Research Summary
The report covers a range of topics including partnerships, token launches, and updates from various blockchain projects. Key entities include Ondo Finance, Mantle, EigenLayer, Sushi, Kraken, GMX, Enjin, BitMex, Moonbeam, Aave, Shrapnel, SwissBorg, Cetus, sDAI, Azuro, Aave, Arbitrum, Lido, Vertex, and Canyon.
Key Takeaways
Ondo Finance and Mantle Partnership
- Launch of USDY: Ondo Finance has partnered with Mantle to launch USDY, a yield-bearing stablecoin overcollateralized by short-term US Treasuries and high-quality bank demand deposits. The total value locked (TVL) of USDY is currently $35 million, yielding 5.1% APY.
Sushi Tokenomics Revamp
- Proposal for Tokenomics Redefinition: Sushi’s founder, Jared Gray, has proposed a revamp of the protocol’s tokenomics. The proposal aims to scale fees from Sushi pools, route fees via Sushi’s aggregation router, and align SUSHI tokenomics for long-term incentives for liquidity providers.
Kraken’s L2 Chain Consideration
- Exploring Blockchain Technology Firms: Kraken is considering partnering with blockchain-technology firms such as Polygon, Matter Labs, and Nil foundation to launch their own Layer 2 chain.
GMX’s ARB LP Incentives Deployment
- ARB Allocation: GMX plans to deploy the 12 million ARB (~$13 million) received via the Arbitrum STIP program to incentivize liquidity providers and trading weekly over a 12-week period. The first week will see 200,000 ARB allocated to GM liquidity incentives.
Enjin Token Movements
- Significant Withdrawal: An Enjin token multisig withdrew 169.3 million ENJ (~$52 million) from Binance. The wallet now holds 201.7 million ENJ, equivalent to 20% of the token’s supply and valued at $64 million.
Actionable Insights
- Investigate the Potential of USDY: With the launch of USDY by Ondo Finance and Mantle, it may be worth exploring the potential of this yield-bearing stablecoin and its impact on the DeFi landscape.
- Monitor Sushi’s Tokenomics Revamp: The proposed changes to Sushi’s tokenomics could have significant implications for the protocol’s token, SUSHI. Stakeholders should keep an eye on developments.
- Assess the Impact of Kraken’s L2 Chain: Kraken’s potential launch of a Layer 2 chain could have implications for transaction speed and cost. It’s worth monitoring the progress of this initiative.
- Track GMX’s ARB LP Incentives Deployment: GMX’s deployment of ARB LP incentives could influence liquidity and trading on the platform. Stakeholders should track these developments.
- Understand the Implications of Enjin’s Token Movements: The significant withdrawal of ENJ tokens from Binance could have implications for the token’s supply and price. It’s important to understand the potential impact of these movements.
