is up more than 15% on the news. -Matt Fiebach |
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zkSync's recently deployed zkEVM, Era, has crossed $115M of total valued bridged since launching on March 24. It has garnered over 275k unique depositors, but it's highly likely that there are many airdrop hunters bridging over after the ARB airdrop proved to be incredibly lucrative for users. DefiLlama has TVL pinned at roughly $52M, so a majority of capital is sitting idle in EOAs. A majority of dApps on Era are DEXs, with 95%+ of DeFi TVL servicing decentralized swaps. It will be interesting to watch how the ecosystem matures with just 9 dApps live as of today, especially as incumbents such as Aave and Uniswap launch deployments. |
Manifold Finance, a block builder and private order flow solution, announced their liquid staking derivative mevETH. The idea is to have a staking derivative that has increased yield as a result of the MEV opportunities that Manifold is able to capture and is a token that is meant to go omni-chain. LSDs, MEV, and Omni-Chain? They really hit on all the narratives. The token pumped over 30% after the announcement. This looks like a really cool opportunity, but realistically what MEV will they be able to capture? Yes, there will be some distinct opportunities to arbitrage mevETH with ETH, but if you look at MEV-Boost stats, they have seen very few MEV opportunities since the merge. They have only built 313 blocks, 0.24% of all blocks, and some of these were as a result of a bug in their relay claiming higher proposer payments than they actually had. The real yield opportunity in my eyes would be to focus on Balancer and Aura for liquidity and try to maximize that flywheel as other LSDs have focused primarily on Curve. With LSDs still a hot narrative, it will probably gain some traction, but I wouldn't count on it being a great source of ETH yield. |
Bitcoin's Taproot upgrade that went live in 2021 is beginning to see utility as Ordinals gain in popularity and teams like Rollkit begin exploring Bitcoin as a data availability layer for rollups. |
Elixir aims to align incentives between market makers and protocols via its proprietary decentralized liquidity network. |
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Flashbots developers have rolled out a patch to resolve the vulnerability |
The company is now valued at $3 billion |
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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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