Welcome,
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.
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%.
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 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.
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%.
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.
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 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
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 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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