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Nov 10 • 6 tweets • 5 min read
1/ This week was marred by what may be the largest meltdown in the history of crypto.

Once tagged savior of an industry, @SBF_FTX and @FTX_Official will now be known for their downfall.

What are the implications and insights? Let's ask our analysts. 🧵 Image
2/ The facts.

@SBF_FTX, CEO of @FTX_Official was also principal shareholder of #Alameda.

$FTT, FTX's exchange token was used for user benefits. It pseudo-equity mechanics tying its price to FTX success.

The relationship between FTX and Alameda was unclear prior to fallout.
3/ What happened?

@CoinDesk reported that #Alameda's assets (~$6 billion of the ~$15 billion) were in FTX's $FTT token.

On November 6, @binance CEO @cz_binance announced that his exchange would liquidate $2.1B worth of $FTT, initiating $FTTs decline. Image
4/ Implications/Insights?

Ripple effect to entities and participants.

Doubts and/or ammunition on the reg front.

Threat of of #Alameda’s investment in $SOL being unstaked to be sold.

Will @solana following the path of $ETH held in ICO treasuries back in 2018? ImageImage
5/ For more on the implications and impacts of the @FTX_Official meltdown, including in-depth insights from our analysts, check out the full report from @sunnydece, @kunalgoel, and @kelxyz_.

messari.io/article/ftx-me…
Subscribe to the Unqualified Opinions newsletter for world-class research from the Messari analysts, straight to your inbox!

messari.io/newsletter?utm…

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More from @MessariCrypto

Messari Profile picture
Nov 11
With the plethora of lending protocols available today, tracking liquidation data can be difficult, but with Messari’s Protocol Metrics getting liquidation data across the DeFi space is as easy as getting liquidated! Image
Simply select `Lending` Image
Then click `Liquidations` Image
Read 4 tweets
Messari Profile picture
Nov 11
1/ With #ETH and #BTC retracing following a 20% decline in light of the @FTX_Official news, let's attempt to find some hopium from the last two weeks. 🧵 Image
2/ @solana, a project @FTX_Official and #Alameda research were key and early supporters of, was caught in the crossfire of the FTX situation.

Solana seems to have shaken off the FTX spectre for now, returning to a market cap of $6.5B. Image
3/Pro-crypto candidates from both sides of the aisle won their races.

A bevy of freshman lawmakers will enter the government at a time when having pro-crypto advocates on the Hill is more important than ever. Image
Read 6 tweets
Messari Profile picture
Nov 10
1/ Messari Governor tracks the community sentiment of each proposal initiated by the 100+ projects that our platform actively monitors.

Take advantage of this feature by heading over to the Messari Governor page and clicking on the “Proposals” tab.🧵👇 Image
2/ From there, click the “Preliminary Discussion” tab ⬇️
bit.ly/3Emoluk

This will display ALL proposals and their community sentiment. Image
3/ Proposal sentiment can also be found on each individual proposal page. Image
Read 4 tweets
Messari Profile picture
Nov 10
1/ @compoundfinance Q3 was positive as it saw loan activity uptick for the first time in three quarters.

The protocol also saw utilization approve, returning to levels seen prior to the spring collapse. Image
2/ ~Loans and Interest Rates

$922M in loans during Q3, down 14% QoQ. Loans denominated in stables represented 94% of outstanding loans.

The average annualized borrower rate grew to 2.31% in Q3. ImageImage
3/ ~Outstanding Deposits and Depositor Interest

Total deposits outstanding fell (-8%) to $2.7 billion in Q3.

Aggregate annualized depositor rates fell to new lows in August, settling around 1% at quarters end. ImageImage
Read 7 tweets
Messari Profile picture
Nov 3
1/ As @trondao's $USDD returned to peg following the Q2 chaos, supply growth stagnated.

A positive growth metric was the number of wallets holding $USDD which saw 5x growth over Q3.

The increased adoption is needed for $USDD supply and $TRX value.🧵
2/ ~$USDD supply / $TRX Deposit

9B $TRX was deposited in the first 5 months of $USDD's launch.

$USDD supply increased 0.2% in Q3, leaving room for growth.

$USDD has also expanded to @Binance and @Ethereum.
3/ ~Reserves

$USDD appears sufficiently backed by non-native collateral in the form of $BTC, $USDT, and $USDC.

While not included in collateral backing due to its reflexive nature, the @trondao Reserve (TDR) could sell $725M of TRX to back $USDD.
Read 8 tweets
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Nov 2
1/ Market uncertainty hit @AaveAave like many protocols during Q3 with lower demand for leverage amounting to a 35% decrease in revenue.

That didn't stop Aave from releasing updates on its native stable coin $GHO or continuing ecosystem development moving into Q3 and beyond.🧵
2/ ~Revenue by chain

@AaveAave's revenue decreased 35% due to a 42% drop in outstanding debt.

Revenue initially generated from @Avalancheavax Rush reversed falling 53% by quarter's end.

Coinciding with the launch of its own incentives, @optimismfnd utilization surged 74%.
3/ ~Revenue by token

Stablecoin revenue share fell from 82% in Q2 to 60% in Q3.

$WETH revenue increased from 8% in Q2 to 25% in Q3 as borrowing demand surged leading up to the #Ethereum Merge.
Read 7 tweets

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