Evening Reading | USDT Faces Serious Selling Pressure: Are Market Makers Exiting?

USDT faces selling pressure, are market makers exiting?

1. Encryption in a New Field: A Preview of the Digiphysical Ecosystem

Crypto has created a new field of interaction design for consumer experiences. To date, attempts to showcase physical goods on-chain have been led by native crypto brands, mainly for the authenticity and provenance of high-end fashion goods. Meanwhile, the vast majority of on-chain behavior, such as NFT minting, proofing, trading, and equipping, remains limited to digital environments. Read more

2. Crypto Analyst: Aave Should Freeze Curve Founder’s CRV Tokens

On June 12, 2023, Gauntlett initiated a proposal in the Aave governance community, suggesting to freeze CRV tokens in Michael Egorov’s wallet address loan position. Gauntlet stated that it checked the risk status of the wallet, which is heavily dependent on CRV tokens as collateral. The account is related to Curve Finance founder Michael Egorov and, according to on-chain data, has borrowed about $63 million USDT using 288 million CRV tokens (about $180 million) as collateral. It is worth noting that the 288 million CRV tokens account for more than 30% of its total circulation, and freezing is proposed to prevent bad debts due to the decrease in liquidity of these tokens on exchanges. Read more

3. 2023 Crypto Trends: Decentralized Physical Infrastructure Network DePIN

Over the last decade, several innovative companies led by Airbnb and Uber have created new internet markets. These pioneering platforms have brought a new business model to the world: the decentralized sharing economy.

The innovative wave of this business model has reshaped the way individuals interact with services developed around physical infrastructure such as cars and homes. Interestingly, however, the sharing economy has not been widely applied in other areas of physical infrastructure, especially in those at the core of the digital economy, such as telecommunications and data warehousing. Read more

• Is USDT facing severe selling pressure due to market makers exiting?
• How can the development path centered around application chains avoid the pitfalls of Polkadot and Cosmos?
• How can we participate in interactions now that the re-collateralization agreement EigenLayer has officially launched on the mainnet?

4. USDT Faces Serious Selling Pressure. Are Market Makers Exiting?

According to data, a total of 99 million USDT was sold in Curve’s 3pool in the past 24 hours, with a net outflow of $64.4 million. In the past three days, a total of 205 million USDT has been sold in 3pool, with a net outflow of $130 million. At the same time, according to the latest official data from Curve, as of writing, the proportion of USDT in 3pool has reached 74%, totaling 301,753,409 tokens. The proportion of DAI and USDC is 12.91% and 12.74%, respectively. Read more

5. Nansen: In-depth Analysis of the Changes in CEX Landscape and the Path Out of Trust Crisis

FTX is a typical representative of CeFi and has received recognition from many well-known figures, and even sponsored sports venues. However, behind the scenes, the exchange has been mixing customer funds with its market maker Alameda, resulting in customer deposits losing $4 billion and ultimately filing for bankruptcy. The FTX incident caused shockwaves throughout the industry, and people’s confidence in centralized exchanges plummeted. This report aims to study the post-FTX CEX landscape and the overall trends we see. Click to read

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