Crypto Great | Bitcoin | DeFi

#Bitcoin $BTC Exchange Deposits (7d MA) Just Hit a 3-Year Low

#Numeraire hit the ground after a 104% price spike.
The data suggests that just prior to the rise in prices, there was a significant decline in supply on the exchanges, followed by a 3-month high in supply on the exchanges as traders attempted to trade volatility.

Right now, big Bitcoin investors, or so-called whales, are sending the equivalent of $187 million in BTC to exchanges in a 24-hour period. According to Glassnode analysts, this is a very low result, lagging behind the peak by 85 percent.

The peak of $1.28 billion was recorded in the spring of 2021. That's when Bitcoin's exchange rate first rose to $64,000.

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Synthetix (SNX)

Synthetix is a derivatives liquidity protocol on Ethereum that lets users mint synthetic assets that mimic real world assets, using SNX as collateral.

The Synthetix ecosystem has been expanding rapidly. In recent months, the protocol has undergone major updates to its network including reducing the time for Atomic Swaps, which we covered last month. Synthetix is currently undergoing additional upgrades to its network. To start, the Synthetix team announced that it’s redesigning the Synthetix protocol built on top of new smart contract architecture.

The proposed design will support more features like multi-collateral staking, customizable debt positions, and permissionless synths.

Synthetix V3 aims to implement:
- Permissionless asset creation - Any financial derivative can be built on top of Synthetix V3.
- Better control of credit - Stakers can pick and choose which assets they'd like to collateralize.
- Liquidity as a Service (LaaS) - Synthetix will not just be a protocol to route trading
through. It will be a protocol users build on top of if they're looking to increase liquidity
for any financial derivative on-chain rapidly.

The LaaS model simplifies the provisioning of liquidity for early markets. We first learned about LaaS in January’s portfolio’s update, as Balancer was integrating ways to achieve deep liquidity for its markets.

Elsewhere, Synthetix is working with Socket Tech to allow users to quickly bridge assets to and from Optimistic Ethereum. Synthetix recently passed a proposal to burn fees collected by the fee pool instead of allowing stakers to claim them. By burning these fees, the user's debt will decrease without the user needing to claim rewards.

Balancer (BAL)

Balancer has been focusing on helping to build a multi-chain crypto ecosystem that allows protocols to benefit each other.

To fast track the goal, Balancer deposited 40,000 BAL towards the Ethereum–Optimism bridge liquidity on Multichain. Multichain, previously known as Anyswap, is a cross blockchain router protocol designed to allow users to swap and exchange digital tokens.

With the liquidity now deposited, users are able to bridge, buy and sell the BAL token on the Optimism network.

On August 4, the community reached out to Multichain to add Polygon & Arbitrum support to its router, which is now operational. It just needs to be seeded with BAL liquidity, and users can start bridging.

With Multichain’s support, a proposal was immediately put together and passed on August 7. Balancer will allocate 20,000 BAL for both the Polygon bridge and Arbitrum bridge. This will drive more adoption for Polygon & Arbitrum, and is expected to increase demand in bridging BAL between networks.

​​Aave (AAVE)

Aave is an open-source protocol to create non-custodial liquidity markets and earn interest on supplying and borrowing assets with a variable or stable APY.

Last month, we wrote about an ongoing proposal for GHO, a native stablecoin on the Aave protocol. The newly passed proposal will create a decentralized multi-collateral stablecoin that is fully backed and native to the Aave Protocol.

GHO will be supported by multiple assets, and soft-pegged to the USD. GHO will be over collateralized by assets that continue to earn yield in the Aave protocol.

Similar to the MakerDao and DAI stablecoin, users can generate GHO after depositing collateral, and then burn GHO when reclaiming collateral.

Interest rates for borrowing GHO will be determined by the AaveDAO, with 100% of interest payments going directly to the DAO treasury.

In the first implementation, the system will set a certain amount of GHO at a discount depending on the amount of staked Aave supplied. These parameters will be determined by the Aave DAO.

This is expected to increase the price of AAVE as investors will be staking as much AAVE as possible to receive this discount on minting a stablecoin asset. The more AAVE taken out of circulation, the higher the demand, resulting in positive price movements.

Rook

Rook, formally known as KeeperDao, is a protocol that aims to make transactions on Ethereum safer, cheaper, and more dependable.

One of the biggest problems Rook is solving is miner extractable value (MEV). Remember, miners on Ethereum process transactions by organizing them within blocks, and in return they charge users gas fees. However, automated bots can manipulate this system by front running trades and profiting off price discrepancies, which costs human users.

