Fungible Thoughts has a singular goal. Revolutionize the way alpha is shared and usher in a new age of context-driven knowledge. You may be asking, ‘’but doesn’t Fungible mean it’s interchangeable?’’, and your answer would be correct. However, if all facts are equal they also are, in a sense, fungible amongst each other and only become valuable once paired with the right context. We are here to provide that context.
Having context in DeFi is the difference between knowing a fact, and knowing how to leverage that fact to make you money.
This edition has three clear sectors:
1️⃣ Spotlight
2️⃣ Alpha List Review
3️⃣ Weekly Recap Highlights
So without further ado, welcome to the first edition of Fungible Thoughts!
Being early is good, being early and right, however, is great. Here are the standout projects from this week’s alpha lists’. Consider it a spotlight.
This very first edition of our newsletter has been sponsored/brought to you by the Chads over at Pendle, thank you!
Disclaimer:
We don’t guarantee the projects we mention in our alpha lists will succeed. There’s always the risk of the projects failing. We strongly advise you to add an additional layer of research on top of the one we’ve provided.
AerodromeFi
We’re enthusiastic about Optimism, and more so, we’re enthusiastic about Optimism’s upcoming Superchain ecosystem. So are bros from Coinbase. If you’re in crypto, you should know by now that Coinbase’s Base chain is on the horizon.
TL;DR
Base is the first chain in the Superchain eco and it’s heating up quickly. So quickly that more than 2.5 million users (unique addresses) have tried the Base testnet.
We’ve all witnessed the power of Optimism and with its recent Bedrock upgrade, the chain feels even more comfortable in the hands of the average DeFi Chad. While Optimism has not seen the glory Arbitrum did, some projects on Optimism did achieve remarkable results, and one of them is - Velodrome.
Velodrome is the grown-up version of Solidly, as the Velodrome team actually improved Solidly’s contract which, in return, attracted mass adoption (at least mass Optimism-user adoption).
Whether it’s liquidity, volumes, bribe APRs, or partnerships, Velodrome smashed all records on the popular roll-up. Shown in numbers:
over $6B+ in trading volume
$320M+ TVL ATH (currently ~$220M)
almost $1.5M in annualized fees
~1000 active daily users,
This was all in one year.
So what is the catalyst?
Recently, the team announced Velodrome v2, and complementary to that, a Medium article was released. If you haven’t had the time to read through that Medium article, we’ll just point out the keynotes:
UI/UX redesign,
concentrated liquidity pools,
novel veNFT mechanisms,
enhanced security measures,
more decentralization through community-led governance & a new VELO token.
Why a new token? Well, we assume VELO might become an OFT (omnichain fungible token).
Now why does all this matter and where’s Aerodrome in this story?
Aerodrome is built in partnership with Velodrome. Here comes quick maff:
we’re damn sure Base is going to be a behemoth of a chain (L2, OP Stack/Superchain eco, Coinbase duh)
Velodrome did (and still is) extremely well (in the middle of a bear market)
Aerodrome is Base’s Velodrome, so to speak, and it can brag with first mover advantage, Velodrome+Base endorsement (it already won the Base liquidity wars, to be fair)
Velo v2 features will most likely translate to Aerodrome as well
ReaxFinance - Mantle
We’ve already mentioned one chain we’re enthusiastic about, and here comes another one: Mantle. It’s no secret BitDAO’s treasury ($3B+) is one of the heaviest in all of crypto, and we think it was a logical move from the team to scale Ethereum with their upcoming rollup. Mantle has everything a successful chain needs: backing, brand, hype, tech. But how does Reax Finance relate to Mantle and why could it be successful?
The $200M eco fund Mantle is setting up will definitely pave the way for a plethora of dApps, but there’s this neat value prop in having first mover advantage, and that’s why we added Reax to the alpha list.
