In todays Delphi Daily, we explore important metrics of Curve, @ConvexFinance’s role as a key battleground for bribes, and the protocols vying for voting power.
For more 🧵👇
1/ @convexfinance has grown to have great sway on @Curvefinance’s valuable governance vote: 85% of Curve TVL is now routed and staked via Convex.
Nearly half of all veCRV supply is owned by Convex.
2/ @Convexfinance is now the single largest owner of veCRV at 47% of total supply.
This gives them the most governance power to decide where $CRV incentives should be distributed.
3/ Besides bribing, protocols looking to incentivize liquidity can also buy CVX, lock it up, and delegate their votes to their own pools.
Protocols have also been accumulating CVX, chief of all @FraxFinance which owns the most CVX at the moment.
4/ @OpenSea volume is showing recovery signs as volume starts to trend upwards.
Yesterday, daily volumes hit near $250M, the highest it has been since the peaks of Sep. 2021.
It was also the most actively traded day yet in terms of users with 60K daily active traders.
5/ While it might have looked gloomy for the wider crypto markets, the NFT market had it good the past month.
Large brands and famous celebrities have been getting involved, @adidas, @nike, and @eminem to name a few.
After scaling supply to $2.3B in <1 month, USDe is now the fastest growing “stablecoin” of all time.
At the root of Ethena’s early success lies a fundamentally different approach to what the market has conceptualized as the “synthetic dollar” 🧵
Don't miss out on the deep dive!
The full report - The Rise of Ethena: Unpacking The Emerging Synthetic Dollar - by @robbiepetersen_ & @yeak__ dissects Ethena’s architecture, risks, scalability, broader implications for DeFi, $ENA, and the road ahead 👇
Throughout the bear, our research team worked tirelessly to uncover opportunities we thought would stand out when crypto markets finally turned around.
We're starting to drop our 2024 Year Ahead Reports, so here's a glimpse at some of our analysts' hard work this past year. 🧵
Please note that reports are linked in the pictures. Links pop-up by hitting ALT in the bottom left corner.
🚨Disclaimer 🚨
Before @celestiaorg’s launch, @CannnGurel dropped the deep dive “Pay Attention to Celestia '' in Feb 2022.
One Key takeaway: A multi-chain world seems inevitable for scalability, and we believe modular blockchains could offer an optimal approach.
Fresh from two of Asia’s largest crypto-focused conventions, Korean Blockchain Week and Token 2049, we wanted to take the time to highlight some of the most promising blockchain gaming projects from the region that we have been tracking.
Enjoy These 7 Ecosystems to Watch:
1. @Ronin_Network
The most active Web3 gaming ecosystems based on wallet activity in Web3.
The ecosystem is quickly transitioning into one of the few gaming ecosystems that actually has the active user base needed to get indie titles their first 1,000 true fans.
If you’re wondering what the newest buzzword “intents” are, look no further.
There's no better way to understand intents than by starting with @anoma, an intent-centric architecture that has been in stealth development for years ⬇️🧵
Anoma Intents are declarative, enabling users to focus on the "what" instead of the "how".
Users authorize a state for a transaction to occur, and third-party "solvers" match these intents with other intents to abstract away on-chain complexities.
1/ Yesterday, several @CurveFinance pools were exploited.
Curve founder, Michael Egorov, currently has a ~$100M loan backed by 427.5m $CRV (about 47% of the entire CRV circulating supply).
With $CRV down 10% over the past 24 hours, the health of Curve is in jeopardy. 🧵⬇️
2/ On @AaveAave, Egorov has $305m CRV backing a 63.2m USDT loan.
At a liquidation threshold of 55%, his position is eligible for liquidation at 0.3767 CRV/USDT.
This would only require a ~33% drop in CRV price for this to occur. He is also paying ~4% APY for this loan.
3/ On @fraxfinance, Egorov currently has 59m $CRV supplied against 15.8m FRAX of debt.
Though this is much less CRV collateral and stablecoin debt than his Aave position, it poses a larger risk to CRV due to Fraxlend’s Time-Weighted Variable Interest Rate.