Spot Volume, Funding Rates, and BSC Exploits

Data Digest

• Binance facilitates nearly $100 billion of spot trades
• Ethereum DEXes record over $10 billion in volume
• Funding rates are still wayward
• PancakeBunny Finance exploited, TVL and price drop dramatically

Key Takeaways

• Binance facilitated close to $100 million of spot volume across its various markets.
• Yesterday’s crypto rout and subsequent re-buying were driven by spot market activity.

 

Key Takeaways

• DEXes were no stranger to the onslaught of spot trading, with yesterday marking the single highest day of volume for all DEXes.
• Uniswap led the way with nearly $6 billion of volume. Sushiswap was a distant second with around $3.5 billion.

 

Key Takeaways

• While many market participants believe a concrete bottom has been established, funding rates for perps are anything but normal with significant divergence between major exchanges. In healthy markets, funding rates should converge quite closely.
• Until there’s some semblance of stability on perp funding rates, the market’s future direction is still uncertain.

 

Key Takeaways

• PancakeBunny Finance, a yield aggregator on BSC, was on the receiving end of a flash loan attack and lost $45 million in user funds.
• The hacker pushed the price of the BUNNY token down from $150 to $6 with multiple flash loan enabled dumps.

Notable Tweets

An update on Polkadot’s path to parachain functionality.

Polkadot’s parachains launch is expected to begin once two things have happened:
1. A full external audit is completed.
2. @kusamanetwork executes at least one successful auction involving crowdloans and hosting at least one functional parachain.
Read more from @gavofyork: https://t.co/m03AFJueXR

— Polkadot (@Polkadot) May 17, 2021

Flashbots miner’s made a killing during yesterday’s Ethereum congestion.

Flashbots daily miner profit ATH (in ETH or $) yesterdayhttps://t.co/mQbod1OucB pic.twitter.com/zzOaZ7hTsj

— Robert Miller (@bertcmiller) May 20, 2021

An update on ZCASH metrics

The #zcash privacy set continues to grow. In general, the more shielded outputs in a given pool, the more difficult it is to link transactions that interact with that pool. https://t.co/J1OnIPjK66

— Electric Coin Company ?️ (@ElectricCoinCo) May 20, 2021