Layer2 Battle: Can Optimism Win?

Ethereum is the world’s first self-maintaining financial system. That's a big deal.

Ethereum's Internet Industrial Revolution

It’s here! We are excited to announce that Aave Protocol V3 has been deployed on Ethereum Mainnet, Aave’s first and largest market.

<p>It&rsquo;s here! We are excited to announce that Aave Protocol V3 has been deployed on&nbsp;<a href="https://app.aave.com/" target="_blank" rel="noopener noreferrer">Ethereum Mainnet</a>, Aave&rsquo;s first and largest market. V3 is the most significant upgrade to the Aave Protocol to date, and is the result of the Aave community&rsquo;s relentless pursuit of security, capital efficiency and risk management.&nbsp;</p>
<p>V3 was first deployed in March 2022 across six networks, including Polygon, Avalanche, Arbitrum, and Optimism. Having been tested on these networks, this week&nbsp;<a href="https://app.aave.com/governance/proposal/?proposalId=147" target="_blank" rel="noopener noreferrer">Aave Governance voted</a>&nbsp;to deploy V3 on Ethereum Mainnet.</p>
<h3>Why V3?</h3>
<p>Aave V2 launched in December 2020, building on its predecessor V1. The exponential growth of the DeFi ecosystem led the Aave team to focus on Aave V3, introducing important new risk mitigation features and improved capital efficiency. In just over 2 years since V3 launched, the Aave Protocol has ~$6.5B TVL (Total Value Locked as of January 27th, 2023) across Aave Protocol V2 and V3 markets.</p>
<p>V3 was designed with a flexible architecture for increased composability, and made it possible to build a variety of innovative features on top of the protocol such as new risk management tools that provide additional security and stability. Examples include&nbsp;<a href="https://docs.aave.com/developers/whats-new/supply-borrow-caps" target="_blank" rel="noopener noreferrer">Supply and Borrow Caps</a>&nbsp;and Risk and Listing Admins. Aave V3 also improves capital efficiency and decentralized liquidity while lowering gas fees 25 percent.</p>
<h3>High Efficiency Mode</h3>
<p>Also known as&nbsp;<a href="https://docs.aave.com/faq/aave-v3-features#high-efficiency-mode-e-mode" target="_blank" rel="noopener noreferrer">&ldquo;E-Mode&rdquo;</a>, users have access to higher borrowing power when the collateral they provide is correlated with the asset they are depositing and now borrowing, allowing users to extract the most out of their collateral and improved capital efficiency</p>
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<p>E-Mode is possible when supplied and borrowed assets are correlated in volatility, particularly when both assets are within the same category, for example stablecoins pegged to USD. Let&rsquo;s look an example:</p>
<p>If a user supplies staked ETH (stETH) and would like to borrow ETH, as they are the same asset, the volatility is linked. In Aave V2, the user will now have a borrowing ratio of 82.5%. Whereas in V3, the user has access to E-Mode, allowing the user to have an increased borrowing power of up to 97% as the assets are linked.</p>
<h3>Isolation Mode</h3>
<p>Assets listed in this mode are segregated from main asset liquidity. Assets can be supplied as collateral and used only to borrow stablecoins, unlocking listings for less liquid assets without impacting the main market. Liquidity risks can be siloed as&nbsp;<a href="https://docs.aave.com/faq/aave-v3-features#isolation-mode" target="_blank" rel="noopener noreferrer">Isolation Mode</a>&nbsp;allows for more assets to be listed on Aave as collateral while maintaining the security of the protocol.</p>
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<p>Borrowers supplying an isolated asset as collateral cannot supply other assets as collateral (though they can still supply to capture yield). Borrowers using an isolated collateral can only borrow stablecoins that have been permitted by the Aave Governance to be borrowable in isolation mode, up to a specified debt ceiling.</p>
<h3>Gas Optimization</h3>
<p>Gas costs of all the functions are reduced by around 25% across the board! The upgrade to the protocol comes with great logic improvements making the&nbsp;<a href="https://github.com/aave/aave-v3-core" target="_blank" rel="noopener noreferrer">code</a>&nbsp;more readable, modular and optimized. In addition, it adds a new simplified version of the&nbsp;<a href="https://docs.aave.com/developers/core-contracts/pool#flashloan" target="_blank" rel="noopener noreferrer">flashLoan function</a>, that allows the user to flashloan a single asset with minimized gas costs. This optimization ultimately benefits users, allowing for lower-cost interactions with the Aave Protocol.</p>