Reax is the *first* synthetics protocol, with stocks, crypto, forex and commodities natively on Mantle. The range of products goes from perpetuals, lending, structured assets and, most likely, more (as time goes by). Not saying it will be the GMX of Mantle, but positioned as it is, and if delivered properly, Reax could cement its spot in Mantle’s DeFi eco. However, take this stance with a grain of salt as there’s not much info (yet) and we’ll have to rely on sentiment and fundamentals. With the set of products Reax has announced/is working on, we believe our confidence and high expectations are justified.
Reax Catalysts
Hyped L2 (Mantle) + generous ecosystem fund,
Reax having first mover advantage in a proven niche.
We’ll keep you updated on Reax in future editions of Fungible Thoughts.
SafeBay Finance
Category: DeFi/RWA/Algorand
Real World Assets are on the rise, yet still pretty much under the radar. We’ve seen projects like Ondo hit the $100M TVL mark, as well as OG teams like MakerDAO invest billions of dollars (DAI, precisely) into U.S. Treasury bonds. On a side note, Algorand has a thing for RWA projects as the Algorand Foundation is known to invest into RWA-centric blockchain startups.
One such startup is Kilde, a regulated non-bank lending syndicator (connecting institutions with private investments) in South East Asia. Kilde is entering the RWA-space with its project named Safebay Finance, a DeFi treasury platform that utilizes a capital markets license to bring RWA on-chain and offers yield-bearing RWA products with varying liquidity requirements and recourse in the form of bankruptcy protection.
TL;DR
Safebay is striving to become home to tokenized securities, which come with full-backing and regulatory compliance. There’s a possible value prop in combining tokenized RWA with Layer 0’s tech and Chainlink’s CCIP, and that is something that could silently kickstart a whole new level of DeFi.
Apart from other narratives we think are here to stay long-term, such as liquid staking derivatives, we’re placing our bets on Real World Assets as well. Ever since DeFi’s existence, the main concern or question is (and remains) how to reach mass adoption. Maybe trying to onboard retail didn’t yield desired results, and shifting toward institutional adoption is the de facto way to go? Just as with everything else, time will tell.
We’ve pointed out these three projects from our alpha list in more detail as we see great potential in them, but that doesn’t necessarily mean the rest is to throw away. Au contraire, there are quite some more gems. Let’s briefly get to know what those are, and why we decided to put them on the list in the first place:
LFG
Category: DeFi+NFTs/Bitcoin:
Q1 and Q2 have shown there’s tremendous thirst for Ordinals, as well as for BRC-20s, and numbers speak in favor of that as there are now more than 10 million inscriptions (and we thought there’s a bear market ongoing). Regardless of milestones hit, the whole Bitcoin DeFi and inscriptions movement is still very young, and there’s plenty of room for projects to emerge and grow.
One such project is LFG, an upcoming ecosystem of Bitcoin-centric products, such as their Ordinals and BRC-20 marketplace, dex, as well as wallet(s). Unlike DeFi outside of Bitcoin, this new narrative doesn’t have so much to offer (yet), and that’s exactly why teams could be more strongly incentivized to build and deploy on Bitcoin.
In that light, teams have a higher chance of taking a more important role in Bitcoin’s DeFi spheres and we’re sure many will leverage the opportunity. Ordinals and BRC-20s are here to stay, and we highly suggest not to fade the move.
Are you going to fade the ordinals movement annon?
Sharp Labs
Category: DeFi/Structured Products/Arbitrum
Yes, shitcoins and memecoins are fun, but we all need a safe haven for our magical internet monies, especially when bears are pivoting. DeFi structured products, such as Delta-neutral vaults, fall under the umbrella of rather safe “plays”, and here’s one that just recently went live on Arbitrum.
Leveraging both centralized and decentralized exchanges/liquidity sources, Sharp Labs now offer 2 types of vaults, risk-on and risk-off. Unsurprisingly, the risk-on one attracted way more user capital than the risk-off one (we see you, degens), but that’s not the main point. Both vaults come with solid APY, topping around the 20% mark. Sharp’s products are audited and monitored by NAV, a fund administrator providing frequent reports of Sharp’s performance, while placing an emphasis on safety and transparency.