It’s a serious problem. According to MEV-Explore, MEV has cost users across all blockchains over $600 million.

Thanks to the public nature of blockchains, we can see how the Rook protocol helps protect traders from MEV by looking at the transactions of a “whale” trader – an anonymous user who was trading millions of dollars’ worth of crypto.

On May 1, this whale was looking to convert a large amount of ETH into BTC. They first used a protocol called 1inch, which taps into multiple DEXs to find its users the best prices on trades.

The whale attempted to swap 4,300 ETH (about $12 million) in exchange for BTC on 1inch. However, this investor soon fell prey to MEV, thanks to automated bots. These bots offered the miner higher gas fees to process their transactions before the whale’s. And in that time, the token prices changed drastically enough that the bots profited while the whale lost value. As a result, the whale lost $250,000 of their $12 million order to price discrepancies.

A couple hours later, this whale submitted similar trades on Rook that yielded much better results. In total, it swapped about $80 million worth of ETH for BTC and didn’t lose any of it to MEV bots. That’s because Rook veils pending transactions, which means bots can’t see them and can’t front-run the trades.

The whale also received rebates in the form of ROOK tokens that equaled about $60,000. By protecting its users from the pitfalls of blockchains such as MEV, and offering benefits for using its platform, Rook will continue attracting the attention of large traders looking to get the best deals on their orders. This will massively benefit the protocol, and its ROOK token, over time.

​​Compound (COMP)

The Compound Protocol is an Ethereum smart contract for supplying or borrowing assets and is home to the DAI stablecoin.

As part of a Security Partnership with the Compound DAO, OpenZeppelin (a crypto cybersecurity technology and services company) audited an upcoming version of the lending protocol, Compound III.

In July, we wrote about a new version of the Compound protocol, named Comet, that can run on all EVM compatible chains.

The Comet protocol is a lending protocol where only one base asset can be supplied and borrowed. The goal is to have one or more Comet instances with different base assets being deployed on different networks.

An astonishing $1.9 billion in crypto was stolen this year. Compound has made it a priority to work closely with auditors and fix anything that could possibly lead to any vulnerabilities. Last month, OpenZeppelin publicly audited Comet.

OpenZeppelin was happy to see such a quality codebase. It didn’t find any critical vulnerability and is excited to see an excellent codebase that could support a robust network. The release of this documentation is very helpful to the community as it makes the task of identifying problems and understanding the codebase easier.

Revealed: FTX Owes Money To These Industry Giants

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Binance’s Fiat Partner Signature Bank Puts A Minimum Transaction Limit

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Breaking: Coinbase Officially Halts Operations In Japan

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Lido (LDO)

Since going live in 2020, Lido’s goal has been to simplify the staking experience by mitigating the challenges associated with it.

As the Ethereum network adopts more scaling solutions it’s important that Lido is following suit. On July 18, Lido unveiled its expansion plans to provide stETH across the growing L2 DeFi ecosystem.

For Ethereum stakers, this means staking with lower fees and access to a new suite of DeFi applications to amplify yields.

Lido is not limited to a particular network, and is committed to making Lido’s staked-asset tokens widely available.

Initially, Lido will support a wrapped version of stETH with bridging and staking on L2. Support for staking ETH held by users on L2 directly without the need to bridge assets will follow.

The bridging contracts for Optimism and Arbitrum have been developed by the Lido core development team and audited externally.

Both Arbitrum and Optimism bridges have been deployed in the ‘paused’ state. A Snapshot proposal will be available for DAO approval of bridging plans, following a successful public audit.

Ethereum has reached the network's current capacity with over 1 million transactions per day. The success of Ethereum and the demand to use it has caused gas prices to rise substantially, causing the need for stETH to be available on L2 scaling solutions to increase in tandem.

Demand for the Lido’s native utility token is surging as well. Since last month, LDO has been listed on FTX, KuCoin, and Binance.US – providing over 55 million users around the globe with easily accessible liquidity.

Just-In: Financial Giant Linked With Galaxy Digital Plans To Buy FTX Japan

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Positive news this week has led to increased discussion of cryptocurrencies on social media.

At the same time, Bitcoin's popularity set a record since last March.

Breaking: Coinbase CEO Brian Armstrong Announces 20% Additional Layoff

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Breaking: Huobi Korea Severs Ties With Parent Firm; Will HT Token Tank?

