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- #16 The Sixth Sense - 10th June, 2023
#16 The Sixth Sense - 10th June, 2023
Your daily dose of on-chain alpha.
Welcome to the 16th issue of The Sixth Sense. Letβs figure out the major events, catalysts, narratives brewing in the on-chain ecosystem.
On-chain Metrics, statistics and standings:
TVL remained flat with Ethereum gaining capital on the expense of others in the on-chain ecosystem:
(Source: https://defillama.com/chains)
Upcoming Token Unlocks; major unlocks for Aptos, dydx and Apecoin:
(Source: https://defillama.com/unlocks)
Ethereum Money Supply; continues deflationary trajectory:
(Source: https://ultrasound.money/)
Moving on to the major events in the on-chain economy:
New article by Vitalik on the evolution of Ethereum: βThe Three Transitionsβ
Latest in DeFi:
The latest developments in DeFiπ
β The DeFi Investor π (@TheDeFinvestor)
1:55 PM β’ Jun 8, 2023
Adam analyzes chat logs from Binance:
Iβm not sure I understand the spin here?
How would this protect users? What does it have to do with the SEC case, which still applies to the assets and nothing to do with if there is cash or not on the exchange�
β Adam Cochran (adamscochran.eth) (@adamscochran)
3:25 AM β’ Jun 9, 2023
FTX to restart operations in Q3/Q4:
BREAKING:
FTX plans to restart crypto exchange in Q3 or Q4.
β whalechart (@WhaleChart)
12:19 PM β’ Jun 9, 2023
crvUSD is live:
3/ Other lending protocols have implemented comparatively larger liquidation buffers that serve to incentivize and ensure profitability for liquidators to step in and close at-risk loans.
As seen thus far, crvUSD liquidations have yet to come remotely close to these levels.
β An Ape's Prologue (@apes_prologue)
7:04 PM β’ Jun 8, 2023
zkSync earmarks $1M for a16z Crypto Startup School:
To fuel the growing @zksync Era ecosystem, Matter Labs has earmarked $1M for investments in @a16zcrypto Crypto Startup School founders. Funds will be directed toward teams utilizing zkSync Era to drive progress, prosperity, and personal freedom for all.
β Matter Labs β (@the_matter_labs)
1:00 PM β’ Jun 9, 2023
sudoswap v2 is live:
sudoswap v2 is now live >s<
this new iteration of the protocol features:
β’ On-chain royalties
β’ Custom creator settings
β’ ERC-1155 support
β’ Conditional orders
β’ Fee streaming
β’ Gas optimizationsLink and more on each new addition below β¬οΈ https:
β sudoswap (@sudoswap)
7:08 PM β’ Jun 8, 2023
Raft booming to $30M TVL in less than 1 week:
The #LSDfi narrative has a new player in town, @raft_fi.
Its TVL has risen to $30M less than a week after launch!
We have created a @DuneAnalytics dashboard to help you follow their development.
Let's dive inπ§΅
β The Data Nerd (@OnchainDataNerd)
1:32 PM β’ Jun 9, 2023
$R gaining adoption:
Only 2 days after its launch, $R is now doing more than $2m volume in 24 hours
This makes it the *number 12* stablecoin by volume traded (even if we include CEX wash trading of other listed stables)
β DG (@davgarai)
9:00 AM β’ Jun 8, 2023
Bots to farm Airdrops (build shovels in a gold rush):
I aped $FRENS | @farmerfrens
TG bot that lets you farm multiple airdrops across several wallets with just one click.
Users need to buy $FRENS to use the bot = clear demand
Half of the presale allocation is already out.
MC = $1.5M, FDV = $1.8M
π§΅
β Midoji (@midoji7)
4:42 PM β’ Jun 9, 2023
MUX gaining massive market share:
$MCB is undervalued.
Check out these stats for @muxprotocol over the last 3 months:
- Trading volume up +404%
- Fees generated up +386%
- Incentives at all-time lows
- P/S ratio (fully diluted) 7.43x vs 27.24x for $GMX and 8.25x for $LVLβ Emperor Osmoπ§ͺ (@Flowslikeosmo)
1:00 AM β’ Jun 8, 2023
Synthetix v3:
Exciting news: Synthetix V3 spot market is now available, the first market built entirely on V3.
This is an important step for V3 and sets the stage for future releases.
