Weekly Yields

Coinbase Launches on Ethereum: Crypto Weekly Newsletter #041

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Optimism’s Vision For a Superchain, Coinbase L2 Blockchain ‘Base’, The Growing Interest in ETH LSDs, Litecoin NFTs.

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Weekly Yields
Danail Velchovski
February 27, 2023
Feb 27


In this week’s newsletter, we look at:

  • Optimism’s Vision For a Superchain
  • Coinbase L2 Blockchain Base
  • The Growing Interest in Liquid Staking Derivatives
  • Litecoin NFTs

Market update

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.

Data from Feb 27, 2023, at 20:00 UTC via Messari.io.

Latest news:

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.

Source: DefiLlama

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.

Other news

Our research

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DeFi Weekly Stats

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.

The top 3 Stablecoin Yield Pools By 30d Average APY (TVL>$50M) as of Feb 27, 2023. Data: DefiLlama

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%.

The top 3 Blue-Chip Coins Pools By 30d Average APY (TVL>$50M) as of Feb 27, 2023. Data: DefiLlama

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%.

The top 3 ETH LSD Pools By 30d Average APY (TVL>$50M) as of Feb 27, 2023. Data: DefiLlama

Final word

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

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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