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<p>For more details on Aave V3 features, please read the&nbsp;<a href="https://github.com/aave/aave-v3-core/blob/master/techpaper/Aave_V3_Technical_Paper.pdf" target="_blank" rel="noopener noreferrer">Technical Paper</a>&nbsp;or&nbsp;<a href="https://docs.aave.com/developers/getting-started/readme" target="_blank" rel="noopener noreferrer">Developer Documentation</a>. The list of Aave Ethereum V3 addresses can be found&nbsp;<a href="https://docs.aave.com/developers/deployed-contracts/v3-mainnet" target="_blank" rel="noopener noreferrer">here</a>.</p>
<p>We are incredibly excited to see users of the Aave Protocol take advantage of these exciting new features through V3 on Ethereum Mainnet!</p>
<h3>V3 Migration Tool</h3>
<p>If you would like to move your assets from Aave V2 to Aave V3, you can now use the V3 migration tool!</p>
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<p>The migration tool assists and guides you to migrate your positions from V2 to V3 in a single transaction on the V2 dashboard.</p>
<p>All you need to do is:</p>
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<li>
<p>Select the supply and borrow prepositions you would like to migrate</p>
</li>
<li>
<p>Click &lsquo;Preview tx and migrate&rsquo;</p>
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<p>Sign approval for each position*</p>
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<p>Submit migration transaction</p>
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<p>If you have open positions, the migration tool will inform you of your new Health Factor on both V2 and V3. Please be mindful of this new Health Factor to mitigate liquidation risks.</p>
<ul>
<li>Each supply position requires approval to the migration contract to transfer aTokens, and each borrow position requires approval of credit delegation for the migration contract to execute the borrow on your behalf in V3. Both approvals can be performed via signed message or an approval transaction.</li>
</ul>
<p>Complex operations on the Ethereum blockchain can be costly. If you have lots of assets borrowed and deposited into V2 on Mainnet, you can migrate them in several batches. However, it is recommended to migrate no more than 5 assets in a single migration transaction.</p>
<p>You are not required to migrate your V2 assets if you do not wish to. The V2 contracts are always running and will remain accessible in the future.</p>
<p>The migration tool uses a combination of credit delegation and flashloans to migrate positions. The tool takes users supplied assets, borrowed positions, amounts and debt types from Aave V2. Using flashloans and credit delegation, the debt is repaid on V2, and the same positions and amounts are borrowed on behalf of the user on V3, leaving the user debt on V3.</p>
<p>If you would like to see the technical implementation, you can find the migration tool contract&nbsp;<a href="https://github.com/bgd-labs/V2-V3-migration-helpers/blob/main/src/contracts/MigrationHelper.sol" target="_blank" rel="noopener noreferrer">here</a>.</p>
<p><strong>Deployed Migration Contract Addresses</strong></p>
<p>Polygon: 0x3db487975aB1728DB5787b798866c2021B24ec52</p>
<p>Avalanche: 0xf50a080aC535e531EC33cC05b227E910De2fb1fA</p>
<p>Mainnet: 0xB748952c7BC638F31775245964707Bcc5DDFabFC</p>
<h3>Audits</h3>
<p>The Aave V3 code &ndash; public and available on&nbsp;<a href="https://github.com/aave/aave-v3-core" target="_blank" rel="noopener noreferrer">GitHub</a>&nbsp;&ndash; was audited by leading security firms to ensure that any vulnerabilities discovered were immediately resolved, and any risks mitigated. Audits were conducted Sigma Prime, Trail of Bits, Open Zeppelin, ABDK, and PeckShield, in addition to undergoing formal verification by Certora. Reports can be found&nbsp;<a href="https://github.com/aave/aave-v3-core/tree/master/audits" target="_blank" rel="noopener noreferrer">here</a>.</p>
<blockquote>
<p><em>&ldquo;V3 has been deployed and tested on DeFi&rsquo;s fastest growing networks, and we are excited for it to finally be available on Ethereum Mainnet, Aave&rsquo;s first and largest market. The most exciting aspect of V3 is its flexible design, which enables a variety of new risk mitigation features, and its improved capital efficiency and decentralized liquidity &ndash; all while reducing gas costs. The Aave Protocol continues to be at the forefront of DeFi innovation.&rdquo; -</em>&nbsp;<strong>Stani Kulechov, Founder and CEO of Aave Companies</strong></p>
</blockquote>

