Liquid Staking is Booming on Solana ☀️

- Liquid Staking Ratio increased by 1.76% QoQ
- The Number of LSTs has doubled
- Market Landscape is more diversified: The dominance of the top 3 providers dropped from 93% -> 68.7%

Deeper Insights below 👇 (/4) 1/ The Key Catalyst: @sanctumso
The airdrop from @jito_labs has brought the spotlight to liquid staking on Solana. The liquid staking ratio has increased by 2% from Q4 2023 - Q1 2024

Sanctum is able to take the torch. The launch of INF, Sanctum Router, and Sanctum Reserve, has lowered the barrier to entry, building the foundation of a Cambrian explosion of the Liquid Staking sector on Solana

Digital Assets Conference by Goldman Sachs

Most heard terms are:
- TON
- Tokenization
- ETF
- UX
- Regulation

Here is a quick summary of some interesting panels (✍️/5 )

1. THE NEXT WAVE OF INVESTMENTS IN DIGITAL ASSETS

- @dan_pantera at Pantera Capital
- @richwgalvin at Digital Asset Capital Management
- Joseph Naggar at Republic Digital
- @rviewfromhk at Animoca

Overview of Solana's Liquid Staking Market

(✍️/7) 1/ Despite having 60%+ Staking Ratio, only 6% ($3.4B) of the Staked SOL comes from Liquid Staking

Ethereum on the contrary, has 32% of its stake comes from Liquid Staking. The reason for the difference imo is because of whether there is in-protocol delegation.

Solana has provided an easy way for SOL stakers to delegate their SOL natively whereas Lido is one of the only ways in the early days to delegate your ETH to earn staking rewards.

Here is how to analyze Tokenization easily on @DuneAnalytics

You only need 1 single table that covers 83 tokenized assets, 26 projects, 9 blockchains, and 9 types of tokenization

👇
(✍️/4) 1/ The table we are using today is dune."21co".result_fact_tokenisation_summary

This is "matview" built on Dune. It only takes seconds to run as a view. But since it is being refreshed daily, don't be surprised if it has any delay.

Here are my key findings with @DuneAnalytics on @friendtech

What will be covered in this 🧵
- FT's impact on @BuildOnBase
- FT's MEV activities and profitability
- FT's pricing model
- Thesis on FT
- Potential Enhancements
- Forecast of the SocialFi sector 1/ @friendtech has gained $6M TVL, $3M Revenue and ~100K users in less than 2 weeks

Not only crypto-native users are using FT, but also non-crypto-native celebrities like @GraysonJAllen and @garrytan have opened their FT accounts

It has highlighted the potential of the socialFI

1/
Despite TUSD Claiming they are not affected by PrimeTrust, the TUSD-3CRV pool has experienced a TUSD selloff, causing the pool to be imbalanced.

20 vs 28 Jun
TUSD Percent: 27.5% -> 70.7% (+43.2%)
TUSD Liquidity: $2.5M -> $5.3M (+112%)
3CRV Liquidity: $6.4M -> $2.2M (-65%) https://t.co/fUSVKlT4LQ

https://twitter.com/tusdio/status/1671898163039596544

2/
They currently have 3.1B circulating supply, out of which 729M is on Ethereum

Since 20 Jun, they have minted 2.5M & burned 1M TUSD on Ethereum. Last burn is on 26 Jun

3M Bitcoin Ordinals and ATH in Daily Inscriptions✅

Thread on the potential cause and the ramifications using @DuneAnalytics

1. History of Ordinals
2. From ERC-721 to ERC-20
3. BRC-20 Standard
4. State of BRC-20
5. Risk of BRC-20
6. Block Size
7. Hash Rate ⚡️
8. Miners Fees 🚀 1/ History of Ordinals

@rodarmor launched the ORD software in Dec 22 by leveraging the Segwit (2017) + Taproot (2021) upgrade

Arbitrary data like text, image, and video can be stored in the witness data inside a transaction at ~ 75% discount vs a financial transaction

10 Days after Shanghai: 🚢

Thread:
1. 1.3M $ETH withdrawn
2. Kraken with most Exits
3. Institutional Staking🔼
4. 0x01 Cred. 43%📈86%
5. Active Validators🔽
6. 2nd Largest Weekly Deposit
7. Current Queue
8. Est. # of ETH Restaked
9. Top CEX Deposit
10. Top DEX Pair
11. LSDs 1/ 1.3M $ETH Has been Withdrawn

$2.5B worth of $ETH has been withdrawn. 65.8% comes from Staking Reward/Partial withdrawals; 34.1% comes from Principal/Full withdrawals

The zkEVM Race is here

zkSync Era has attracted $141M asset bridged, and Polygon zkEVM has $2.63M

Let's dive into the data and see what is going on there 🧙‍♂️

( 1/7)

@DuneAnalytics 📊:
dune.com/21shares_resea…

@21Shares ✍️:
21shares.com/research/oncha… 2/ Number of New Depositing Addresses are Slowing Down

The bridging activities are slowing down for both zkSync Era and Polygon zkEVM.

zkSync is leading in the number of unique depositing addresses with 292.62K Addresses, while Polygon zkEVM only has 11.68K

My experience on zkSync Era: From Bridging, Swapping to Providing Liquidity on @mute_io

1/ Bridging $ETH
- Takes ~ 5 minutes from & $6 gas fee 2/ Swapping from $ETH to @MUTE

@mute_io is currently the only DEX on zkSync Era with $1.4M TVL according to @DefiLlama. It amounts to 9.15% of the total amount bridged to @zksync Era.

Executing the swap costs me ~$0.5 in gas

Ramifications of Paxos being ordered to stop issuing more $BUSD🧙‍♂️

1. $BUSD supply ⬇️
2. Stablecoin Market Cap ⬆️
3. Withdrawals from Binance
4. Amber Group $USDC withdrawals
5. $BUSD Liquidity on Binance
6. $BUSD Liquidity on Curve
7. 3Pool Liquidity

A quick summary 📊
0/7 1/ 342M $BUSD was burnt by Paxos Treasury in 24 hours

The total circulating supply of $BUSD has dropped to 15.8B

Source: dune.com/21shares_resea…

Stablecoin is an integral part of DeFi with 79% of trading volume coming from stablecoin pairs compared to Altcoin pairs

Our new @DuneAnalytics dash analyzes the dominance of each stablecoin in DEXs and Chains 🧙‍♂️

✍️: 21shares.com/research/oncha…
📊: dune.com/21shares_resea…

0/7 1/ DEXs Volume Shift from Altcoin Pairs to Stablecoin Pairs

In the early days of DeFi, Altcoin trading pairs are leading in volume as opposed to Stablecoin trading Pairs (57% vs 42%)

With the wider adoption of stablecoin, trading volume has shifted to stablecoin pairs

Binance had $846M outflows & $407M inflow in past 24 hrs

One of the largest outflows is $12.9M $APE sent to staking. Meanwhile, several users/entities are withdrawing millions from Binance

For more details, check out our @DuneAnalytics dashboard below🧙‍♂️
dune.com/21shares_resea… Update: Binance now had $1.1b outflows

An address starting with 0x6f4 just withdrew 60M $USDC from Binance

etherscan.io/tx/0xc3f815750…