According to the on-chain analyst @ai_9684xtpa, as reported by Jinse Finance, 1CAT had a 10-fold increase in price at the opening. A smart investor, using the trading pair 1CAT/ETH, bought in at the opening and has already made a profit of $200,000. Using Banana Gun, the investor spent 603.13 ETH to buy 413 million 1CAT tokens (worth $1.33 million) at an average cost of $0.003216 per token. Within 40 minutes, the investor sold a total of 317 million tokens, receiving 597.35 ETH and still holding 86.4 million tokens with a profit of $BTC #opbnb

DeFiLlama data shows that the trading volume of DEX on the Ethereum chain on February 18 was US$1.043 billion, ranking first. In addition, the DEX trading volume on the Solana chain was US$581.61 million, ranking second; the DEX daily trading volume on the BSC chain was US$473.63 million, ranking third.
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Decentralized finance (DeFi) protocols play an integral role in user activity on blockchains today. For example, decentralized exchanges (DEXs) now constitute a significant percentage of overall crypto trading volume and are typically the primary source of user-generated transaction fees for smart contract platforms and their node operators. In 2024, memecoin trading has grown into a dominant driver of user attention and onchain activity, further underscoring the utility of DEXs and other DeFi protocols that provide permissionless access to core financial services.
One of the key challenges for DeFi protocols is the retention of user capital, which serves a vital role in the product experience for other users. On DEXs, deep liquidity enables tighter price spreads and lower slippage for trades. On lending protocols, more liquidity means more attractive rates for borrowers and better capital efficiency for lenders. Liquidity also has a self-perpetuating effect; lower trading fees and borrowing costs attract more volume, generating higher yields for liquidity providers (LPs), which in turn attracts more liquidity, further reducing user costs, and so on. Today’s DeFi landscape is more competitive than ever, with different ecosystems constantly vying for liquidity fractured across protocols and blockchains. In this report, we explore the state of the Avalanche AVAX
+0.74%
DeFi ecosystem, currently bolstered by the Avalanche Foundation’s BOOST campaign intended to incentivize DeFi liquidity throughout the ecosystem.
BOOST Campaign
The BOOST campaign is an incentive program designed to reward users and LPs across key DeFi protocols in the Avalanche ecosystem. Protocols participating in the program include the DEXs Trader Joe, GMX, and Pharaoh, and WooFi,  the Benqi lending protocols Aave and Benqi, and the DeltaPrime leveraged yield farming protocol. Each protocol manages individual strategies for the distribution of AVAX token incentives provided by the Avalanche Foundation through the BOOST campaign, which began in July 2024 and is expected to last through October.
The BOOST campaign is reminiscent of the Avalanche Rush incentive program launched back in August 2021, which played a major role in pushing the Avalanche ecosystem’s TVL to its all-time high (ATH) of ~$11.4 billion in November 2021. Earlier this year, the Avalanche Foundation launched the Memecoin Rush incentive program that specifically targeted memecoin liquidity, whereas the BOOST program is catered more towards improving liquidity for well-established assets like BTC.b, USDC, USDT, etc. As of this writing, TVL on Avalanche sits at ~$980 million, up by ~$137 million since the start of 2024 and down slightly from its year-to-date (YTD) peak of ~$1.27 billion.

Since the beginning of July, TVL has risen by ~$249 million for a gain of ~34%, suggesting that the BOOST campaign has had a positive effect on the Avalanche ecosystem’s overall liquidity. TVL is also up by ~22% when denominated in AVAX over this period, implying that the liquidity increase is likely due to an influx of capital rather than the price appreciation of existing liquidity alone.
Lending & Yield Aggregation
TVL in the Avalanche ecosystem is largely dominated by its two largest lending protocols, Aave V3 and Benqi, which collectively make up ~63% of overall TVL. Aave initially distributed BOOST rewards in select lend/borrow markets for a limited period in late July, which are slated to return in the coming weeks, while Benqi has continued to offer both lender and borrower incentives as of this writing. The effect of these contrasting strategies is clear when comparing TVL growth between the two protocols in recent months. Since the beginning of July, Aave’s TVL has increased by ~34%, while Benqi’s has increased by ~54% over the same period, highlighting the impact of incentives on capturing liquidity.
Incentivized liquidity in lending markets can also create a trickle-down effect for yield aggregators and leveraged farming protocols, which typically allow users to further increase their effective yield by borrowing against their incentivized, yield-bearing assets and re-depositing them via automated “looping” strategies. For instance, Yield Yak takes advantage of Benqi’s BOOST participation to maximize native yield from lending, as well as the incentivized yield from both borrowing and lending. As a BOOST partner, DeltaPrime is able to maximize net yields for users even further by offering additional AVAX incentives for depositors in its leveraged farming strategies.