Aave V3 Ethereum Mainnet Launch

The Creator Economy

The APT token is up a remarkable 350% since the start of the year. Why? Here's what the available data shows.

<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body">No cryptocurrency or token has climbed more in the past day or week than Aptos, according to CoinGecko.</p>
<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body">The Aptos blockchain&rsquo;s native coin, APT, has more than doubled its price in the past seven days and climbed 47%, to $18.46, in the past day alone. Since the start of the year, Aptos has soared 350%. Why?</p>
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<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body">It's difficult to pinpoint a precise reason, but data shows that about half of APT&rsquo;s $2 billion volume in the past day has come from the&nbsp;<a class="sc-adb616fe-0 ePvUAp" href="https://upbit.com/exchange?code=CRIX.UPBIT.KRW-APT" target="_blank" rel="noopener">South Korean won trading pair</a>&nbsp;on Singapore-based exchange UpBit, according to CoinGecko. At the time of writing, APT was priced at $18.63 on UpBit.</p>
<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body">That&rsquo;s almost $0.50 more than it&rsquo;s selling for on Binance and on most other exchanges and a sign that at least a portion of the activity stems from&nbsp;<a class="sc-adb616fe-0 ePvUAp" href="https://decrypt.co/103081/how-arbitrageurs-are-making-money-in-the-crypto-crash" target="_blank" rel="noopener">arbitrage trades</a>. Simply put, arbitrage traders profit from price discrepancies. They buy at the lowest available price and sell at the highest price they can get.</p>
<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body">South Korean exchanges so frequently list crypto assets at higher prices than their global counterparts that the difference has been dubbed the &ldquo;<a class="sc-adb616fe-0 ePvUAp" href="https://decrypt.co/105964/south-korean-authorities-launch-probe-bitcoin-kimchi-premium" target="_blank" rel="noopener">Kimchi premium</a>.&rdquo; Just last year, the Seoul Central District Prosecutor&rsquo;s Office opened an investigation into 2 billion Korean won worth of illegal remittances generated by arbitrage traders taking advantage of it.</p>
<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body">It&rsquo;s also worth noting that while Aptos is still only the 20th largest DeFi ecosystem, according to DeFi Llama, it has grown significantly in the past month. The DeFi volume on Aptos went from $14 million last month to $51 million in January&mdash;and the month isn&rsquo;t even over yet.</p>
<figure class="w-full max-w-full mt-4 overflow-hidden"><img class="object-contain absolute inset-0 box-border p-0 border-0 m-auto block w-0 h-0 min-w-full max-w-full min-h-full max-h-full" src="https://img.decrypt.co/insecure/rs:fit:1536:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2023/01/aptos-defi-volume.png@webp" sizes="(min-width: 640px) 950px, 384px" srcset="https://img.decrypt.co/insecure/rs:fit:16:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2023/01/aptos-defi-volume.png@webp 16w, https://img.decrypt.co/insecure/rs:fit:32:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2023/01/aptos-defi-volume.png@webp 32w, https://img.decrypt.co/insecure/rs:fit:48:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2023/01/aptos-defi-volume.png@webp 48w, https://img.decrypt.co/insecure/rs:fit:64:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2023/01/aptos-defi-volume.png@webp 64w, https://img.decrypt.co/insecure/rs:fit:96:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2023/01/aptos-defi-volume.png@webp 96w, https://img.decrypt.co/insecure/rs:fit:128:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2023/01/aptos-defi-volume.png@webp 128w, https://img.decrypt.co/insecure/rs:fit:256:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2023/01/aptos-defi-volume.png@webp 256w, https://img.decrypt.co/insecure/rs:fit:384:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2023/01/aptos-defi-volume.png@webp 384w, https://img.decrypt.co/insecure/rs:fit:600:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2023/01/aptos-defi-volume.png@webp 600w, https://img.decrypt.co/insecure/rs:fit:640:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2023/01/aptos-defi-volume.png@webp 640w, https://img.decrypt.co/insecure/rs:fit:768:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2023/01/aptos-defi-volume.png@webp 768w, https://img.decrypt.co/insecure/rs:fit:950:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2023/01/aptos-defi-volume.png@webp 950w, https://img.decrypt.co/insecure/rs:fit:1024:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2023/01/aptos-defi-volume.png@webp 1024w, https://img.decrypt.co/insecure/rs:fit:1200:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2023/01/aptos-defi-volume.png@webp 1200w, https://img.decrypt.co/insecure/rs:fit:1280:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2023/01/aptos-defi-volume.png@webp 1280w, https://img.decrypt.co/insecure/rs:fit:1536:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2023/01/aptos-defi-volume.png@webp 1536w" alt="Aptos trading volume growth on decentralized exchanges" data-nimg="responsive" />
