Weekly Yields

The SEC Sues Binance: Crypto Weekly Newsletter #055

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🚨 Breaking News: The SEC Sues Binance In a stunning turn of events, just hours before this week's letter completion, the U.S. Securities and Exchange Commission (SEC) has taken legal action against Binance and CEO "CZ" Zhao.

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Weekly Yields
Danail Velchovski
June 5, 2023
Jun 5

🚨 Breaking News: The SEC Sues Binance

In a stunning turn of events, just hours before this week's letter completion, the U.S. Securities and Exchange Commission (SEC) has taken legal action against Binance and CEO “CZ” Zhao.

The lawsuit alleges multiple violations of federal securities laws, including the offering of unregistered securities and failure to comply with regulatory requirements. This high-profile attack has sent shockwaves through the crypto industry, with implications that extend beyond the centralized exchange itself.

Many view this as an attack on the broader cryptocurrency ecosystem. Further details regarding this ongoing saga are expected to emerge in the coming days.

Market update:

Unsurprisingly, the recent news has negatively affected the crypto market, with Bitcoin dropping week-on-week by -7.20% to $25,564. BNB, on the other hand, is currently down by -11.00%.

Data from Jun 05, 2023, at 19:05 UTC via Messari.io.

Latest news:

1. European Parliament President Formally Signs MiCA into Law
The official signing of the MiCA law by the European Parliament to regulate crypto assets and service providers is a major development in the regulatory landscape. This significant step aims to bring clarity and establish a legal framework for the crypto industry within the European Union.

2. MakerDAO Plans to Triple Dai Savings Rate
MakerDAO is considering raising the DAI Savings Rate (DSR) to 3.33%, aiming to increase yields for DAI holders. This may impact borrowing rates in DeFi. Additionally, MakerDAO voted for a new vault investing in US Treasury bonds and has made changes to its reserve assets by eliminating Paxos stablecoin and including RocketPool’s rETH as a collateral option.

3. Tether Market Cap Reaches All-Time High
Tether’s USDT stablecoin has reached an all-time high market capitalization of $83.2B, defying the declining stablecoin market. This achievement follows Tether’s recovery from losses, and its perceived safety and stability have attracted stablecoin holders. Despite criticism for lack of transparency, Tether’s market share is at its highest level in over 22 months.

4. USDC Expands into Arbitrum
Circle is launching its native USDC on the Arbitrum network, replacing the bridged version on Ethereum. This move aims to eliminate withdrawal delays and offers benefits like an upgradeable smart contract. Circle plans to transition liquidity smoothly and bring Cross-Chain Transfer Protocol (CCTP) to Arbitrum for seamless USDC movement between Ethereum and other chains.

5. Atomic Wallet Exploits
Atomic Wallet has suffered a hack, resulting in the theft of over $35M in crypto assets since June 2. The investigation into the attack is ongoing as users report lost tokens, erased transaction histories, and stolen crypto portfolios. The five largest losses account for a total of $17M. Among the victims, one individual lost $7.95M in Tether (USDT).

6. Cardano DEX Volume ATH:
Layer-1 blockchain Cardano has reached a new ATH in DEX volume, reaching $23.68M. This surge in volume can be attributed to two Cardano DEXs. Despite not being the most popular DeFi chain, Cardano is experiencing notable technical developments in recent months.

7. Aave Governance Token Migration:
The decentralized lending protocol AAVE is migrating its governance token from AAVE-ETH BPT to AAVE-wstETH BPT. This move aims to capture more yield for token holders while supporting network security.

Other news

DeFi weekly stats:

Overall (Single Exposure Filter)
Yearn Finance continues to top the list of the highest 30-day average APY with its YCRV pool at 29.20%. In second, Tangible’s USDR pool remains at around 17%, while LooksRare has dropped below $30M in TVL and has been excluded from this week’s ranking.

The top 5 Yield Pools By 30d Average APY (TVL>$30M) as of Jun 05, 2023. Data: DefiLlama

Top Stablecoin Yield Pools (Single Exposure Filter)
Only 3 pools have a TVL above $30M and a 30d Avg APY above 10% — Tangible’s USDR (17.17%), Credix’s USDC (13.32%), and Conic Finance’s USDC (10.73%). Gains Network’s DAI pool sits at 7.25%.

The top 5 Stablecoin Yield Pools By 30d Average APY (TVL>$30M) as of Jun 05, 2023. Data: DefiLlama

Top ETH Liquid Staking Derivatives Pools
Ethereum LSDs declined slightly for another week, with Frax’s SFRXETH pool dropping to 6.44% 30d Avg APY. Swell’s SWETH pool has entered the list and currently has $37.7M in TVL.

The top 5 ETH LSD Pools By 30d Average APY (TVL>$30M) as of Jun 05, 2023. Data: DefiLlama

One Click Crypto updates

Join us for an exciting AMA with Balancer on Wednesday, June 7, 2023, at 14:00 UTC. Balancer is known for its technical excellence and innovation in the DeFi space. As of March 2023, Balancer boasts a 7-day trade volume of $302M, total liquidity of $1.32B, 23,000 liquidity providers, and a total of 3,759 pools.

See you there!

Final Word

In the 55th issue of our Crypto Weekly newsletter, we celebrate over a year of delivering the latest news on crypto and DeFi straight to your inbox.

Alongside our weekly letters, we have provided 12 comprehensive monthly crypto reports, all accessible for free on our website.

Now, we are thrilled to unveil our newest addition to our research content: One Click Alpha. This premium feature is designed to take your crypto journey to the next level with unique insights from the best analysts.

Discover more about it here.

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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