Thursday, 31 March 2022

Market Summary

Market Summary 31 March 2022

Bitcoin Price: US$ 47,067.99(-0.77%)
Ethereum Price: US$ 3,385.79 (-0.43%)


Making WAVES, COW Farms, & Intro to Squads Protocol

  • WAVES was created in Russia by Ukrainian-born Alexander Ivanov. Ever since the Russian-Ukraine war started, WAVES started gaining traction as Russia’s monetary systems broke down from the Ruble crash and removal from SWIFT.
  • Given the ability of US Sanctions to possibly restrict USDC/USDT for Russian holders, money flocked to USDN, a decentralized algorithmic stablecoin. Similar to the LUNA-UST relationship, WAVES-USDN works in the same way where $1 worth of WAVES can be used to mint 1 USDN, and 1 USDN can redeem $1 worth of WAVES.
  • WAVES has performed exceptionally well, growing from $15 to $45 since the year started, representing a 200% gain. This was led by USDN’s supply mint, which locked up more WAVES as it grew. Since the war started, USDN supply grew from 469M to 819M, which translates to 75% growth.
  • USDN can be staked in Neutrino, which now provides 8.41% APR. Rewards come from payments for the generation of new blocks and transaction fees on the Waves Platform via staking the WAVES that are used to mint USDN. Alternatively, you can deposit in Vires.Finance, a money market in Waves, which gives ~16% APR on USDN. Vires surprisingly gives excellent yields on USDC/USDT at 20% APY.
  • To make the ecosystem more attractive and friendly to EVM users, they recently announced that the Waves will be moving to support EVM, expected to start this coming spring.
  • CoW Protocol is a fully permissionless trading protocol that leverages Batch Auctions as its price-finding mechanism. Trades can be settled via underlying on-chain AMMs directly or via DEX Aggregators, depending on which pool/oath offers the best price. It is thus essentially acting as a DEX Aggregator of the DEX Aggregators. In addition to that, before finding the best price for a trade from available on-chain liquidity, CoW Protocol first seeks a coincidence of wants within the existing batch to offer an even better price than any pool can.


Aave v3 launch triggers 50% rally from long-term descending channel pattern

  • Three reasons for the price resurgence in AAVE have been the release of AAVE v3, the expansion of the protocol’s ecosystem and steadily improving fundamentals.
  • According to Aave, the new features will help provide greater capital efficiency, increased security and cross-chain functionality while also helping to promote decentralization across the DeFi ecosystem.
  • Aave v3 is currently deployed on Polygon (MATIC), Fantom (FTM), Avalanche (AVAX), Arbitrum (ARbit), Optimism (OTO) and Harmony (ONE), with more integrations planned in the future.
  • A second factor bringing fresh momentum to AAVE has been the expansion of the Aave ecosystem, which includes launching on new networks and forming partnerships and integrations with other DeFi protocols.
  • On top of now being available on seven different networks, Aave continues to explore new networks on which to launch, including Metis.
  • A third sign of the building strength for Aave can be found by looking at the community behind the protocol, which has continued to see new users onboard into the ecosystem despite the wider struggles of the DeFi sector.
  • According to data from Dune Analytics, there are now more than 92,000 unique wallet addresses that have engaged with the AAVE protocol. With the number of chains supported by Aave continuing to increase, there is a strong possibility that this number will rise further in the future.


Bitcoin sentiment hits ‘greed’ in 2022 first amid calls for $45K BTC price pullback

  • Bitcoin (BTC) sentiment is seeing its first significant test of the rally to year-to-date highs as bullish gains dry up.
  • The start of Wall Street trading on March 30 failed to induce a fresh advance on BTC/USD, which threatened to lose support at $47,000.
  • Traders are keenly eyeing the possibility of a support backtest, but remain mixed over how low would be “too low” and end up threatening the uptrend altogether.


Terra smash-buys $139M Bitcoin, wallet reaches 31,000 BTC

  • The wallet address thought to belong to Terra (while not officially confirmed) received another 2,943.00002511 BTC ($139 million) on Wednesday. Wallet alert accounts on Twitter have been tracking the wallet.
  • The wallet began amassing colossal amounts of Bitcoin on Jan. 21 and has not sold a single satoshi.
  • According to the chart, while the wallet first injected almost 10,000 BTC on Jan. 21, it began stacking sats in earnest on March 22. The timing coincides with announcements from the CEO, who stated, “$UST with $10B+ in $BTC reserves will open a new monetary era of the Bitcoin standard.”
  • TerraUSD (UST), an algorithmic stablecoin, would be pegged to the value of the United States dollar, and the value of these “dollars” would be backed by Bitcoin reserves. Terra’s native token, Terra (LUNA), will also play a role in the creation of the stablecoin.
  • As a result, Kwon has been stacking sats harder and faster than even the biggest Bitcoin bulls. According to BitcoinTreasuries, Terraform Labs will soon sidestep Tesla as the second-largest holder of Bitcoin, with MicroStrategy in its sights.


Helium Inc. Rebranded to Nova Labs – HNT

  • The Helium team has announced that Helium Inc. has been renamed Nova Labs. The motivation for this rebrand is attributed to a desire to provide a more apparent distinction between the corporate entity and the open-sourced Helium Network. The Decentralized Wireless Alliance, a community-run non-profit organization responsible for governing and developing the Helium Network, has been awarded stewardship of Helium Inc’s brand assets in addition to being renamed the Helium Foundation. The announcement also discusses the Series D equity round, which Nova Labs conducted in February 2022. Nova Labs is expected to share more details about the company’s future initiatives in the coming months.


Wormhole Bridge Integration

  • The Acala team has announced that both Acala and Karura will integrate with Wormhole. Karura is expected to integrate with the Wormhole bridge in the coming weeks, after which Acala will be onboarded shortly after. The integration will allow wrapped fungible assets to be bridged between various blockchains and support ERC721 and SPL NFTs from the Ethereum and Solana ecosystems.
  • The team also states that Wormhole will allow Acala and Karura’s stablecoins, aUSD and kUSD, to merge for better liquidity and usability. Merged aUSD will be able to be minted on both Acala and Karura with initial collateral including DOT, ACA, KSM, KAR, LDOT, and LKSM. With Wormhole’s enhanced cross-chain capabilities, aUSD can also be minted with non-native Polkadot assets like USDC, ETH, SOL, AVAX, or LUNA should on-chain governance approve these assets as collateral.


Ronin Validators Compromised

  • Bloomberg has reported that Aleksander Leonard Larson, COO of Sky Mavis, stated via text message, “We are fully committed to reimbursing our players as soon as possible,” and that “We’re still working on a solution, that is is an ongoing discussion.” Additionally, Larsen informed Bloomberg that of the 173,600 ETH lost in the attack, 56,000 ETH belonged to the Axie Infinity treasury.
  • The Ronin Network bridge was exploited for 173,600 ETH and 25.5M USDC due to Sky Mavis’s Ronin validator nodes and Axie DAO validator nodes being compromised on Mar. 23, 2022. The Ronin bridge and Katana Dex have been halted by the Sky Mavis team. All of the AXS, RON, and SLP on Ronin are safe. In total, five validator keys were “hacked”; 4 Sky Mavis validators and 1 Axie DAO.

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