It's Friyay. SBF took the stand yesterday. Whatever SBF said, I would not have said the same. But then again, I have not stolen $8B of customer funds before. He admitted that his view was that Alameda Research was allowed to spend FTX customer deposits, Alameda's spending of FTX customer funds was warranted, Alameda was exempt from FTX's auto liquidation policies, and more.
Throughout the trial, SBF had a strong tendency to avoid answering questions directly. Maybe someone should give him a PC so he can play League of Legends at the same time. And get my man his ADHD meds.
The dYdX public front-end for bridging is set to go live on October 30, 2023. The alpha phase will be to bootstrap the network's stability and security, with the key metric here being the amount of DYDX tokens staked to the validators of the dYdX Chain. Following a successful alpha phase, a beta phase will initiate where the trading front-end and indexer will become operational for limited trading.
For all those looking forward to the L2 EIP-4844 trade, it looks like that trade may have to wait just a little longer. Yesterday, Ethereum developers confirmed that the Dencun upgrade will not be implemented in a network hard fork before the end of 2023. Ten devnets have been spun up so far, but none of them have gone well. Better safe than sorry. Don't exactly want to nuke every L2's data posting strategy.
There are a few projects that have been building on Arbitrum's Orbit technology stack over the past few months, but now, these chains can settle to Arbitrum's main network. Arbitrum Orbit definitely hasn't captured as much attention as OP stack rollups in the past few months, or perhaps even Polygon's CDK, but with this, we may see increased demand to launch L3s on the Arbitrum stack. Maybe we should propose an Arbitrum STIP for orbit chains? - purplepill |
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The long awaited launch of dYdX chain has finally come, with mainnet genesis occuring yesterday morning. There are 27 validators actively attesting to blocks, which can be tracked on mintscan. All transaction fees, which can be paid in USDC or DYDX tokens, and trading fees will be paid out to validators/stakers. Epoch 29 just began on V3 and trading won't go live on V4 for a little while, but this is a project to keep a close eye on.
We are expecting around $5-10M of DYDX token incentives over the first 6 months of trading, so volume could be strong right out of the gate. The official bridge UI has not been released yet, but some folks are testing the waters and interacting with the one way bridge anyways. About 50K DYDX tokens have been bridged over, but this is likely validators and team members acting as guinea pigs. We do not recommend trying to bridge until the official UI is released. |
WINR Protocol, which acts as decentralized infrastructure for projects similar to Rollbit to build on, with an established base of liquidity to utilize, has burned 7.2% of the total WINR supply since launching on mainnet in mid May. WINR also received an ARB STIP of ~462K, so it has additional tailwinds to attract more liquidity and increase volume/fees.
The TVL of the counterparty vault, WLP, is just $3.4M, and the FDV of WINR is only $54M. The main risks with this one are regulatory, smart contract, and insolvency of the LP vault in the case of a large user win. If the Rollbit narrative continues to catch steam and solid projects build on top of WINR, this could be a high risk, high reward play to gain some exposure. As always, this is NFA and DYOR. |
ARB staking could act as a short-term catalyst for the ARB token and overall activity on the Arbitrum network. In the long term, it's a significant step towards transforming the ARB token from merely a governance token into a token with broader utility, at the cost of extra inflation. |
The onchain perps vertical within DeFi has proven its ability to generate substantial revenue and remains a sector poised for growth as more crypto activity migrates from CEXs to onchain venues. Can dYdX, the clear market leader today, thrive as a standalone appchain, or will implementation risk and large supply overhangs be too much for the protocol to overcome? |
A US district judge has declared Ryder Ripps and his business associate will pay Yuga Labs $1.57 million plus legal fees. |
Solana Labs will provide guidance around engineering, fundraising and go-to-market strategies |
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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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