Sharp Labs found itself on our list mainly because of the decent yield its vaults hand out, especially in times like this one, when markets are red. And soon, we will also be able to deploy capital into Sharp Lab’s Algo Vaults.
Blankrasa
Category: NFT/Canto
There’s not much info around this one, but let us explain why it ended up on our alpha list. Canto actually had a nice DeFi-run (and still is home to ~$80M in TVL). But, looking through Canto’s NFT segment, no big marketplace comes to mind. This is where Blank Rasa could potentially be a fit as it will be an NFT marketplace. The co-founder of Slingshot, Defi Pulse and Code4rena seems to be bullish on Blank Rasa and this is what brought our attention to the upcoming NFT marketplace.
HyperSea DEX
Category: DeFi/AMM/Arbitrum
Every team working on an AMM strives to be *the one,* which provides the most capital-efficient solution. Hypersea DEX doesn’t stray away from that idea either, as its focus is on capital efficiency, with novel ideas on concentrated liquidity provisioning. The point here is to beat impermanent loss and capital inefficiency.
Although the goal is noble (have DeFi bros not lose magical internet monies when swapping or LP-ing), it’s one we haven’t seen a team fully reach yet, whether it was Uniswap, Trader Joe, Balancer, Maverick or 873 other players in the DEX space. However, this is not to discourage Hypersea in its attempt to beat the odds.
Full whitepaper explanation:
The best move would be to get ready for the platform and token launch, as well as use their pools since there might be a liquidity mining event that is regularly used to form a combo with the platform launch.
HyperbolicETH
Category: DeFi/lending/Ethereum
Hyperbolic is an upcoming lending protocol leveraging Uniswap’s v3 TWAP. As the LSDFi narrative is growing, so is the need for ETH, and Hyperbolic will (from what we read) allow only for ETH borrowings. The one thing that made us put Hyperbolic on this list is, there are mentions of real yield (we can’t say no to that).
If combined successfully with UNIv3 TWAPs, and if volumes surge and bring hype to Hyperbolic, this project could potentially yield some good gains. However, we haven’t found an audit report, and the project’s Twitter is very young, so we suggest full caution with this one. Ape responsibly.
Apis Finance
Category: DeFi/ve(3,3)/Arbitrum
Yes, yes, there’s a good number of Solidly forks on the market already, but does that mean new ones can’t compete? To put things into perspective, there are more than 400 UNIv2 forks, more than 110 OlympusDAO forks, and close to 100 Compound forks, but only 30-ish Solidly forks.
So, yeah, there’s room for another ve(3,3), especially if executed properly. It’s true tho, ve(3,3) projects are usually most beneficial for early participants as their native tokens usually end up being on a period, but we’re fast apes here. Chronos did extremely well in its early phase, and some users have taken the opportunity and printed. Let’s see if Apis will make a difference.
The team just announced the mint phase of the veNFT, and users stand a chance to win a whitelist spot and mint the NFT at a discount. These NFTs will come with an $APIS token airdrop. Although no specific date has been mentioned, we assume the mint phase will occur very soon. Minting of the veNFT would probably be the right thing to do.
XLSD
Category: DeFi/LSDFi/Arbitrum
Following the LSD hype, we stumbled upon XLSD, a project claiming to be a LSD liquidity distribution platform and an extUSD trading platform. :
LSDs, LSD-backed stablecoin, bribes, veTokenomics, fine ponzinomics, 4-digit APRs… We don’t make the rules. Proceed with caution as there’s no audit! There’s currently an ongoing liquidity mining event and this is where early apes could reap rewards. This liquidity mining event is the first in XLSD’s three phases, with the second revolving around LSD Strategy Vaults and the launch of their LSD Liquidity Distribute Ecosystem. Ape with caution.
Nori
Category: chain/RWA/Nori
Did you know Tesla made billions in USD by selling carbon credits for the last couple of years? Well, there’s an emerging carbon credit market and it’s no surprise it’s slowly moving to the blockchain as well.
