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#19 The Sixth Sense - 21st June, 2023

#19 The Sixth Sense - 21st June, 2023

Your daily dose of on-chain alpha.

The Sixth Sense
June 21, 2023

Welcome to the 19th issue of The Sixth Sense. Let’s figure out the major events, catalysts, narratives brewing in the on-chain ecosystem.

On-chain Metrics, statistics and standings

TVL (in the on-chain ecosystems) increased marginally to 42.1B from 41B that we had recorded:

^(Source:^{https://defillama.com/chains}⁾

Ethereum withdrawals post Shanghai Upgrade:

^(Source:^{https://token.unlocks.app/ethereum-shanghai}⁾

Ethereum Money Supply has increased by 212 ETH in the last 24 hours because of low demand for blockspace:

^(Source:^{https://ultrasound.money/}⁾

Gas Guzzlers - protocols that have used the maximum blockspace:

Moving on to the major events in the on-chain economy:

EDX Markets (backed by Citadel, Fidelity, Charles Schwab) is live:

1/ EDX Markets, a non-custodial exchange, went live today.
That sounds like a contradiction right?
Here's background on EDX and initial thoughts.
— Ram Ahluwalia, higher for longer crypto CFA (@ramahluwalia)
6:10 PM • Jun 20, 2023

It all makes sense now. Blackrock, Fidelity, Citadel, Schwab, they all want to own the crypto market.
So they told their man Gary to create max FUD on all the crypto native incumbents so they can come in and sweep the market.
SEC suits are not real.
4
— Tom Howard (@_TomHoward)
3:30 PM • Jun 20, 2023

Shapella upgrade sparking a staking revolution:

Ethereum's upgrades (Merge + Shapella) have sparked a staking revolution.
Monthly staking rate has increased from 600K to over 3M ETH!
This transformation has downstream economic effects on the DeFi ecosystem - first the growth of LSTs, and then the growth of LST-Fi
— Kunal Goel (@kunalgoel)
1:31 PM • Jun 20, 2023

Binance deregisters in UK:

Binance deregisters in UK amid regulatory woes theblock.co/post/235425/bi…
— The Block (@TheBlock__)
11:58 AM • Jun 19, 2023

0xGeeGee summarizes the day:

Lmao, today's gn tweet was too long even for a long tweet.
Cutting the part with the alfafa, keeping the garbage, enjoy it
gn tweet (long tweet)
1) RFVs (what, how and when, will be featured in a following gn tweet)
2) In a sense rfv plays are similar to depegged assets… twitter.com/i/web/status/1…
— 0xGeeGee (@0xGeeGee)
8:13 PM • Jun 20, 2023

MakerDAO announces DSR-enabled $DAI, $sDAI:

sDAI (Savings DAI) is the new tokenized version of DSR-enabled DAI.
Fully powered by the DSR, it is an ERC-4626 token that offers enhanced integrations and gas efficiency for a better user experience.
How does it work? ↓
— Maker (@MakerDAO)
6:17 PM • Jun 20, 2023

Fortnite x Nike NFTs are officially here:

Everyone is talking about the Fortnite x .SWOOSH collab.
But, did you catch the hidden alpha?
👀 ↓
— Herbie (@liamherbst_)
7:16 PM • Jun 20, 2023

Fraxchain as an L2:

$FXS just announced Fraxchain - L2 hybrid rollup
4th biggest LSD aims to give more utility to:
→ $FRAX
→ $frxETH
→ $FXS
They also plan to implement Decentralized sequencers.
This could change L2 space forever.
Everything you need to know in 2 minutes🧵
— Nikyous (@CryptoNikyous)
3:01 PM • Jun 20, 2023

Polygon moving from a sidechain to L2:

A huge announcement today that @0xPolygonLabs is proposing a major upgrade to Polygon PoS to turn it into a zkEVM validium.
- Turn it into a true L2
- Reorg elimination
- Faster transaction confirmations
- Increased scalability
- Greater decentralization
Unified liquidity with… twitter.com/i/web/status/1…
— Ryan Wyatt (@Fwiz)
5:32 PM • Jun 20, 2023

BNB Chain announce new L2, opBNB based on Optimism OP Stack

As blockchain technology continues to evolve, scalability remains a critical challenge.
But fear not! Enter opBNB, a game-changing Layer 2 scaling solution designed to overcome the limitations of Layer 1 (L1) networks.
Let's discuss opBNB below 🧵
— BNB Chain (@BNBCHAIN)
1:20 PM • Jun 19, 2023

Flashbots co-founder leaves:

1/ after almost 3 years building flashbots, i've decided it's time for me to leave. thanks to my co-founders and the entire flashbots crew for 3 memorable years.
for anyone interested, here's the message i sent to the team earlier today.
— alex (@ObadiaAlex)
1:40 PM • Jun 20, 2023

Venom blockchain launch roadmap:

1/7 Introducing the Venom blockchain launch roadmap, where we embark on a path of decentralized innovation and community-driven governance.
Let's explore the stages that will shape our blockchain’s evolution.
— Venom Foundation (@VenomFoundation)
4:31 PM • Jun 20, 2023

Berachain ecosystem analysed:

Berachain ecosystem is filled with potentials
The DEFI-focused L1 got over $420M funding
I compiled and researched on this so you won’t have to, over 95% of projects mentioned are early
Your one-stop up-to date Comprehensive @berachain protocols 📃
A thread (❤️ & RT )
1/16 http
— B.O.G (💙,🧡) 🧲 (@o_ponle)
10:01 AM • Jun 21, 2023

