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In this week’s newsletter, we look at:
At the time of writing, the global cryptocurrency market cap sits at $1.09T, according to Messari. In the last seven days, the value of Bitcoin has dropped by -6.43%, but BTC managed to stay over the key price level of $23,000.
Ethereum, on the other hand, remains above $1,600 despite losing -4.86% during the same time period. The most impressive run among the leading crypto assets is by Lido Staked Ether, which now is ranked 11th by market cap.
Coinbase Is Building Its Own Ethereum Layer 2
Coinbase debuted Base, its own Ethereum Layer 2 network. Base will reportedly be the new home for Coinbase’s on-chain products and, the company hopes, an open ecosystem for millions of new decentralized applications.
Coinbase, which is listed on the Nasdaq under the symbol COIN since April 2021, is the first publicly traded company to launch a Layer 2 blockchain network on top of Ethereum.
Optimism Announces Superchain — A Better Scaling Solution For Ethereum L2s
Optimism announced Superchain — a project that aims to maximize interoperability and composability between different chains using the OP Stack and integrate siloed L2s into a single, coherent layer.
The Superchain aims to integrate otherwise compartmentalized L2s into a unified, interoperable, and modular system. Striving for a future in which launching an L2 is as simple as deploying a smart contract on Ethereum is today is one of the company’s visions.
Liquid Staking Protocols Hold More TVL Than DeFi Lending Protocols
Liquid staking protocols have been growing in value recently, with the category reaching a TVL of $14.27B, surpassing DeFi Lending protocols for the first time.
The leading LSD protocol remains Lido at a TVL of $9.43B, while ‘Coinbase Wrapped Staked ETH’ and Rocket Pool are at $1.86B and $1.1B TVL respectively.
Litecoin Network Gets Its First NFTs After Developer Forks Bitcoin Ordinals
Developers are forking Bitcoin Ordinals to create the first non-fungible tokens for older proof-of-work networks such as Litecoin (NFT).
Over the weekend, Bitcoin developer Anthony Gurrera forked the code behind Bitcoin Ordinals to the Litecoin blockchain, placing a copy of the latter’s mimblewimble upgrade white paper on the Litecoin network, effectively making Bitcoin Ordinals the first non-fungible token on the Litecoin network.
Learn more about DeFi Forks.
Hong Kong Outlines Upcoming Crypto Licensing Regime
The China Narrative keeps expanding as The Securities and Futures Commission of Hong Kong has called for a public consultation on the requirements for cryptocurrency trading platforms. According to a newly proposed licensing regime, centralized platforms in Hong Kong may apply for SFC licensing.
Bloomberg reported that the mainland Chinese government might quietly support the move, as officials have been observed attending crypto events in Hong Kong regularly.
Read our latest research articles in one click.
A Beginner’s Guide to DeFi Investing
Top Stablecoin Yield Pools
Stargate overtakes a second top 3 spot among the stablecoin yield category with its USDT pool at 6.83% 30d average APY and USDC one at 5.06%. Convex’s MIM-3CRV remains first in the list at 8.51% 30d average APY.
Top Blue-Chip Coins Yield Pools
The ranking for top blue-chip coin yield pools remains unchanged, but the tendency of progressively lower 30d average APY continues. Uniswap’s USDC-WETH (0.05%) pool still holds above 40% 30d average APY, while Convex’s two pools remain above 20%.
Top ETH Liquid Staking Derivatives Pools
Ethereum LSDs look like the most “stable” yield pools for now regarding consistent 30d average APY. Frax’s FRXETH sits at 7.49%, while StakeWise’s SETH2 holds 5.31%, followed by Lido’s STETH at 4.92%.
Crypto might be headed toward its seventh bull run, but the building phase is still not over.
From the creation of better L2 solutions to innovations that were never even imagined, crypto is heading toward one of its most promising years.
In the latest YouTube episode of the DeFi Weekly series, I covered some of the latest project updates and the macro state of the crypto market.
Click here to watch the full 20-minute video.
Max Yampolsky,
CEO at One Click Crypto
ir@oneclick.fi
DISCLAIMER:
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.
We regularly prepare insightful reports and case studies about crypto trading and the blockchain industry.
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