Research Summary
The report provides a comprehensive overview of the latest developments in the DeFi sector, including mainnet launches, token releases, and protocol upgrades. It also covers governance proposals, upcoming catalysts, and news from the crypto market. Key entities mentioned include Blast, Prisma Finance, StarkWare, Polygon zkEVM, Uniswap, GMX, Aave, and Curve Finance among others.
Key Takeaways
DeFi Developments and Launches
- Blast’s Mainnet Launch: Blast, a native yield L2 network, launched their mainnet and registered $2.4B in TVL. The team recently concluded their Big Bang competition, with winners set to receive the largest points airdrop allocation when the mainnet goes live.
- Prisma Finance’s Stablecoin Launch: Prisma Finance, a liquid restaking protocol, launched $ULTRA, a stablecoin backed by LRTs from ether.fi, Renzo, and Kelp. Minting the stablecoin allows exposure and accumulation of EiganLayer points.
- StarkWare’s Token Release: StarkWare’s $STRK token went live, and the first $STRK unlock for investors was reduced from 13.4% to 0.64% of total supply, distributing the initially intended unlock amount monthly across a period of three years.
Protocol Upgrades and Features
- Polygon zkEVM’s Upgrade: Polygon zkEVM’s next upgrade, Elderberry, is on testnet and will enable support of Dencun upgrade when it goes live on mainnet.
- Uniswap’s New Features: Uniswap launched a series of features including limit orders and a wallet browser extension to simplify crypto transactions.
- Curve Finance’s Lending Contracts: Curve Finance deployed lending contracts, allowing borrowing and lending of assets on the platform.
Market News and Trends
- Decreasing BTC/ETH Spread: The decreasing BTC/ETH spread indicates an increase in investor risk appetite in altcoins.
- Bitforex’s Suspicious Outflow: Bitforex halted withdrawals after a suspicious $56.5M outflow.
- Microstrategy’s Exploitation: Microstrategy’s X account was exploited, phishing $440k crypto from followers. However, they purchased an additional 3k $BTC, bringing their total $BTC holdings to $12B.
Governance Proposals
- Uniswap DAO’s Governance Revamp: Uniswap DAO is discussing revamping their governance which includes rewarding $UNI stakers and delegates with protocol fees. The snapshot vote will go live on March 1st.
- Floki DAO’s Supply Burn: Floki DAO is voting to burn 2% of $FLOKI circulating supply worth $11M. The vote is currently on track to pass with 95% of voters in favour of it.
Actionable Insights
- Monitor DeFi Developments: Keep an eye on the latest developments in the DeFi sector, including mainnet launches, token releases, and protocol upgrades. These events can significantly impact the value of associated tokens and the overall market.
- Stay Updated on Protocol Upgrades: Protocol upgrades can introduce new features and improvements that can enhance the user experience and potentially increase the value of the associated tokens. Therefore, staying updated on these upgrades can provide insights into potential market movements.
- Track Market Trends: Monitoring market trends such as the BTC/ETH spread can provide insights into investor sentiment and risk appetite, which can be useful for making informed investment decisions.
- Consider Governance Proposals: Governance proposals can significantly impact the direction and value of a project. Therefore, it’s important to stay updated on these proposals and consider their potential implications.