This multi-layer incentive structure has been especially beneficial for DeltaPrime, which has seen its TVL grow by ~179% since the start of July as of this writing. It is worth noting that while leveraged farming protocols contribute to deeper liquidity within DeFi ecosystems, they also introduce additional risks for users due to the use of leverage and the integration of multiple protocols, each with its own underlying safety assumptions. Recently, on September 16th, DeltaPrime’s Arbitrum deployment was exploited for ~$6 million due to a private key compromise, incurring losses for users who would have otherwise been unaffected if they had only used the underlying protocols. Thus far, the exploit does not seem to have impacted DeltaPrime on Avalanche, which has a time lock on contract owners as an extra safety feature.
DEXs
Aside from lending protocols, perhaps the most important sources of liquidity in the Avalanche ecosystem are its DEXs, which are essential for facilitating trading both on the C-Chain and on Avalanche subnets. Trader Joe is the most dominant DEX in the Avalanche ecosystem in terms of both liquidity and volume and is a key participant in the ongoing BOOST program. AVAX rewards are distributed to LPs for select pools on Trader Joe and are adjusted weekly in terms of amount and pool allocation.

Based on on-chain data visualized in the chart above, we can see that Trader Joe has distributed an average of ~3082 AVAX, equivalent to ~$75.4K per week in BOOST incentives since the start of the program in early July. This amounts to a total of ~33.9K AVAX, or ~$830k, in incentives distributed to LPs on the platform thus far. Incentives were initially allocated to 13 liquidity pools in the first week of the program and have since been expanded to 19 pools, including stablecoins, wrapped L1 tokens, liquid-staking tokens (LSTs), and long-tail assets. The Trader Joe team’s strategy for the BOOST campaign is centered around incentivizing its concentrated liquidity pools, with rewards only accruing to positions within active price ranges. In theory, this encourages LPs to set tighter price ranges for liquidity, which should result in lower slippage for users as well.

Trader Joe’s BOOST incentives are mostly targeted at stablecoin pairs, with the USDT-USDC pool receiving the largest allocation of AVAX for the week of September 16th. The five pools receiving the 2nd-largest allocation for the week include two stablecoin pairs (AUSD-USDT and AUSD-USDC), two BOOST participant token pairs (QI-AVAX and JOE-AVAX), and one memecoin pair (COQ-AVAX). Agora Dollar (AUSD) is a fiat-backed stablecoin launched by the asset-tokenization protocol Agora and has already grown to a market cap of ~$21 million in the Avalanche ecosystem since deploying there on August 27th, thanks in part to its partnership with Trader Joe and Benqi. If we break down Trader Joe’s BOOST distribution further from the perspective of rewards yield, we can see how Trader Joe’s strategy also aims to support the growth of key tokens in the ecosystem that have relatively less liquidity.
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Among pools with at least $100K in liquidity (thus excluding low-liquidity memecoins), the AVAX-BTC.b and sAVAX-AVAX pairs are receiving the most incentives relative to pool liquidity for the week of September 16th. This points to a deliberate effort to improve liquidity for liquid-staked AVAX (sAVAX) and Bitcoin (BTC.b) in the Avalanche ecosystem. Overall, the BOOST campaign appears to have been beneficial for liquidity on Trader Joe, with TVL growing by ~$27.3 million since the start of July, for a gain of ~38%.

GMX, another popular DEX on Avalanche, has also benefited from its participation in the BOOST campaign over the past ~2.5 months. GMX offers AVAX incentives for 10 liquidity pools on its platform, in addition to reduced trading fees for the duration of the program. Since the start of July, TVL in GMX has grown by ~$16.6 million for a gain of ~32%.

One of the smaller exchanges in the Avalanche ecosystem, Pharaoh, has seen an outsized benefit from incentivizing liquidity through the BOOST program. Although its current TVL of ~$15.9 million is several times lower than Trader Joe’s, it has grown by ~$14.3 million for a gain of ~863% since July alone. Pharaoh represents an interesting case where incentives can be especially effective due to the exchange’s lesser popularity in the ecosystem, which likely received a boost from its partnership with the Avalanche Foundation as well.
Taking a look at monthly volumes across spot DEXs on Avalanche also reveals that Pharaoh has been able to grow its market share from just ~1.2% in January to a high of ~9.4% in July and ~8.2% in August. As of now, Trader Joe continues to dominate the market in terms of trading volumes, reaching consecutive YTD highs of ~68.4% and ~73.8% in July and August, respectively.

