Weekly Yields

Fixing DeFi's Shortcomings: Crypto Weekly Newsletter #046

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Why did Arbitrum founders sell 50M ARB tokens? Is the US government dumping Bitcoin for dollars? Why is Polygon's zkEVM big news for DeFi?

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Weekly Yields
Danail Velchovski
April 3, 2023
Apr 3


As we enter April, investors are gearing up for what could be one of the strongest seasons for traditional and decentralized assets. Bitcoin has particularly caught the eye among cryptocurrencies, boasting an average monthly return of +17.40% over the last decade.


However, before getting overly excited, it’s important to note that both 2022 and 2021 saw a negative return for Bitcoin during the month of April. And let’s not forget that the current macro situation remains as unpredictable as ever, adding a layer of uncertainty to the mix.

Market Update

At the time of writing, Bitcoin is trading at $28,171 or +3.05% from 7 days ago, making BTC’s current performance in 2023 +68.36%. The largest gainer in the past week among the leading cryptocurrencies is Dogecoin at +26.22%, followed by Cardano at +11.27%.

Data from Apr 03, 2023, at 18:40 UTC via Messari.io.

Latest news:

Arbitrum Foundation Explains ‘Unauthorized’ 50M ARB Token Transfer

The crypto community criticized the Arbitrum Foundation after selling 50M ARB tokens on the blockchain without community approval. This resulted in an 11% decrease in the token’s value.

The Foundation explained that it invested the proceeds in the DAO’s interest, lent 40M ARB to a participant in the financial markets, and converted the remaining 10M ARB into fiat for operational expenses.

The foundation had already sold 50M tokens before the vote. Source

The Foundation clarified its position on a recent controversial proposal and expressed a willingness to heed the DAO’s advice after receiving criticism. In addition, the Foundation clarified the issues with the initial proposal and outlined improvement efforts.

US Government to Sell 41.5k Seized BTC in Four Batches this Year.

According to court documents, the United States government sold 9,861 Bitcoins for nearly $216M on March 14. The assets sold comprised a portion of the Bitcoins seized in November in connection with a darknet market Silk Road hack. This year, the government intends to liquidate the remaining 41,490 BTC in four separate offerings.

Polygon zkEVM Mainnet Beta Goes Live.

Polygon Labs has announced the launch of Polygon zkEVM on Mainnet Beta, which is now public and permissionless for anyone to use and build on. The release is open-source and has fast finality, making it the equivalent of Ethereum Virtual Machine (EVM).

Ethereum co-creator Vitalik Buterin has already made the first Polygon zkEVM Mainnet Beta transaction. The platform’s public testnets confirmed it as the leader among EVM-equivalent ZK scaling solutions, becoming faster, cheaper, and more secure over time. Polygon zkEVM is expected to take Ethereum to new heights.

Read our article on Medium on how Polygon’s new zkEVM maximizes yield.

Crypto Hardware Wallet Maker Ledger Raises Most of $109M Round

Ledger, the market leader in hardware wallets for offline storage of digital assets, raised $109M in its most recent funding round, increasing its valuation to $1.4B. Ledger is believed to have benefited from recent industry crises, during which holders grew anxious about entrusting their assets to online platforms like centralized exchanges.

Other news

DeFi Weekly Stats

Top Stablecoin Yield Pools

The leaders in the stablecoin category remain unchanged, with a slight drop in their 30d Avg APY, with Uniwap’s USDC-USDT (0.01%) still leading the ranking with 21.55%, followed by Conic’s USDC pool at 18.18%.

The top 3 Stablecoin Yield Pools By 30d Average APY (TVL>$30M) as of Apr 03, 2023. Data: DefiLlama

Top Blue-Chip Coins Yield Pools

At a looping 95.52% 30d Avg APY, the Uniwap v3 WETH-USDC (0.05%) pool that recently broke the 30M TVL barrier on Arbitrum is the leader in the blue-chip category.

The top 3 Blue-Chip Coins Pools By 30d Average APY (TVL>$30M) as of Apr 03, 2023. Data: DefiLlama

Top ETH Liquid Staking Derivatives Pools

Ahead of the Ethereum Shanghai Upgrade, the LSD category keeps delivering stable yield, with Frax’s FRXETH pool having a 30d Avg APY of 7.48%, closely followed by Stafi’s RETH at 6.39%.

The top 3 ETH LSD Pools By 30d Average APY (TVL>$30M) as of Apr 03, 2023. Data: DefiLlama

Final word

The path toward true decentralization continues.

While there are many advantages to building on-chain, the most significant is the transparency it provides. Any protocol that fails to deliver on its promises is immediately scrutinized by its backers.

As we progress towards the next stages of DeFi, it becomes increasingly vital to create truly decentralized products that foster trust in themselves and benefit the entire Web3 ecosystem and the industry's image.

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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