LD Capital Cryptocurrency Track Weekly Report [2023/11/28] Overall continues to rebound, NFT market shows significant bounce-back.

LD Capital's Weekly Cryptocurrency Report [2023/11/28] Market Continues to Rebound Overall, NFT Market Experiences Significant Bounce-Back

【DeFi Lending】

MakerDAO

Blast, an L2 network launched by the Blur team, has currently deposited 35.22 million USDC into the Maker PSM module. The Maker PSM currently has a total of 350 million USDC locked, accounting for about 10% of the total. The rapid growth of Blast TVL is also beneficial to the development of Maker.

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A new round of Compound Grants will be launched on November 30th with a planned budget of 1 million USD. The aim is to provide funding for high-quality builders or projects and further the mission of Compound.

Aave

Whale 0xa72e has purchased a total of 2 million LDO at a price of $1.79. He has already deposited all of these LDO into Aave and borrowed approximately 1.56 million USDT to continue buying LDO.

【LSD】

Last week, 28.72 million ETH was locked in the Beacon Chain, corresponding to a staking rate of 23.88%, an increase of 0.07% compared to the previous period. Among them, there were 879.5 thousand active validating nodes, a decrease of 0.69% compared to the previous period (the first decrease since the Shanghai upgrade). This week, the ETH staking yield is 3.72% with an annualized inflation rate of -0.3%. Uniswap, Maestro, and BananaGun are the top three Defi platforms with the highest gas usage.

This week, the ETH staking rate decreased by 0.3%.

Source: Beaconcha.in, LD Capital

This week, the ETH staking yield is 3.72%.

Source: LD Capital

The ETH annualized inflation has remained at -0.3%.

Source: ultrasound, LD Capital

Among the three major LSD protocols, in terms of price performance, LDO declined by 4% in a week, RPL declined by 3.9%, and FXS declined by 0.1%; in terms of ETH staking amount, Lido increased by 2.58% in a week, Rocket Pool increased by 0.65%, and Frax increased by 0.69%; last week, L2 Blast launched an activity of staking ETH and receiving airdrops, which brought a significant increase in staking amount to Lido since it uses Lido as the underlying protocol for ETH staking. Lido has already approved the deployment of the DVT staking module, which will use SSV and Obol as the DVT solution. The permissionless mainnet upgrade of SSV is currently being voted on and will end on December 1st, with full approval so far; SSV TVL growth has accelerated, increasing by 29,000 ETH last week. Keep an eye on the growth of TVL after the SSV mainnet goes live; Rocket Pool currently has a deposit pool balance of 18,027 ETH, with an RPL staking rate of 50.89%, a slight decrease, and an effective staking ratio of 92.1%. Last week, FrxETH started supporting redemptions, and with the popularity of Blast, pay attention to the launch plan of L2Frax Chain, which is also based on LSD.

Last week, SSV TVL experienced accelerated growth.

Source: SSV Scan, LD Capital

【NFTFi】

Last week, the total trading volume of the NFT market was $144 million, an increase of 77.91% compared to the previous period. The total market value reached $6.99 billion, a 4.92% increase compared to the previous period. There were 6.31 million NFT holders, a growth of 0.1% compared to the previous period. The number of NFT traders increased by 12.4% to 44,000.

Source: NFTGo, LD Capital

Source: NFTGo, LD Capital

The price of Blur increased by 62% last week. The Blur team launched L2 Blast, where BLUR can be staked to accumulate points for future airdrops. Currently, there are still 34.57 million unclaimed tokens for the second season’s airdrop. 345 million BLUR has been staked, with OKEx holding approximately 100 million BLUR and Binance holding approximately 57.57 million BLUR. Last week, the trading volume of Blur reached $109 million, a 98% increase compared to the previous period, and its market share rose to 76.8%. The TVL reached $278 million, a 162% increase compared to the previous period.

Source: Nansen, LD Capital

BLUR’s market share rose to 76.8%.

Source: Dune, LD Capital

BendDAO currently has a TVL of $106 million, a 6.7% increase compared to the previous period. It holds 17,700 ETH deposits with a utilization rate of 15.53%. The deposit interest rate is 6.9%, and the borrowing interest rate is 0.45% (paid to borrowers, arbitrage opportunities are mostly eliminated). The staking interest rate for BEND is 5.5%.

【Ethereum Layer2】

TVL

The total Layer2 TVL is $14.34 billion, with a 3.58% increase in TVL over the past 7 days.

Source: L2beat, LD Capital

Optimism

On November 30th at 12:00, Optimism token OP will unlock 24.16 million tokens (approximately $43.73 million), accounting for 2.74% of the circulating supply.

Arbitrum

1. In the past week, the total minting of USDT and USDC amounted to 1.27 billion tokens, with 100 million tokens bridged to Arbitrum.

USDT: Minted 1.1 billion tokens, with 70 million tokens bridged to Arbitrum;

USDC: Minted 170 million tokens, with 30 million tokens bridged to Arbitrum.

On-chain Activities

Source: Artemis

【AI】

OpenAI

After OpenAI founder Sam announced joining Microsoft, OpenAI stated on November 22nd that they have reached a principled agreement. Sam Altman will return to OpenAI as the CEO and establish a new board, including members Bret Taylor (Chairman), Larry Summers, and Adam D’Angelo.

