Weekly Yields

The SEC Attacks Crypto: Crypto Weekly Newsletter #039

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The SEC vs. Kraken, Coinbase, Binance. Revolut's staking service. Shopify's blockchain suite. Lido V2. DefiLlama's new dashboards.

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Weekly Yields
Danail Velchovski
February 13, 2023
Feb 13


In this week’s newsletter, we will look at:

  • Why the SEC is attacking crypto on all fronts
  • How Revolut and Shopify are helping crypto’s mass adoption
  • Lido v2 upgrade, DefiLlama new dashboards, and other Web3 news
  • Our new DeFi liquidity pools weekly reporting

Market update

Bitcoin (BTC) is down -4.97% from last week, while Ethereum (ETH) dropped by -7.69%. The biggest gainers among the top coins since the start of the year remain Solana (SOL) at +104.61% and Polygon (MATIC) at +53.28%.

Data from Feb 13, 2023, at 21:30 UTC via Messari.io.

Latest news:

Crypto Firm Paxos Faces SEC Lawsuit Over Binance USD Token

According to reports, Paxos Trust Company, the issuer of the world’s third-largest stablecoin, is being sued by the Securities and Exchange Commission (SEC). A recent report indicates that the cryptocurrency company is being accused of violating investor protection laws regarding Binance’s BUSD stablecoin.

The SEC Is Cracking Down Staking On Centralized Exchanges

Kraken was charged by the SEC with selling unregistered investment contracts because it promised its staking customers regular returns and payouts. Kraken has terminated its US staking program and will compensate the agency $30M.

Meanwhile, Revolut To Offer Staking Services

Revolut, one of the largest digital banks in Europe, has just begun allowing customers in 30 European countries to stake their cryptocurrency holdings. The launch of its crypto staking service for various proof-of-stake tokens, such as Ethereum, Cardano, and Polkadot.

Shopify Launches Comprehensive Blockchain Suite For Merchants

The e-commerce titan Shopify has introduced its new suite of blockchain-based products for merchants. This enhancement is anticipated to enhance the user experience on Shopify-hosted web3 stores. In addition, merchants can utilize token gating and take advantage of the wallet ecosystem’s new features.

DefiLlama Releases Two New Dashboards For Web3 Analysis

The leading analytics dashboard and TVL aggregator DefiLlama has released two new dashboards. The treasury section on the website will provide data on the protocol’s treasury balance in stables, majors (BTC, ETH), own tokens, and others, while the “active investors” dashboard will sort fundraising data by the number of deals in the last 30 days.

Other news

Our research

Read our latest research articles in one click.

How To Find The Next Crypto Gem Using DefiLlama?

Liquidity Optimization in Crypto

DeFi Robo Advisors: The Best Crypto Tool?

DeFi Weekly Stats

Top Stablecoin Yield Pools

Currently, the top 3 stablecoin yield pools with a TVL of at least $50M, sorted by average 30 days APY, are Convex Finance’s MIM-3CRV pool at 9.15% APY, Uniswap V3’s USDC-USDT (0.01%) pool at 7.99% APY and Stargate’s USDT pool at 6.23% APY.

The top 3 Stablecoin Yield Pools By 30d Average APY (TVL>$50M) as of Feb 13, 2023. Data: DefiLlama

Top Blue-Chip Coins Yield Pools

Uniswap V3 leads the way with the top pool by 30 days average APY with USDC-WETH ( 0.05%) at 46.39% APY, while Convex Finance has the other two spots with WETH-CRV at 26.78% APY and WETH-CVX at 25.28% APY.

The top 3 Blue-Chip Coins Pools By 30d Average APY (TVL>$50M) as of Feb 13, 2023. Data: DefiLlama

Top ETH Liquid Staking Derivatives Pools

In the final category, we look at liquid staking derivatives pools, which have grown in market share since the SEC’s attack on centralized issuers of liquid staking. Currently, Frax Ether leads the lit at 7.48% APY, while StakeWise and Lido stay behind at 5.42% and 4.94%.

The top 3 ETH LSD Pools By 30d Average APY (TVL>$50M) as of Feb 13, 2023. Data: DefiLlama

Company news

Final word

After a flying start in January, crypto faces its first real challenge in 2023.

As previously discussed, the importance of regulatory compliance in Web3 cannot be overstated, as it presents both advantages and disadvantages.

Unfortunately, The SEC’s recent actions have sparked widespread speculation that a coordinated attack on the crypto industry may be underway.

What do you think? Share your opinion on Discord.

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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