10/26-11/01 Issue 16
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No.1: The most mature, perpetual futures contract
Decentralized futures products are divided into two categories, margin trading and perpetual futures contracts. Perpetual contracts have no expiration date, and users can choose to hold positions all the time. Technically divided into two genres:
AMM: Representative projects Perpetual Protocol, Futureswap, MCDEX, Deri Protocol. By transforming the AMM model (such as vAMM, sAMM, etc.), a fund pool or virtual fund pool model is formed, and traders interact with the assets in the pool to go long or short.
Order Book: Represents projects dYdX, Injective, DerivaDEX.
On October 13, Deri Protocol ($DERI) announced that it would become one of the first pilot projects of Binance Smart Chain’s $1 billion growth fund and start trading mining activities. This news made its market value soar. Deri offers both perpetual futures and perpetual options. In Deri's AMM model, the transaction is concluded according to the price of the oracle machine, the transaction depth is good, the liquidity pool (LP) always acts as the counterparty of the transaction, and all LPs share the responsibility for payment.
*October 22 news, MCDEX was invested by BSC's $1 billion growth fund.
Injective Protocol is one of the first batch of projects incubated by Binance Lab, including three modules: Injective Chain, Injective Futures and Injective DEX. Injective's proposal in October - a network upgrade to allow Cosmos IBC-based blockchains to interact with Injective - was passed. In addition, Injective has entered into a partnership with Fantom to accelerate the adoption of synthetic assets, allowing users to trade Fantom-based synthetic assets on Injective.
In October, Futureswap received US$12 million in Series A financing, and the beta version of the V4 main network was launched on Arbitrum, the Ethereum expansion network. In addition, Futureswap announced that it has cooperated with NFT index fund NFTX to launch NFT-based perpetual contracts. Users will be able to use perpetual contracts to go long and short NFTs. This product will first support CryptoPunks.
Mango Market, a decentralized cross-margin trading platform based on Solana, raised more than $70 million through the sale of MNGO tokens in August. *Mango Market belongs to the Serum DEX ecosystem. Last week, the Serum platform launched a $100 million liquidity mining plan.UniMex is a decentralized margin trading platform based on Uniswap. Allows users to open long and short positions based on Uniswap token pairs.
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No.2: The most anticipated, perpetual option
Compared with dYdX and Perpetual Protocol in the field of decentralized futures, there are no projects in the field of decentralized options that have really gained widespread attention. The main projects include Opyn, Hegic, Charm, Lyra Finance, Deri Protocol, etc.
Perpetual futures have developed very rapidly since they were founded by Bitmex in 2016. The current trading volume is close to 10 times that of expired futures (Tokeninsight 21Q2 report), and it still maintains a quarterly growth rate of more than 50%. The emergence of perpetual futures shows that the market recognizes simpler and easier-to-operate trading products. Perpetual options are equally significant for the decentralized options space. Hashkey's "Perpetual Derivatives Trends" published in October predicted that perpetual options will become an accepted tool for new traders in 2022-23.
Original report:
https://www.hashkey.com/industry-report-on-perpetual-derivatives-process-and-trend/?lang=zh-hans
Deri Protocol has launched the only perpetual option product. The concept of perpetual options was proposed by Sam Bankman-Fried, the founder of FTX, and Dave White, a researcher at Paradigm, an encryption investment agency, in May of this year. Deri is the first agreement to truly realize this product. over $115 million in transaction volume.
Opyn is a veteran option project. Paradigm, Dragonfly, 1kx, DTC Capital, and the founders of Synthetix and Aave all participated in the investment of the project. Since the second quarter of this year, the trading volume of Opyn has increased significantly. As of August 13, Opyn accounted for more than 94% of the options trading volume. This growth is attributed to the integration protocol Ribbon built on Opyn. An easy-to-understand yield product that addresses two of the challenges options face in DeFi — centralizing liquidity and catering to retail investors. Opyn provides a Perpetual Vault template where anyone can construct the option they want (any strike price, expiration date).