Keep in mind no voting power & inflationary rewards are directed to V3 stakers yet.
httpblog.synthetix.io/spot-market-v3β¦pβ Synthetix βοΈ (@synthetix_io)
5:34 PM β’ Jun 7, 2023
Premia Trading competition on v3:
π The Interstellar Trading Competition on Premia Blue is right around the corner! π
Starting from June 13th, test your DeFi options trading skills and complete social tasks for $150K worth of prizes and options OG glory π
All about risk-free pure joy paper-trading in this π§΅
β Premia ππ¦ (@PremiaFinance)
3:40 PM β’ Jun 8, 2023
Tigris Trade:
Tigris Trade(@TigrisTrades) is the most underrated perp dex live right now. Why?π§΅π
β LeoWolfie (@LeoWolfie_)
2:35 PM β’ Jun 2, 2023
ETF markets:
The ETF market is worth more than $6T, allowing anyone to get exposure to his favorite sector.
But crypto makes it complex to follow a narrative due to the quantity of tokens you have to monitor π«€
This is set to change and let me show you how... π§΅
β Louround π₯ (@Louround_)
4:13 PM β’ Jun 9, 2023
Back the bunny:
One of my favorite pieces of wisdom: βCompanies get the shareholders they deserveβ.
What management and the board emphasize and cater to is responsible for the type of person the company attracts as investors.
This applies equally to DeFi projects and their tokenholders π§΅
β π±ππππ’ πΆπππππππ (vietnam farmer) πͺ· (@BackTheBunny)
3:29 AM β’ Jun 9, 2023
OP Bedrock upgrade:
Bedrock is live on OP Mainnet and has already reduced gas costs by more than 50%. Very impressive!
But the $OP token is down 40% since.
Friendly reminder that in crypto:
Narratives+Market conditions >> Fundamentals
But, this also makes it easier to find dislocations. https::
β Crypto Koryo (@CryptoKoryo)
7:10 AM β’ Jun 10, 2023
Moving to cover updates from other ecosystems:
SOL with Alameda:
Alameda Research has a locked stake of 8.2% of the @solana supply.
This 45M $SOL is now in bankruptcy proceedings and has an average unlock of mid-2025.
β Delphi Digital (@Delphi_Digital)
5:00 PM β’ Jun 9, 2023
Filecoin:
Grayscale filed a request with the U.S. SEC to withdraw its application to launch a Filecoin (FIL) trust product. Grayscale said in its withdrawal request that it still does not believe FIL is a security. Previously, the SEC told Grayscale in a letter that FIL qualifies as aβ¦ twitter.com/i/web/status/1β¦
β Wu Blockchain (@WuBlockchain)
4:30 AM β’ Jun 10, 2023
Clocking some miles with $RNDR:
Just released a complete $RNDR deep dive, covering:
β’ The "AirBnB for Graphics Cards model"
β’ What is the Render Network?
β’ $RNDR tokenomics + potentialπ youtu.be/F1qks9A4ScI
Going to continue this series in the future, which project should I cover next? π
β Miles Deutscher (@milesdeutscher)
11:02 PM β’ Jun 8, 2023
In a state of Avalanche:
The Avalanche team has been tirelessly building through the bear market
They released a launchpad for deploying & scaling no-code blockchains, partnered with lots of institutions, and much more
Here's your chance to catch up with what's going on with #Ava#Avalanchetp
β The DeFi Investor π (@TheDeFinvestor)
4:28 PM β’ Jun 9, 2023
Twitter God:
Going viral on Twitter is insanely easy
Your issue is you only look at likes and retweets
Here are the 3 most slept-on tweet metrics you need to be measuring today + how to boost them big time
(You'll walk away knowing how to go viral after reading this thread)
β NFT God (@NFT_GOD)
12:21 PM β’ Jun 9, 2023
Some interesting reads:
MAKE THE MARKET - EPISODE 9:
THE DYNAMICS OF A MARKET MICROSTRUCTURE
Today, we're moving away from abstract curves and diving into the exciting concepts of Momentary Market Monopolization and Quote Stuffing.
Momentary Market Monopolization: A Brief Reign
Imagine you areβ¦ twitter.com/i/web/status/1β¦
β quant (@Quantaraum)
6:26 PM β’ Jun 9, 2023
And thatβs a wrap for the today. The Sixth Sense is a reader supported project. Consider subscribing to our newsletter to receive our daily dose of alpha in your inbox.
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