Nori is pivoting to the carbon removal blockchain movement. To us, this is an unexplored field, but we certainly can sense the value prop it comes with. We’ll keep an eye on environmentally-friendly blockchain projects and keep you updated.
Atomic Green
Category: DeFi/perp dex+lending/multichain
Atomic Green has been present in the DeFi space for quite some time now but is somehow still not on the average degen’s radar. A few green flags we’ll highlight include:
Audit by Halborn
Endorsements in the form of grants given by Aurora and ZYX.
On a sidenote, AG offers different trading pairs as well as lending. The protocol is looking quite good, user count as well as open interest is growing. Currently there are no docs or token available, but it still may be worth keeping an eye on as the team has continued working on the protocol regardless of the lack of hype.
Maybe their upcoming deployments on Zyx and Optimism, as well as their upcoming products, such as leveraged UNI v3 LPs and ETF Index Vaults will bring in more adoption and exposure?
DIP Exchange
Category: DeFi/perp dex/Fantom
GMX forks seem to make space for LVL forks. One such fork is DIP Exchange. By utilizing tranches, DIP aims to bring something *new* to the Fantom chain. One red flag we have to mention is the lack of docs, but that’s not so painful considering the fact the dApp is up and running.
We’ll wait for the token and for the platform to go live, placing our bets on DIP having the potential to be a good play with Fantoms current eco. Its main competitor would be Mummy Finance, the GMX fork.
LeapFi
Category: DeFi/Structured Products/Arbitrum
LeapFi is another structured products project on Arbitrum, bringing another set of DeFi investment strategies and derivatives. These include, but are not limited to: futures, options, vaults, UNI v3 LP strategies.
Although the dApp is not live yet and we can’t test it out, the team is active on Twitter, constantly providing information on Leap Fi as well as everything DeFi-related, including tutorials and threads. Leap’s docs look good too, and they indicate there will be a token as well. However, no audit has been conducted yet, so we’ll wait for that part (and the platform to go live) before we say our final word. We’re keeping an eye on LeapFi.
Like what you’re reading? Well good news, you’re only halfway through. Do us a favor and share us with your favorite degens so we can continue to bring you this level of content!
Crypto is too large for a singular person to know everything, you absolutely have to employ leverage. Hence, our weekly recaps. Everything DeFi in a few minutes, and now this newsletter provides you with more context on the most important aspects, what’s not to love?
Here’s our take on some of the news forming our most recent weekly recap:
Optimism's Bedrock Update
If you’re not familiar with Optimism’s Superchain, it’s basically a network of L2 chains, known as OP chains. Each and every chain built on the OP Stack, including the Optimism Mainnet, will merge into a unified network of OP chains. Optimism's recent Bedrock upgrade is the Foundation's next step towards bringing Superchain to life.
Besides paving the way for the Superchain, the Bedrock upgrade improved the current state of Optimism as well, mainly focusing on efficiency, security, and speed. The standout feature of the upgrade is definitely the fact that transaction fees have been reduced by 40% or more. Simply put, Optimism is now cheaper to use, and we’re sure this will bolster the adoption of Optimism, which is growing daily. To compare L2s' transaction fees, head to https://l2fees.info/.
Optimism is home to top-tier DeFi platforms and ecosystems such as Synthetix and Velodrome. In light of the recent upgrade(s), we expect this list to grow.
Many teams are preparing to launch their own OP chain, with Base, created by Coinbase, receiving the most attention. Unidex, a "little giant" offering first-class aggregation in DeFi, is also a Superchain candidate we're excited about. Unidex funnels many derivatives, aggregators, and AMMs into a slick UI. Tiny cap, but enormous potential, is what made us add UNIDX to our watchlist (and portfolios).
Gains Network Updates
First of all, Gains launching trading contests with a generous rewards pool is something we personally salute. Keep ‘em coming, Gains fam. Ever since Gains deployed on Arbitrum, the trading platform has seen tremendous growth. On top of that, the implementation of gDAI has seen rapid adoption as teams use the asset to build DeFi legos.