<figcaption class="m-0 text-left">Aptos trading volume growth on decentralized exchanges. Image: DeFi Llama</figcaption>
</figure>
<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body">Another 10% of the APT volume in the past day has come from Binance&rsquo;s APT and Binance USD (BUSD) trading pair. Binance, the world&rsquo;s largest crypto exchange by volume, also recently introduced two APT liquidity pools, which now account for another 18% of APT&rsquo;s trading volume.</p>
<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body">Liquidity pools fuel peer-to-peer trading of crypto assets. Users are incentivized to &ldquo;pool,&rdquo; or deposit, their tokens so they can be swapped with other users. They&rsquo;re essential for decentralized exchanges, like Uniswap and Curve, to function. But centralized exchanges like Binance make use of them too.</p>
<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body">On January 20, the Binance Liquid Swap platform debuted its APT/Tether and APT/Bitcoin liquidity pools. The platform rewards users with BNB, the exchange&rsquo;s utility token, for depositing funds into the pools.</p>
<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body">At the time, Aptos co-founder Mo Shaikh said&nbsp;<a class="sc-adb616fe-0 ePvUAp" href="https://twitter.com/moshaikhs/status/1582470824564441088" target="_blank" rel="noopener">on Twitter</a>&nbsp;it was a sign of &ldquo;the network idling ahead of projects coming online.&rdquo;</p>
<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body">Aptos backers include many of the venture capital firms that have become mainstays in the industry: Andreesen Horowitz, Multicoin Capital, Jump Crypto, Tiger Global Management, Blocktower Capital, and Coinbase Ventures. And in the run-up to its launch, the project closed a $200 million strategic round and a $150 million Series A round.</p>
<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body">That list also includes two companies that have since filed for bankruptcy: Hedge fund Three Arrows Capital and FTX Ventures, the venture arm of Sam Bankman-Fried&rsquo;s crypto empire.</p>
<div class="bg-white w-full p-4 flex flex-col">
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<span class="mr-1 ml-2 font-ak-regular text-xs leading-none sm:text-sm">APT</span></div>
<div class="relative flex flex-col items-end w-full max-w-full"><span class="text-decryptGreen variation-value font-ak-medium m-0 text-sm leading-none sm:leading-none">+470.39%</span><span class="current-price font-ak-regular text-base leading-none sm:text-sm sm:leading-none">$18.34</span></div>
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<div id="highcharts-ey40pgi-5" class="highcharts-container " dir="ltr">2. Jan9. Jan16. Jan23. Jan$0$5$10$15$20$25</div>
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<a class="flex flex-row items-center ml-auto no-underline hover:no-underline hover:curcor-pointer " href="https://www.coingecko.com/en/coins/aptos?utm_source=decrypt-web&amp;utm_medium=partnership&amp;utm_campaign=coin_price_chart_widget" target="_blank" rel="noopener noreferrer"><span class="font-ak-regular font-normal text-xxs text-black whitespace-nowrap opacity-30 mr-1 sm:mr-2 sm:text-xs">Price data by</span></a></div>
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<div class="w-full flex flex-row"><a class="flex flex-row items-center content-center self-center" href="https://decrypt.co/price/aptos"><span class="m-0 font-ak-bold text-[0.625rem] leading-none sm:text-xs sm:leading-none">APT price</span></a></div>
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<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body">At the time of writing, Binance is promising 92.42% yield on APT/USDT and 99.49% yield on APT/BTC liquidity pool deposits. Of that, users would receive 0.71% and 1.07% BNB rewards, respectively, paid every hour.</p>
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<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body">Aptos has consistently outperformed the market since the start of the year. But it did get off to a rough start when its&nbsp;<span class="sc-917aed08-1 fYyPhF"><span class="sc-48a5c6a5-1 dTCiDE"><span class="sc-48a5c6a5-4 eylCNa">mainnet</span></span></span>&nbsp;launched in October.</p>
<p class="font-meta-serif-pro font-normal text-lg sm:text-xl sm:leading-9 tracking-px text-body">The project received a lot of backlash for&nbsp;<a class="sc-adb616fe-0 ePvUAp" href="https://decrypt.co/112347/solana-killer-aptos-launch-hits-snags" target="_blank" rel="noopener">not releasing its tokenomics sooner</a>&nbsp;than it did. The criticism piled on when the blockchain, which promised speeds of up to 150,000 transactions per second, showed speeds of 4 transactions per second after its big debut.</p>

