Research Summary
The report provides an in-depth analysis of the decentralized exchange HMX, its features, performance, and future prospects. It also covers updates and upgrades in DeFi, key trends and narratives, vital news, on-chain data, macro metrics, and recent exploits and bugs in the crypto industry.
Key Takeaways
HMX’s Performance and Features
- HMX’s Unique Offering: HMX, a decentralized exchange, offers up to 1000x leverage on Crypto, Forex, and Commodities. It provides features like subaccount support, instantaneous execution, one-click trading, and on-chart trading, offering a user experience similar to centralized exchanges while retaining the benefits of decentralization.
- Impressive Statistics: Since its Open Beta launch in late June, HMX has achieved ~$9.45Bn in total trading volume, ~$28Mn in TVL, ~5,000 unique users, and supported 100,000+ trades. It has also distributed >$3M of revenue to users.
Updates & Upgrades in DeFi
- Neon EVM’s Neon Points: Neon EVM has released Neon Points, a new feature in the DeFi space.
- Frax’s Vertical Stack: Frax is building an Apple-like vertical stack for base financial primitives, indicating a new trend in DeFi development.
Vital News in the Crypto Industry
- FTX’s Estimation Motion: FTX has submitted an Estimation Motion that dollarizes customer claims as of November 11, 2022, reflecting the exchange’s approach to customer claims management.
- Bybit’s Reserve Report: Bybit released its latest reserve report, expanding the number of cryptocurrencies involved to 32. Users currently hold 37,877 Bitcoins, 268,089 ETH, 1.97 billion USDT, and 181 million USDC.
Exploits & Bugs
- Thunder Terminal Exploit: The report mentions an exploit in Thunder Terminal, highlighting the ongoing security challenges in the crypto industry.
- Levana Protocol Compromise: Levana Protocol was compromised, further emphasizing the need for robust security measures in DeFi protocols.
Actionable Insights
- Monitor HMX’s Performance: Given HMX’s impressive statistics and unique offerings, it may be beneficial to keep an eye on its performance and future developments.
- Explore Neon EVM’s Neon Points: Neon EVM’s Neon Points could be a significant development in the DeFi space. It may be worth exploring its potential impact and benefits.
- Understand the Implications of FTX’s Estimation Motion: FTX’s Estimation Motion could have implications for customer claims management. It may be useful to understand its potential impact on users and the broader crypto industry.
- Stay Updated on Security Incidents: The recent exploits and bugs in Thunder Terminal and Levana Protocol highlight the importance of staying updated on security incidents in the crypto industry. This can help in making informed decisions and mitigating risks.