The recent announcement includes several very bullish topics including:
GNS burns increasing from 5 to 10%
Maximum collateral per trade increased to $250k
Increase in total OI for BTC, ETH, Forex and commodities
GNS burns come from traders’ losses, and when you combine that with the increase in OI and collateral size, you get a nice little flywheel that would compliment the GNS token and give it solid deflationary props.
Gains became quite popular when GBP was nosediving and degens were looking for a place to max-short the currency, and that event/situation perfectly aligned with Gains moving to Arbitrum. To put things into a different perspective, Gains’s TVL has grown from $4M (end of 2022) to its ATH, which we witnessed when the TVL peaked at an astonishing $269M this past February.
Despite the bears controlling the markets, the $141M parked in Gains still speaks for itself. Overall, Gains has a talented team with a market-fit product; they’re constantly shipping and improving while considering the community’s feedback. No wonder we’re long-term bullish on Gains.
Succesfull Penpie IDO
No matter how many times we mention Pendle, we’ll always be short of words of praise for this gem of a platform. There’s now a silently-emerging Pendle Wars unfolding before our eyes and some teams have snatched pole positions to become the biggest holders of vePendle, Pendle’s governance token.
Exclusive staking, Pendle’s TVL is now $100M, which is a huge achievement knowing in what kind of a market we’ve been for the past year or so. Pendles TVL has multiplied by a factor of 10 just in the last 6 months. That’s only Pendle, tho. Let’s see what Chads from Magpie have built, and how their platform has performed. In less than one week, Penpie has seen its TVL absolutely skyrocket and is now comfortably sitting at $30M!
But regardless of that, their IDO has broken yet another record. It took just a couple of hours to see whitelisted participants fill out the hard cap quota, set below $500k, leaving nothing to public IDO participants (as expected).
Amazingly, the initial circulating market cap of PNP will be $384k which is in crypto terms seen as “peanuts”. Yes, we’re pretty sure PNP will be a great opportunity as it’s an asymmetrical bet knowing the hype around Pendle, the ridiculously low starting market cap of PNP, the fact the IDO never even got to its public phase… But look, even if you’re not interested in the token, but rather yield opportunities, don’t forget Penpie leverages Pendle’s pools by utilizing their vePendle holdings to acquire a boost on top of the aforementioned pools.
Currently, 19 Pendle pools are offered through Penpie, with a boost of up to 2.5x! We’ll end this brief overview of Penpie with a short but sweet fact:
Penpie has locked 4.6M Pendle tokens within Pendle Finance, representing 19% of all the Pendle governance power. The team is currently bridging another 2M Pendle to Ethereum and once these are locked in Pendle Finance, Penpie will account for 25% of total vePendle. Literally 1/4th of the currently most bullish DeFi platform’s governance power.
DeFi Options
We’ve put these two together as both fit the same niche: OpFi (Options Finance). Dopex and Premia are our go-to platforms when we’re in the mood to trade Options, and we don’t say this lightly.
Regardless of Options not reaching adequate crypto adoption yet, we’re confident these financial instruments will have their say in the DeFi space soon. Now, why Premia and Dopex?
Simply put, because the teams are gigabrains, their products are top-notch, ever-improving, and basically, the two are pivoting the OpFi niche. Dopex Chads have been shipping like mad, with their recently added Scalps looking gorgeous, same as their liquidation-free longs, named Insured Perps.
The team has (unsurprisingly) recognized LSDs to become a DeFi pillar and, in that light, we’re not surprised (again) to see the well-known OpFi bros utilize LSDs and LSD-backed stablecoin and implement them into Dopex by creating insured vaults.
Premia, on a different note, has been under our radar mostly because its upcoming v3 (from what we read about it) looks very promising. However, where both Premia and Dopex meet is, the teams realized the average degen isn’t OpFi-savvy enough so they decided to kickstart learning campaigns.
Premia’s Blue Academy and Dopex’s educational videos + writeups are something we warmly recommend if you want to explore OpFi. On a side note, you can leverage Premia’s Academy to your own benefit and join the Premia Blue Interstellar Trading Competition and stand a chance to win a chunk of the fat $150k prize pool!
