Ahoy, and completely satisfied 2023! In case you missed it, try DoD’s Top 5 Memes of 2022 recap publish. Two fast bulletins:
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DoD Scheduling – In 2023, Dose of DeFi will probably be printed twice a month aka each different week. One a “short version” of charts, tweets & hyperlinks and one “long version” that’s a deep dive into stablecoins, MEV, DeFi infrastructure or no matter our hearts fancy.
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DXdao is searching for a brand new Treasury Manager! DXdao manages a $30m treasury on-chain and has trailblazed using decentralized and sovereign treasury instruments. For a leg up, say “Dose of DeFi reader” in your utility.
With market stagnation in DEXs and lending protocols, DeFi’s best and fascinating battle is for ETH’s LSD or liquid staking derivatives. Staking ETH earns you a good 4.3% yield however which means you must lock up your ETH. ETH LSDs are liquid tokens that characterize a declare on staked ETH. The hottest one is Lido’s stETH, which has a 70% market share, however Coinbase’s cbETH has chipped into Lido’s lead in current months. Lido has the primary mover benefit, which is why it’s so ingrained into DeFi protocols as Dragonfly’s Tom Schmidt factors out within the tweet above.
Given the quantity of ETH saved on Coinbase’s change, it’s a simple marketplace for it to enter (higher than NFTs), so it shouldn’t be a shock that they had been capable of seize so 15% market share so rapidly. We’ve lengthy questioned why they haven’t launched a tokenized BTC to compete with WBTC. Coinbase ought to pay attention to Tom’s critique as a result of that is an extremely essential marketplace for them. In the longer term, Coinbase will make little from change charges. Instead, will probably be a trusted gateway to DeFi for the mass market. Coinbase already owns 50% of USDC and has a easy-to-use pockets and browser extension. cbETH suits properly on this product suite, however Coinbase might want to do extra to reorient their enterprise across the inevitable rise of DeFi and on-chain exercise.
DeFi had simply over $500m in TvL at the start of 2020, and whereas rather a lot has occurred within the intervening three years, however not a lot change within the make-up of the property on Ethereum. Ethereum continues to be round half of all worth the community is securing. Stablecoins have persistently grown over this time interval, approaching all-time-high’s over the previous couple of months as crypto costs declined and buyers fled to stablecoins. DeFi tokens are a sliver of total worth simply as they had been initially of 2020. CoinMetrics goes into additional element on this of their newest publish, The State of DeFi Tokens in 2023.
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ConsenSys opens personal beta for its zkEVM Link
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Ondo launches tokenized treasuries and company bonds Link
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Bloomberg: Mike Novagratz desires to punch SBF & Barry within the face Link
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Guide to Web3 information instruments Link
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Uniswap metrics in comparison with Robinhood’s Link
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Bitcoin blockchain now accessible to question on Dune Link
That’s it! Feedback appreciated. Just hit reply. Written in Nashville, the place it’s chilly, however getting excited for Mexico subsequent week.
Dose of DeFi is written by Chris Powers, with assist from Denis Suslov and Financial Content Lab. Caney Fork, which owns Dose of DeFi, is a contributor to DXdao and advantages financially from it and its merchandise’ success. All content material is for informational functions and isn’t supposed as funding recommendation.