What's Going On With the Price of Aptos?

How Privacy-focused Intellectuals Laid the Foundations For Web3

The Core of Crypto Is Punks and Principles

Bad news continues to dominate crypto media headlines but Bitcoin and the wider market appear to not care.

<p>Despite the recent negative crypto and macroeconomic newsflow, the total cryptocurrency market capitalization broke above $1 trillion on Jan. 21. An encouraging sign is that derivatives metrics are not showing increased demand from bearish traders at the moment.&nbsp;</p>
<figure><img src="https://s3.cointelegraph.com/uploads/2023-01/fa713d40-1a4c-40ca-a572-2f3c5fb24e33.png" />
<figcaption><em>Total crypto market cap in USD, 1-day. Source: TradingView</em></figcaption>
</figure>
<p>&nbsp;price gained 8% on the week, stabilizing near the $23,100 level at 18:00 UTC on Jan. 27 as the markets weighed the potential impact of&nbsp;<a href="https://cointelegraph.com/news/crypto-lender-genesis-files-for-bankruptcy" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/crypto-lender-genesis-files-for-bankruptcy/amp">Genesis Capital's bankruptcy</a>&nbsp;on Jan. 19.</p>
<p>One area of concern is Genesis Capital's largest debtor is Digital Currency Group (DCG), which happens to be its parent company. Consequently, Grayscale funds management could be at risk, so investors are unsure if the Grayscale Bitcoin Trust (GBTC) assets could face liquidation. The investment vehicle currently holds over $14 billion worth of Bitcoin positions for its holders.</p>
<p>A United States appeals court is set to hear the arguments relating to&nbsp;<a href="https://cointelegraph.com/news/court-to-hear-oral-arguments-in-grayscale-s-lawsuit-against-sec-in-march" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/court-to-hear-oral-arguments-in-grayscale-s-lawsuit-against-sec-in-march/amp">Grayscale Investment's lawsuit</a>&nbsp;against the Securities and Exchange Commission (SEC) on March 8. The fund manager questioned the SEC's decision to deny their asset-backed exchange-traded fund (ETF) launch.</p>
<p>Regulatory concerns also negatively impacted the markets after South Korean prosecutors requested an&nbsp;<a href="https://cointelegraph.com/news/south-korean-prosecutors-request-arrest-warrant-for-bithumb-owner-report" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/south-korean-prosecutors-request-arrest-warrant-for-bithumb-owner-report/amp">arrest warrant for Bithumb exchange owner</a>&nbsp;Kang Jong-Hyun. On Jan. 25, the Financial Investigation 2nd Division of the Seoul Southern District Prosecutor's Office sentenced Kang and two Bithumb executives on charges of conducting fraudulent illegal transactions.</p>
<p>The 7% weekly increase in total market capitalization was held back by Ether's&nbsp;</p>
<p>&nbsp;0.3% negative price move. Still, the bullish sentiment significantly impacted altcoins, with 11 of the top 80 coins gaining 18% or more in the period.</p>
<figure><img src="https://s3.cointelegraph.com/uploads/2023-01/8de6b7a0-55ac-4142-bb17-e02dbd2d1b94.png" />
<figcaption><em>Weekly winners and losers among the top 80 coins. Source: Messari</em></figcaption>
</figure>
<p>&nbsp;gained 91% after the smart contract network total value locked (TVL) reached a record-high $58 million, fueled by PancakeSwap DEX.</p>
<p>&nbsp;rallied 50% after the announcement of its new database system, Carmen, and a&nbsp;<a href="https://twitter.com/theotherpomp/status/1618707285752283136" target="_blank" rel="noopener nofollow">new Fantom Virtual Machine</a>, Tosca.</p>
<p>Optimism (OP) faced 21% gains after a sharp increase in transaction volumes during an NFT incentive program called Optimism Quest.</p>
<h2>Leverage demand slightly favors bulls</h2>
<p>Perpetual contracts, also known as inverse swaps, have an embedded rate usually charged every eight hours. Exchanges use this fee to avoid exchange risk imbalances.</p>
<p>A positive funding rate indicates that longs (buyers) demand more leverage. However, the opposite situation occurs when shorts (sellers) require additional leverage, causing the funding rate to turn negative.</p>
<figure><img src="https://s3.cointelegraph.com/uploads/2023-01/fdb16ca5-2139-4195-9330-8cf7697c1357.png" />
<figcaption><em>Perpetual futures accumulated 7-day funding rate on Jan. 27. Source: Coinglass</em></figcaption>
</figure>
<p>The 7-day funding rate was positive for Bitcoin and Ethereum, meaning the data points to slightly higher demand for leverage longs (buyers) versus shorts (sellers). Still, a 0.25% weekly funding cost is not enough to discourage leverage buyers.</p>
<p>Interestingly, Aptos was the only exception as the altcoin presented a negative 0.6% weekly funding cost &mdash; meaning short sellers were paying to keep their positions open. This movement can be explained by the 91% rally in 7 days and it suggests that sellers expect some sort of technical correction.</p>
<h2>The options put/call ratio shows no signs of fear</h2>
<p>Traders can gauge the market's overall sentiment by measuring whether more activity is going through call (buy) options or put (sell) options. Generally speaking, call options are used for bullish strategies, whereas put options are for bearish ones.</p>
<p>A 0.70 put-to-call ratio indicates that put options open interest lag the more bullish calls by 30% and is therefore bullish. In contrast, a 1.40 indicator favors put options by 40%, which can be deemed bearish.</p>
<figure><img src="https://s3.cointelegraph.com/uploads/2023-01/72c9a7b5-a9c7-4970-ae34-ce28a677045a.png" />
<figcaption><em>BTC options volume put-to-call ratio. Source: laevitas.ch</em></figcaption>
</figure>
<p>Even though Bitcoin's price failed to break the $23,300 resistance, the demand for bullish call options has exceeded the neutral-to-bear puts since Jan. 6.</p>
<p>Presently, the put-to-call volume ratio stands near 0.50 as the options market is more strongly populated by neutral-to-bullish strategies, favoring call (buy) options by 50%.</p>
<p><strong>Related:&nbsp;<em><a href="https://cointelegraph.com/news/bitcoin-will-hit-200k-before-70k-bear-market-next-cycle-forecast" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/bitcoin-will-hit-200k-before-70k-bear-market-next-cycle-forecast/amp">Bitcoin will hit $200K before $70K &lsquo;bear market&rsquo; next cycle &mdash; Forecast</a></em></strong></p>
<h2>Derivatives markets point to further upside potential</h2>
<p>After the third consecutive week of gains, which totals 40% year-to-date when excluding stablecoins, there are no signs of demand from short sellers. More importantly, leverage indicators show bulls are not using excessive leverage.</p>
<p>Derivatives markets point to further upside potential and even if the market revisits the $950 billion market capitalization from Jan. 18, there is no reason for panic. Currently, Bitcoin option markets show whales and market makers favoring the neutral-to-bullish strategies.</p>
<p>Ultimately, the odds favor those betting that the $1 trillion total market cap will hold, opening room for further gains.</p>

