DEX Volume Spikes After FTX Collapse

🌅 Welcome!

OpenSea continues to expand to other chains, announcing that NFTs on BNB Chain will be integrated by the end of the year. Elsewhere, Netflix is planning to dip its toes into the gaming space as it appears to be developing an AAA PC shooter game.

Today, we analyze volume trends on decentralized exchanges following the FTX collapse while our Media team highlights an episode of Full Disclosure, where we discuss if crypto is inherently political.

This is the Delphi Daily. Let’s dive in.

🚨 In Case You Missed It

• OpenSea announces plans to fully integrate NFTs from the BNB Chain into the marketplace by the end of the year.
• Uniswap has launched NFT trading with listings from major marketplaces, including OpenSea, X2Y2, Sudoswap, LooksRare, and more.
• Netflix plans to break into the gaming space, appearing to develop an AAA PC shooter game at its new LA studio.
• South Korea issues arrest warrants for eight Terraform Labs engineers and investors.
• Sam Bankman-Fried has been called to a February hearing as part of an investigation into whether FTX US broke Texas securities laws.

📊 DEX Volume Spikes After FTX Collapse

• Weekly DEX volume across all chains increased 146% from $20B to $49.2B during the first week of November as the FTX saga unfolded. Monthly DEX volume  also increased 110% from $107B in October to $50.8B in November.
• The bankruptcy of FTX and the following contagion has caused a loss of confidence in centralized institutions. This was reflected in market prices as a basket of DEX tokens vs. BTC has outperformed a basket of CEX tokens vs. BTC since the bankruptcy.
• This was also reflected in the sales of non-custodial, hardware wallets as Ledger reported its highest sales day following the bankruptcy announcement while Trezor also reported an “exponential increase.”
• However, major events in the crypto market also naturally spur on-chain trading activity due to higher volatility. During the Terra collapse, weekly DEX volume increased 115% from $29.1B to $62.7B during the first week of May.
• Almost 60% of November’s DEX volume occurred on Uniswap, followed by 9% each on Pancakeswap and Curve. Uniswap also surpassed Coinbase in daily volume for the ETH/USD pair on Nov. 14 with $1.1B on Uniswap vs. $600M on Coinbase.

⚡ Is Crypto Inherently Political? w/ Stephen Palley

• In episode 3 of Full Disclosure, Gabe and Sarah are joined by Stephen Palley, a digital commerce partner at Brown Rudick. We discuss whether crypto and law are inherently political industries and Ooki DAO’s defense against the CFTC.
• Show notes:
  • (00:00:00) – Introduction.
  • (00:00:34) – Is crypto inherently political?
  • (00:04:13) – Analysis of CFTC suing Ooki DAO.
  • (00:09:34) – Regulators picking on the small guy.
• Social links: 
  • Gabe’s Twitter
  • Sarah’s Twitter
  • Palley’s Twitter
• For more video interviews, you can watch our YouTube channel here.

🐣 Notable Tweets

Notes from SBF’s Interview With Tiffany Fong

Intern notes from SBF interview on:

– FTX backdoor 🚪
– Bahamian withdrawals 🇧🇸
– $1/1 for US, $0.25/1 for Intl. 🇺🇸

Wild quotes and much more!

@SBF_FTX <> @TiffanyFong_

– CMS intern (@cmsintern) Nov 29, 2022

On Frax’s Staked ETH

1/ @fraxfinance’s staked $ETH performance has been nothing short of spectacular in the past 30 days.

~500% TVL growth. 9.3% APR (vs 3% on @LidoFinance). All this during one of the worst months in crypto history.

Here’s how they did it.

#FraxFinance #LiquidStaking #Ethereum

– 0xwintersoldier.lens🌿(@WinterSoldierxz) Nov 29, 2022