DeFi Protocol Synapse Rebounds 17% After Liquidity Provider Sell-Off
Photography Daniel Jackson, styling by Alastair McKimm, hair by Shon and Esther Langham, make-up by Yadim, Francelle and Hannah Murray, Bitcoin prices briefly spiked to $138,000 on crypto exchange Binance.US earlier today before immediately reverting to normal levels. The sudden price wick was likely due to low liquidity for bitcoin against tether on the exchange, according to market depth data. The move was unlikely to have been caused by a trader wanting to pay a nearly 450% premium for bitcoin, which currently exchanges hands for just over $29,000 in European morning hours on Wednesday. Market depth data shows a $400,000 bitcoin buy on this trading pair can increase prices by 2%, compared to a minimum of $842,000 for the same impact on a bitcoin/USD trade pair. Binance.US's market depth has dropped 76% compared to May, suggesting market makers and traders have fled from the exchange. The bizarre wick is a reminder of the volatility and unpredictability of cryptocurrency markets.
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Crypto Traders Flock to OTC Markets as Exchange Liquidity Dries Up
The attackers behind the recent $35 million exploit of crypto wallet Atomic Wallet are moving stolen funds via OFAC-sanctioned exchange Garantex, according to blockchain security firm Elliptic. The infamous North Korean hacking group Lazarus is believed to be responsible for the hack, and the stolen funds have been laundered through a bitcoin mixer service called Sinbad. Nearly $35 million worth of various tokens were stolen from Atomic Wallet on June 3, including bitcoin, ether, tether, dogecoin, litecoin, BNB coin, and Polygon's MATIC. Garantex, which was sanctioned by the Office of Foreign Assets Control (OFAC) last year for its lax anti-money laundering measures, continues to operate and has allowed the hackers to freely move the stolen funds. Several crypto exchanges have already frozen addresses related to the Atomic Wallet hack, but some funds have found their way to Garantex. The bitcoin was then laundered through Sinbad, a bitcoin mixer service allegedly used by North Korean hacking groups. The incident highlights the ongoing risks of hacking and money laundering in the cryptocurrency space.Investors are flocking to meme coins like Pepecoin (PEPE) and other newly issued tokens in the hopes of replicating the success of the controversial cryptocurrency. However, the trend has the potential to disrupt the huge rallies bitcoin and ether have seen this year. Despite the shocking magnitude of PEPE's rise, finding the next big meme coin is next to impossible, with every winner surrounded by the ashes of many failures. On-chain data makes it easy to track whale activity, and several newly issued meme tokens have surpassed PEPE in trading volume over the past weekend. The meme coin trend has essentially created a black hole that sucks liquidity out of the market, potentially impediment for other cryptocurrencies like bitcoin (BTC) or ether (ETH).Conic Finance, a new tool for capturing yields from the prominent stablecoin swapping service Curve, has attracted over $60 million in deposits just over a week after launch. The platform offers unlocked yield rewards to users by diversifying exposure across the Curve ecosystem while increasing rewards. Each omnipool allocates liquidity of a single asset into different Curve pools, boosting CRV rewards earnings and providing up to 21% annualized yields on USDC, DAI, and FRAX. Holders can lock their CNC tokens for vlCNC to participate in Conic governance and directly control how liquidity is allocated across Curve pools. The high yields offered by Conic could generate value for its own CNC token, making it an attractive option for traders looking to earn yields without locking up their tokens for long time periods. Curve uses smart contracts to offer an efficient way to exchange stablecoins while maintaining low fees and low slippage, and depositors on Curve earn annual yields of up to 4% from one of the many pools on the platform. veCRV allows users to participate in platform governance, earn higher rewards and fees, and receive airdrops, but it effectively locks up liquidity, creating opportunity costs for users. Protocols like Conic offer a solution to this issue, allowing users to gain exposure to the Curve ecosystem without locking up their tokens for long time periods.
