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Welcome back to 0xResearch. Here's what we've got for you today: |
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Sky mulls a re-rebrand |
USDS is doing great. The SKY governance token, however...not so much. |
About two months since Maker's announced rebrand to Sky, the team is now contemplating a U-turn. |
Maker first revealed its rebrand to Sky in late August and went live on Sept. 24. The rebrand was intended for holders of the original MKR governance token to convert to the new SKY governance token at a 1-to-24,000 exchange rate. |
Since going live, only about 10.7% of MKR token holders have converted to the new SKY governance token. |
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Usage of USDS has had a relatively more positive reception, with its growth to a $1.26 billion market cap. |
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Rune Christensen, Maker's co-founder, tweeted: "It is also now more clear than ever just how much the DeFi community loves and trusts the Maker brand…there is a lot of commitment to holding the MKR token versus upgrading to SKY." |
As Christensen explained, the Maker team will have three voting options on Oct. 28: |
Continue with Sky as the core brand. Make a full U-turn to Maker's original brand identity. Return to Maker's original branding, but lightly update it "to better align it with USDS and the StarDAOs."
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The redenomination into a higher token supply from MKR to SKY was widely perceived by many as a kind of positive psychological catalyst that plays on what is commonly referred to as "unit bias." |
The idea here is that investors may find MKR less appealing due to its high price — over $1,000 per MKR — while the significantly lower price of SKY, at a few cents (due to its higher total token supply) makes it more psychologically attractive for retail investors to hold compared to fractional amounts of MKR. |
Christensen acknowledged on an X space yesterday that this redenomination strategy "clearly did not work out at all" after the SKY token failed to get listed on centralized exchanges. |
To incentivize this conversion, Sky planned to offer "seal rewards" and "activation rewards" for token holders who chose to stake SKY — features that Christensen now points to as "hard to follow" amid a swathe of new features based on community feedback. |
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Critics on X have wasted no time taking shots at Maker for wasting $50 million on a failed rebrand. |
In response, Christensen acknowledged on yesterday's X space that the criticism was a "funny meme" and while he doesn't "blame people for using that as a dunk," the entire sum of money was not spent exclusively on "rebranding." |
Christensen elaborated that the value of the rebrand was to drive demand for the USDS stablecoin and the importance of the product's adoption, which has shown success thus far. |
 | Rune @RuneKek |  |
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Sky Launch wasn't a rebrand, it was a huge amount of features including:
* A new stablecoin: USDS, which has now surpassed 1.2 billion market cap within 5 weeks
* A new frontend which has had more than 400k visits and is the main driver of the USDS growth… x.com/i/web/status/1… |  | Sky.money
sky.money
Your future in DeFi starts now |
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| | | 1:59 PM • Oct 23, 2024 | | | | | | 56 Likes 6 Retweets | 15 Replies |
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Since the Sky rebrand, the team has embarked on a series of high-profile launches, such as an integration of USDS with Aave (dubbed the Sky Aave Force), and the launch of USDS to Solana and other Ethereum L2s. |
— Donovan Choy (X: @donovanchoy | Farcaster: @donovan) |
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Blob fees are burning ETH: |
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As blob data neared its target limits in the last week, blob fees have burned about 5.71 ETH ($15k USD) in the last 30 days. According to rollup.wtf, blobs cost about $0.28 per kilobyte briefly yesterday, though prices have since fallen back down to zero. |
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Kamino: A Powerhouse in the Making |
Kamino has solidified its position as the leading money market on Solana, and is emerging as a DeFi bluechip. Although DeFi competition is fierce, Kamino has kept iterating on its product to provide the best-in-class UX, paired with a robust risk management framework and battle-tested infrastructure. Given the rollout of Kamino Lend v2, the protocol may scale aggressively over the coming months, penetrating previously untapped markets in Solana DeFi. |
Read more → |
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AVAX's Value Capture Problem & Off The Grid |
Despite Off The Grid's early success through a well-planned marketing campaign, it currently lacks a native token. While AVAX could be considered a way to gain exposure, the economics don't align, once again highlighting the recurring issue with modular networks: They often undercharge their customers, failing to fully capitalize on their product's value. |
Read more → |
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Is AI x crypto overhyped? Permissionless is bringing you the highest signal conversations at the nexus of these two nascent technology sectors. |
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Brace yourselves, the massive unlocks are coming |
We're about to see a batch of newer projects release billions of dollars worth of their tokens over the next year. |
Read more → |
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Fed officials reiterate 'modest' path forward for interest rate cuts |
Plus, there's a glaring question many in the crypto community want Kamala Harris to address. |
Read more → |
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 | Blockworks Research @blockworksres | |
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1/ @KaminoFinance has solidified its position as the leading money market on Solana and is emerging as a DeFi bluechip. - Deposits, borrows, and revenue are at all-time highs
- Kamino Lend V2 is on the horizon
- A clear north star: Road to $10B Let's dive in 👇 | |  | | | 3:05 PM • Oct 23, 2024 | | | | | | 14 Likes 1 Retweet | 1 Reply |
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|  | Erik Voorhees @ErikVoorhees | |
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Saylor's getting trashed for the self-custody comment. As he should. Self-custody of the digital bearer asset is the entire point. *The entire point* All important attributes of Bitcoin emerge from this property. This doesn't mean that all Bitcoin holders should… x.com/i/web/status/1… |  Jameson Lopp @lopp
Most 6102 gold seizures occurred at financial institutions that held gold on behalf of clients. For example: Frederick Barber Campbell tried to withdraw 5,000 ounces from Chase Bank. They reported him and the gold was confiscated. Those who kept gold in self custody were safe. |
| | | 3:52 PM • Oct 22, 2024 | | | | | | 2.3K Likes 271 Retweets | 248 Replies |
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|  | kaledora @kaledora | |
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We just launched Strategies —the first app for automating trading strategies on @Polymarket data. 🗳️ Over the last months, all our timelines have become election feeds. But the one thing I kept seeing (and hearing) and couldn't stop thinking about was comments like this: "If… x.com/i/web/status/1… |  Ostium @OstiumLabs
Introducing Strategies: the first app for automating trading strategies on US election data 🗳️ STEP 1: pick your @Polymarket probability
STEP 2: go long or short a related asset on @OstiumLabs
STEP 3: WIN |
| | | 3:05 PM • Oct 22, 2024 | | | | | | 146 Likes 22 Retweets | 12 Replies |
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|  | vitalik.eth @VitalikButerin | |
| | Replying to@lopp | I probably did more than most to spread the "mountain man" trope (btw I consider those remarks of mine outdated; snarks and AA changed the tradeoff space completely), and I'll happily say that I think @saylor's comments are batshit insane. He seems to be explicitly arguing for a… x.com/i/web/status/1… | | | 11:57 PM • Oct 22, 2024 | | | | | | 837 Likes 96 Retweets | 140 Replies |
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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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