RNDR

On November 22nd, RNDR’s two important proposals entered the final voting stage, namely RNP-006 and RNP-007. These two proposals will migrate Render Network to the Solana blockchain network and expand the AI computing power business. The approval rate for both proposals currently exceeds 80%.

AGIX

1. On November 24th, AI token AGIX and FET were listed on OKX exchange.

2. On November 28th at 08:00, SingularityNET token AGIX will unlock 9.39 million tokens (approximately $2.9 million), accounting for 0.76% of the circulating supply – monthly unlock.

【DEX】

Dex combined TVL (Total Value Locked) is 12.68 billion, a decrease of 0.1 billion compared to last week. Dex 24-hour trading volume is 2.95 billion, and the 7-day trading volume is 22 billion, a decrease of 5 billion compared to last week.

Ethereum

ETH L2/sidechain

BTC L2/sidechain

Alt L1

【Cosmos】

This week, the top ten projects with the highest net inflows of IBC volume are: Osmosis, Cosmos hub, Axelar, Celestia, Kujira, Neutron, Stride, Akash, and Terra.

This week, ATOM performed well after COSMOS hub proposal 848 was approved, but the price fell with founder Jae’s announcement of a fork plan. For ATOM, reducing inflation rates is a long-term advantage as investors do not like high inflation tokens. Historically, Atom itself lacks value capture capability, and high inflation is one of the reasons for its consistently low price. Interest in APR is also one of the few use cases for Atom.

The opposing view is to decrease staking rewards from nearly 19% to 13%. A significant decrease in APR may discourage many stakers, posing a threat to network security. Therefore, they argue that the inflation rate should not be halved suddenly in order to maintain a higher level of security.

As a result, inflation has decreased, but staking rewards have also decreased, and network security is not maximally protected, leading to significant community divergences. Cosmos co-founder Jae Kwon plans to fork Cosmos Hub after proposal 848 is passed in the community.

The fork will create a new network, AtomOne, and its corresponding token ATOM1. The launch plan includes distributing the majority of the genesis supply to those against the proposal. At the same time, those who voted in support of the proposal will face “reductions.” Approximately 10% of the tokens will be pre-mined for various purposes, as stated in a document by Kwon. The Interchain Foundation will not be included in the airdrop.

It is expected that the hard fork will result in the largest airdrop of ATOM and may significantly increase the trading volume of ATOM and ATOM1 tokens.

“Jae refers to the new chain as AtomOne (ATOM1). Most of ATOM1’s distribution will be proportionally given to ATOM holders, it is unclear if liquid ATOM is included.”

【Derivatives DEX】

BTC maintained a wide oscillation between 35,500 and 38,000 last week, which has been oscillating for about two weeks. Spot trading volume is decreasing. Contract open interest is oscillating around 34 billion USD.

Source: coinglass

In the past week, contract trading volume remained high but decreased compared to the previous week. Altcoins experienced significant pullbacks, and contract trading sentiment declined.

The source: coinglass
With the recovery of the derivative contract positions and trading volume, the trading volume of derivative DEXs has also recovered significantly. In the first two weeks of November 2023, the trading volume of derivative DEXs reached the fourth peak period of 2023, comparable to the end of January, the end of March, and the beginning of July. DYDX’s weekly trading volume exceeded 10 billion US dollars, while the second-tier GMX and Synthetix reached about 1.5 billion US dollars, and the third-tier ApolloX and MUX exceeded 500 million US dollars. In the week of November 20th to November 27th, the trading volume significantly declined. DYDX’s weekly trading volume was about 6.2 billion US dollars, while GMX and Synthetix were about 900 million US dollars.

It can be seen that DYDX is still the leading player in the derivative DEX field, with GMX and Synthetix in the second tier. This pattern is relatively stable and has not yet seen new strong competitors.

Source: token terminal
【POW】
After experiencing rapid growth in the past two weeks, POW, the new concept coin, has experienced a pullback. Most POW tokens are in the early stages of development, with a market value below $50 million and trading taking place on relatively small exchanges, with large fluctuations in both upward and downward movement.

From the GPU/CPU mining power perspective, due to large price fluctuations, mining power has also undergone significant changes. The tokens with the fastest price increase have received more mining power. ZEPH currently has more mining power than DNX, becoming the first. NEXA has surpassed ETC and RVN, becoming the third. The mining power of projects such as XNA, RXD, ALPH, and CLORE has also grown rapidly.

NEXA and RXD are based on fast POW public chains, mainly driven by the BCH community miners. XNA belongs to the AI+IoT concept and has gained more than a fivefold increase in the past week. ALPH is also a POW public chain. CLORE is a mining power rental platform that provides services including mining, rendering, and AI computing power.

【Gamefi】

From November 21 to 28, the highest price increase in the Gamefi sector was MAGIC. (Note: Due to the large number of Gamefi projects, only some of them are included.) This week, GMT experienced a significant pullback due to market conditions. Recently, it seems that the Gamefi sector has started a trend of referencing old tokens in new games.

BinaryX

BinaryX announced the official release of AI game AI Hero 1.0 version. After the game is released, players participating in the game will be able to forge NFT heroes, which can be used in new competitive modes and earn mining rewards. Players can win hero NFTs during the game, recruit them on the market using BNX, or unlock NFT forging for free by holding a certain amount of BNX.

TreasureDAO

TreasureDAO co-founder Karel Vuong revealed that TreasureDAO is building a gaming chain and plans to use MAGIC as the gas token. This information was further confirmed in Karel Vuong’s reply on Twitter.

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