After a brief dip and recovery, majors continued to oscillate overnight within tight 2-3% ranges. Notable movers of the day include Cowswap (COW) and Illuvium (ILV). COW has been up-only this week thanks to a proposal in governance to select and test different fee models for the protocol. Cowswap is easily one of the best aggregators on the market, and the protocol offers value through MEV protection. When the protocol airdropped COW tokens in March 2022, there was no clear utility besides "governance," and as a result the token only went lower as time passed. Illuvium came out with a big announcement that the Web3 gaming studio's PVP Beta is set for release on Epic Games' marketplace on November 28. The teams behind this have been building and fundraising for years, and it finally looks like crypto gaming's big moment is quickly approaching. Epic Games' marketplace offers exposure to 180M+ users and gained most of its fame from Fortnite, which significantly impacted gaming culture over the past few years.
In other news, Binance finally dropped their "mass onboard the next billion users" news. The exchange took a page from Coinbase's book and launched Binance Web3 Wallet, which allows users to self-custody crypto and utilize dApps within the Binance app. The wallet utilizes Multi-Party Computation (MPC) to create three different key files, which are split between different locations for added security.
This wallet move makes a ton of sense for Binance. In the peak of the last bull run, BSC saw tons of volume and users, and one of the biggest fumbles of that time period was the fact that BSC users had to turn to third party wallets, such as Trust Wallet or MetaMask, to access the chain. Now, users will have an enhanced experience, and Binance gets to silo these users within its ecosystem. As the UX improves, we can only get more and more bullish on crypto. – Pibblez |
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Last night Callen, the head of governance at Wintermute, created a forum post proposing to turn on dYdX V4 trading. In case you've been living under a rock, dYdX V4 is a Cosmos SDK-based appchain for perps trading. If this proposal is passed, trading fees will begin to be returned to dYdX token stakers. The vote will go live Thursday and trading could start as early as four days later on Monday. The market seems to be a fan of this move trending up 6% in the 11 hours since. This will be a big breakout moment for the appchain thesis. It will be important to monitor whether current dYdX users will be willing to migrate to a new chain to access the same suite of products. |
GMX's ARB STIP went into effect yesterday, with ~42.5% of ARB tokens going towards incentivizing GLP to GM pool migration, another ~42.5% for trading incentives to reduce fees down to 2bps/various trading competitions, and the remaining ~15% for grants who build on top of GMX V2. Notably, 350K ARB is specifically allocated towards GLP redeemers, who normally pay a dynamic fee between 0.20% and 0.80% depending upon GLP's target weight per asset. We are already seeing the effects of these incentives on GLP TVL, and has served as a boost to fees over the past 24 hours. LP yields are incredibly high on the new V2 GM pools (pictured above), and trading incentives will undoubtedly continue to push volume higher over the coming weeks. Expect a massive lift in protocol revenue through January, but especially over the next week as GLP LPs migrate over to GM pools. I am personally holding some GMX with the intention of holding for about a week, so it's probably a good idea that you stay away from this one (As always, NFA). |
This past month had a flurry of highly important governance votes across the crypto landscape. We leverage GovHub—our powerful governance aggregator—to provide deep insights into the most important proposals in crypto. |
Chainlink is a clear leader in the oracle market and adjoining verticals, but apart from its price data solutions, demand has been lackluster. To overcome this, the project is making changes to its operational model, together with betting on material adoption by financial institutions. |
The investing app's transaction-based revenues on cryptocurrencies declined to $23M. |
US economic leaders gathered in DC Tuesday to discuss the future of crypto policy and innovation in America. |
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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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