Weekly Yields

China Narrative Takes Over Crypto Twitter: Crypto Weekly Newsletter #040

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Chinese crypto coins, AI tokens, Curve stablecoin yield pools, Bitcoin NFT Ordinals at 150k mints, OpenSea goes zero-fee, Drake wins $1.2M in GambleFi.

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Weekly Yields
Danail Velchovski
February 20, 2023
Feb 20


This week we delve into the emerging narratives in the dynamic crypto market.

The industry is rapidly expanding into new and uncharted territories, from the emergence of GambleFi to the rise of Chinese coins and AI tokens.

Keeping up is time-consuming, so make sure to subscribe to our weekly newsletter to get your 5-minute Alpha-filled dose delivered every Monday.

Market update

Another cosmic week for the cryptocurrency market as Bitcoin grows to $24,840 (+14.00% in 7 days). At the time of writing, Ethereum is trading at $1,702 or +12.86% from 7 days ago, while Solana once again leads the top-gainer ranking at +25.20% during the same period.

Data from Feb 20, 2023, at 1935 UTC via Messari.io.

Latest news:

The China Narrative Takes Over Crypto Twitter

In the past week, Twitter has been flooded with speculations surrounding a new “China narrative” in the world of cryptocurrency. Some of the leading factors contributing to this narrative include increased money printing by the Chinese central bank, news of Hong Kong’s growing interest in crypto, and the surging popularity of Chinese crypto tokens.

Source: Twitter

While some crypto analysts have joked about starting to learn Mandarin, others remain skeptical of this emerging trend. As the world of cryptocurrency continues to evolve, it remains to be seen how this China narrative will play out and whether it will have a lasting impact on the industry.

Curve Vote to Enable Stablecoin Pools with Proper Price Oracle Implementation

Curve Protocol is making waves in the world of decentralized finance. The buzz is around its upcoming stablecoin, crvUSD, and the way it will use an innovative algorithm called Lending-Liquidating AMM (LLAMMA) to provide stability in the volatile crypto market.

The Curve community governance is now gearing up to vote on a proposal to enable stablecoin pools with oracle price feeds. These price feeds are crucial for crvUSD and will be provided by independent data feed operators who monitor real-time information from financial markets and feed the price data onto the blockchain.

Bitcoin NFT Project Ordinals Reach 150,000 Mints

There are now numerous collections on the Bitcoin blockchain, with over 150,000 Ordinal inscriptions, as creators and artists have discovered a new way to monetize their artworks through blockchain technology. People have launched collections such as Ordinal Punks, Ordinal Penguins, Satoshi Punks, and others in the last month.

OpenSea Goes Zero-Fee, Creator Royalties Optional

OpenSea, the leading Ethereum NFT marketplace, announced that it will charge 0% in marketplace fees for “a limited time,” and will default all collections without on-chain royalty enforcement to optional creator royalties starting at 0.5%. The marketplace has also updated its blacklist of other marketplaces that do not honor full royalty payments to creators, allowing sales on NFT marketplaces that follow the same policies.

Other news

Our research

Read our latest research articles in one click.

AI Tokens Beyond The Hype

A Beginner’s Guide to DeFi Investing

DeFi Weekly Stats

Top Stablecoin Yield Pools

The top 3 stablecoin yield pools with a TVL of at least $50M, sorted by average 30 days APY, remain the same as last week with Convex Finance’s MIM-3CRV pool at 8.95% APY, Uniswap V3’s USDC-USDT (0.01%) pool at 7.03% APY and Stargate’s USDT pool at 6.82% APY.

The top 3 Stablecoin Yield Pools By 30d Average APY (TVL>$50M) as of Feb 20, 2023. Data: DefiLlama

Top Blue-Chip Coins Yield Pools

Uniswap V3 remains the dominant blue-chip leader with USDC-WETH ( 0.05%) at 44.48% APY, while Convex Finance is second-best with WETH-CRV at 25.43% APY and WETH-CVX at 24.08% APY. All 3 pools have decreased in 30d average APY since last week.

The top 3 Blue-Chip Coins Pools By 30d Average APY (TVL>$50M) as of Feb 20, 2023. Data: DefiLlama

Top ETH Liquid Staking Derivatives Pools

Liquid staking derivatives pools remain stable, with Frax Ether leading the ranking at 7.43% APY for the FRXETH pool, while StakeWise’s SETH2 sits at 5.28% 30-day average API. With a slight increase, Lido is closing in on the second spot at an average monthly APY of 4.99%.

The top 3 ETH LSD Pools By 30d Average APY (TVL>$50M) as of Feb 20, 2023. Data: DefiLlama

Company news

Final word

We are in a fast-paced stage in Web3.

As one narrative begins to gain traction, two more are already competing for attention and liquidity. While some of these trends may only last a short while, others have the potential to establish a foundation that will reshape the crypto landscape for years to come.

If you’ve spent time recently on Crypto Twitter, you probably noticed the trend of “guides” on how to spot narratives early. If you are one of the people who is always late, make sure to check our DefiLlama step-by-step article on how to take advantage of narratives, even months after they first emerge.

Want to discuss some projects? Let’s chat on the One Click Crypto Discord.

This is not financial advice. This newsletter is strictly educational and does not provide investment advice, solicit the purchase or sale of any 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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