Research Summary
The report provides an in-depth analysis of the latest developments in the crypto and DeFi space, with a spotlight on HMX, a decentralized exchange offering up to 1000x leverage on Crypto, Forex, and Commodities. It also covers updates and upgrades in DeFi, vital news, on-chain data, macro metrics, and recent exploits and bugs.
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 has unique features like subaccount support, instantaneous execution, one-click trading, and on-chart trading. Despite not receiving an $ARB grant from STIP, HMX has maintained a top position in trading volume.
- HMX’s Statistics: Since its Open Beta launch in late June, HMX has achieved ~$10.2Bn in total trading volume, ~$30Mn in TVL, ~5,000 unique users, and supported 100,000+ trades.
Updates & Upgrades in DeFi
- DeFi Developments: The report highlights several updates and upgrades in the DeFi space, including MetisDAO PoS Sequencer Pool Testing, Dymension Genesis AirDrop, and the introduction of a new token standard on Solana, Tiny SPL.
Vital News
- Bitcoin Price Fluctuation: The Bitcoin price dumped 9% in 1 hour based on a report by Matrixport predicting an SEC rejection of all Bitcoin ETF applications. Michael Saylor is selling $216m worth of his MicroStrategy shares to buy more Bitcoin.
- New Crypto Tax Law: A new crypto tax law has taken effect in the US, requiring transactions of $10,000 or more to be reported to the IRS within 15 days.
On-Chain Data
- On-Chain Data Insights: The report provides insights into on-chain data, including GMX V2 printing record fees from yesterday’s trading and liquidations due to the Matrixport ETF FUD spread by TheBlock, and Mert reporting about on-chain spam on Solana.
Exploits & Bugs
- Recent Exploits: The report mentions recent exploits and bugs in the crypto space, including Gamma being exploited and Radiant Capital exploited for $4.5M.
Actionable Insights
- Monitor HMX’s Performance: Given HMX’s unique offering and its resilience despite not receiving an $ARB grant from STIP, it would be beneficial to keep an eye on its performance and future developments.
- Stay Updated with DeFi Developments: With several updates and upgrades happening in the DeFi space, staying updated with these developments can provide insights into potential growth areas.
- Understand the Impact of Regulatory Changes: The new crypto tax law in the US could have significant implications for crypto transactions. Understanding these changes can help in making informed decisions.
- Analyze On-Chain Data: On-chain data can provide valuable insights into market trends and potential opportunities. Regular analysis of this data can help in understanding market dynamics.
- Be Aware of Potential Risks: The recent exploits and bugs highlight the potential risks in the crypto space. Being aware of these risks can help in risk management and mitigation strategies.