Total crypto market cap rises above $1T, and data suggests more upside is in store

When most of our digital existence can be encapsulated by NFTs (POAPs, soul-bound tokens, etc.), a wallet truly speaks a thousand words.

2023 Outlook | Maverick Crypto

This article shares some trends and related projects to watch in 2023Q1.

<div class="detail_html_box" data-v-484265f6="">
<p>Making money is the fundamental demand of crypto. Crypto remains an industry where 95% of the participants come here to try to make (a lot of) money. The quicker, the better. The more, the merrier.</p>
<p>Projects that help people make money satisfy that fundamental demand. They are most likely to survive in a bear market and thrive in a bull market.</p>
<p>For example, centralized exchanges help people execute trades, which are essential, making them the most profitable businesses. Analytic tools help people make decisions but are optional, so they are struggling.</p>
<p>On the other hand, paid alpha groups are mainly pump-and-dump scams, but there will always be people willing to pay for the "intel" on the next 100x project.</p>
<p>The entire space is like a gigantic Play-to-Earn game. No matter how shitty the mechanisms/graphics are, people will play as long as it makes money.</p>
<p>And the success of all crypto projects depends eventually on the value of the underlying assets, that is, the bitcoin price.</p>
<p>With that in mind, I share some trends I am bullish on in 2023 Q1 and their related projects.</p>
<h2 id="title-1">LSD</h2>
<p>As the Ethereum Shanghai upgrade is scheduled for March, the Liquid Staking Derivatives will continue to gain traction.&nbsp;<a href="https://tokeninsight.com/en/research/market-analysis/the-shanghai-upgrade-selling-pressure-or-buying-pressure-for-eth" target="_blank" rel="noopener">Our previous article discusses how the Shanghai Upgrade might affect Ethereum price and staking rate</a>. More people will stake their ETH after Shanghai and want to make money off their staked ETH, where Liquid Staking Derivatives (LSD) come into play.</p>
<p><img src="https://tokeninsight.com/cdn-cgi/image/width=750,fit=cover,quality=85/https://s2.tokeninsight.com/static/research/img20230121053552b3313a99-e619-4963-b851-680906b22472.jpg" /></p>
<p>Lido has a commanding lead among LSD projects. Coinbase, Rocket Pool, and Stakewise rank 2-4.</p>
<h3>$LDO</h3>
<p><a href="https://tokeninsight.com/en/coins/lido-dao-token/overview" target="_blank" rel="noopener">Lido</a>&nbsp;lets users stake their ETH while making staked ETH liquid, such as allowing staked ETH to participate in on-chain activities like lending.</p>
<figure class="image"><img src="https://tokeninsight.com/cdn-cgi/image/width=750,fit=cover,quality=85/https://s2.tokeninsight.com/static/research/img20230121053552d3ae8dca-f939-46a3-a644-785b4cbbe472.jpg" />
<figcaption>Source: Lido Finance</figcaption>
</figure>
<p>$LDO is the governance token of the Lido DAO. It is issued on Ethereum. The Lido DAO governs the Lido protocol and decides on key parameters such as fees. $LDO holders enjoy voting rights within the Lido DAO, and their voting power increases as their holding increases.</p>
<h3>$RPL</h3>
<p><a href="https://tokeninsight.com/en/coins/rocket-pool/overview" target="_blank" rel="noopener">Rocket Pool</a>&nbsp;is a base layer protocol built to allow anyone to trustlessly stake as little as 0.01 $ETH to a network of decentralized node operators.</p>
<p>$RPL is the utility token in the Rocket Pool ecosystem. For example, node operators must stake $RPL as insurance, and Oracle DAO members put up $RPL as bonds. $RPL also grants DAO governance rights to its holders.</p>
<h3>$SWISE</h3>
<p><a href="https://tokeninsight.com/en/coins/stakewise/overview" target="_blank" rel="noopener">StakeWise</a>&nbsp;allows users to stake ETH and earn rewards. $SWISE is the governance token of Stakewise DAO.</p>
<h3>$FXS</h3>
<p><a href="https://tokeninsight.com/en/coins/frax-share/overview" target="_blank" rel="noopener">Frax</a>&nbsp;differs from the other LSD projects because it offers much more than simple ETH staking.</p>
<p>For example,&nbsp;<a href="https://tokeninsight.com/en/coins/frax/overview" target="_blank" rel="noopener">$FRAX</a>&nbsp;is a stablecoin with parts of its supply backed by collateral and parts of the supply algorithmically stabilized. The stablecoin (FRAX) is named after this hybrid fractional-reserve system.</p>
<p>The Frax Price Index (<a href="https://tokeninsight.com/en/coins/frax-price-index/overview" target="_blank" rel="noopener">$FPI</a>) stablecoin is the first stablecoin pegged to a basket of consumer goods, creating its own unit of account separate from any nation-state-denominated money.</p>
<p>Frax Share ($FXS) is the governance token of the entire Frax ecosystem of smart contracts, which accrues fees, revenue, and excess collateral value.</p>
<h2 id="title-2">Real Yield</h2>
<p>The real yield narrative, which started in the second half of 2022, will gain more popularity in 2023. Tokens that distribute income to holders will trump tokens that only grant voting rights. If a protocol generates passive income for its token holders, the holders will be its loudest supporters. Such free marketing will boost protocol usage and increase revenue, creating a growth flywheel.</p>
<p>Notable projects are summarized below. However, the real yield narrative may cause the market to employ more realistic valuation frameworks for crypto projects, lowering their ceilings, which is not good.</p>
<h3>$SNX</h3>
<p><a href="https://tokeninsight.com/en/coins/synthetix-network-token/overview" target="_blank" rel="noopener">Synthetix</a>&nbsp;is a decentralized synthetic asset issuance protocol built on Ethereum and Optimism. Synthetix allows users to convert Synths directly with the smart contract, avoiding the need for counterparties. This mechanism solves the liquidity and slippage issues experienced by DEX. If you want to learn more,&nbsp;<a href="https://tokeninsight.com/en/research/analysts-pick/beginners-guide-to-crypto-derivatives-kwenta-case-study" target="_blank" rel="noopener">our previous article explains how Synthetix works using Kwenta as a case study</a>.</p>
