0/ In today’s Delphi Daily, we analyzed @MonteCarloDEX, an on-chain futures and derivatives platform.
We examined perpetual trading volume and funding rates for both ETH and BTC.
For a deeper dive 🧵👇
We examined perpetual trading volume and funding rates for both ETH and BTC.
For a deeper dive 🧵👇
1/ Market Update-
🔹Crypto is having a slow day as BTC finds it difficult to climb above $58K.
🔹BTC is still well above the trend break we outlined last week, but considering BTC is leading the market at the moment, a downturn could turn ugly for all of crypto.
🔹Crypto is having a slow day as BTC finds it difficult to climb above $58K.
🔹BTC is still well above the trend break we outlined last week, but considering BTC is leading the market at the moment, a downturn could turn ugly for all of crypto.
2/ MCDEX is an on-chain platform to trade futures and derivatives.
The project launched on mainnet alongside Arbitrum on Aug. 31, and followed through with a deployment to BSC on Sep 28.
Over $1B of volume has been traded on MCDEX since it launched.
The project launched on mainnet alongside Arbitrum on Aug. 31, and followed through with a deployment to BSC on Sep 28.
Over $1B of volume has been traded on MCDEX since it launched.
3/ As expected, MCDEX’s volume on Arbitrum was primarily ETH, but BSC traders traded more notional volume on the ETH perp than traders on Arbitrum.
ETH has been relatively quiet compared to BTC as of late, which may have stung trading volume as incentives on Arbitrum wore down.
ETH has been relatively quiet compared to BTC as of late, which may have stung trading volume as incentives on Arbitrum wore down.
4/ There’s been a fair amount of volume for BTC perps as well. Activity here looks stickier than ETH, as evidenced by the slower decline in volumes from the peak.
So far, there are only BTC, ETH, and BNB perpetuals on MCDEX. New pools have to be bootstrapped by external parties.
So far, there are only BTC, ETH, and BNB perpetuals on MCDEX. New pools have to be bootstrapped by external parties.
5/ One of the organic incentives on MCDEX arises from funding arbitrage (i.e. can users pay less funding using MCDEX over an established derivatives CEX).
For BTC perps, funding rates on Arbitrum have been consistently lower than Binance. But liquidity on Arbitrum is fairly dry.
For BTC perps, funding rates on Arbitrum have been consistently lower than Binance. But liquidity on Arbitrum is fairly dry.
6/ On ETH perps, funding rates on Arbitrum have started to run up while the cost of entering a long position on BSC is lower than Binance.
At 0.1% slippage, traders can enter up to 3kETH worth of longs on the BSC deployment, where liquidity is competitive and rates are lower.
At 0.1% slippage, traders can enter up to 3kETH worth of longs on the BSC deployment, where liquidity is competitive and rates are lower.
7/ Tweets of the day!
Say hello the newest browser wallet
Say hello the newest browser wallet
https://twitter.com/xdefi_wallet/status/1447927319809695759
8/ @MakerDAO is voting to onboard stETH as collateral
https://twitter.com/LidoFinance/status/1447913509065478148
11/ Join the channel below to get all Delphi updates as soon as they are released!
t.me/DelphiDigitalA…
t.me/DelphiDigitalA…
• • •
Missing some Tweet in this thread? You can try to
force a refresh
