Analysis Paralysis

dExplain newsletter

Happy new year. We are changing the format of our newsletter to cover more updates and potentially run it on a daily basis. Also considering running a Discord channel, would you be interested?

If you’re just coming back online today, here is a quick recap of what happened in the industry.


Overview

  • BTC: The run to 40k has stalled with a sharp pullback to 29k levels this morning. It’s Altseason! BTC dominance over the market has gone down to 68% and Ethereum saw a quick rise to $1,150 its highest price in over 3 years. Altcoins are a sea of green with many double-digit pumps! 
  • 1inch Airdrop: Did you check for a surprise Xmas present? Many DeFi traders were awarded retroactively as 1inch Network launched V2 of their liquidity protocol with Instant Governance. Version 2 is a heavily upgraded rebrand of their AMM known as Mooniswap.
  • XRP: Ripple holders are in complete disarray as the asset was delisted from nearly all major exchanges. It seems no one wants to be associated with Ripple in any form as the company prepares to battle the SEC’s lawsuit. 
  • COVER: The p2p insurance protocol’s farming contract was exploited to mint over $2 million in funds which were immediately dumped, sending the token’s price from $850 to $50. Luckily, for token holders, it turned out Grap Finance were the attackers and they returned all the funds. Cover Protocol has presented a plan to return funds and move forward with new tokenomics. 
  • Ledger: The recent data breach of Ledger’s e-commerce store has left many users fearing their safety as home addresses were leaked. Good news for gun shops?
  • GRT: be sure to read up about the indexing protocol known as The Graph, which devs can use to retrieve public off-chain data for use in their decentralized applications. You can compare it to middleware oracle techs such as DIA or Tellor – only it’s much easier to integrate. Big note: Uniswap uses it.

DeFi News

  • BSD: Basis Dollar is an experimental algorithmic stablecoin, however, unlike DAI on Ethereum or VAI on Binance Smart Chain it is undercollateralized. Currently, you can farm the protocol’s share token BSDS on Value DeFi with various pools offering over 900% APY.
  • TRI: Trinity Protocol generates automatic liquidity via transfer fees for its Uniswap pool or a partner pool. As a result, the project aims to become a liquidity bridge for DeFi protocols. Partnerships have been announced with TRIB, VALUE, ROOT, and GDAO.
  • Alpha Chef: So what do yield farming whales do with their capital? Now you can know, just follow 0x_b1 on Twitter, or as some call him: The Alpha Chef.
  • RICO: Ricochet Space is a gasless yield token inspired by Reflect Finance. The main difference is a 2% transfer fee and their blackhole address started with more of the total supply. Meaning RICO should reduce its circulating supply quicker!
  • COMBO: Furucombo V2 will aim to become a DeFi super-aggregator it will launch COMBO token, along with introducing fee sharing and premium features for holders. Currently, you can use Furucombo to automate multiple actions into one transaction.

NFT Spotlight

Be sure to check the listing to view the digital crypto artwork in its full glory, as some art is animated or contains audio.


The Only One Left


Also take note

  • Bridge Finance: The price of BFR dove further into the ground after what looks like the end of a rug pull.  
  • LCX: The team recently announced they have secured several licenses from the Financial Market Authority (FMA) of Liechtenstein. A portal that enables institutional money to easily trade and hold crypto, along with participating in security token offerings. All regulated, being marketed everywhere, only $21M market cap – you do the math!  
  • Optimism: A Layer 2 solution for Ethereum should launch its trial in January with Synthetix. Existing protocols or dApps don’t have to make any code changes to use Optimism! Uniswap and Chainlink have announced they will also test it.