Research Summary
The report provides a comprehensive overview of the latest developments in the DeFi space, focusing on projects like KyberSwap and Asymetrix. It also covers updates and upgrades in DeFi, on-chain data, macro metrics, and news about exploits and bugs. The report also includes insights from various contributors on topics such as Ethereum staking, FRAX v3, and Avalanche’s Q3 overview.
Key Takeaways
Spotlight on KyberSwap and Asymetrix
- KyberSwap’s Evolution: The report highlights KyberSwap, a multichain DeFi exchange and aggregator, which has integrated over 70 DEXes on 14 chains since its launch in 2017. The platform’s unique concentrated liquidity design allows liquidity providers to earn high fees from trading pools and extra farming rewards.
- Asymetrix’s Asymmetric Yield Distribution: Asymetrix, a decentralized protocol for asymmetric yield distribution, allows users to deposit stETH tokens into a shared pool, which accrues around 5% annually as a staking reward. The yield is distributed through random draws, with winners selected using Chainlink VFR.
Updates and Upgrades in DeFi
- Frax V3: The report mentions the protocol and staking pool changes in Frax V3 that could improve decentralization and reduce consensus overhead.
- Solana’s 1.16 Update: Solana’s new 1.16 update is also highlighted, although the specific changes are not detailed in the report.
On-Chain Data and Macro Metrics
- Ethereum Supply Increase: The report notes that the ETH supply increased by 30k ETH ($47.9 million) in the past month due to reduced Ethereum network transactions, including NFT trades and DeFi activity.
- US Mortgage Rates: On the macro side, the report mentions that the average interest rate on a 30-year mortgage in the US has hit 7.9%, its highest since 2000.
Exploits and Bugs
- MantaSwap Exploit: The report mentions an exploit on MantaSwap that resulted in a loss of $100k.
- HTX_Global Exploiter Returns Funds: In a positive development, the report notes that an exploiter of HTX_Global returned the stolen funds.
Actionable Insights
- Investigate the Potential of KyberSwap: Given KyberSwap’s unique concentrated liquidity design and its integration with over 70 DEXes on 14 chains, it may be worth exploring the platform’s offerings and potential benefits for liquidity providers.
- Consider the Implications of Frax V3 Changes: The changes in Frax V3 could have significant implications for the DeFi space, particularly in terms of improving decentralization and reducing consensus overhead. These changes warrant further investigation.
- Monitor Ethereum Supply and Transaction Trends: The increase in ETH supply due to reduced Ethereum network transactions could have implications for Ethereum’s price and the broader crypto market. It would be prudent to monitor these trends closely.
- Stay Alert to DeFi Exploits: The report’s mention of exploits on platforms like MantaSwap underscores the importance of staying alert to security risks in the DeFi space and taking appropriate precautions.
