September 1, 2022: Whales are Accumulating?๐๐ณ
Why Unusual On-Chain Activity May be Institutions Stashing $CRV curve.substack.com/p/sept-1-2022-โฆ
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Lately @0xroborosCap and @DefiMoon have noted unusual activity.
Whale wallets accumulating large amounts of $CRV in what is speculated to be institutional hoarding.
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Specifically, at least a dozen wallets follow this same pattern:
Over the course of hours, sometimes days, a rapid succession of 5 figure withdrawals of $CRV from Coinbase to a previously empty wallet.
Once the wallet hits high 6 to low 7 figures, it sits idle.
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@0xroborosCap suggests this pattern has the classic signature of institutional behavior, structured as to fall below the radar of on-chain analysts.
He suspects they are trying to front-run $crvUSD.
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Coinciding with the $CRV emissions reduction, major exchanges may be running out.
This past month was the largest net outflow of $CRV from exchanges in the token's history.
Large withdrawals from Binance and FTX are constraining supply.
March 4, 2024: ETHDenver Recap ๐๐ ๏ธ
21 Attendees Share Their Takeaways from #ETHDenver2024
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The inevitable question: "How was #ETHDenver2024?" seemed impossible to answer... the event was too big to get a proper sample.
Instead, we asked everybody we met to share their takeaways, and 21 were kind enough to so!
Excerpts follow, full quotes in article at end...
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@scupytrooples, Founder @AlchemixFi:
"ETHDenver was a massive jubilation...
Each bear market we survive, the bond we share grows stronger. The sheer amount of development happening in the Ethereum ecosystem is staggering, and it is honestly too much to keep up with."
The rates are too high! Can't Powell do something?
Not much. The $crvUSD borrow rate is governed by math and onchain inputs, so Fed Chair Jerome Powell would have limited tools at his disposal.
Here's how it works...
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$crvUSD's borrow rate has whipsawed from nearly 0% to 10% multiple times in the weeks since launch.
The Monetary Policy contract is responsible.
This contract considers the balances in the Peg Keeper pools and the debts of the Peg Keepers to set this borrow rate.
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The first input into the Monetary Policy is the balances of the affiliated Peg Keeper pools.
With healthy liquidity in the the v1 pools with major stablecoins ( $USDC, $USDT, $USDP, $TUSD ), $crvUSD has an implied price and a robust ecosystem of utility.
Two big actions:
* Raise PegKeeper debt ceilings to $25MM
* Add $wstETH market with newer contracts and $150MM debt ceiling
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At the current debt ceilings, the $2.5MM PegKeeper pools are near their capacity, meaning it's plausible we could otherwise see $crvUSD drift above $1.
While hodlers may not complain about an upward depeg, it would ruin these beautiful graphs by @nagakingg