Monthly DEX volumes in the Avalanche ecosystem remain well below their March peak of ~$9.3 billion, but August’s total of ~$2.8 billion marks the highest monthly volume since the start of Q2 2024, which can likely be attributed to the BOOST program’s liquidity incentivization beginning in July, at least in part. One DEX that appears to have been negatively impacted by the increased trading volume on Avalanche C-Chain is Dexalot, which runs on its own Avalanche subnet.

In June, DEX volumes on Dexalot reached a peak of ~$478 million, surpassing all other DEXs on Avalanche C-Chain with the exception of Trader Joe. With the launch of the BOOST campaign in July, Dexalot’s volumes have since declined noticeably, with a total of ~$398 million in July and ~$195 million in August. In this case, the recent shift in user attention to C-Chain DEXs may have played a role in this decline, which is further exacerbated by the fragmentation of liquidity between C-Chain and the Dexalot subnet. Still, Dexalot’s ability to maintain relatively high DEX volumes in the past few months - with the help of ongoing incentives from the Avalanche Foundation and Benqi - is an indication that subnets may start to play a larger role in the broader Avalanche ecosystem in the future.
Stablecoins
One final indicator worth examining is the supply of stablecoins in the Avalanche ecosystem. Since the beginning of July, Avalanche’s stablecoin market cap has grown from ~$1.69 billion to ~$2.14 billion as of this writing for a gain of ~27%, or ~$458 million.

This growth is a notable sign of new capital inflows to the Avalanche ecosystem, given that USD-backed stablecoins like USDT and USDC are the most common unit of account amongst crypto traders and users in general. As such, stablecoins are also a key component of liquidity in DeFi and serve as a useful indicator of ecosystem stability and user interest. Overall, the Avalanche Foundation’s BOOST program appears to have played an important role in supporting liquidity within the Avalanche ecosystem in recent months based on the metrics discussed in this report. The continued influx of stablecoins - largely consisting of USDT and USDC - only provides further confirmation of the program’s impact.
Incentives can be a highly effective way to attract user attention and capital, but the most important factor going forward is whether the Avalanche ecosystem can continue to sustain and grow its overall liquidity, especially if incentives start to wind down over time. As we have seen with protocols like Trader Joe, it will be important for teams to be strategic and adaptive with respect to the amount of incentives given, as well as the assets and users they intend to support with incentives. Ultimately, one of the key goals for the Avalanche ecosystem in the coming months will be to build enough stable liquidity across its many DeFi protocols such that it can become self-reinforcing and conducive to further user growth over the long term.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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According to market news, the Montenegro court cancelled Do Kwon's extradition approval.
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OpenAI founder Sam Altman and Argentine President Javier Milei met in San Francisco to discuss Worldcoin’s investments in the South American country, among other things.
On Wednesday, two of the project's main backers, Tools for Humanity co-founders Sam Altman and Alex Blania, met with Argentine President Javier Milei. Tools for Humanity, co-founded by Blania and OpenAI CEO Altman, is the lead developer behind the Worldcoin project. "During the meeting, the Worldcoin team discussed advances in AI, how to prepare humanity for AI, and its potential investments in Argentina," said Blania.

According to Adam, a macro researcher at Greeks.live, who wrote on the X platform, "Affected by BTC hitting a new high this year, BTC and ETH block trading has resumed, with block trading accounting for more than 40% today and a total nominal value of more than $1 billion. Among them, pure buying accounts for the largest proportion, and large investors have rekindled their confidence in the bull market. But it is worth noting that IV has not increased significantly, and the sustainability of this market may not be enough."
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Digital marketing platform Mailer Lite issued an email alert stating that a support team member clicked on a phishing link, entered Google credentials and performed a secondary confirmation, allowing hackers to gain access to Mailer Lite's internal systems.
After gaining access, the attackers performed password resets for specific users on the admin panel, further solidifying their unauthorized control. The attackers impersonated user accounts and focused entirely on cryptocurrency-related accounts. The attackers accessed 117 accounts, and a small number of accounts were used to launch phishing campaigns using personal information.

