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[Delphi Daily] Dog Coins, Liquidations, and Metamask’s Fee Capture

May 11, 2021 · 2 min read

By Ashwath Balakrishnan, and Jeremy Ong

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.


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


Ethereum miners earned $100 million in daily fees.

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