Market Update
All around, markets look indecisive today as majors continue ranging. SOL and LUNA have been stand outs, hitting fresh all-time highs. Other tokens such as YGG, AXS, GRT, AVAX, SUSHI, AUDIO are also having a great day.
Solana & Terra DeFi TVL Breach New Highs
- Two of the biggest gainers in terms of ecosystem TVL, on a relative rather than absolute basis, are the “sun & moon” L1s – Solana and Terra. The jump in both of their TVLs is likely due to the sharp price increase in SOL and LUNA, the native assets of each network.
- Ethereum DeFi TVL is also teetering close to all-time highs. It’s dominance relative to its peers remains largely unchallenged.
Anchor & Lido Key Driver For Terra’s TVL Growth
- A key catalyst for the growth seen in Terra’s TVL has been the start of Anchor accepting bETH (stETH) as collateral. Coupled with Anchor’s borrow-to-mine ANC program, demand for UST has increased as a result.
- For context, outstanding UST loans on Anchor increased by more than $200m since the introduction of bETH as collateral.
Anchor & Lido’s Symbiotic Relationship
- As you might already have guessed, Anchor & Lido have a symbiotic relationship. Anchor has a new yield-bearing, lower vol collateral that it can offer to users, while Lido’s utility benefits from the new integration.
- At the time of writing, the stETH that is deposited in the Anchor Vault contract is responsible for 6% of total stETH in circulation. That’s a lot in just a few short days!
Notable Tweets
GaryVee imparts some wisdom.
Terra ecosystem milestones.
SuperRare announces token plans.
