Weekly Yields

Big Week For Ethereum: Crypto Weekly Newsletter #047

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Bitcoin passes $29k, Ethereum prepares for the Shanghai upgrade, and Hackers return $142M to DeFi protocol.

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Weekly Yields
Danail Velchovski
April 10, 2023
Apr 10

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🔵 [Read] The March 2023 Crypto & DeFi Report on

Welcome to the latest edition of our Crypto Weekly Newsletter. In this issue, we bring you the latest news and updates from the crypto world, including the upcoming Ethereum upgrade that will unlock billions worth of staked ETH, PancakeSwap’s V3 launch, and the recent return of funds by hackers responsible for an attack on Euler Finance DeFi platform.

Market update

Top cryptocurrencies are surging again, with Bitcoin surpassing $29k at a +4.61% from 7 days ago. Ethereum is up by +4.21%, trading slightly below $1,900. Despite the short-term boost in Dogecoin’s price at the beginning of last week, the asset is down -12.61%.

Data from Apr 10, 2023, at 20:10 UTC via Messari.io.

Latest news:

$33B ETH Will Be Unleashed After The Shanghai Upgrade on Apr 12

On April 12, Ethereum investors will become able to withdraw their $31–33B worth of “staked ETH,” which began accumulating at the end of 2020. This follows Ethereum’s latest upgrade, dubbed Shanghai, which will unlock nearly 18 million staked ETH.

The upgrade completes Ethereum’s most significant upgrade to date, The Merge, which combined the old blockchain with a new network that runs on an environmentally friendly transaction-validation mechanism called proof of stake. Other upgrades included in Shanghai, such as restricting transaction costs for technical applications, will reduce fees on the Ethereum blockchain.

PancakeSwap V3 Launches On BNB Chain and Ethereum

PancakeSwap, the dominant DEX on the BNB Chain, has launched its V3 iteration on BNB Chain and Ethereum, featuring improved capital efficiency and an overhauled fee structure with fee tiers of 0.01%, 0.05%, 0.25%, and 1%.

The new version allows Liquidity Providers to deploy their liquidity in custom price ranges, and the trading fees will be distributed between LPs and PancakeSwap’s treasury, with a portion of the fees going towards burning CAKE tokens.

Hackers Return $142M After Euler Finance DeFi Exploit

DeFi platform Euler Finance has announced that the hackers responsible for the $196.9M attack on the protocol have returned all of the recoverable funds. On-chain data shows that the hacker made 3 transactions worth 10,580 ETH and $12M in the DAI stablecoin.

The Euler team added that since the hackers had “done the right thing,” the Euler Foundation will no longer accept new information that would lead to their arrest, with the $1M reward no longer available. Following the announcement, the native token powering the DeFi project soared more than +13% over the past 24 hours.

💡 There were two (1, 2) more cases of hackers returning funds in the past week.

Apple Has Included Bitcoin Whitepaper in Every Version of macOS Since 2018

A copy of Satoshi Nakamoto’s Bitcoin whitepaper has been found on all modern Mac computers. It is used as a sample document for a device called “Virtual Scanner II” in the macOS Image Capture utility. The device may or may not power Apple’s Import from iPhone feature, and it is unclear why Apple chose the whitepaper as a sample document. It can be accessed on any Mac running macOS Mojave or later.

Other news

Our research

Read our latest research articles in one click.

March 2023 Crypto Report

5 Key Metrics To Watch For an Upcoming DeFi Summer

DeFi Weekly Stats

This week we’ve applied an additional risk-management filter to our yield pool rankings.

Top Stablecoin Yield Pools (Single Exposure Filter)

Conic Finance takes the lead in the stablecoins category with its USDC pool which currently delivers an average APY of 16.69%. Gains Network’s DAI pool is second at 15.58%, while Credix’s USDC is third with 13.10% 30d Avg APY.

The top 3 Stablecoin Yield Pools By 30d Average APY (TVL>$30M) as of Apr 10, 2023. Data: DefiLlama

Top Blue-Chip Coins Yield Pools (Single Exposure + High Confidence Filters)

Today’s blue chips might look trimmed in APY compared to Uniswap’s dominant pools from previous newsletters, but that is in exchange for more predictable ROIs. Instadapp tops the list with the WBNB pool at 9.89% average APY. At an almost equal APY is Alpaca’s ETH pool.

The top 3 Blue-Chip Coins Pools By 30d Average APY (TVL>$30M) as of Apr 10, 2023. Data: DefiLlama

Top ETH Liquid Staking Derivatives Pools

Ethereum LSDs remain the same as last week, with Frax’s FRXETH pool ahead of Stafi with 7.27% 30d Avg APY, compared to 6.36%. Lido’s SETH currently has 5.23%.

The top 3 ETH LSD Pools By 30d Average APY (TVL>$30M) as of Apr 10, 2023. Data: DefiLlama

Final word

That’s all for this week’s summary. We hope you found the latest news, research, and yield pool stats informative and helpful in navigating the ever-evolving crypto world.

Some analysts have already transitioned into a full bull mode, predicting that crypto has passed the tipping point of mass adoption and the future of digital currencies relies on our small <4% community of people who have already adopted crypto.

In fact, in the USA alone, already 20% of the population uses crypto, and if we go by Pareto’s 20/80 principle, that is more than enough to make a change.

Join One Click In Empowering The DeFi Revolution With Personalized Portfolios.

Max Yampolsky,
CEO at One Click Crypto

This is not financial advice. This newsletter is strictly educational and does not provide investment advice, solicit the purchase or sale of assets, or encourage readers to make financial decisions. Please use caution and conduct independent research.

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Danail Velchovski

Danail masterfully combines his deep knowledge of blockchain technology and his strong writing skills to deliver crisp, comprehensive content. With his early immersion in the web3 domain, he navigates the complexities of this revolutionary technology with ease, turning intricate concepts into engaging, digestible pieces. His research acumen and keen insight into the rapidly evolving world of decentralized networks make him an invaluable asset in educating audiences about web3's potential and its ever-evolving landscape.

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