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Breaking: Justin Sun Confirms 20% Of Staff Layoff At Huobi

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Just In: Coinbase To Pay $100 Million Fine In New York

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Just-In: Bitcoin Price Bottom Approaching Fast, Time To Buy The Dip?

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Breaking: KuCoin Undelegates 48 Billion Terra Classic (LUNC), Dump Incoming?

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Celo (CELO)

Celo is a carbon-negative, permissionless, layer-1 protocol with a rich ecosystem of global partners building innovative web3 applications.

Accessible to anyone with a mobile phone, the Celo ecosystem consists of a decentralized, proof-of-stake blockchain and several protocol stable assets (cUSD, cEUR, cREAL) that make it easy for anyone to use crypto for daily needs. Celo mainnet now supports over 1,000 projects and hosts more than 3.4 million active wallets, which is up 78% since the beginning of the year.

The Celo Foundation is dedicated to creating a financial system that’s inclusive to individuals around the world.

To aid in global blockchain and cryptocurrency adoption, Celo recently launched the Africa Web3 Fund to help scale African startup projects building on Celo.

Last month, the fund opened to all Africa-based startup applicants, with preferences and focus going to founders who are residents of the continent.

The Foundation engages in meet-ups and works with local developers in the region through ambassadors and pilot projects.

The Web3 Fund introduces startup protocols to investors from venture capital (VC) firms. Further benefits provided by the fund include in-person workshops, mentorships with the Celo Foundation Research & Innovation team, and marketing support.

Research from the World Bank in Africa reports the economic activity in Sub-Saharan Africa is projected to grow at 3.9 percent and 4.2 percent in 2023 and 2024, respectively. In 2021, tech startups across the continent raised close to $5 billion.

Africa is quickly becoming the new frontier for rapid technology growth, and Celo expects to be on the front lines.

Breaking: Michael Saylor’s MicroStrategy Buys 2395 Bitcoins

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Breaking: RBI Chief Reaffirms Crypto Ban, Warns Of Upcoming Financial Crisis

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Indian Crypto Exchanges CoinDCX And WazirX Proof Of Reserves Update

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​​Curve (CRV)

Curve Finance is a decentralized exchange for trading cryptocurrency that focuses on efficient stablecoin trading.

On August 13, the Curve DAO and the CRV token turned 2 years old… Let's look at some of the major accomplishments they’ve had in this short period of time.

At its highest point, Curve held around $24 billion TVL on its platform. Even though that amount has significantly declined due to market conditions, Curve still leads other DEXs with $6.2 billion in TVL, respectively.

Curve’s voting and staking structure, called “vote-escrowed tokenomics” (or veTokenomics), has been a staple of how DeFi protocols should attract liquidity and has created a unique phenomenon known as the Curve Wars. Without going into the weeds, this model incentivizes users to lock up CRV for long periods of time in exchange for token rewards and more say in how the protocol runs.

If you would like to learn more, check out February's portfolio update where we talk about it in detail.

By locking up their CRV in the protocol, users receive veCRV, which entitles them to rewards and gives them voting power. The longer you lock your CRV for, the more voting power you have.

This same model has been adopted by some of our favorite projects, such as Balance. In last month’s update, we showed how Balance is capturing more value to its protocol with its new veBal token.

When locking up your CRV, you also earn a boost on your provided liquidity of up to 2.5 times. The goal is to incentivize users to participate in governance by rewarding them with a bigger share of the daily CRV inflation.

In total, over $100 million in fees have been distributed to veCRV holders. Last month, we also talked about the fact that more CRV is being locked up than is being released from emissions. Essentially, this means the rate of locked CRV is growing faster than the supply.

On July 5, Curve witnessed its largest day of CRV locks since inception. And prior to that, between June 31-July 4, users locked more CRV than the amount issued by the protocol. The total amount locked for July was 31,870,015, with an average lock time of 3.63 years. The total amount emitted and released into circulation was 7,275,220.

Another great thing about Curve’s birthday is that emissions get cut by 15% which happens only once a year. This will play a big role in driving more demand for the CRV token. As the supply gets reduced, it will have a positive impact on the price.

Breaking: Are US Bank Freezing FTX Linked Bank Accounts?

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Elon Musk Hints Of Building Payment App To Compete With PayPal

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Breaking: Binance Now At Higher Risk Of Facing Sanctions Charges In US Probe

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Ren (REN)

Since 2018, Ren has given users ways to utilize assets across different blockchains – initially supporting BTC, BCH, and ZEC on Ethereum mainnet.

