DODO Megascope this week‘s Highlight:
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Effect of ETH withdrawal on LSD
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NFTfi Annual Report
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Discuss several indicators for evaluating the value of NFT
👀 Weekly Digest
DeFi
- ETH withdrawal impact on LSD
The upcoming upgrade of Shanghai in March 2023 has become the focus of much attention recently. ETH will start withdrawing in March, what impact will this have on the Liquidity Staking Derivative Agreement (LSD)? Judging from the current LSD staking situation, Lido occupies about 66% of the market share, with a high degree of concentration. Lido has a certain first-mover advantage. However, with the opening of withdrawals and the dispersion of staking participants, Lido's market share will decline. Rocket Pool, frxETH, Stakewise, etc. will have the opportunity to grow.
LSD Token is often in a state of decoupling, and the peg coefficient ranking of the top three LSD protocol Tokens is: cbETH > stETH > rETH. After the withdrawal is enabled, the mispricing of LSD Token will provide arbitrage opportunities for purchase and redemption.
On the other hand, LSD liquidity costs are reduced, it becomes easier to enter or exit LSD positions, and the LSD protocol can be integrated with more DeFi protocols. For example, Frax chose to use the LSD dual token model, frxETH and sfrxETH. The frxETH token itself does not generate any staking rewards. In order for token holders to receive the APR earned for ETH locked in a validator, users must deposit frxETH tokens into a staking vault. All rewards earned for staking ETH on the protocol, minus fees, will be distributed to staking users. Any user holding frxETH instead of staking it in a vault will not receive any rewards. Users are forced to make a choice - either use frxETH to pursue yield in DeFi, or earn staking rewards in the vault. As the market environment improves, there may be another upsurge in leveraged pledges.
Finally, innovations in native staking as a service (StaaS), Eigenlayer for secondary staking narratives, forced exit (preventing bad-behavior stakers), and distributed validator technology (DVT) are also worth looking forward to.
NFTfi
- NFTfi Annual Report
Cryptoslam indicators show that NFT sales in the first week of 2023 have increased by 26.01% compared to the last week of 2022, with a total of 400,748 NFT buyers and 1.2 million NFT transactions. The total NFT sales of 19 different blockchain networks are $208.99 million, of which Ethereum received $164.35 million, an increase of 26.22%, followed by Solana (+28.8%), Immutable (+20.83%), Cardano (+35.97%) and BNB Chain (+71.35%), in addition The Boring Ape series NFT led the way with sales of $19 million, an increase of 52.82% from last week.
In 2023, around the high threshold of NFT blue chips, the difficulty of price discovery, and the lack of usage scenarios, etc., will there be a dark horse stand out among hundreds of NFTfi projects? DODO Research sorted out the subdivisions of the NFTfi track, interpreted 34 representative projects of the NFTfi track, and released the "Year-End Report｜Full Explanation of the NFTfi Track Layout", download to read the full report in Chinese.
Other Opinions
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DappRadar explains how to find trading opportunities through NFT floor prices: floor prices are the lowest prices sellers are willing to accept for selling NFTs, but floor prices are also easily manipulated. To see if the base price is driven by the general market or artificially inflated, check the most recent average sale price. If the average selling price is much lower than the reserve price, this is a strong signal that someone is manipulating the reserve price. History never repeats itself, but it often rhymes. By looking at historical data, some correlations between prices can be found.
https://dappradar.com/blog/dappradar-pro-member-floor-prices-csv-file
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Discuss several indicators for evaluating the value of NFT:
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Retention rate curve: Through the return visit rate of the address, judge whether the user's interest in an NFT collection is short-term or long-term;
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Judging user sentiment through the buy/sell ratio;
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Statistics on the PnL of each transaction in an NFT collection;
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Find out the bottom price trend of each NFT Trait, and whether the Trait is increasing or depreciating;
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Whether the valuation price of NFT is the same as the reserve price of the Trait with the highest valuation.
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Datacheck
@DefiLlama launched new meta-dex aggregator last week.
https://twitter.com/DefiLlama/status/1609989799653285888
In short, by querying 8 different aggregators, comparing quotes and gas cost, meta users can choose the best trading route.
Today's #DataCheck brings some recent performance of aggregators.
- LlamaSwap has shown promising signs since its launch.
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6 days since launch ranks No.2 in the past 30 days of 0x API;
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Surpassed Metamask, Coinbase... with 56m volume routed by 0x API;
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Note: Volume via other aggregators can't be tracked (expect disclose from LlamaSwap);
2.Aggregator share of DEX volume (Only Ethereum)
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21.3% last week;
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Range between 20% and 25% in the last year;
3.Comparison of Aggregators (Only Ethereum)
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1inch has the highest market share;
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Top 6 by Volume in the past month (1inch, Cow Protocol, 0x API, Paraswap, Tokenlon, DODO API; (@0xngmi DODO API can also be aggregated by LlamaSwap);
4.Aggregators's Favorite DEXes on Ethereum
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Uniswap has the highest share;
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in terms of routed volume, Top 6 in the past month are: Uniswap, Curve, Balancer, DODO, Kyber, Sushiswap;
5. Most of aggregators have multi-chain deployment, not only Ethereum.
Take DODO API as an example,
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Ethereum has the largest trading volume;
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Number of Txs and Users on Polygon、Arbitrum、BNBChain are much more than which on Ethereum;
More about DODO API: https://docs.dodoex.io/english/developers/smarttrade/api-interface
🚄 Bullet News
Infrastructure
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Ethereum Developers: Submitted proposal EIP-6269, to standardize the definition of "fully equivalent EVM".
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The first Ethereum core developer meeting in 2023: launch of the public testnet for the Shanghai upgrade in early February, and launch of the mainnet in March.
VC
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MSafe, the first multi-signature wallet solution in the Aptos/Move ecosystem, announced today that it has closed a $5,000,000 seed round. The round was led by Jump Crypto, with participation from Circle Ventures, Coinbase Ventures, Superscrypt (founded by Temasek), Redpoint Ventures, SV Angel, Shima Capital, and Spartan Group.
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AirCarbon Exchange (ACX), a blockchain securitization carbon credit trading platform, completed a $15 million Series B financing through convertible bonds. TRIREC led the investment, and Banpu Public Company and PJSC participated in the investment.
GameFi & NFT
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The NFT project Memeland ecological project "Captainz" has stopped casting, and more than 14,500 users have participated.
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Kevin Rose, the founder of the NFT project Moonbirds, has signed a contract with the United Talent Agency (UTA), a major Hollywood agency, and UTA will manage the Web3 interests of Kevin Rose and all of its subsidiaries.
About us:
「Dr. DODO」is the research arm of DODO. We track the evolvement of DeFi and related sectors. Dr.DODO leads a group of researchers to decode the crypto world, conduct in-depth research, publish distinctive views and predict the future value of the crypto world
Our DM is open! We welcome any insights & original writings.
Contact: email: [email protected]
We’re Hiring：
1)DeFi / Web3 Infrastructure Researcher
2)Brand Operation
Our work are published at Twitter, Notion and Mirror：
Twitter: https://twitter.com/DodoResearch;
Notion: https://dodotopia.notion.site/Dr-DODO-is-Researching-6c18bbca8ea0465ab94a61ff5d2d7682;
Mirror：https://mirror.xyz/0x70562F91075eea0f87728733b4bbe00F7e779788