#21 The Sixth Sense (28th June - 4th July'23)

Your weekly dose of on-chain alpha.

Author

The Sixth Sense
July 05, 2023

GM Frens!

Welcome to the 21st issue of The Sixth Sense. Also, Happy 4th of July to everyone who celebrates it.

Let’s figure out major catalysts, events and narratives playing out in the on-chain world. Getting straight to the alpha! 👇

DeFi Insights:

Superstate, a mutual fund founded by Compound founders, was announced. It aims to bridge traditional markets and blockchain ecosystems and will create a short-term government bond fund using the Ethereum blockchain as a secondary record-keeping tool. As a result, $COMP is up by 90% in L14 in anticipation of a potential Airdrop for holders.

Binance releases data insights into the Liquid Staking and LSDFi Narrative. Read the full report here:

Data Insights: Liquid Staking and LSDFi Heat Up | Binance Research

A data-driven analysis of the liquid staking and LSDfi market. Download the Binance Research report to learn more.

research.binance.com/en/analysis/data-insights-liquid-staking-and-lsdfi-heat-up?s=35

Polygon released it’s protocol vision and architecture with Polygon 2.0.

Yield Protocol declares full recovery of $1.5 million from Euler hack; restores mainnet service.

rETH will soon be getting integrated into Raft.

Introducing rETH: A New Liquid Staking Token Joins Raft

Discover the seamless integration of Rocket Pool’s rETH into Raft, expanding opportunities for DeFi enthusiasts to unlock the full potential of liquid staking tokens.

mirror.xyz/0xa486d3a7679D56D545dd5d357469Dd5ed4259340/IqVMOJp2gKKD7chQGGIx5AbV2_D54gjwwvHCw7FMZbQ

ZK Stack announced by the zkSync team. Allows anyone to build a modular framework for custom zk-blockchains called Hyperchains.

Maverick Protocol, which is building a highly efficient multichain AMM announced the launch of Maverick Ecosystem Incentive Program alongwith an Airdrop to early adopters. Read details:

Velodrome v2 is Live introducing concentrated liquidity, new fee structures and emissions.

Tezos announced the Nairobi upgrade on its 5th anniversary.

Vela Exchange, a Perpetual DEX featuring crypto, stocks, and forex with up to 250x leverage was launched.

MakerDAO is diversifying its balance sheet by reducing $USDC exposure by 78% and increasing Ethereum derivatives like $WETH and $wstETH, which now account for 68% of DAI's total collateral.

Eigenlayer To Increase re-staking Capacity for LST and Native re-staking. Expected date of capacity upgrade is in the 10th July week.

EigenLayer to Increase Restaking Capacity for LST and Native Restaking

EigenLayer will expand restaking opportunities for users by increasing caps on Liquid Staking Tokens (LSTs). This upgrade enhances access to restaking while upholding asset safety and security. To modify the restaking limits, a protocol parameter change must undergo approval from the Multisignature Governance system. As of today, June 30, the

www.blog.eigenlayer.xyz/eigenlayer-to-increase-restaking-capacity-for-lst-and-native-restaking

Governance Proposals:

Camelot DEX submits proposal to receive 12M ARB to distribute as liquidity & integration incentives.

Mantle proposes to burn 3 Billion $BIT tokens to be burned forever!

Level DAO passed a vote to bring strategic investors by allocating $20M worth of LVL tokens against 20M USDT.

Rarible has proposed an integration with Arbitrum and is seeking $650k in funding for the implementation.

The Kava Origin Foundation has proposed for Stargate to deploy on the Kava mainnet

And that’s a wrap from the defi+governance world for this week. Subscribe to get our next newsletter delivered straight into your inbox.

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