Research Summary
The report provides an in-depth analysis of the latest trends and updates in the crypto and DeFi space. It highlights the performance of HMX, a platform offering up to 1000x leverage on Crypto, Forex, and Commodities, and its unique features. The report also covers updates from various DeFi projects, insights from industry thought leaders, vital news, on-chain data, macro metrics, and recent exploits and bugs.
Key Takeaways
HMX’s Performance and Unique Features
- HMX’s Offering: HMX offers up to 1000x leverage on Crypto, Forex, and Commodities. It accepts various crypto assets as collateral with cross-margin collateral support, enabling flexible position and risk management strategies. HMX also provides low fees comparable to CEXs.
- Unique Features: HMX stands out with its additional features like subaccount support, instantaneous execution, one-click trading, on-chart trading, and more. These features offer a user experience similar to CEXs while still retaining the benefits of decentralization.
- Performance Metrics: Since its Open Beta launch in late June, HMX has achieved ~$11Bn in total trading volume, ~$31.8 Mn in TVL, ~5,000 unique users, and supported 100,000+ trades.
Updates & Upgrades in DeFi
- Frax’s Blockchain Launch: Frax is set to launch its l2 blockchain, Fraxtal, in February.
- Staking Opportunities: There is a ~27% APR by staking in the $mPENDLE pool on Wombat.
- Token Launch: Weremeow announced that $JUP token will be launching on January 31.
Vital News
- GBTC’s Net Outflow: According to BitMEX Research, GBTC had a net outflow of US$458 million on the fourth day, with a cumulative net outflow of US$1.62 billion.
- Bitcoin’s ETF Status: Bitcoin surpasses silver to become the second-largest ETF commodity in the US.
- Tether’s Controversy: Tether takes fire as UN says stablecoin is ‘preferred choice’ for $17b in Asian crime rackets.
On-Chain Data
- ETH Staking: ETH staking is now at 24% of total supply, with only 11% on exchanges.
- Binance’s Market Share: Binance’s market share has decreased from 54.2% at the beginning of the year to 48.7% in 2023.
- dYdX’s Trading Volume: dYdX outperforms Uniswap in trading volume.
Actionable Insights
- Explore HMX’s Offering: Given HMX’s unique features and strong performance metrics, it could be beneficial to explore its offerings and consider its potential in the crypto trading space.
- Monitor DeFi Updates: With various DeFi projects launching new features and tokens, it’s crucial to stay updated on these developments for potential opportunities.
- Consider On-Chain Data: On-chain data, such as ETH staking and Binance’s market share, provide valuable insights into the current state of the crypto market. These metrics can guide strategic decisions in the crypto space.