<p>Crypto Synths on Ethereum are shown below.</p>
<figure class="image"><img src="https://tokeninsight.com/cdn-cgi/image/width=750,fit=cover,quality=85/https://s2.tokeninsight.com/static/research/img2023012105355363385c0b-c4d7-4b0e-a8e6-608f4505c03b.jpg" />
<figcaption>Source: Synthetix</figcaption>
</figure>
<p>$SNX is the primary collateral backing the synthetic assets in the Synthetix protocol. Its stakers are entitled to fees generated by Synth trades on Synthetix.Exchange.</p>
<h3>$GMX</h3>
<p><a href="https://tokeninsight.com/en/coins/gmx/overview" target="_blank" rel="noopener">GMX</a>&nbsp;is a decentralized perpetual exchange that allows users to trade BTC, ETH, AVAX, and other top cryptocurrencies with up to 50x leverage directly from their wallets.</p>
<p>GMX has a dual-token system. $GMX is the governance and utility token that entitles holders to 30% of GMX fees. $GLP consists of an index of assets used for swaps and leverage trading. $GLP holders provide liquidity to the protocol and act as counterparties to trades placed on GMX.</p>
<p>The GMX model became widely popular. A lot of the projects mentioned below base their tokenomics design on the GMX model.</p>
<h3>$DPX</h3>
<p><a href="https://tokeninsight.com/en/coins/dopex-rebate-token/overview" target="_blank" rel="noopener">Dopex</a>&nbsp;is a decentralized options protocol that aims to maximize liquidity, minimize losses for option writers and maximize gains for option buyers - all in a passive manner for liquidity-contributing participants.</p>
<figure class="image"><img src="https://tokeninsight.com/cdn-cgi/image/width=750,fit=cover,quality=85/https://s2.tokeninsight.com/static/research/img20230121053553549f551c-20f0-44fd-b57f-57f81061835f.jpg" />
<figcaption>Source: Dopex</figcaption>
</figure>
<p>Dopex makes use of two tokens. $DPX is the native governance and protocol fee accrual token, and $rDPX is the rebate token. $rDPX is minted and distributed for any losses incurred by pool participants.</p>
<p>70% of Dopex fees go to depositors (option pool liquidity provider), 5% to delegates, 5% to $rDPX burning, and 15% to governance staking.</p>
<h3>$GNS</h3>
<p><a href="https://tokeninsight.com/en/coins/gains-network/overview" target="_blank" rel="noopener">Gains Network</a>&nbsp;develops gTrade, a decentralized leveraged trading platform. Their synthetic design makes gTrade capital efficient and allows a wide range of leverages and pairs: up to 150x on cryptos, 1000x on forex, 100x on stocks, and 35x on indices.</p>
<p>It has seen steady growth since launching in July 2022.</p>
<figure class="image"><img src="https://tokeninsight.com/cdn-cgi/image/width=750,fit=cover,quality=85/https://s2.tokeninsight.com/static/research/img202301210535548add8c9e-b404-4997-befe-376f7f08c6f1.jpg" />
<figcaption>Source:&nbsp;<a href="https://dune.com/unionepro/Everthing-Gains-Network" target="_blank" rel="noopener noreferrer nofollow">Dune Analytics@unionepro / Everything Gains Network</a></figcaption>
</figure>
<p>40% of the fees from market orders and 15% from limit orders on gTrade are allocated to $GNS stakers. Users may also stake their NFTs to boost staking rewards.</p>
<h3>$OPX</h3>
<p><a href="https://tokeninsight.com/en/coins/opx-finance/overview" target="_blank" rel="noopener">OPX</a>&nbsp;is a decentralized spot and perpetual exchange that supports low swap fees and zero price impact trades on the Optimism chain.</p>
<p>$OPX is the native and governance token of OPX Finance, earning 35% of the fees and granting voting rights. $OLP stakes accrue 60 - 70% of the platform's fees in the form of WETH.</p>
<h3>$MVX</h3>
<p><a href="https://tokeninsight.com/en/coins/metavault-trade/overview" target="_blank" rel="noopener">Metavault</a>&nbsp;Trade is deployed on Polygon. It allows users to trade with spot swaps and limit orders and perps with up to 50x leverage. 30% of swap and leverage trading fees are converted to $MATIC and distributed to the accounts staking $MVX, while the rest goes to $MVLP holders.</p>
<h3>$BFR</h3>
<p><a href="https://tokeninsight.com/en/coins/buffer-token/overview" target="_blank" rel="noopener">Buffer Finance</a>&nbsp;is a non-custodial options trading platform built on Arbitrum. It allows users to trade short-term price volatility and hedge the risk of high-leverage positions.</p>
<p>$BFR is the utility and governance token that accrues up to 40% of the fees generated by the platform. $BLP is the token issued to liquidity providers and accrues up to 60% of the fees generated by the platform.</p>
<h3>$MMY</h3>
<p><a href="https://tokeninsight.com/en/coins/mummy-finance/overview" target="_blank" rel="noopener">Mummy Finance</a>&nbsp;is a swap and perpetual DEX built on Fantom Opera. Fees collected by the platform in the form of the network's native token ($FTM) are distributed as follows. $MLP stakers receive 60%, $MMY stakers receive 30%, and 10% are used for $MMY buyback and liquidity in the $MMY/$USDC pair.</p>
<h3>$MCB</h3>
<p><a href="https://tokeninsight.com/en/coins/mcdex/overview" target="_blank" rel="noopener">MUX Protocol</a>&nbsp;is a decentralized leveraged trading protocol that offers zero slippage and up to 100x leverage. Similar to GMX, MUX users trade against the MUXLP pool.</p>
<p>MUX also operates a leveraged trading aggregator that automatically selects the most suitable liquidity route and minimizes the composite cost for traders while meeting the needs of opening positions. The aggregator can also supply additional margin for traders to raise the leverage up to 100x on aggregated underlying protocols.</p>
<p>$MCB is the protocol's main token. Users can lock MCB to receive veMUX, which entitles them to protocol income and MUX rewards.</p>