Hegic ($HEGIC) has also launched a decentralized option agreement for a long time, which solves the liquidity problem of option products through the liquidity pool. In August, it launched the V8888 version, which includes many new functions such as 0 transaction fees and lossless LP.
Lyra Finance is an L2 native option protocol, which relies on the Synthetix ecosystem and has been launched on Optimism Ethereum (OE).
Features introduction:
https://twitter.com/lyrafinance/status/1404589635867615233
The Charm protocol creates liquidity through AMM. Features include that the price is completely determined by supply and demand, does not rely on oracle pricing, and plans to launch Charm governance tokens in the future.
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No.3: The easiest to understand, leveraged tokens
A leveraged token is essentially a token with a leverage function, designed to provide leverage multiples of the underlying asset. Unlike leveraged trading, users do not need any collateral and maintenance margin, nor do they need to worry about the risk of being liquidated.
Each leveraged token corresponds to a basket of underlying positions. The underlying of the leveraged token is a cryptocurrency perpetual contract. There is no need to pay a margin and there is no risk of liquidation. For example, Alice bought a Long BTC 5x leveraged token. If BTC rises by 2%, the net value of the token will rise by 10%. Similarly, if you buy Short leveraged tokens, the spot price will fall, and the net value of tokens will rise.
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No.1: Market Data
Original report
Original report
https://insights.glassnode.com/the-week-onchain-week-43-2021/
According to data from Glassnode on October 28, the balance of Bitcoin held by exchanges continued to decline this week, and the balance has dropped to 2.474 million US dollars, returning to the level in August 2018. Since February 2020, the average outflow rate of Bitcoin has been $308,500 per month.
Glassnode data shows that on October 26, the number of addresses holding more than 100 bitcoins reached 16,200, a new high in nearly five months.
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No.2: Encryption project progress
#Ethereum#Smart contract platform
The Ethereum beacon chain has activated the Altair hard fork upgrade.
The lightweight blockchain protocol Mina launched the mainnet V1.2.0 stable version.
Moonbeam, the Polkadot smart contract platform, plans to integrate SushiSwap by November 1st using its own compatibility with Ethereum.
The stablecoin protocol Angle will launch the main network on November 3, and simultaneously launch governance tokens and liquidity.
OlympusDAO developers are about to launch Range, a stablecoin exchange protocol, to ensure that stablecoins can be exchanged 1:1 with each other.
The decentralized collaboration organization BanklessDAO intends to launch the Bankless DeFi Growth Index (GMI), a cryptocurrency index consisting of a series of small-cap DeFi tokens, including: OHM, SPELL, DYDX, PERP, CVX, RGT, TRIBE, TOKE, DPX , RBN, MPL, Visor and FLX.
The new card pack of NFT sci-fi card game Parallel was sold out within 1 minute.
The game Guild of Guardians will start a token sale on CoinList on November 10.
Blockchain media Decrypt announced the launch of media DAOPubDAO, an organization built by Decrypt and The Defiant, ACJR, and contributors from Friends with Benefits, Gitcoin, Collab.Land, Digitalax, API3 and other DAOs. PubDAO is a decentralized cryptocurrency news network, similar to the decentralized Associated Press.
TV and wireless service provider DISH Network announced a partnership with decentralized wireless communication network Helium to support an open source and low-cost wireless connectivity ecosystem.
The multi-chain wallet XDEFI plans to raise $12 million in IDO financing through the MISO platform, the native token is XDEFI, and the token economy is designed by Delphi Digital
The decentralized multi-chain wallet TokenPocket has obtained the MSB (Money Services Business) license issued by the US Financial Crimes Enforcement Network (FinCEN), and will fully expand overseas operations.
TrueUSD announced the launch of the incentive plan "Fountain Incentive Plan", which will introduce TrueUSD worth $1 billion and other assets into the DeFi ecosystem to support its development.
Decentralized trading platform Serum launched a $100 million liquidity mining plan.
Privacy public chain Findora plans to launch a $100 million ecosystem fund.
The swap proposal of FTX exchange token FTT and BitDAO’s governance token BIT has been approved. The specific plan is to exchange 100 million BIT (about 1% of the total) for 3.36 million FTT (about 1% of the total). Valued at approximately $180 million.