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Hacker Behind $200M Euler Attack Apologizes, Returns Millions in Ether, Dai
Aave token holders have started voting on two governance proposals in response to the systemic liquidation risk posed by Curve founder Michael Egorov's large borrowing position on the lending protocol. The proposals, authored by on-chain risk management platform Chaos Labs, aim to disable the borrowing of CRV on Ethereum and Polygon V3, as well as reduce the liquidation threshold of CRV. The votes, which end on August 12, are direct responses to the averted liquidation threat posed by Egorov's lending positions on Aave, in which he deposited 34% of CRV's total market cap to borrow upwards of $63 million. The proposals have been motivated by the recent Curve exploit, which saw the price of CRV plummet and put Egorov's assets under liquidation pressure. Despite Egorov's efforts to pay off portions of his debt through OTC deals, the potential liquidation has prompted Aave token-holders to take action to prevent further risk. The proposals aim to disable the ability to short CRV via the Aave protocol and reduce the liquidation threshold for CRV, which would prevent crypto users from borrowing CRV to dump and further impact its price. Aave is currently trading at $67.78, while the price of CRV is 61 cents, per CoinDesk market data. Chaos Labs CEO Omer Goldberg indicated in the governance vote that the motivation behind one of the proposals is to disable the ability to short CRV via the Aave protocol. The votes have been prompted by the recent Curve exploit, which exposed serious risks in the DeFi ecosystem. The outcome of the votes could have significant implications for the future of Curve and the broader DeFi market.Layer 1 blockchain protocol Avalanche is picking up steam, reaching a six-month high in daily active addresses earlier this week. According to blockchain data firm Artemis.xyz, Avalanche's daily active addresses hit nearly 80,000 on April 12. Its daily active user base grew 85% in the past 90 days, making it one of the fastest-growing protocols, ahead of BNB Chain, Tron, Ethereum, Aptos, and Bitcoin. Only four protocols grew faster, per Artemis: StarkNet, Arbitrum, Stacks, and Canto. The high-water mark coincided with Avalanche's April 12 partnership with a bevy of financial institutions that will contribute to its network infrastructure, signaling traditional finance companies' increased interest in the Avalanche ecosystem. The price of Avalanche's native token AVAX stands at $18.53 at press time, down 1.34% in the past 24 hours, per CoinDesk data. Avalanche is the seventh-largest blockchain by total value locked, which currently sits at $878.7 million, according to crypto stats website DefiLlama. Edited by Danny Nelson.An Ethereum wallet funded by a beneficiary of the Multichain exploit has sold $2.4 million of Chainlink's token (LINK) and $1.8 million worth of WOO Network (WOO) tokens on Uniswap, causing the price of WOO to slump by 8%. The wallet, which was created on Friday morning, received funds from an address tagged as 'suspicious' by etherscan. It obtained the tag after it received lockup funds from Multichain team's multi-signature address despite being unknown to the Multichain team. Multichain ceased operations last month after the company's CEO Zhaojun and his sister were held in detention by Chinese police. The bridging protocol was exploited a few weeks prior with $130 million being stolen across several blockchains before being sent to the wallet tagged as suspicious on etherscan. Alongside deposits of WOO and LINK, the wallet received $800,000 worth of CRV tokens and $870,000 worth of YFI, both of which are actively being sold on Uniswap.
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Jump in Shiba Inu Breed-Themed Tokens Is Unsustainable, Crypto Traders Warn
Photography Daniel Jackson, styling by Alastair McKimm, hair by Shon and Esther Langham, make-up by Yadim, Francelle and Hannah Murray, Cardano blockchain activity in the second quarter grew in both value locked and transactional metrics from the first quarter amid technical improvements and a rise in developer interest, a report by analytics firm Messari shows. While decentralized exchange Minswap showed the largest absolute growth, several new decentralized applications, or dapps, also contributed to the increase. The report, which was commissioned by Cardano developer Input Output, compared second-quarter developments against first-quarter figures. It noted that while transaction activity grew, the number of active daily users decreased 4% — the fourth drop in address activity in the past five quarters. 'The ratio of transactions to active addresses has been growing steadily over the past five quarters, suggesting that the average user is more active now than they previously were,' the report said. 'In Q2, the Transaction / Active Address ratio of 1.19 was up 6.1% QoQ and 13.2% YoY.' Blockchain load — a measure of how much data is contained in blocks over a certain period — rose to 50% from under 40% in the previous three months. It peaked at 81% in May. DeFiLlama data shows that $175 million worth of tokens are locked on Cardano as of Monday, the highest level for this year, but still about 50% below a lifetime peak of $340 million hit in May 2022. Such activity comes on the back of key Cardano upgrades since the start of this year. A change to reduce 'epoch' transitions and make the blockchain smoother for network users took effect in June. Epochs refer to the time periods on Cardano, with epoch lasting 432,000 slots and each slot being one second. ADA tokens are staked during these epochs during which new blocks on the Cardano network are produced, potentially increasing demand for the tokens as block rewards become more lucrative, based on activity. In March, a feature on Milkomeda, a network that connects blockchains to the Ethereum Virtual Machine, or EVM, began to allow Cardano blockchain users to gain access to EVM smart contracts with any cardano (ADA) wallet, expanding the ecosystem's usefulness. An Ethereum Virtual Machine is where all Ethereum accounts and smart contracts live, serving as a virtual computer used by developers to create dapps. The new feature will allow Ethereum application developers to build on Cardano’s network using Solidity — the computer language used to code Ethereum — without needing to install new toolkits or learn a new computer language. Such applications can then be used solely with Cardano tokens instead of ether (ETH), the native token of the Ethereum network, increasing the tokens' utility for holders.
