Research Summary
The report discusses key developments in the cryptocurrency market, including Arbitrum’s DEX volume surpassing Ethereum’s, the recovery of CertiK’s compromised Twitter account, and the approval of the cNGN stablecoin pilot in Nigeria. It also highlights the performance of various assets and the growth of Total Value Locked (TVL) in different platforms.
Key Takeaways
Market Developments
- Arbitrum’s DEX Volume Surpasses Ethereum: Arbitrum’s 24-hour DEX volume exceeded Ethereum’s, with $1.834 billion in volume compared to Ethereum’s $1.4 billion. This indicates a shift in user preference towards Arbitrum’s platform.
- CertiK’s Twitter Account Compromised and Recovered: CertiK’s Twitter account was compromised but has since been recovered. This event underscores the importance of cybersecurity in the crypto industry.
- Nigeria Approves cNGN Stablecoin Pilot: Nigeria’s central bank has approved the Africa Stablecoin Consortium (ASC) to begin piloting cNGN – a stablecoin pegged 1:1 to the Naira. This marks a significant step towards the adoption of digital currencies in Africa.
Asset Performance
- DMT and UNIBOT Show Strength: DMT and UNIBOT, both under $100M MC, showed strong performance, with DMT up 37.42% on the day and 114.49% over the past week, and UNIBOT up 4.82% on the day.
- POWR and PEOPLE Top Performers: POWR and PEOPLE were the top performers for tokens above $100M MC, with increases of 34.26% and 29.84% respectively.
Total Value Locked (TVL) Growth
- Significant TVL Growth in Tarot, KiloEx, and Sonic: Over the past week, Tarot’s multichain lending TVL grew by 175.71%, KiloEx’s multichain derivatives TVL grew by 167.12%, and Sonic’s DEX on ICP TVL grew by 149.12%. This indicates a growing interest in these platforms.
Actionable Insights
- Monitor Arbitrum’s Performance: Given Arbitrum’s DEX volume surpassing Ethereum’s, it may be worthwhile to monitor Arbitrum’s performance and user adoption rate.
- Research the Potential of cNGN Stablecoin: With Nigeria’s approval of the cNGN stablecoin pilot, there may be potential for growth in the African digital currency market.
- Track DMT and UNIBOT’s Performance: Given their strong performance, it may be beneficial to track the performance and market trends of DMT and UNIBOT.
- Assess TVL Growth in Tarot, KiloEx, and Sonic: The significant TVL growth in Tarot, KiloEx, and Sonic suggests potential opportunities in these platforms. It may be beneficial to assess their growth and potential for future expansion.
