Research Summary
The report discusses the latest developments in the DeFi sector, focusing on the significant upgrades of Fantom, Polygon, and dYdX. It also highlights the performance of the Solana network and the latest trends in Bitcoin holder supply. The report further provides updates on various DeFi projects and platforms, including Holdstation, Celestia, Astar, MultiversX, Aptos Network, Arbitrum Orbit, SushiXSwap, zkLend, Astrid Finance, Infura, WINR Protocol, and Index Coop.
Key Takeaways
Fantom’s Anticipated Upgrade
- Fantom’s Resilience: Despite facing challenges in the past two years, Fantom has continued to develop its network. The team recently released the testnet for Fantom Sonic, an upgrade that promises a significant performance boost, from 30 TPS to over 2,000 TPS, a 70x increase. The upgrade also promises a short transaction finality time of one second and a 90% storage reduction for validators. The mainnet launch is scheduled for spring 2024.
Polygon’s Rebranding Strategy
- Polygon’s Evolution: Polygon, previously known as Matic, has successfully rebranded and grown in popularity. The team is now rebranding the MATIC token to POL as part of Polygon’s 2.0 roadmap. MATIC token holders will be able to convert their tokens to POL at a 1:1 ratio. The POL token will have a yearly 2% token emission distributed between validator staking rewards and the community treasury.
dYdX’s Decentralization and Performance Upgrade
- dYdX’s Progress: dYdX, the largest decentralized derivatives exchange, has launched the dYdX Chain after over a year of development. This custom Cosmos-based blockchain enables the protocol to become fully decentralized and support up to 2,000 transactions per second. The upgrade also introduces a revenue-sharing mechanism with the $DYDX token holders.
Solana’s Performance and Upcoming Conference
- Solana’s Growth: Solana’s token has increased by over 30%, and the network stats are improving. The Solana Breakpoint conference is expected to bring significant announcements that could further boost the network’s performance.
Bitcoin Holder Supply Trends
- Bitcoin’s Supply Dynamics: The report indicates that the supply of Bitcoin held by short-term holders has hit a new all-time low, while the supply held by long-term holders continues to rise. This trend suggests a potential supply squeeze in the future.
Actionable Insights
- Monitor Fantom’s Upgrade: Keep an eye on the progress and impact of Fantom’s Sonic upgrade. This could provide insights into the network’s potential for recovery and growth.
- Assess Polygon’s Rebranding: Evaluate the effects of Polygon’s rebranding strategy on the token’s popularity and value. This could offer lessons on the impact of rebranding in the crypto space.
- Investigate dYdX’s Decentralization: Explore the implications of dYdX’s move towards full decentralization and its potential to handle a higher volume of transactions. This could provide insights into the future of decentralized exchanges.
- Track Solana’s Developments: Follow the announcements and developments from the upcoming Solana Breakpoint conference. This could provide valuable information about the network’s future plans and potential growth.
- Understand Bitcoin’s Supply Trends: Analyze the trends in Bitcoin’s supply dynamics to understand the potential for a supply squeeze and its implications for Bitcoin’s price.