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Ethereum Layer 2 Network zkSync Era Jumps to Nearly $250M in Locked Value
Cardano blockchain activity in the second quarter grew in both value locked and transactional metrics from the first quarter amid technical improvements and a rise in developer interest, a report by analytics firm Messari shows. While decentralized exchange Minswap showed the largest absolute growth, several new decentralized applications, or dapps, also contributed to the increase. The report, which was commissioned by Cardano developer Input Output, compared second-quarter developments against first-quarter figures. It noted that while transaction activity grew, the number of active daily users decreased 4% — the fourth drop in address activity in the past five quarters. 'The ratio of transactions to active addresses has been growing steadily over the past five quarters, suggesting that the average user is more active now than they previously were,' the report said. 'In Q2, the Transaction / Active Address ratio of 1.19 was up 6.1% QoQ and 13.2% YoY.' Blockchain load — a measure of how much data is contained in blocks over a certain period — rose to 50% from under 40% in the previous three months. It peaked at 81% in May. DeFiLlama data shows that $175 million worth of tokens are locked on Cardano as of Monday, the highest level for this year, but still about 50% below a lifetime peak of $340 million hit in May 2022. Such activity comes on the back of key Cardano upgrades since the start of this year. A change to reduce 'epoch' transitions and make the blockchain smoother for network users took effect in June. Epochs refer to the time periods on Cardano, with epoch lasting 432,000 slots and each slot being one second. ADA tokens are staked during these epochs during which new blocks on the Cardano network are produced, potentially increasing demand for the tokens as block rewards become more lucrative, based on activity. In March, a feature on Milkomeda, a network that connects blockchains to the Ethereum Virtual Machine, or EVM, began to allow Cardano blockchain users to gain access to EVM smart contracts with any cardano (ADA) wallet, expanding the ecosystem's usefulness. An Ethereum Virtual Machine is where all Ethereum accounts and smart contracts live, serving as a virtual computer used by developers to create dapps. The new feature will allow Ethereum application developers to build on Cardano’s network using Solidity — the computer language used to code Ethereum — without needing to install new toolkits or learn a new computer language. Such applications can then be used solely with Cardano tokens instead of ether (ETH), the native token of the Ethereum network, increasing the tokens' utility for holders.The native token of decentralized exchange (DEX) aggregator 1inch (1INCH) rose by more than 58% before receding on Monday as trading volume hit $597 million, its highest level since October, 2021. Coupled with a spike in trading volume, $3.37 million in leveraged 1inch short positions on have been liquidated over the past 24-hours, according to CoinGlass. The open interest, which measures the nominal amount of open derivatives positions, has risen from $14 million to $125 million across 1inch trading pairs, suggesting that the rally has been spurred by futures markets. This creates a fragile market dynamic as market depth, a metric used to assess liquidity over a 2% spread, remains relatively low compared to trading volume. Buy-side market depth of 1inch on Binance is currently $226,272, according to CoinMarketCap. Spot sellers can capitalize on the leveraged trading activity to prompt a cascade of long position liquidations. One particular 1inch investor appears to be deploying that trading strategy, with blockchain sleuth lookonchain noting that an investor sent 7 million tokens worth $3.7 million to Binance with price proceeding to fall by 4.4% in the following minutes. 1inch is currently trading at $0.505, it remains up by 23.8% in the past 24-hours despite losing some of its gains on Monday morning. Between 9:00am UTC on Sunday and 9:00am UTC on Monday, 1inch was up 58.26%, according to TradingView.Larger market participants are buying up the meme coin even as prices dunk, suggesting another leg up might be on the cards soon. Pepecoin (PEPE) traders remain unfazed by the recent price correction and are adding to their holdings in a move that suggests bullish price action for the tokens in the coming weeks. On-chain analytics tool Lookonchain said on Tuesday that three whales started to accumulate pepe tokens earlier this week amid a nearly 50% price cut. '3 whales started to buy $PEPE after the price dropped,' Lookonchain said in a tweet. '0x50C1 withdrew 1.4T $PEPE ($2.76M) from #Binance when the price was $0.000002054.' '0x2Baa bought 212B $PEPE($429K) with 223 $ETH($412K) at $0.000001942. 0x3AE8 bought 424B $PEPE($864K) with 450 $ETH($831K) at $0.000001957,' the firm added, pointing to each individual wallet holding. CoinGecko data shows PEPE has seen over $420 million traded in the past 24 hours as prices fell steeply before rebounding. The data further shows trading volumes have shifted from decentralized exchange Uniswap to crypto exchange Binance after the latter listed the tokens in its innovation zone last week. In the past 24 hours, Binance saw over $160 million worth of pepecoin trading compared to $55 million on Uniswap. A likely reason for this is more accessibility for retail traders and significantly lesser fees per trade on Binance – compared to an average of $35 per PEPE trade on Uniswap as of Wednesday, due to the network demand and a general fee spike. Elsewhere, DEXTools data shows pepe token holders crossed the 100,000 unique holders mark on Tuesday, implying continual buying activity despite a price decline and a possible reversal for the meme coin in the coming weeks. The largest pepecoin holders sit on unrealized profits of $4 million to as much as $9 million, the data show.
