LD Capital Raceway Weekly Report [18/09/2023]

[Summary]

Lending: MakerDAO’s RWA volume has grown to $2.707 billion. Dai’s scale has expanded to $5.511 billion, breaking the previous six-month high.

LSD: Last week, the ETH staking rate increased to 22.35%, a week-on-week increase of 1.08%. 26.87 million ETH were locked in the Beacon Chain, corresponding to a staking rate of 22.35%, a week-on-week increase of 1.08%. Among them, there were 804,000 active validator nodes, up 2.09% from the previous week, while 31,100 were queued for validation, down 20.69%. This week, the ETH staking yield is about 3.60%.

Ethereum L2: Layer2’s Total Value Locked (TVL) increased by $260 million compared to last week, with a total locked value of $9.66 billion. Base set new historical highs in various metrics. On September 14th, Base’s number of transactions surpassed the combined total of Arbitrum and Optimism.

DEX: DEX’s combined TVL is $11.72 billion, consistent with last week. DEX’s 24-hour trading volume is in millions, and the 7-day trading volume is $11.61 billion, an increase of $2.5 billion from last week. With the market rebounding this week, trading volumes have also risen.

POW: This week, with BTC’s rebound, leading POW projects have seen significant gains. KSA performed the best with a 7-day increase of 24.9%. BCH followed with a 7-day increase of 17.6%. LTC was third, up 12.7% over 7 days. FLUX had a smaller increase of only 2.8%, while DNX was the weakest, currently in a correction, down 8.6%.

[Lending]

MakerDAO

The current RWA volume has reached $2.707 billion, nearly doubling compared to three months ago. Dai’s scale within DSR has grown to $1.58 billion, with an increase of $270 million in one week, accounting for 28.7% of the total Dai volume.

Aave

The Aave community is currently voting on a proposal to adjust the GHO lending rate from 1.5% to 2.5% to maintain GHO anchoring. Currently, the total volume of GHO is 23.02 million, which has remained relatively unchanged since August 13. The primary issue remains the lack of use cases for the GHO stablecoin.

[LSD]

Last week, the ETH staking rate rose to 22.35%, an increase of 1.08% from the previous week. There were 26.87 million ETH locked in the Beacon Chain last week, corresponding to a staking rate of 22.35%, which is a week-on-week increase of 1.08%. Of these, there were 804,000 active validator nodes, an increase of 2.09% compared to the previous week, while 31,100 validator nodes were in the queue, a decrease of 20.69%. The ETH staking yield is approximately 3.60% this week.

This week, the ETH staking rate increased by 1.08% compared to the previous week.

Ethereum (ETH) Staking Yield This Week: 3.80%

Among the three major LSD protocols, in terms of price performance, LDO increased by 3.9% over the week, RPL by 1.2%, and FXS by 4.8%. In terms of ETH staking volume, Lido increased by 0.72%, Rocket Pool by 0.45%, and Frax by 0.55%. The current balance of Rocket Pool’s deposit pool is 18,348 ETH, with an RPL staking rate of 49.01% and an effective staking ratio of 91.25%. SSV has seen seven consecutive days of positive price performance since the mainnet’s third phase launch, outperforming the broader market. Future focus will be on whether the protocol’s TVL growth exceeds expectations. Frax V3 is expected to release its whitepaper in late September.

【Ethereum L2】

TVL

The total value locked (TVL) in Layer2 increased by $260 million from last week, reaching a total of $9.66 billion.

OP Mainnet:

1. On September 14, OP Labs announced significant progress in the first fault-tolerant system of OP Stack. We are preparing to test this system on OP Goerli.

2. opBNB mainnet was officially launched on September 13. In the future, it will focus on enhancing network resilience and decentralization through Proof Enhancement, account abstraction, data availability in BNB Greenfield, interoperability with BNB Greenfield, and decentralized sequencers.

Base

Thanks to the rising popularity of FrienTech, base blockchain data reached a historic high last week. Notably, the number of unique user addresses exceeded 280,000, the total value bridged surpassed 180,000 ETH, and the transaction count on September 14 exceeded the combined transaction counts of both Arbitrum and Optimism mainnets.

Mantle

1. On September 14, Mantle Network announced a partnership with Telegram’s affiliated Ton Foundation. Ton’s mainnet will support Mantle’s token, MNT trading. Mantle can utilize Telegram’s built-in TON wallet to provide services to users.

2. On September 13, Mantle Network announced its support for the tokenized bills USDY of the structured protocol Ondo Finance, assisting Mantle’s expansion into the RWA domain.

On-chain Activity

[DEX]

Dex combined TVL stands at $11.72 billion, consistent with the previous week. Dex 24-hour trading volume is in millions, with a 7-day trading volume of $11.61 billion, an increase of $2.5 billion from last week. There was a market rebound this week, and trading volume has subsequently recovered.

Ethereum

ETH L2/sidechain Ecosystem

BTC L2/Sidechain

Alt L1

【POW】

Alongside BTC’s rebound this week, the leading projects in the POW track saw noticeable price increases. KSA performed the best with a 7-day surge of 24.9%. BCH followed next with a 7-day increase of 17.6%. LTC ranked third with a 7-day increase of 12.7%. FLUX had a smaller increase of only 2.8%. DNX was the weakest, still undergoing correction and dropped by 8.6%.

24-hour Output and Hashrate Situation

According to the data disclosed by the F2pool, we can see the 24-hour output and overall network hashrate of the POW tokens. Based on output rankings, KAS ranks third, just behind BTC and DOGE; LTC ranks fourth; BCH is sixth, and DNX is ninth.

In GPU mining, DNX currently holds the most significant hashrate, surpassing ETC and RVN. After KAS shifted to professional mining machines, its original GPU hashrate moved to DNX.

Project Progress

LTC and BCH are among the earlier POW tokens. There hasn’t been significant development in their ecosystem; they mainly rely on their long-standing history and the position formed within the miner community.

KAS and DNX emerged as new POW tokens after 2021. After Ethereum transitioned to POS, KAS absorbed its GPU hashrate, leading to rapid development. Its market cap has already exceeded $1 billion, and this week its price reached an all-time high. Major developments in the past month include:

? At the end of August, the Rusty Kaspa update was rolled out. The Rust node development is divided into three parts: 1. Stress testing the network to endure higher loads. 2. Releasing a stable Rust node that will replace the Go client on the mainnet (before any hard forks). 3. Enhancing the API to simplify integrations and development on Kaspa. Currently, the first two tasks are essentially complete and the code is under audit. For the API, the JavaScript/TypeScript WASM SDK (and its supporting infrastructure) is in the final stages of development.

? On September 2nd, it was listed on the Bitmart exchange.

? On September 6th, it was listed on the Bybit exchange.

DNX serves as a cloud computing platform for AI training. Its price previously surged to $1.3 but later entered a correction phase. Currently, the project maintains a decent POW output and holds the largest hashrate on GPUs. The significant development in the past month was its listing on the F2pool on September 5th.

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