TVL on Boba Network Climbs on the back of Oolong Swap Liquidity Mining Incentives
- Boba Network is an L2 Optimism Rollup developed by core contributors of the OMG foundation and based on the open-sourced Optimism codebase.
- Boba differentiates itself primarily with its fast transfers. Funds can be bridged back to Layer 2 without having to wait for 7 days as one would have to on the Optimism Network.
- TVL on Boba Network has grown exponentially since the middle of November, coinciding with the start of OolongSwap’s liquidity mining.
- OolongSwap is the leading AMM on Boba Network, began their liquidity mining event with “blind farming” for a week before launching Pool 2 rewards for its native token, OLO, a week later.
- Currently, an overwhelming majority of TVL on Boba is on OolongSwap. But it remains to be seen how much of this TVL will stick around once farming rewards end.
CRO and AVAX Outperform Layer 1 Peers This Month
- The CRO token has outperformed other Layer 1 tokens this month, clocking and at an impressive ~344% in the month to date.
- Similar to how BNB is used on BSC as well as Binance’s exchange, the CRO token is Crypto.com’s token and is also used as gas on Crypto.com’s chain, Cronos.
- Cronos chain is an EVM-compatible chain built on Tendermint, whose mainnet went live on the 8th of November.
- Last week, Crypto.com announced that they were paying $700m over 20 years to rename the Staples Center in Los Angeles.
EIP-1559 Getting Hot as Burns Crosses 1M ETH
- Over 1M ETH has been burned since the EIP-1559 implementation that resulted in the base fee portion of every transaction being burned.
- OpenSea interactions accounted for ~11% of the ETH burned due to the NFT bull season in August and September. However, as the NFT hype slows, OpenSea’s burn took a hit as well.
- Over the past 30 days, DEXes have dethroned OpenSea as the most ETH-burning the Dapp. Uniswap (V2+V3) alone is responsible for ~18.5% of ETH burned in the past 30D.
Rate Hike Expectations Increase on Powell’s Renomination
- US Treasury Yields have been soaring over the past week, coinciding with Powell’s renomination as the Fed Chair. Markets seem to have reacted to the renomination with greater expectations of a rate hike over the next year. This further strengthens the dollar as demand for it is expected to increase.
- With the interest rate expected to rise, macro markets have seen a pullback as the cost of capital is expected to increase and negatively affect earnings. Investors tend to reduce their risk appetite as interest rate hikes, resulting in less capital flowing into the markets.
Reasons for UST to Be Added Onto Aave
We believe UST is the only truly decentralised stablecoin operating at scale and anticipate that the burgeoning Terra ecosystem will drive UST demand higher.
— gen (@genye0h) November 24, 2021
How VCs Affect the Future of Crypto
It’s been a long time coming for this piece! ?❤️
I dissect the massive fundraising going on in the crypto markets and how to make sense of these flows for the broader landscape.
Special thanks to @hasufl + @DeribitInsights
— Zaheer S^5 (@SplitCapital) November 23, 2021
DYDX Volume Peaks
dYdX epoch3 has ended. The highest daily transaction volume is 8b. Compared with the previous, the difference is not significant, but the total transaction volume stopped the upward trend. DYDX has fallen all the way since it reached $26.8 on September 30, and $14.7 now.
— Wu Blockchain (@WuBlockchain) November 24, 2021