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DeFi's total TVL has risen by ~25% since the beginning of the year, experiencing a 14% month-on-month growth in November.
Despite being constrained between $45-50B since last December, the current upward trend raises expectations of comfortably surpassing the $50B mark in the coming weeks and months.
Ethereum continues to dominate the field with over 56% of the total TVL, while Tron holds ~16%, and BNB Chain boasts just over 6%. Arbitrum (~4.5%) and Polygon (~1.8%) comprise the rest of the top five chains. Notably, four of the top ten chains by DeFi TVL are Ethereum Layer 2s.
Liquid staking emerges as one of the standout categories, with a TVL of $27B, where Lido is the leading player with over $20B in TVL. The Shanghai Upgrade, facilitating withdrawals of staked $ETH , contributed to Lido's growth from ~$12B in TVL to over $20B.
Other popular categories include lending ($19B), DEXes ($13B), and bridges ($13B)... #BTC #Eth #Dafi #altseaon
The Stablecoin Supply Ratio (SSR), a crucial metric indicating the purchasing power of stablecoins in comparison to Bitcoin, has experienced notable changes.
Calculated as Bitcoin Market Cap divided by Stablecoin Market Cap, the SSR provides insights into the balance between Bitcoin and USD supply and demand. A lower SSR suggests increased potential purchasing power for Bitcoin.
In October, the SSR exceeded its upper limit, signaling a potential oversupply of Bitcoin compared to stablecoins. Recent data indicates a renewed influx of stablecoins into Bitcoin.
This trend is supported by the Stablecoin Oscillator, a tool derived from the SSR. The Oscillator tracks the movement of the SSR's 200-day SMA within the Bollinger Bands.
The latest reading of the Oscillator is 3.42, slightly lower than the October peak of over 4.1. This uptick confirms the recent surge in stablecoin rotation into Bitcoin, notably observed during the latest price increase…
Gate.io is attributing a recent surge in trading volume, reaching $4B on December 4, to disruptions in clients' quant trading strategies caused by substantial market fluctuations.
The volume spike led to a dispute with the community behind the "animal token" $RATS, accusing Gate.io of fake transactions and calling for a boycott. The dispute emerged when the $RATS trading volume on Gate.io exceeded 880B, surpassing the total $RATS token supply.
Community members allege that Sesame Exchange, operating through the Gate.io platform, manipulated data to execute false transactions, causing dissatisfaction within the community.
Presented evidence suggests Sesame Exchange's alleged use of fabricated data, prompting a collective call for action to uphold market fairness. Users are urged to withdraw all assets stored on Sesame Exchange as part of this effort.
The community also initiated a boycott against Gate.io for alleged manipulation of trading volume...
In a double blow, both Heco Chain Bridge and KyberSwap fell victim to security breaches, resulting in a staggering total loss of $133M in various crypto assets.
The HTX exchange experienced a significant security breach when its bridge connecting to Ethereum was exploited, draining ~$87M in crypto assets. HTX Global's hot wallets also suffered losses, prompting a commitment from board member Justin Sun to compensate for the losses fully.
The Heco hack appears to be part of a broader pattern of security lapses associated with Justin Sun, who assumed control over the Huobi Eco Chain in October 2022. This incident follows a $100M exploit on Poloniex, another exchange owned by Sun.
Simultaneously, KyberSwap suffered its security incident, losing ~$46M in various crypto assets.
The DEX aggregator experienced a drain across Arbitrum, Optimism, Ethereum, Polygon, and Base. The KyberSwap exploit impacted its TVL, which plummeted by 68% within a few hours…
This past weekend, Bitcoin hit a new high of $41,700 for the year. This boost pushed Bitcoin into the world's most valuable asset group, showing how digital money is becoming more important in finance.
With a $813 billion market capitalization, Bitcoin is now worth more than Berkshire Hathaway and even Tesla, a big deal in the world of major tech stocks known as the "magnificent seven."
Meta, formerly known as Facebook, is now in ninth place with a value of $834 billion, just a little over Bitcoin. The next mark for Bitcoin is entering the trillion-dollar club alongside Apple, Saudi Aramco, and Gold.
Talking about precious metals, Gold started its day by almost reaching $2,150, a new high. But then it went back down to $2,068. So far this year, Gold has gone up by 12%.
On the other hand, Bitcoin has had a much bigger increase of 150%. This shows a big difference in how regular and digital things are regarding value…