Vitalik’s blog on L2→L1:

Deeper dive on L2->L1 and cross-L2 reading. Much more technical than the previous post, but gets into some ideas on how it could be implemented.
There's a lot of value in identifying better strategies for L1 <-> L2 interactions and standardizing them.
https://t
— vitalik.eth (@VitalikButerin)
2:59 PM • Jun 20, 2023

Token Bound Accounts (ERC 6551):

I recently went over how ERC6551 (Token Bound Accounts) works under the hood.
So now let's talk about how ERC6551 will change the ways NFTs are used 🧵:
— cygaar (@0xCygaar)
3:33 PM • Jun 19, 2023

Alpha on Level Finance:

app.level.finance/dao/proposals/…
$LGO just got even more attractive aye
— Tom 🫐🦇🔊 (@Cryptopleb4)
9:00 AM • Jun 21, 2023

The latest LEVEL DAO proposal is now live!
"New rounds of strategic investment"
Vote: app.level.finance/dao/proposals/…
Deadline: June 22nd 2023
$LVL #DAOtwitter.com/i/web/status/1…
— LEVEL Finance #RealYield (@Level__Finance)
8:59 AM • Jun 21, 2023

LSDfi, Binance report:

LSDfi is where the next money will flow.
#Binance has just released their LSDfi Report.
10 Insights you need to know (+ list of most promising projects)
A Comprehensive Thread🧵👇
— MooMs (@Moomsxxx)
2:59 PM • Jun 18, 2023

RWAs booming:

While we are busy with LSDfi narrative built on top of @LidoFinance , we forgot about RWA projects.
Lets see RWA protocols TVL increase past 1 month:
@OpenEden_HQ saw +142% change in their TVL .
@meldgold doublet its TVL by +101%
@tangibleDAO by +42.5%
@OndoFinance by +37.25%
— Hercules | DeFi (@Hercules_Defi)
11:15 AM • Jun 21, 2023

Vertex Protocol:

1/ how can we claim that we are building a better financial system when we don’t even use it ourselves?
— Alwin Peng (@AlwinPeng)
12:46 PM • Jun 20, 2023

Thread on Thena Fi:

16th thread 🧵 of 2023 :
Lets talk about @ThenaFi_ - THE native liquidity layer & AMM on BNB Chain
Lets go abit deeper and understand what is it 👇👇
*Disclaimer* - I have $THE http
— Nick (💙,🧡) (@Nicknick2109)
4:01 AM • Jun 21, 2023

Stablecoin protocol Reserve is investing $20M in $CVX, $CRV and $SDT:

Stablecoin issuer @reserveprotocol embarks on its biggest DeFi investment outlay, spending $20 million to acquire @CurveFinance, @ConvexFinance, and @StakeDAOHQ governance tokens.
— DL News (@DLNewsInfo)
4:34 PM • Jun 20, 2023

Ethereum increasing validator stake from 32 ETH to 2048 ETH:

The Ethereum community is considering increasing the max validator stake from 32 $ETH to 2048 $ETH.
At plain sight, it might look like it will just make Ethereum more centralized.
Nevertheless, this is a major misconception🧵👇
(1/10)
— jfab.eth (@josefabregab)
1:35 AM • Jun 21, 2023

Tether to deploy on Kava (Cosmos SDK); on-chain market share shift begins:

Tether USDt comes to the #Cosmos ecosystem! We have chosen to deploy USDt on @KAVA_CHAIN, the gateway to the Cosmos ecosystem. USDt on KAVA is launching on July 3rd.
Read more tether.to/en/tether-toke…
— Tether (@Tether_to)
9:08 AM • Jun 21, 2023

$OSMO to cut inflation by 50% + fee sharing:

Cosmos DEX Osmosis cuts token inflation by 50%, plans fee sharing

Osmosis, a leading decentralized exchange in the Cosmos ecosystem, has revealed a key update to its tokenomics model, OSMO 2.0, cutting its inflation rate by 50%.

www.theblock.co/post/235529/cosmos-dex-osmosis-tokenomics

Cosmos software stack:

The @cosmos software stack has 3 powerful network effects:
+ Cosmos SDK has network effects for infrastructure integrations
+ Tendermint has network effects for validators
+ IBC has network effects for interoperability
— Nick White (@nickwh8te)
2:10 PM • Jun 20, 2023

Camelot’s V3 AMM is live:

We’re excited to announce that our v3 AMM is live ⚔️
By leveraging @CryptoAlgebra’s v1.9, we’re able to relaunch our concentrated liquidity on a more battle-tested foundation.
In addition, @paraswap is also now live as the first supported aggregator.
app.camelot.exchange
— Camelot (@CamelotDEX)
12:28 PM • Jun 20, 2023

Fuel Wallet launch:

The Beta version of the official Fuel Wallet is now available in the Chrome Store!
With the Fuel Wallet, you can use dapps on Fuel and manage your crypto assets, all in one place.
Install now and start exploring Fuel: chrome.google.com/webstore/detai…
— Fuel (@fuel_network)
4:22 PM • Jun 20, 2023

Learning guide, philosophical thoughts and airdrop sheets:

A thread to improve your efficiency and productivity:

Reaching 50,000 Twitter followers can take years!
But what if I told you there's a secret path that can get you there in just three months? 👀
Unleash the power of AI tools and ascend to the top of Olympus faster than you ever imagined 🧵👇
— Finish 🏁 (@0xFinish)
4:56 PM • Jun 19, 2023

And that’s 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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