The Ren protocol relies on the Ren Virtual Machine, or RenVM, which is powered by a decentralized network of machines called “Darknodes.”

Ren understands the importance of integrating with as many quality networks as possible in the crypto community. Multi-chain support enables interoperability between the largest and most active ecosystems.

Ren supports Arbitrum, Polygon, Solana, and more. And in the past three months alone, it’s added support for Optimism, Kava, and Moonbeam… All while gearing up for the next version of Ren – Ren 2.0.

Ren 2.0 is an open protocol, enabling multi-chain app development with Ethereum Virtual Machine (EVM) support. Leveraging Ren’s robust bridging technology for a new world of opportunities.

The Ren protocol will transition to a standalone network (Ren 2.0) to support generic application logic on Ren. There will be extensive upgrades to the core protocol which will require Ren to be deployed to a new network. The existing Ren ecosystem will continue to operate as is, but will eventually migrate to Ren 2.0.

Additionally, Ren 2.0 will feature an improved multi-party computation (MPC) algorithm that is more scalable, along with revamped tokenomics to further align incentives for ecosystem participants.

The transition to Ren 2.0 will be its most extensive upgrade to date. By the end of 2022, the team expects to have a new Darknode client that will power Ren 2.0. Then, testing will begin on the new network and the community will be invited to put the network under stress and simulate attacks in real-world conditions.

We’ll update you on the details of the roadmap, and we’ll let you know if there are any actions or migrations to take.

Breaking: Terra Do Kwon Explains How SBF And Genesis Led Terra-LUNA Crisis
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​​0x (ZRX)

0x is an open-source, decentralized exchange infrastructure that enables the exchange of tokenized assets on multiple blockchains.

Ethereum is set to undergo The Merge in September. As a reminder, The Merge is its transition from PoW (Proof of Work) to PoS (Proof of Stake). And 0x has already begun preparing for it.

Last week, 0x announced full support for Ethereum’s Goerli testnet as well as Polygon’s Mumbai testnet.

0x will provide access to these testing environments for developers building DeFi applications with 0x protocol and 0x API. Developers can then test smart contracts and perform swaps for their apps on all 0x-supported networks.

On July 14, 0x introduced a new Slippage Protection feature enabling developers to consistently deliver the best executed price.

Due to the volatility of cryptocurrency, the price of an asset can fluctuate heavily in a brief amount of time. Slippage is the difference between the expected price of an order and the actual price when the order executes. Most of this value is captured or lost through Maximum Extractable Value (MEV).

Many DeFi applications today only show quoted prices, which do not incorporate slippage, and are often drastically different from the executed price.

0x’s new Slippage Protection also includes MEV-aware smart order routing for DEX trades. Since 2020, MEV bots have extracted over $670 million from DEX users, with nearly $9 million extracted in the last 30 days. In most cases, these losses come from slippage only visible after the trade settlement and typically goes unreported to the user.

With Slippage Protection enabled, users will also experience fewer failed transactions and save on otherwise wasted gas fees, resulting in an overall improved experience. These integrations are important for DeFi users. 0x API aggregates liquidity from DEXs like 0x Mesh, Kyber, Uniswap, and Synthetix.

0x API’s new protection routes orders to avoid slippage and MEV attacks, which means better fees and prices on swaps. Ensuring 0x users their money is, and will remain, in safe hands.

Breaking: Binance Acquires Sakura Exchange BitCoin, Re-Enters Japanese Market

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Elon Musk Says Apple Threatened To Remove Twitter From App Store

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Illuvium (ILV)

Illuvium is an open-world game built on the Ethereum blockchain where players can explore, collect NFTs, and battle other players.

Players can also earn ILV tokens by completing quests and special achievements. Last month, the team partnered with Polemos.

Polemos is the world's first decentralized gaming community, educational center, and digital asset hub for GameFi.

Polemos has the resources necessary to guide the Illuvium team members, and the protocol, to heightened success through curated services that optimize strategy and efficiency.

Illuvium will be a key player in the Polemos ecosystem. Polemos’ involvement with Illuvium will also include owning multiple in-game assets and plots of Land.

A common problem for the traditional gaming world is players lose in-game assets to short term or permanent bans. These bans can come without warning or explanation and cost players hundreds or even thousands in digital assets they’ve accumulated.

Illuvium gives players true ownership as a decentralized NFT game while delivering the high quality experience that gamers crave.