Research Summary
The report provides an overview of the latest developments in the cryptocurrency market, with a spotlight on KTX Finance, a decentralized derivatives and social trading protocol. It also covers updates and upgrades in DeFi, including Polygon, Kyber Network, Aleo, and others. The report discusses on-chain data, macro metrics, and potential exploits and bugs in the crypto space.
Key Takeaways
KTX Finance: A Rising Star in Decentralized Derivatives
- KTX Finance’s Growth: KTX Finance, a decentralized derivatives and social trading protocol, has seen significant growth. It offers up to 100x leverage to traders and is built on the Mantle Network and Binance Chain. The protocol has a trading volume of $820 million, a total value locked (TVL) of $9 million, and 10,000 unique traders.
- Mantle Moonshot Program: KTX Finance is participating in the Mantle Moonshot Program, a cooperative event in the ecosystem that brings together Mantle Journey participants and web3 enthusiasts. The program includes a $25 million Mantle airdrop opportunity.
Updates & Upgrades in DeFi
- Polygon’s Milestone Adoption: Polygon is sending millions to DraftKings for “milestone adoption”.
- Kyber Network’s Recovery Plan: Kyber Network is implementing a recovery plan following an exploit.
- Aleo’s Network Restoration: Aleo’s testnet has restored service after a network outage.
On-Chain Data and Macro Metrics
- On-Chain Data: Blast_L2 has reached over $720 million in TVL. Ethereum’s NFT market transaction volume reached $34.786 million on December 3, the highest since June 29 this year. Crypto fundraising in November was at the highest level since early 2022.
- Macro Metrics: Bitcoin’s price surpassed $40,000 for the first time since May 2022. Approximately 15% of Ethereum transactions are landed through private mempools. Retail is the most bullish it’s been since April 2021.
Exploits and Bugs in the Crypto Space
- Safe Wallet Scam: A scammer stole $2 million in a week by ‘poisoning addresses’ on Safe Wallet.
- Potential Manipulation of Curve’s Price Oracles: The report includes a deep dive into Curve’s price oracles and potential manipulation.
Actionable Insights
- Monitor KTX Finance’s Performance: Given its significant growth and participation in the Mantle Moonshot Program, KTX Finance is a project to watch closely.
- Stay Updated on DeFi Developments: With various updates and upgrades happening in the DeFi space, it’s crucial to stay informed about projects like Polygon, Kyber Network, and Aleo.
- Understand On-Chain Data and Macro Metrics: On-chain data and macro metrics provide valuable insights into the overall health and trends of the crypto market. Understanding these can help in making informed decisions.
- Be Aware of Potential Exploits and Bugs: Awareness of potential exploits and bugs, such as the Safe Wallet scam and potential manipulation of Curve’s price oracles, is essential for risk management in the crypto space.