Latest GMD update
Recent launches through GMD have done very well, with GND being at the very forefront of the list. If you look at its metrics, GMD has been performing positively, whereas the token price and market cap are still pretty much lagging. This might change rather soon (if market conditions get better), especially because the GMD token will continue to be locked.
The platform’s vaults, built on top of GMX and Buffer, are consistently printing solid yield ever since their integration, but the real gem is the GMD token itself as it’s a prerequisite to participating in GMD’s Launchpad program. In order to have a spot in a token sale, users must first lock their GMD (real yield included), and this could make the token supply, which is already capped at a maximum of 80k tokens, become even more scarce. Launchpad fees where also lowered from 4 to 2.5%.
This improvement could attract more teams to use the GMD Launchpad. Most notably, the GMD token’s fully diluted valuation is ~$9M, while the platform TVL hovers around the $ 12M mark.
Who doesn’t love a good supply squeeze?
Tenet pivots towards LSDfi
Tenet encompasses several hyped sectors of crypto, with omnichain props and utilization of LSDs being the most influential ones. In case you missed it, Tenet is a recently launched L1 with a novel consensus - DiPoS (Diversified Proof of Stake).
Where DiPoS differentiates from existing consensuses is, it uses omnichain tLSD tokens to secure the network (instead of using the native token). The native token will be used for transaction fees, block rewards, and incentives paid to validators, as well as the main liquidity pool for trading pairs. But that’s not what made us delve into the $TENET token.
What’s interesting about it is its tokenomics; $TENET can be staked for a derivative named $tTENET and that derivative can be used to earn yield on chain, or it can be locked up for $veTENET. Yes, the token comes with Curve’s veTokenomics and these should incentivize users to lock their $TENET for as long as possible, as this is how users will be entitled to higher rewards/more incentives.
Regarding the validators, users can stake a diversified basket of LSDs of major L2 gas tokens (ETH, BNB, DOT…) to validate the network and earn yield for staking.
It wouldn’t be fun if the chain was utilizing so many different LSDs, and did not have its own stablecoin, right? Yes, Tenet will have its own stablecoin (LSDC), minted on LSD collateral that validates the network. You read that right, deploy LSDs to validate the network, earn yield, but also mint a stablecoin you can further utilize throughout different DeFi platforms. Basically, keep long-exposure in LSD assets, earn yield, and still have stablecoins you can use pretty much however you want. To round things up, Tenet has its own wallet, named Eva, a “keyless” wallet that comes with AI chat support.
Quite a combo, right? Tenet is currently in beta, with its mainnet announced for Q3 this year. On top of everything mentioned, Tenet is set to bolster its DeFi aspects with LSDPad, a launchpad specifically designed for early offeringw of LSD projects.
Native USDC on Arbitrum
Circle’s CCTP (Cross-Chain Transfer Protocol) is slowly entering the space with its cross-chain native USDC, now adding Arbitrum to its palette of supported chains. This is great news if you’re a stablecoin maxi and see USDC as the safest stablecoin bet, but also if you’d like to avoid high fees and slow bridges.
CCTP is permissionless and works by simply burning the USDC deposited on one chain, and minting fresh USDC on the destination chain. We doubt CCTP is the “bridge killer”, because of several reasons. First, there’s Layer Zero tech and it’s brilliant. Second, it’s not decentralized. Third, it doesn’t allow for transfers of any other asset but USDC. It’s still a nice thing to have, more so if institutions will use it.
Abracadabra
Gone are the days when degens were chanting Dani’s name while feasting on fat yields, when Magic Internet Money was a threat to Maker’s DAI and when fine ponzinomics were seen as peak DeFi. Regardless of some tragic events, Dani is still building (in silence), Abracadabra works as intended, MIM is not a forgotten stablecoin, and Frog nation products enjoy relatively frequent upgrades and updates.
One such product is Abracadabra, the stablecoin powerhouse where we degens borrow/mint MIMs and loop the heck out of our (yield-bearing) assets or use Abracadabra’s Magic Autocompounder. And exactly the Magic Autocompounder is the star of this short writeup.