<p>The protocol income collected from trading fees and DEX mining yield will be allocated as follows (POR is the rate of Protocol Owned Liquidity):</p>
<ul>
<li>Total Income * 0.7 * POR: veMUX holders (in ETH)</li>
<li>Total Income * 0.7 * (1 - POR): MUXLP stakers (in ETH)</li>
<li>Total Income * 0.3: MUXLP purchase to add as protocol-owned liquidity</li>
</ul>
<h3>$UNIDX</h3>
<p><a href="https://tokeninsight.com/en/coins/unidex/overview" target="_blank" rel="noopener">UniDex</a>&nbsp;is a DeFi platform that aims to provide a hub for traders to access the best rates for financial instruments within the ecosystem.</p>
<p>$UNIDX is the exchange token for the UniDex trading terminal. 50% of all trading fees are distributed automatically and daily to token holders.</p>
<h3>$GMD</h3>
<p><a href="https://tokeninsight.com/en/coins/gmd-protocol/overview" target="_blank" rel="noopener">GMD Protocol</a>&nbsp;is a yield-optimizing and aggregating platform built on existing applications. GMD employs delta-neutral or pseudo-delta-neutral strategies to aggregate yields from an index pool or an LP to its constituent assets, eliminating their risks of impermanent loss or exposure to unwanted assets.</p>
<p>$GMD is the utility and governance token that accrues 70% of the platform's generated fees. The protocol was recently launched, and the numbers looked good.</p>
<figure class="image"><img src="https://tokeninsight.com/cdn-cgi/image/width=750,fit=cover,quality=85/https://s2.tokeninsight.com/static/research/img202301210535547a12ff97-e797-4f11-90a7-6555e3df55f8.jpg" />
<figcaption>Source: GMD</figcaption>
</figure>
<h3>$STFX</h3>
<p><a href="https://tokeninsight.com/en/coins/stfx-protocol/overview" target="_blank" rel="noopener">STFX</a>&nbsp;is a marketplace for investable trades built on Optimism. Users can deposit money to copy-trade their favorite traders or follow the strategies they like.</p>
<p>Managers of the vaults will earn 15% of the profits, and protocol will keep 5%. Out of that 5%, 80% will be redirected to token holders and 20% to the STFX DAO.</p>
<h2 id="title-3">No-VC Projects</h2>
<p>Community-funded projects without predatory VC unlocks usually outperform their VC-funded counterparts.</p>
<p>The Cosmos ecosystem is likely to outcompete Polkadot. And&nbsp;<a href="https://tokeninsight.com/en/coins/canto/overview" target="_blank" rel="noopener">$CANTO</a>&nbsp;and the upcoming&nbsp;<a href="https://tokeninsight.com/en/coins/berachain-bera/overview" target="_blank" rel="noopener">$BERA</a>&nbsp;chain stand out among the Cosmos crowd.</p>
<h3>$CANTO</h3>
<p><a href="https://tokeninsight.com/en/coins/canto/overview" target="_blank" rel="noopener">Canto</a>&nbsp;is a permissionless general-purpose blockchain running the Ethereum Virtual Machine (EVM) built on Cosmos.</p>
<p>Canto provides Tendermint consensus secured by Canto validator nodes and an EVM execution layer via Cosmos SDK in addition to core financial primitives designed to support the&nbsp;<a href="https://canto.gitbook.io/canto/welcome/how-does-canto-work/free-public-infrastructure-fpi" target="_blank" rel="noopener noreferrer nofollow">Free Public Infrastructure (FPI)</a>.</p>
<p>These primitives include:</p>
<ul>
<li>Canto DEX &mdash; a zero-fee DEX for liquidity providers</li>
<li>Canto Lending Market (CLM) &mdash; a pooled lending Compound v2 fork</li>
<li>$NOTE &mdash; a fully collateralized unit of account token issued by the CLM which also serves the ecosystem as a USDC/USDT soft-pegged stablecoin</li>
</ul>
<p>But I must point out that $ATOM outperformed $CANTO recently.</p>
<p><img src="https://tokeninsight.com/cdn-cgi/image/width=750,fit=cover,quality=85/https://s2.tokeninsight.com/static/research/img202301210535555ef79dbc-9d3d-4995-8ed7-bf310c7fe29c.jpg" /></p>
<h3>$BERA</h3>
<p>The&nbsp;<a href="https://tokeninsight.com/en/coins/berachain-bera/overview" target="_blank" rel="noopener">Bera Chain</a>&nbsp;is a DeFi-focused EVM-compatible L1 built on the Cosmos SDK, powered by Proof of Liquidity Consensus. The chain&rsquo;s economics are tied together through a tri-token structure, composed of a gas token $BERA, the native stablecoin $HONEY, and the Bera Governance Token $BGT.</p>
<p>The chain has not been released yet.</p>
<h2 id="title-4"><strong>Better User Experience</strong></h2>
<p>Crypto is still too complicated for the average John Doe. The seed phrase is difficult to remember, and it's a nightmare to navigate across blockchains.</p>
<p>Many projects emerged to create a better user experience.</p>
<h3>DappOS</h3>
<p><a href="https://twitter.com/dappos_com" target="_blank" rel="noopener noreferrer nofollow">DappOS</a>&nbsp;is an operating protocol designed to lower the barrier of interacting with crypto infrastructures. It hopes to make dApps as user-friendly as mobile apps.</p>
<p>DappOS develops a middle layer between users and crypto infrastructures. Users only need to interact with dappOS, and dappOS will relay user instructions to crypto infrastructures and execute workflows automatically.</p>
<p>Developers can also easily utilize dappOS to build their own user-friendly apps.</p>
<figure class="image"><img src="https://tokeninsight.com/cdn-cgi/image/width=750,fit=cover,quality=85/https://s2.tokeninsight.com/static/research/img20230121053555e08214cf-b44c-4a0b-9172-08ca9a9ccd94.jpg" />
<figcaption>Source: dappOS</figcaption>
</figure>
<h2 id="title-5">Closing Thought</h2>
<p>The list above is, of course, incomplete and new trends emerge every day. Follow us on&nbsp;<a href="https://twitter.com/TokenInsight" target="_blank" rel="noopener noreferrer nofollow">Twitter</a>&nbsp;and download our app on<a href="https://apps.apple.com/us/app/tokeninsight/id1601959035" target="_blank" rel="noopener noreferrer nofollow">&nbsp;iOS</a>&nbsp;or&nbsp;<a href="https://play.google.com/store/apps/details?id=com.tokeninsight.token" target="_blank" rel="noopener noreferrer nofollow">Android</a> to stay ahead of what is happening in crypto.</p>
</div>