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Hector Network's DAO Can't Die Fast Enough for Investors
Conic Finance, a new tool for capturing yields from the prominent stablecoin swapping service Curve, has attracted over $60 million in deposits just over a week after launch. The platform offers unlocked yield rewards to users by diversifying exposure across the Curve ecosystem while increasing rewards. Each omnipool allocates liquidity of a single asset into different Curve pools, boosting CRV rewards earnings and providing up to 21% annualized yields on USDC, DAI, and FRAX. Holders can lock their CNC tokens for vlCNC to participate in Conic governance and directly control how liquidity is allocated across Curve pools. The high yields offered by Conic could generate value for its own CNC token, making it an attractive option for traders looking to earn yields without locking up their tokens for long time periods. Curve uses smart contracts to offer an efficient way to exchange stablecoins while maintaining low fees and low slippage, and depositors on Curve earn annual yields of up to 4% from one of the many pools on the platform. veCRV allows users to participate in platform governance, earn higher rewards and fees, and receive airdrops, but it effectively locks up liquidity, creating opportunity costs for users. Protocols like Conic offer a solution to this issue, allowing users to gain exposure to the Curve ecosystem without locking up their tokens for long time periods.Hector Network's community is debating whether to adopt a more centralized structure, HIP 40, which would include a management board, directors, and supervisors. The proposal is met with skepticism from some HEC token holders who fear it would dilute their influence over the DAO. The lawyer behind the proposal, Dali, argues that a professional organization with expertise in specific areas is needed for the DAO to succeed. However, some critics view the plan as antithetical to the decentralized, democratic principles of DAOs. The debate highlights the challenges DAOs face in balancing decentralization with the need for professionalism and expertise to compete with centralized corporations.Crypto markets are looking to recapture momentum following a down week, with trading volume increasing for both bitcoin and ether but trailing their 20-day moving averages. The CoinDesk Bitcoin Trend Indicator has signaled neutral again, and investors will be watching to see if both assets can recapture their average. Volume will be key to watch, as the sentiment behind any directional move will be amplified or muted by the level of trading volume. The steady decline in trading volume for the two assets implies a reluctance for new market participants to take on risk, and existing market participants to add more. The relative strength index (RSI) readings for both are nestled in a neutral range, with bitcoin's at 44.17 and ether's at 46.25. The RSI indicator ranges from 0 to 100, and is often used as a proxy for momentum; readings above 70 imply that an asset may be overbought, while readings below 30 indicate that an asset may be oversold. Since 2015, BTC and ETH's 30-day performance following similar RSI readings has been relatively mild, with bitcoin historically finishing 4.1% higher, and ETH finishing 2% lower. Absent an external catalyst, investors may read the direction of stablecoins as an indication of where prices are going next. The stablecoin supply ratio (SSR) is a bitcoin-specific metric, measuring BTC's market cap versus the market cap of a basket of stablecoins. Lower volumes indicate greater buying power while higher values indicate the opposite. In this regard, the 11% decline in the SSR since May 5, implies that additional buying strength exists within BTC markets. The aggregate supply of stablecoins on exchanges measures the total supply of stablecoins held on exchange addresses. Increases in aggregate supply are an indication of additional capital available for deployment across all cryptocurrencies. Stablecoin exchange balance is down 47% year to date, despite BTC and ETH trading 65% and 53% higher on the year. An increase in stablecoins supplied to exchanges however, could serve as a signal that prices are poised to move higher.
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