Dog Coins, Liquidations, and Metamask's Fee Capture

Data Digest

• Uniswap v2 trading volume dominated by memecoins
• Futures and perps liquidations over the last three days
• Perp Protocol recapitalizes its insurance fund
• Metamask earns nearly a million dollars a day in swap fees

Key Takeaways

• DOGE inspired tokens have attracted significant trading volume on Uniswap.
• SHIB, the top traded token, is up 38x in the last 30 days.

Key Takeaways

• Yesterday’s dip liquidated close to $400 million of ETH futures and $490 million of BTC futures.
• A majority of liquidations on this dip came from Bybit (known to be a popular trading avenue for aggressive retail traders) which suggests this was a minor leverage flush.

Key Takeaways

• Metamask introduced swaps in Oct. 2020 and is facilitating over $100 million in daily volume. At the current pace of growth, Metamask is estimated to earn over $20 million in swap fees for May 2021 alone.
• Metamask currently averages over 8000 daily active users for its swap feature, and represents the first instance of the wallet attempting to monetize its user base. Needless to say — it’s going pretty well.

Key Takeaways

• Perp Protocol’s insurance fund has been recapitalized by BAL rewards the protocol earns from its Balancer pool. $1.41 million of USDC was added.
• The protocol’s insurance fund has been losing money in recent weeks as a result of the fund participating in funding payments.

Notable Tweets

Crypto punks make their way to New York City.

CryptoPunks all over NYC pic.twitter.com/rilHJKgxEz

— JUSTIN (@justintrimble) May 10, 2021

Sky Mavis, the game studio behind Axie Infinity, raises Series A funding.

1/

FUNDING SECURED!

We’re ecstatic to announce a Series A funding round for Sky Mavis ??

The funding will help us create economic freedom for gamers by accelerating the development of Axie infinity and our NFT-gaming tools ??

Full announcement ?https://t.co/lnuyDk0Ehf

— Axie Infinity (@AxieInfinity) May 11, 2021

Ethereum miners earned $100 million in daily fees.

~$10/day to ~$100M/day in 6 years pic.twitter.com/vciANOke4W

— Justin Ðrake ?? (@drakefjustin) May 11, 2021