Dani has seen the hype around Level Finance on BNB Chain (not surprised, knowing the fee rampage Level is on), and decided to enable the staking module for LVL Tranches (liquidity pools), and combine it with auto compounding mechanisms. We salute this new feature, but at the same time, we’re way more keen to be able to leverage farm using our Level Tranches. However, we’re happy with this addition to Abracadabra. Thanks, Dani!
Nitro Cartel ALP index
We’re usually not that bullish on indexes, but the one Nitro Cartel has shipped is definitely one we’re keeping an eye on. The reason for that is its versatility in terms of utilization. On a side note, if you’re bullish on the Arbitrum ecosystem and would like to be exposed to its blue-chip assets, but also don’t want to involve much manual work, then ALP is the index you’ve been looking for.
ALP consists of (w)ETH, GMX, GNS, MAGIC, GRAIL, JONES, DPX, RDPX, JOE, USDC, and wstETH, with ETH, GMX and GNS making 67.5% of the index’s composition.
Although ALP is still in a very early phase, it’s already listed on Trader Joe. What we expect in the near future is seeing ALP being integrated into DeFi legos, primarily lending platforms as it would be a neat opportunity to remain exposed to hyped Arbi-native blue-chips while being able to borrow funds against the asset.
As real Arbi maxis, we’re quite confident Arbitrum has, although it’s huge already, lots of room to grow. Arbitrove is yet to deliver, but we nourish high expectations from the team and see ALP as an asset that could attract exposure to the aforementioned Arbitrum-native project.
Curve Stablecoin crvUSD
It took a fairly long time before Curve deployed its stablecoin, but now crvUSD is here, we’re not so mad for being on standby for so long. Following the hype and logic, Curve Chads decided to create crvUSD markets which use ETH liquid staking derivatives as collateral and it turned out to be the right move as crvUSD is explosively growing and slowly, but safely becoming part of prominent DeFi platforms, such as Conic.
TVL-wise, crvUSD smashed the $40M mark with only 2 markets - sfrxETH and wstETH. This doesn’t come as a surprise, and we expect way more collateral types, as well as crvUSD to be deployed on other chains (and maybe become an OFT?).
Chainlink Collaborations
In the midst of a market bloodbath, there’s always an extremely bullish case as well. If by some means you didn’t know, Swift is the most streamlined method for international payments and settlements and numbers speak in favor of that statement:
10k+ institutions use Swift
~45 million messages daily
$5 trillion in $ value in the same period.
By the way, Swift is present in more than 200 countries. Now, what does Swift have to do with Chainlink? Well, Chainlink is connecting banking systems to the blockchain, and the ace up Chainlink’s sleeve is CCIP (Cross Chain Interoperability Protocol), which aims to connect all public and private blockchains, making them accessible through a single interface.
Those who’ve been paying attention, have noticed institutions delving into tokenized real-world assets. Real-world assets, if institutions want them to fluidly move across chains, need the right messaging environment. And this is where Chainlink looks like a God-given solution.
Binance Supporting Ordinals
In a recent AMA with Hashflow, we have expressed our opinion it’s just a matter of time before we see exchanges adopt Ordinals and create marketplaces for them, and it didn’t take long before one major exchange did exactly that - endorse Ordinals and include them in its NFT marketplace.
We’re talking about Binance, Gary Gensler’s favorite exchange. At the time of writing, 20 BTC NFT collections have become part of Binance’s NFT marketplace, with more of them getting ready to be integrated as well. In a span of less than 5 months, the number of Inscriptions has crossed 10 million. You’re not late to join the narrative, as Bitcoin DeFi and NFTs are still in a premature condition.
If you made it this far, congratulations! Also, thank you so much. We’re new to the newsletter game but will be improving upon every iteration. If you like what you just read, it would mean the world to us if you could share it with your friends!
Fungi out -
Mantle ecosystem is about to boom. More alfas
Thanks for your hard work