Research Summary
Daily Notes from ASXN dated 04-08-2023 provides insights into various developments in the crypto space. Tether has become the 11th largest holder of Bitcoin globally, with holdings worth $1.6 billion. Since EIP-1559, $10 billion in ETH has been burned. Frax Protocol has proposed a mechanism to hold cash deposits and other low-risk assets using FRAX stablecoin collateral. Curve Finance exploiter returned approximately $12.7 million in funds. The report also includes trends in assets, top performers, losers, and details about Total Value Locked (TVL) and fees in different platforms.
Actionable Insights
- Investment Opportunity: Tether’s strategy to shift reserves from U.S. government debt to cryptocurrencies may indicate a bullish outlook on Bitcoin.
- Monitoring ETH Burn: The cumulative $10 billion ETH burn since EIP-1559 could have implications for ETH’s price and scarcity.
- Frax’s New Strategy: Frax Protocol’s proposal to hold traditional financial assets could be a significant move in bridging traditional finance with DeFi.
- Security and Trust: The return of funds by Curve Finance exploiter adds a layer of trust and security in the protocol.
- Market Trends: Monitoring top performers and losers, as well as TVL growth in platforms like Bancor and Sushi Swap, can provide investment insights.
