Dr.DODO brings you our newly launched weekly brief - DODO Megascope, which covers the following sectors:
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Crypto Headline
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Governance Updates
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Sector Delivery
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Data check
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CT Insights
👀 |Crypto Headline|
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The Aptos mainnet based on the Move language has been officially launched. Airdrops are distributed to community platform users who have completed the Aptos incentive testnet application and users who have minted the APTOS:ZERO testnet NFT.
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Tether USDT will be available at 24,000 ATMs in Brazil, a partnership with Brazilian payments company SmartPay launched on November 3.
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French Financial Market Authority: The French cryptocurrency company registration system will gradually be replaced by MiCA framework.
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Hong Kong Chief Executive Li Jiachao: Regarding virtual assets, the government has submitted a bill to propose the introduction of a statutory licensing system for service providers.
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EU member states must be prepared to block cryptocurrency mining as disruptions to Russia's gas supply could present issues such as higher energy prices, power outages or power shortages, the European Commission said.
🗣️ |Governance Updates|
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Frax DAO proposal to create Gearbox AMO: This proposal aims to add Gearbox to Frax's AMO whitelist for use in Gearbox's upcoming liquidity mining event. GEAR earned as a reward for passive LP mining will be used for boosting and voting.
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The ApeCoin DAO proposal approved $45,000 in funding for the Forever Apes team to create the first set of physical luxury - NFT-themed luxury playing cards, and develop a token-gated website for their claims. The goal is to create a one-sock-like buzz and stimulate engagement and growth in the APE community through a combination of free-to-claim digital and physical products.
🍀 |Sector Delivery|
DeFi
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Institutional lending protocol Maple Finance has generated more than $1.6 billion in loans through the protocol since its launch, with a single default of $10 million in Q2 2022 alone, blockchain analytics firm Messari tweeted. This is an incredible performance at a time when multiple centralized lenders have suffered significant losses.
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Frax Finance has launched the Ethereum liquid collateral token frxETH, and so far more than 1655 frxETH have been minted.
GameFi&NFT
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OpenSea launched NFT Data Analysis Kanban (Beta version), which has been applied to most NFT collections. Users can browse trends, indicators and NFT collection dynamics, etc., and obtain core indicator data such as sales and floor prices to simplify the process of obtaining NFT information and make more informed investment decisions.
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DigiDaigaku #1632 was sold for 200 ETH (~$260,000), an all-time high. It is reported that the last transaction time of this NFT was two months ago, and it was bought at the price of 25 ETH by the address starting with "0x29E1".
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Stephen Chow released social news to recruit Web3 talents, saying that he would personally select people.
Infra
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Interoperability protocol LayerZero launched the Aptos Bridge cross-chain bridge.
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Web3 social network DeSo announced the launch of Stabelcoin DesoDollar with USDC as collateral, users can deposit USDC through MetaMask and get DesoDollar.
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SoulWallet, an account abstract wallet based on ERC-4337 contract developed by the Chinese team, won the first place in the Ethereum Foundation AA (Account Abstraction) on ETHGlobal Bogota.
VC
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Modular blockchain Celestia has raised $55 million, led by Bain Capital Crypto and Polychain Capital.
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Chain Game Developer Tools Company Stardust completed a $30 million Series A round led by Framework Ventures.
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Web3 startup Spindl has raised $7 million led by DragonFly Capital and Chapter 1.
✨ |Data check|
Changes in the market value of stablecoins often reflect the market’s interest in cryptocurrencies. During bear markets, a lot of liquidity returns to stablecoins. In the last round of bear market, USDT stood out and became the overlord. @SBF_FTX believes that Binance’s conversion of USDC to BUSD marked the beginning of the second stablecoin war.
Today's #Datacheck Dr. DODO continues to talk about stablecoins.
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Review:
We talked about the classification of stablecoins and the current market capitalization ranking last week. Today, we mainly discuss stablecoins from the perspective of yield, public chain ranking and protocols.
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Market Cap:
According to data from DeFilama, the total market value of stablecoins is currently around $146.34B. As the supply of BUSD surged, it exceeded $20B for the first time this month, accounting for about 15% of the entire stablecoin market, a record high. The head effect of the stablecoin market share is obvious. It can be seen that the market value of Frax, which ranks fifth, is less than 2% of that of USDT, the first.
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Public chain share:
Most of the USDT supply is on the Ethereum and Tron blockchains, with nearly 33B tokens issued on each network, down from the bull run. At present, the share of USDC on Ethereum has surpassed USDT to become the largest stablecoin, which seems to reflect the continuation of the stablecoin ecological revolution of Ethereum.
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USDT distribution:
On Ethereum, the top 34 addresses belong to exchanges and DeFi protocols; they account for around 40% of the total supply. The top 100 addresses account for nearly 50% of the supply.
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Lower yield:
In the absence of revenue-generating opportunities in the crypto space, even some of DeFi's biggest proponents are turning to more sedate alternatives. For example, MakerDAO, which operates the fourth-largest stable currency DAI, announced that it has begun to buy US Treasuries and corporate bonds of $500M. And it’s hard to say that it’s not due to the yields that DeFi protocols provide for stablecoins that are inferior to U.S. Treasuries. At present, the APY of stablecoin pledge is basically around 1.2%, and rarely exceeds 2%. The U.S. one-year Treasury bond yield reached 4.59%. This should also be a major reason for the decline in the total market value of stablecoins.
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Protocol TVL:
From the TVL point of view, Curve is undoubtedly the largest stablecoin liquidity pool on Ethereum. The two largest pools are 3crv (DAI-USDC-USDT) and FraxBP (FRAX-USDC). This also means that DAI, USDC, USDT and FRAX are dividing up the stable currency market of Ethereum, and the future overlord will most likely emerge from them.
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Future:
It was recently reported that Tether USDT will be available at 24,000 ATMs in Brazil starting November 3. While this benefits USDT’s widespread adoption, it also further reduces its censorship resistance. Centralization is the main reason for the decline in the DeFi market’s preference for USDT. DAI and USDC also show the characteristics of centralization.
https://watcher.guru/news/tether-usdt-will-be-made-available-across-24000-atms-in-brazil
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Frax's stablecoin model has proven to remain resilient by maintaining its peg (+/- $0.01 of the $1 peg target) and has been tested many times since its inception in December 2020. We are also looking forward to the new sparks brought by DeFi-native stablecoins such as GHO and crvUSD.
🎵 |CT Insights|
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ZKHouse highlights(Chinese):
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How to maintain physical and mental health if having full-time job in crypto: