Hotairballoon has selected important information, investment and financing conditions of the crypto market last week, as well as on-chain data of current popular tracks such as LSD and RWA. In addition, it has also counted projects with relatively large unlocking volumes recently for your reference.

1. Important information about the crypto industry last week

Take a quick look at important industry information of the week.

1. Policy/Regulation

1. Sichuan has rectified virtual currency "mining" in many places: one county has cleared 191 small hydropower-related equipment since 2021

On September 4, according to The Paper, many areas in Sichuan continued to carry out investigations and rectifications on virtual currency "mining" to prevent the resurgence of "mining". According to the official website of the Liangshan Prefecture Financial Work Bureau, in early August, it had conducted supervision and inspections on the investigation and rectification of hydropower stations' "mining", conducted re-inspections on virtual currency "mining" projects that had been confirmed to be shut down, and urged the townships affiliated with the hydropower stations to implement the responsibility system for rectification of virtual currency "mining" activities.

2. Japan’s Financial Services Agency submits a request for legislative changes to the government to promote cryptocurrency tax reform

According to Coinpost, the Japanese Financial Services Agency (FSA) has submitted a request for legislative changes to the government to advance the way domestic cryptocurrency companies are taxed. The FSA document states that the Ministry of Economy, Trade and Industry has also signed on to the reform. The new tax system for crypto assets (virtual currencies) requires revisions to corporate taxes.

3. India, the rotating chair of the G20, is negotiating a global framework for cryptocurrency rules

September 5th news, according to Reuters, Indian Finance Minister Nirmala Sitharama said at an event in Mumbai on Tuesday that a global framework for regulating crypto assets is being discussed, and cryptocurrencies cannot be effectively regulated without the cooperation of all countries.

4. El Salvador will introduce Bitcoin education in schools in 2024

On September 5, according to Cointelegraph, the El Salvador Ministry of Education has cooperated with the non-profit non-governmental organization Mi Primer Bitcoin/My First Bitcoin (MPB/MFB) to add Bitcoin (BTC) education to public school curriculum by 2024.

5. The U.S. House of Representatives Committee will re-discuss the digital dollar at a hearing on September 14

On September 8, Cointelegraph reported that according to a statement on September 7, the U.S. House of Representatives Financial Services Digital Assets, Financial Technology and Inclusion Subcommittee will hold a "Digital Dollar Dilemma" hearing on September 14 to discuss the issuance of CBDC and the impact of "private sector alternatives". About two weeks later, Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, will testify before the full committee. This hearing will be the first time in several months that a House committee has discussed issues related to the launch of a digital dollar in the United States.

6. Governor of the Reserve Bank of India: Plans to test more use cases of wholesale central bank digital currency

On September 6, according to Jinshi, the Governor of the Reserve Bank of India said that he plans to test more use cases of wholesale central bank digital currency. Before December this year, the goal is to achieve full interoperability between digital currency and unified payment interface QR code and reach 1 million digital currency transactions per day.

7. ARK Invest and 21Shares have submitted Ethereum spot ETF applications to the SEC

On September 7, according to CoinDesk, according to a document submitted to the U.S. Securities and Exchange Commission (SEC) on Wednesday, asset management companies ARK Invest and 21Shares have submitted an application for an Ethereum spot ETF. The fund, called "ARK 21Shares Ethereum ETF", will invest directly in ETH and trade on the Cboe BZX exchange.

8. US accounting regulators allow cryptocurrency holdings to be reported at fair value, or encourage institutions to hold cryptocurrencies

On September 7, The Block reported that the U.S. Financial Accounting Standards Board (FASB) has approved new rules that allow companies to report their cryptocurrency holdings at fair value. The new rules will be announced at the end of 2023 and take effect in 2025, but companies can apply them in advance. Packaged tokens are not subject to the new rules. Some professionals believe that the previous accounting measurement method is one of the biggest obstacles for institutions to hold cryptocurrencies, and cryptocurrencies need to be impaired. Fair value will encourage institutions to hold cryptocurrencies.

9. G20 leaders agree with FSB's recommendations on crypto asset regulation and will discuss the regulatory roadmap in October

On September 10, the Economic Times reported that the leaders of the G20 member countries agreed with the Financial Stability Board (FSB) on Saturday on the recommendations on the regulation and supervision of crypto assets and global stablecoin arrangements. The New Delhi Leaders' Declaration pointed out that the G20 will continue to pay close attention to the risks of the rapid development of the crypto asset ecosystem, and the G20 finance ministers and central bank governors will discuss the roadmap for advancement at the meeting in October 2023.

10. US CFTC Commissioner: Digital Asset Subcommittee will release regulatory standards recommendations on October 5

On September 7, according to Decenter, U.S. CFTC Commissioner Caroline Pham stated at the Korea Blockchain Week that the Digital Asset Subcommittee plans to develop digital asset regulatory standards within the next two years and will issue relevant recommendations on October 5.

11. Taiwan Financial Supervisory Commission may announce the "Guidelines for Managing Virtual Asset Platforms and Trading Businesses" by the end of this month

On September 7, according to Yahoo News, an official from the Taiwan Financial Supervisory Commission confirmed that in order to collect external opinions, the Financial Supervisory Commission has recently held a public hearing for industry players and is expected to officially announce the "Guidelines for Managing Virtual Asset Platforms and Trading Businesses (VASPs)" before the end of this month. Self-regulatory regulations will be further formulated by industry associations in the future.

12. The U.S. Treasury Department and IRS release proposals on reporting requirements for cryptocurrency brokers

On September 7, according to Cointelegraph, the U.S. Small Business Administration (SBA) Advocacy Office revealed that the U.S. Treasury Department and the Internal Revenue Service recently issued a proposal on reporting requirements for cryptocurrency brokers, requiring brokers known as "digital asset intermediaries" to provide information about gains and losses during the sale of crypto assets, but this requirement will take effect on or after January 1, 2026.

13. EU Financial Services Chief: Digital Euro should be the focus of the next European Commission

On September 7, Mairead McGuinness, the EU Commissioner for Financial Services, Financial Stability and Capital Markets Union, mentioned the digital euro in a speech at the Brussels think tank Bruegel. She said that the European Central Bank (ECB) will decide the fate of the project in October. Mairead McGuinness believes that there is no reason to rush to launch the digital euro before the next European elections in June 2024. In her opinion, the next European Commission should handle the CBDC project "quietly and slowly."

14. International Organization of Securities Commissions: The person in charge of DeFi projects should be found and regulated like traditional financial regulation

September 7 news, according to CoinDesk, the International Organization of Securities Commissions (IOSCO) said in a report released on Thursday that governments should figure out who is responsible for so-called decentralized financial applications and regulate them like normal financial market participants. The report said: "Regulatory approaches should be based on functionality to achieve regulatory outcomes of investor protection and market integrity that are the same or consistent with regulatory outcomes required in traditional financial markets."

15. The Hong Kong Web 3.0 Association recommends that the government set up a cross-departmental working group to study and implement supporting policies, laws and measures required for the development of digital assets.

On September 8, according to Hong Kong News Network, the chairman of the Hong Kong Web 3.0 Association, Norman Chan, submitted a proposal on behalf of the association for the Policy Address, proposing four suggestions: (1) Building an open permissioned blockchain public chain that is autonomous, controllable and trusted by the public in Hong Kong; (2) Improving the professional and technical level of Hong Kong's Web3.0; (3) Accelerating the implementation of Hong Kong's stablecoin; and (4) The government established a cross-departmental working group to make specific recommendations on existing laws, policies and measures.

16. Uzbekistan President signs amendments to crypto mining licensing legislation

On September 10, according to Forklog, the President of Uzbekistan signed legislative amendments that include crypto mining licenses. The statement said that the law is being supplemented and amended to establish new types and subtypes of licensed activities (crypto exchanges, mining pools, cryptocurrency storage and mining activities).

(II) Project Information

1. The dYdX community has passed the proposal of “V4 adoption and migration of DYDX to the dYdX chain”

On September 4, the Snapshot page showed that the dYdX community’s proposal on “V4 adoption and migration of DYDX tokens to the dYdX chain” was voted through with 100% support.

2. Lido’s Ethereum staking accounts for 32.7%, causing the community to worry about “weakening the decentralized characteristics of Ethereum”

On September 4, according to Decrypt, Dune Analytics data showed that the total value of ETH pledged last year increased by nearly 95%, from just over $22 billion to about $41.6 billion. Among them, Lido accounts for 32.7% of all ETH pledged on the market, almost four times the 8.7% of Coinbase, the second largest. Lido's dominance has caused some community members to worry, saying that Lido's growing influence is undermining the decentralized nature of Ethereum as a whole.

3. Matter Labs CEO proposes to establish an “Ethereum Supreme Court” mechanism to resolve on-chain disputes

On September 4, according to Cointelegraph, Matter Labs co-founder and CEO Alex Gluchowski proposed to set up an on-chain dispute resolution mechanism called the "Ethereum Supreme Court". This mechanism draws on the hierarchical court system in the real world and will serve as the final dispute arbitration institution on Ethereum, similar to the Supreme Court of the United States, but does not require users to resort to traditional lawyers or courts.

4. OKX: The application for Hong Kong license has entered the final stage and we hope to obtain the license in Q1/Q2 next year

On September 4, according to the Hong Kong Exchange News, OKX Global Chief Commercial Officer Jimmy Lai said that the preparation for OKX HK's application for a compliance license in Hong Kong has entered the final stage, and it is hoped that the license will be obtained in Q1/Q2 next year. In the first year thereafter, it may attract 100,000 to 200,000 Hong Kong retail investors.

5. ssv.network launches new testnet Jato-v2 and opens it to the public. Jato-v1 will be closed on September 18

On September 5, according to the official blog, Ethereum staking infrastructure ssv.network announced that the new testnet Jato-v2 has been launched and officially opened to the public. The testnet is the same as the version currently running on the mainnet, and has opened a test environment similar to the mainnet.

6. Vitalik: Future Ethereum upgrades may allow full nodes to run on mobile phones

On September 5, Ethereum co-founder Vitalk Buterin said during the Korean Blockchain Week: "In the long run, we have plans to maintain a fully verified Ethereum node that you can run on your mobile phone."

7. MetaMask launches the “Sell” feature to convert cryptocurrencies into fiat currencies

On September 5, MetaMask announced the launch of its latest feature "Sell", which allows users to exchange cryptocurrencies for legal tender through MetaMask Portfolio and send funds to bank accounts. The feature is currently available in the United States, the United Kingdom, and parts of Europe. It initially supports ETH on the Ethereum mainnet and plans to expand to native gas tokens on the Layer2 network soon.

8. LayerZero is launched on the Zora Network mainnet, and users can mint the commemorative NFT "LayerZero Zorb" for free

On September 5, LayerZero Labs tweeted that LayerZero has been launched on the Zora Network mainnet, and users can mint the commemorative NFT LayerZero Zorb for free. At the same time, applications built on LayerZero can be extended to Zora Network, and Zora Network developers can also integrate with other parts of the LayerZero network.

9. Coinbase launches crypto lending platform for institutional customers and has raised $57 million

On September 6, CoinDesk reported that Coinbase launched a new crypto loan service for institutional customers in the United States, helping to fill the gap left after the bankruptcy of companies such as Genesis and BlockFi. According to a document from the U.S. Securities and Exchange Commission (SEC), as of September 1, Coinbase had raised $57 million for the platform. According to a person familiar with the matter, customers can lend funds (mainly crypto assets) to Coinbase and obtain collateral exceeding the loan value.

10. dYdX will launch a decentralized order book exchange on Cosmos, and dYdX on Ethereum will be closed in a few months

On September 6, according to Cointelegraph, Charles d’Haussy, CEO of the dYdX Foundation, stated at the 2023 Korea Blockchain Week that dYdX plans to provide a “purely decentralized” order book exchange when migrating its ecosystem from the Ethereum network to the cross-chain network Cosmos.

11. Base Ecosystem Fund announces six investments

On September 8, Coinbase's L2 blockchain Base officially announced that its ecosystem fund Base Ecosystem Fund has completed investment in six projects, namely: Avantis, a synthetic derivatives protocol based on oracle, BSX, a decentralized limit order book, Onboard, an on-chain self-custody service (participated in a $1.9 million financing), OpenCover, an L2 insurance aggregator that cooperates with underwriters such as Nexus Mutual (participated in a $4 million seed round of financing), Paragraph, an on-chain creator platform, and Truflation, an on-chain financial oracle. Base said it will work with relevant teams to promote the development of the Base ecosystem and bring more builders and users to the chain.

12. MakerDAO once again increases $50 million in RWA assets through BlockTower Andromeda

According to Makerburn data on September 8, MakerDAO once again added $50 million in RWA assets through BlockTower Andromeda, mainly investing in short-term U.S. Treasury bonds. The annualized interest rate of this asset is 4.5%. In addition, the total assets of the current protocol RWA have reached $2.513 billion.

13. Stargate DAO has passed the proposal to "reduce the number of block confirmations and increase fees for the cross-chain bridge Aptos Bridge"

On September 8, the Snapshot page showed that Stargate DAO's proposal to "reduce the number of block confirmations and increase fees for the cross-chain bridge Aptos Bridge" was voted through with 92.21% support. The proposal stated that Stargate DAO already owns Aptos Bridge and has become the largest cross-chain bridge to Aptos, so the proposal will reduce the number of cross-chain block confirmations to 260 (about 1 minute). In addition, the proposal recommends charging a fee of 0.07% to prevent the cross-chain bridge from being used for free transfer.

14. Linea head: Ethereum EIP-4844 is expected to reduce rollup costs by 10 times

According to Cointelegraph, Nicolas Liochon, head of zkEVM Linea at Consensys, said that danksharding (EIP-4844) is expected to further reduce the cost of Rollup by 10 times. Proto-danksharding, also known as the Ethereum Improvement Proposal (EIP) identifier EIP-4844, aims to reduce the cost of Rollup, which usually batches off-chain transactions and data and submits computational proofs to the Ethereum blockchain.

15. Synthetix will extend the OP incentive program for perpetual contract transactions for five weeks

On September 9, the Synthetix Treasury Council announced that starting from September 13, the OP incentive plan for perpetual contract transactions will be extended for five weeks, with 100,000 OP distributed per week, for a total of 500,000 OP. The reward will be capped at the total fees generated.

16. Data: The total number of Ordinals inscriptions minted has exceeded 30 million

On September 10, according to Dune data, the total number of Bitcoin NFT protocol Ordinals inscriptions minted has exceeded 30 million, currently reaching 30,329,662, and the current total transaction fee is 1,998.1707 BTC (about US$51,681,834).

(III) Others

1. Aave, Circle, Coinbase and Base become founding members of the Tokenized Asset Alliance

On September 8, according to Cointelegraph, Aave, Centrifuge, Circle, Coinbase, Base, Credix, Goldfinch and RWA.xyz have formed the Tokenized Asset Alliance (TAC) and become the founding members of the alliance. However, any organization that agrees with the vision of "creating a unified financial system on the blockchain" can join the TAC charter.

2. Bloomberg: JPMorgan Chase is exploring blockchain-based payment and settlement systems

On September 8, Bloomberg reported that JPMorgan Chase is exploring a blockchain-based digital payment and settlement system. A person familiar with the matter said that JPMorgan Chase has developed most of the infrastructure for the project, which requires a digital deposit token, but the system cannot be advanced until it is approved by US regulators. Once approved, JPMorgan Chase can launch the project to corporate clients within a year.

3. Total cryptocurrency spot and derivatives trading volume shrank 11.5% to $2.09 trillion in August

According to CCData data on September 7, the total trading volume of cryptocurrency spot and derivatives shrank by 11.5% to $2.09 trillion in August. Spot trading volume on centralized exchanges fell for the second consecutive month, down 7.78% to $475 billion, the lowest level since March 2019. Derivatives trading volume fell by more than 12% to $1.62 trillion, the second lowest since 2021, and the share of derivatives in total market activity shrank to 77.3% for the third consecutive month.

4. Survey: Cryptocurrency market downturn and regulatory risks fail to stop asset management companies from investing in cryptocurrencies

September 7 news, according to CoinDesk, Coalition Greenwich, a subsidiary of Indian credit rating company Crisil, and crypto data provider Amberdata released a report on Wednesday showing that the vague regulatory environment and the sluggish crypto market have not curbed asset managers' interest in digital assets. The report, titled "Digital Assets: Managers Drive Data Infrastructure Demand," shows that almost half of the 60 buy-side professionals from U.S. and European asset managers and hedge funds surveyed between May and June are actively managing digital assets.

2. Investment and Financing Situation Last Week

1. DeFi

1. LSD platform Infinimos completed a $3 million seed round of financing with a valuation of $10 million, led by DG Capital

Infinimos, the Cosmos ecosystem liquidity staking derivatives platform, announced that it has completed a $3 million seed round of financing with a valuation of $10 million, led by DG Capital. The funds will be used to accelerate the development of the platform, expand the team and establish strategic partnerships.

2. Privacy DEX project Brine Fi completed $16.5 million in financing with a valuation of $100 million, led by Pantera Capital

According to CoinDesk, DEX project Brine Fi completed $16.5 million in financing with a valuation of $100 million. This round of financing was led by Pantera Capital, with participation from Elevation Capital, StarkWare Ltd, Spartan Group, Goodwater Capital, Upsparks Ventures, and Protofund Ventures.

3. Decentralized insurance distributor OpenCover completes $4 million seed round of financing, led by NFX and Jump Crypto

According to CoinDesk, OpenCover, a decentralized insurance distributor for cryptocurrencies and Web3 platforms, has completed a $4 million seed round of financing, led by NFX and Jump Crypto. Coinbase also invested $200,000 in the project to support its listing on Base.

2. Web3

1. Domain startup D3 Global completes $5 million seed round of financing, led by Shima Capital

Domain name startup D3 Global has completed a $5 million seed round of financing, led by Shima Capital, with participation from Arthur Hayes' Maelstrom, Lightshift, Dispersion Capital, VentureSouq, Infinite Capital, and Identity Digital founder Paul Stahura.

2. Web3 domain name and TLD provider Freename completes $2.5 million seed round of financing, led by Sparkle Ventures

Freename, a Web3 domain name and TLD provider, announced the completion of a $2.5 million seed round of financing, led by Sparkle Ventures, with participation from Blockchain Founders Fund, Golden Record Ventures, Abalone Asset Management and Sheikh Mayed Al Qasimi.

3. Story Protocol, an on-chain intellectual property agreement, completes $25 million in Series A financing, led by a16z crypto

According to Businesswire, the on-chain intellectual property agreement Story Protocol announced the completion of a $25 million Series A financing round, led by a16z crypto. Since then, Story Protocol's cumulative financing has exceeded $54 million.

4. Pop Social completes $4 million in financing, with Chainlink and others participating

Web3 AI social infrastructure platform Pop Social announced the completion of US$4 million in seed and strategic rounds of financing, with participation from Fundamental Labs, Ceras Ventures, Chainlink, Cointelegraph, Fusion Labs, Promatrix Capital, and angel investors from former Binance and OKX executives.

(III) NFT/chain games

1. BlockGames, a blockchain game project, completed its Series A financing and was selected into Google Cloud Web3 Entrepreneurship Program

The blockchain gaming project BlockGames was selected into the Google Cloud Web3 Startup Program and completed its Series A financing. The investors and specific financing amount have not yet been disclosed.

2. Indian gaming and sports media platform Nazara completes $49.2 million in financing and plans to invest in blockchain games

According to Techinasia, Nazara Technologies Limited, an Indian diversified gaming and sports media platform, has completed a $49.2 million financing round, with SBI Mutual Fund, SBI Magnum Global Fund and SBI Technology Opportunities Fund participating.

3. BulletChain, a blockchain game, has completed a $2 million private round of financing and will start internal testing on September 11

The blockchain game BulletChain announced that it has completed a $2 million private round of financing. The specific investors have not been disclosed. The new funds will be used to expand operations. In addition, BulletChain will launch a Beta test from September 11 to 18, and players can apply for the internal test through the application form.

4. GAM3S.GG (formerly Polkastarter Gaming) completed a $2 million seed round of financing, led by Mechanism Capital

Polkastarter Gaming announced that it has changed its name to GAM3S.GG, and announced that it has completed a $2 million seed round of financing, led by Mechanism Capital, with participation from Polygon, Double Peak, ArkStream Capital, LD Capital, ROK Capital, Hyperithm, Snackclub and Emurgo Ventures.

(IV) Asset Management

1. Crypto payment startup Kotani completes $2 million pre-seed round of financing, led by P1 Ventures

According to TechCrunch, crypto payment startup Kotani has completed a $2 million pre-seed round of financing, led by P1 Ventures, with participation from DCG/Luno, Flori Ventures and others.

2. Crypto lending company Trident Digital Group completes $8 million seed round of financing

Crypto lending company Trident Digital Group has completed an $8 million seed round of financing, led by WhiteStar Capital and New Form, with participation from CMT Digital, Joint Effects and Permit Ventures. Trident CEO Anthony De Martino was formerly the head of risk strategy at Coinbase, focusing on DeFi and derivatives trading.

3. RWA credit agreement Helix completed a $2 million pre-seed round of financing, led by Saison Capital and Superscrypt

According to The Block, RWA protocol Helix completed a $2 million pre-seed round of financing, led by Saison Capital and Superscrypt, and followed by Emurgo Ventures, Comma3 Ventures, Outlier Ventures, Emoote and others.

4. British digital bank Zopa completes £75 million financing, led by IAG SilverStripe

According to TechCrunch, British digital bank Neobank Zopa announced that it has completed $93 million (£75 million) in debt financing, led by IAG SilverStripe. As of now, the company's total financing amount has reached 530 million pounds.

(V) Others

1. Fintech platform GenTwo completes $15 million Series A financing, led by Point72 Ventures

Swiss fintech platform GenTwo has completed a $15 million Series A financing round led by Point72 Ventures. GenTwo will use the funds from this round of financing to grow and develop its platform internationally. GenTwo's PRO platform allows investors to securitize and market any asset or investment strategy in the form of bankable securities.

2. Chatbot service provider Glenen completes $4.9 million in financing, with participation from Coinshares, Solana Lianchuang and others

Chatbot service provider Glenen completed an oversubscribed financing of US$4.9 million, with participation from Slow Ventures, 6th Man Ventures, South Park Commons, Spartan Group and Coinshares. Angel investors included Solana co-founder Anatoly Yakovenko, former Chainlink COO Mike Derezin, decentralized investment protocol Syndicate co-founder Will Papper and ISM Angels.

3. Last week’s main track data

1. RWA

According to defillama’s statistics, the total TVL of the RWA track has reached 1.463 billion US dollars, an increase of more than 200 million from last week. The total locked volume (TVL) ranks 8th. Defillama has included 25 RWA protocols.

Among these RWA (real world asset) tokenization projects are U.S. Treasury tokenization and real estate tokenization.

According to data from the rwa.xyz platform, the scale of U.S. Treasury bond tokenization has reached US$630 million, with an average yield of more than 5%.

Among these U.S. Treasury tokenization projects, Franklin Templeton Benji Investments Market Cap on Steller has the highest market value, reaching US$283 million, with a yield of 5.19%.

MakerDAO

As of writing, the size of Dai in DSR has increased by 182 million from last week to 1.44 billion, a slight increase from last week. The total amount of Dai has increased to 5.33 billion, a slight increase from last week. Currently, DSR accounts for 24.5% of the total amount of Dai, and the DSR deposit rate is 5%.

Among them, sDAI was 899.7 million, a slight increase from last week.

Let’s take a look at the distribution of DAI.

The share of DAI in DEX and Lending has been declining since October 2022, while the holding rate of DAI in EOA accounts has been rising, reaching 54.8%, a slight decrease from last week. Since the DSR adjusted the interest rate, the share of DAI Savings has become larger and larger, currently reaching 22.9%, an increase of two percentage points from last week.

Currently, the ones with the highest proportion are: EOA, DAI Savings, and Bridge.

The TVL of Maker's own lending protocol Spark reached 670 million, a slight increase from last week.

According to dune platform statistics, RWA accounts for 58.1% of MakerDAO's revenue, which is a very high proportion. This is related to MakerDAO's vigorous layout in the RWA track, which is a slight increase compared to last week.

2. LSD

Currently, the amount of ETH staked in the beacon chain has reached 26.53 million ETH, a slight increase from last week, accounting for 22.07% of the total supply of ETH, and the number of nodes is nearly 830,000.

The current ETH staking yield is approximately 4.18%. As the quality increases, the yield is decreasing.

Among the three major protocols, in terms of ETH staking volume, Lido increased by 0.05% in a week, Rocket Pool increased by 1.31% in a week, and Frax decreased by 0.15% in a week.

Judging from the price performance of the three major protocols, LDO fell 3.3% in a week, RPL rose 6.62% in a week, and FXS price fell 0.15% compared with last week.

3. Ethereum L2

According to data from the l2beat platform, Ethereum Layer2 TVL has dropped by 1.21% in the past week and is currently at $9.42 billion. The decline in TVL is partly due to the drop in ETH prices.

In Ethereum Layer2, Arbitrum still has the highest TVL, accounting for 54.47%. The fastest growing one in recent times is of course Base. In the past week, TVL increased by 4.15% to US$386 million. Compared with last week, the growth rate has slowed down significantly.

4. DEX

TVL

According to data from defillama, the total locked value of the DEX track is US$11.8 billion, a slight decrease from last week.

Uniswap ranks the highest in terms of locked value, followed by Curve, PancakeSwap, Balancer, SUN and Sushi. The TVL of most DEXs has decreased compared to last week.

Among them, the DEXs with the highest TVL on the Ethereum mainnet are Uniswap, Curve, Balancer, Sushi, and Loopring.

The above are the top 6 DEXs in terms of TVL on Arbitrum, OP Mainnet, zkSync Era, Starknet, and Base chain.

The above are the top 6 DEXs in terms of TVL on other Layer1 chains.

Trading volume

The trading volume of decentralized exchanges (DEX) in the last 24 hours was nearly US$680 million, which was a decrease from last week. The total trading volume of global cryptocurrency exchanges in the last 24 hours was US$19.3 billion, of which DEX trading volume accounted for only 3.5%.

Among DEXs, the exchanges with relatively high trading volumes include Uniswap, ApeX, Pancakeswap, Ferro, etc.

5. Derivatives DEX

TVL

Judging from the data from defillama, the TVL of derivatives DEX has been declining recently. On the one hand, it is because of the drop in token prices, and on the other hand, it is because the overall trading volume of the derivatives track is declining.

In the derivatives track, GMX has the highest TVL, followed by dYdX, Gains Network, NUX Protocol, and ApolloX.

Trading volume

According to data statistics from the coingecko platform, the decentralized derivatives trading platform with the highest trading volume is dYdX, with a trading volume of US$250 million in the last 24 hours, followed by GMX, with a trading volume of US$79.39 million in the last 24 hours.

4. Recent Token Unlock

Recently, the token unlocking of 7 projects is worthy of attention. Among them, the unlocking amount of ApeCoin project token APE is relatively large. The amount of token unlocking this time reached 40.6 million US dollars, accounting for 11.02% of the APE token flow.