Research Summary

This report provides a comprehensive overview of the latest developments in the decentralized finance (DeFi) sector. It covers updates and upgrades in DeFi platforms, macroeconomic metrics, on-chain data, vital news, and potential exploits and bugs. The report also highlights the activities of KyberSwap, a multichain DeFi exchange and aggregator, and discusses the latest trends in the crypto market, including the push for $100 oil by Saudi Arabia and the implications for the Biden administration.

Key Takeaways

DeFi Updates and Upgrades

  • MetaMask Launches Sell Feature: MetaMask has introduced a new feature that allows users to cash out their crypto for fiat.
  • LayerZero Live on Zora Network: LayerZero, a DeFi platform, is now live on the Zora Network mainnet.
  • Base Chain Stalled: The Coinbase L2 network Base experienced a block production issue for 45 minutes, which has since been resolved.

Macroeconomic Metrics

  • Saudi Push for $100 Oil: Saudi Arabia’s push for $100 oil could pose a challenge for the Biden administration, especially with rising energy prices during a re-election bid.
  • Cash Rates vs Bond Yields: For bonds to perform well and yields to drop in developed markets, cash rates must peak and central bankers need to switch to rate cutting.
  • US Treasury Yields vs Long-Term Inflation Rate: The long-term inflation model suggests an upside for US 10-year yields.

On-Chain Data

  • Grayscale Bitcoin Trust: Arkham identified the assets of Grayscale Bitcoin Trust, the world’s second-largest BTC entity with $16B+.
  • Bitcoin Network Settlement: The Bitcoin network settlement is stagnant at $2.63B, indicating a substantial slowdown in network settlement.
  • Uniswap Pool Concentration: The report highlights the highest concentration of liquidity in the Uniswap Pool.

Actionable Insights

  • Investigate the Potential of DeFi Platforms: With the continuous updates and upgrades in DeFi platforms like MetaMask and LayerZero, there is potential for growth and innovation in this sector.
  • Monitor Macroeconomic Metrics: The push for $100 oil by Saudi Arabia and the relationship between cash rates and bond yields could have significant implications for the global economy and the crypto market.
  • Assess On-Chain Data: The identification of assets of Grayscale Bitcoin Trust and the stagnation of Bitcoin network settlement could provide valuable insights for understanding the current state of the crypto market.

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