Research Summary
The report provides an in-depth analysis of HMX, a decentralized exchange offering up to 1000x leverage on Crypto, Forex, and Commodities. It also covers updates and upgrades in DeFi, key news, on-chain data, macro metrics, and recent exploits and bugs in the crypto world.
Key Takeaways
HMX’s Performance and Features
- HMX’s Unique Offering: HMX offers up to 1000x leverage on Crypto, Forex, and Commodities. It provides features like subaccount support, instantaneous execution, one-click trading, on-chart trading, and more. It also allows users to become market makers by depositing assets into the HLP vault.
- Resilience Despite Lack of Support: HMX was the only top DEX that applied for an $ARB grant from STIP but didn’t receive support. Despite this, it maintains a top position in trading volume.
- Impressive Statistics: Since its Open Beta launch in late June, HMX has achieved ~$8Bn in total trading volume, ~$26.8Mn in TVL, ~5,000 unique users, and supported 100,000+ trades.
Updates & Upgrades in DeFi
- Launch of ZK-Powered Layer-2 Solution: Fuse Network is set to launch a ZK-Powered Layer-2 Solution using Polygon CDK.
- Celestia Liquid Staking Protocol: MilkyWay announced the Celestia liquid staking protocol on Osmosis.
- ZKFair Mainnet Live: ZKFair Mainnet is now live, marking a significant milestone in the DeFi space.
Vital News
- Investments in Pro-Crypto PAC: Ripple, Coinbase, and a16z have invested $78M in a pro-crypto PAC ahead of US elections.
- First Tokenized Bond on Liquid Network: Bitfinex Securities announces the first tokenized bond on the Liquid Network.
- Potential Bitcoin ETF Approval: The SEC could make crypto history in the new year with the first spot bitcoin ETF approval.
Actionable Insights
- Monitor HMX’s Performance: Despite not receiving an $ARB grant from STIP, HMX has shown resilience and maintained a top position in trading volume. It’s worth keeping an eye on how HMX performs after the completion of Arbitrum STIP and the leveling of the playing field.
- Stay Updated with DeFi Developments: With the launch of ZK-Powered Layer-2 Solution by Fuse Network and the Celestia liquid staking protocol by MilkyWay, it’s crucial to stay updated with the latest developments in the DeFi space.
- Consider the Impact of Pro-Crypto PAC Investments: The $78M investment in a pro-crypto PAC by Ripple, Coinbase, and a16z could have significant implications for the crypto industry, especially in the context of the upcoming US elections.