The Hyperverse cryptocurrency investment plan collapsed recently, and reports indicate that its CEO may not exist. After the scam came to light, issues involving Hyperverse's operations and credibility came under scrutiny. Questions about the CEO's authenticity have raised concerns and questions about the overall operations and credibility of the Hyperverse. (bitcoin.com) #opbnb

In the world of modern technology, blockchain stands out as a revolutionary innovation with the power to reshape industries, improve security, and redefine the way we transact and trust. This article delves into the inner workings of blockchain technology, its applications, and the transformative impact it has on our digital landscape. What is Blockchain? At its core, blockchain is a decentralized and distributed ledger technology. It consists of a chain of blocks, each of them containing a record of multiple transactions. These blocks are linked in chronological order, forming an immutable and unalterable chain.Key Components of Blockchain:1. Decentralization: Unlike traditional centralized systems, blockchain operates on a network of computers (nodes) where no entity has complete control. This decentralization improves security and reduces the risk of a single point of failure.2. Cryptography: Strong cryptographic algorithms secure the data within each block. Transactions are recorded in a manner that ensures that they cannot be altered retroactively.3. Consensus Mechanisms: To validate and add new transactions to the blockchain, participants must agree on their validity. Various consensus mechanisms, such as Proof of Work (PoW) and Proof of Stake (PoS), ensure trust in the network. Applications of Blockchain:1. Cryptocurrencies: Blockchain technology gave rise to Bitcoin, the pioneer cryptocurrency. It allows secure and transparent digital transactions without the need for intermediaries such as banks.2. Smart Contracts: These self-executing contracts with predefined rules and conditions automate various processes, from insurance payments to supply chain management.3. Supply Chain Management: Blockchain can track the journey of products from manufacturer to consumer, ensuring transparency, authenticity and reducing fraud.4. Health: Patient data can be securely stored and shared between healthcare providers, maintaining privacy and security.5. Voting Systems: Blockchain has the potential to create secure and verifiable digital voting systems, improving electoral integrity.6. Intellectual Property: Artists and creators can protect their work by timestamping it on the blockchain, demonstrating its originality and ownership.The Impact of Blockchain:1. Security: The immutability and transparency of blockchain make it resistant to fraud and hacking. Data breaches become less likely in decentralized systems.2. Trust: Blockchain eliminates the need for intermediaries in transactions, reducing the risk of manipulation or fraud. This builds trust in digital interactions.3. Financial Inclusion: Blockchain can provide financial services to unbanked or underbanked populations, granting access to banking services and economic opportunities.4. Efficiency: Transactions and processes are simplified, reducing costs and delays. For example, cross-border payments can become almost instantaneous.Challenges and Considerations:1. Scalability: As blockchain networks grow, scalability issues must be addressed to maintain speed and efficiency.2. Energy Consumption: Proof-of-Work blockchains can be energy intensive, which has led to the exploration of greener consensus mechanisms.3. Regulation: Governments and regulatory bodies are developing legal frameworks to govern blockchain, addressing concerns such as taxation and legality. The Future of Blockchain: The potential of blockchain technology is limitless. It is not only a disruptive force in finance and cryptocurrencies; It is a transformative technology that has applications in various sectors. As innovation continues, we can expect to see blockchain play an increasingly significant role in our lives, revolutionizing the way we transact, communicate and trust in a digitally interconnected world.In conclusion, blockchain technology is a digital wonder that offers a secure and transparent way to carry out transactions and manage data. Its impact on industries and society is profound, and as it continues to evolve, it promises a future where trust and efficiency are paramount in our interconnected world. #opbnb #Layer2 #crypto2023 #BTC

According to official news, Telegram has added paid emoji responses to posts. Users can now respond to posts with star emojis to send Telegram Stars to their favorite channels and content creators.
Channel owners receive 100% of Telegram Stars and can convert them into Toncoin cryptocurrency rewards or subsidies.
If the channel owner wants to enable star reactions on posts, he needs to enable it in "Channel Settings" > "Emoji Reactions" > "Enable Paid Reactions". #opbnb

The blockchain game Heroes of Mavia announced on the X platform that the second phase, Next Frontier, will be launched on June 14.
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SUI is a 140% surge in LightCoin and is a layer-like blockchain that solves scalability and speed issues. #opbnb

Bitcoin-listed index funds are losing the most money in four months as the price of bitcoin continues to fall and looks set to fall further on concerns about an economic slowdown.

According to Chainalysis analyst Yu Jin, a whale who frequently trades ETH in full positions bought 3017 ETH at a price of $3,371 on March 24th and did not sell it in the short term. Instead, they held onto it for 20 days until last night, when they sold the 3017 ETH at a price of $3,396 before the market fell (00:39) and received 10.24 million USDT, successfully avoiding the downturn and making a profit of 74,000 USDT. It is reported that the whale's biggest profit came from buying and holding 3266 ETH from March of last year until March of this year, with a profit of about 6.48 million USDT.
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Jack Kong, founder of Nano Labs and director of Hong Kong Cyberport Management Company Limited, wrote on the X platform that Hong Kong is the core hub of the Bitcoin ecosystem. The East and the West are working together to promote the development of this round of Bitcoin ecosystem. The Bitcoin ecosystem will give birth to the king of memes. The prosperity of the first layer will give rise to opportunities for the second layer.
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