DODO Megascope 8.1-8.7  (En)
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August 11th, 2022

Dr.DODO brings you our newly launched weekly brief - DODO Megascope, which covers the following sectors:

  • Crypto Headline
  • Governance Updates
  • Sector Delivery
  • Data check
  • CT Insights

👀 |Crypto Headline|

  • Aug 2, Crypto Bridge Nomad Drained of Nearly $200M in Exploit due to a recent update to one of Nomad’s smart contracts made it easy for users to spoof transactions.
  • Aug 3, on Solana, over 8,000 internet-connected "hot" wallets have been compromised so far, but the source of the attack remains unknown.
  • Aug 4, Coinbase and BlackRock are partnering up to offer crypto services to institutional investors.
  • Starbucks to Unveil Web3 Rewards Program, NFTs at Sept. 13 Investor Day Event: TechCrunch.
  • Prater/Goerli successfully upgraded to Bellatrix on Aug 4.

🗣️ |Governance Updates|

  • DYdX has voted to simplify the current reward scheme and to send 25% of the trading rewards to the dYdX treasury.
  • Angle proposes a DAO-to-DAO $100k swap with Euler Finance to facilitate the synergistic relations between the two.
  • Shapeshift grapples with maternity leave for DAO contributors.

🍀 |Sector Delivery|

DeFi

  • Only Maker was profitable, of the six major DeFi protocols in the bear market in the first half of 2022.
  • Lido treasury diversification proposal passed to sell 10 million $LDO to Dragonfly Capital.
  • Nomad: Up to 10% reward will be given to attackers who return 90%+ of stolen funds.

GameFi&NFT

  • The Sandbox official Instagram account may be hacked, and users should take precautions against risks.
  • The total number of STEPN digital shoes has exceeded 700,000 pairs, up to 735,342 pairs. The number of users in the whole life cycle has reached 943,531.
  • The domain name NFTs.com was acquired by an anonymous buyer for $15 million.

Infr

  • On August 4th, according to BTC.com data, Bitcoin experienced a mining difficulty adjustment at block height 747936, and the mining difficulty was increased by 1.74% to 28.17T.
  • According to the analysis of blockchain analysis company Glassnode, the ETH burn rate through EIP1559 has reached an all-time low, and the number of ETH burnt accounts for 11% of the total issuance.
  • Frax Finance co-founder Sam Kazemian proposes to support FRAX redemptions only on PoSETH, not on any PoW alternative fork (ETHPoW) after the Merge.

VC

  • Web3 social platform Taki completed a $3.45 million seed round, with participation from OKX Blockdream Ventures and others.
  • KuCoin Ventures completes strategic rounds in sKCS.io, a liquid protocol.
  • Crypto developer tool Kurtosis has completed a $20 million Series A financing, led by hedge fund Coatue.

✨ |Data check|

July Market Review

  • Overall, it has been a mixed month, with the fallout from the 3AC incident and expectations for an ETH merger.

    Adjusted total on-chain volume down 16.5% to $416B (BTC: -14.6%, ETH: -21.9%):

  • The adjusted stablecoin on-chain transaction volume decreased by 7.6% to $655.2B. The stablecoin issuance supply contracted by 0.7% compared with the previous month to $137.1B, with USDT staying flat at 47.8%, and USDC decreased to 33.2%. Issued supply is down 4.3% YTD.
  • BTC miner earnings fell further by 10.6% to $597M; while ETH miner earnings increased by 12.7% to $596M.
  • A total of 63,254 ETH, equivalent to $83.7 million, was burned in July. The spike in early May was caused by Otherside land NFT sales. Since the implementation of EIP-1559 in early August 2021, a total of 2.57 million ETH has been burned, which is equivalent to $8.46B.
  • After the NFT market volume fell off a cliff in June, the NFT market fell a further 26% in July to $678M.
  • Legitimate CEX spot volume increased by 0.6% to $632.7B. Binance ranked first in market share, and FTX surpassed Coinbase for three consecutive months, ranking second. The top three market shares are: Binance 69.4%, FTX 9%, Coinbase 8.1%.
  • In the futures market, the open interest of BTC and ETH both increased (BTC: +30.9%, ETH: 47.7%), of which CME's BTC open interest increased by 22.5% to $1.69B. The overall monthly trading volume of BTC contracts reduced by 11.5% to $1.15T. While the monthly trading volume of ETH contracts rose by 15.3% to $880B.
  • In the options market, open interest for both BTC and ETH rose overall (BTC: +11.8%, ETH: +104.4%). However, BTC options monthly volume fell 31.7% to $12.7B and ETH options monthly volume rose 5.6% to $11.4B.

🎵 |CT Insights|

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