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#DeFi
#NFT/Game
#DAO
#Web3 infrastructure
#ecological incentive
No.3: CeFi·Traditional Finance·Large companies
Facebook changed its name to "Meta", and the company's stock symbol will also be changed to "MVRS" from December 1.
#service#channel
Facebook is integrating its payments and financial services units and related products under the Novi brand.
Goldman Sachs is offering The Block digital asset research report for free to its institutional clients.
The animation IP "Super Bear Buddy" will cooperate with the cross-chain NFT platform Spores Network to launch NFT collections.
Grayscale parent company DCG raised $700 million at a valuation of $10 billion, led by SoftBank Vision Fund II and Latin America Fund.
Financial services firm NYDIG has acquired British payments startup Bottlepay, which focuses on the Bitcoin Lightning Network, in a deal worth between $280 million and $300 million.
CoinList, a token issuance and financing platform, has completed a US$100 million Series A round of financing, which made CoinList's valuation reach US$1.5 billion. Accomplice and Agman jointly led the investment.
Encrypted trading platform Voyager Digital received a $75 million strategic investment from Alameda Research.
Bitcoin mining company Rhodium Enterprises submitted an IPO application to the US SEC, planning to raise $100 million.
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#NFT+
#CeFi#Listed Enterprise#Mining Enterprise#Finance#Acquisition
No.4: Crypto project investment and financing
#DeFi
Based on the Cosmos network DEXOsmosis completed a $21 million token sale financing, led by Paradigm.
Ardana, the Cardano ecological DeFi protocol, completed a strategic financing of US$10 million, led by Three Arrows and Ascensive Assets.
The Solana ecological lending agreement Solend has completed financing of US$6.5 million and will conduct IDO in early November.
Tulip, a Solana ecological revenue aggregator, has completed $5 million in financing, led by Jump Capital and Alameda Research.
Drift Protocol, a Solana ecological perpetual futures trading platform, completed a seed round of financing of US$3.8 million, led by Multicoin Capital.
Swivel, a DeFi interest rate derivatives agreement, completed a financing of US$3.5 million, with participation from IOSG Ventures and Multicoin Capital.
Unique Network, Polkadot's ecological NFT public chain, raised $11.3 million, led by Outlier Ventures
NFT game Sipher raises $6.8 million led by Hashed, Arrington Capital and Konvoy Ventures
Only1, the Solana ecological NFT social platform, has completed over US$3 million in financing and will launch the NFT market.
Metaverse project Treeverse announced the completion of a seed round of financing at a valuation of US$25 million, led by IdeoCo Labs and Animoca Brands.
*Treeverse is a 2D pixel-style MMORPG (massively multiplayer online game), founded by NFT investor Loopify and co-founder Aizea, the goal is to become an NFT chat place and gamify the social experience.
Mask Network received strategic investment from Arweave, and the two parties will exchange tokens.
Alchemy, a blockchain development platform, completed a $250 million Series C round of financing at a valuation of $3.5 billion, led by a16z.
Blockchain development platform QuickNode completed a $35 million Series A round led by Tiger Global.
Nameless, an NFT development platform, completed a $15 million financing at a $75 million valuation, led by Mechanism Capital.
Moralis, a blockchain development platform, has completed a seed round of financing of 11.5 million euros (about 13.455 million U.S. dollars), led by EQT Ventures.
Elementus, a blockchain data analysis company, completed a $12 million Series A round led by Velvet Sea Ventures to develop a data search and analysis platform.
Game developer ArenaX Labs has completed a $5 million seed round, led by Paradigm.
Blockchain game publisher Ex Populus has completed $3 million in financing, led by Animoca Brands.
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#NFT#GameFi
#Web 3.0 applications
#Infrastructure#Supporting services
#cryptofund
No.5: Regulatory/Security Incidents
The U.S. Department of the Treasury will grant the U.S. SEC regulatory authority over stablecoins.
On October 30, the decentralized trading protocol BXH was attacked and about $130 million was stolen.
Mortgage lending platform Cream Finance suffered another flash loan attack, losing about $117 million.
