【Summary】

Lending: The scale of MakerDAO RWA business is about to reach the debt ceiling.

LSD: This week, the ETH staking yield continued to decline to 3.44%, and the annualized inflation rose to 0.395%.

Ethereum L2: The total TVL of Layer2 is 10.71 billion US dollars, and the TVL has fallen by 3.39% in the past 7 days; the 119th ACDC meeting gradually clarified the Cancun upgrade timeline, and the upgrade test network will be publicly launched in early November; OP Stack launched the fault proof on the OP Goerli test network alpha on 10.03.

DEX: Dex combined TVL 11.43 billion, basically the same as last week. Dex 24-hour trading volume 2 billion, 7-day trading volume 12.92 billion, an increase of 2.5 billion from last week.

POW: During the National Day holiday, the main tokens in the top of POW market capitalization all rose, but as BTC fell back after rising, the overall increase was not much. The 7-day increase of LTC/BCH/KAS was between -6% and -10%. FLUX and DNX achieved large increases, with 7-day increases of 3% and 25.2% respectively.

【Loans】

MakerDAO

MakerDAO's current total RWA asset size has reached $3.28 billion, and is about to reach the upper limit of $3.34 billion. On September 28, the community completed a public opinion survey on raising the debt limit of RWA015 and RWA007 to $3 billion, and received 95,859 MKR votes in support. The size of DSR Dai is $1.68 billion, and has not grown much since October.

Ghost

1) Aave initiated a temperature check vote to add FXS to the Ethereum V3 liquidity pool, hoping to promote the diversification of GHO collateral. The current vote is 99.99% in favor, and the quorum has been reached.

2) Marc Zeller, head of Aave integration, posted on the X platform that Aave DAO has purchased 390,000 GHO to support the anchoring plan. Marc Zeller said that more anchoring plans will be started, including interest rate changes, repurchases, and the establishment of a GHO liquidity committee.

The current total GHO volume is approximately 24 million, with no breakout growth since August.

【LSD】

Last week, the ETH staking rate rose to 22.81%, a month-on-month increase of 1.37%. Last week, 27.44 million ETH were locked in the beacon chain, corresponding to a staking rate of 22.81%, a month-on-month increase of 1.37%; among them, there were 849,900 active verification nodes, a month-on-month increase of 3.69%, and only 2,651 verification nodes were queued for activation, which was basically cleared. This week, the ETH staking yield continued to decline to 3.44%, and the annualized inflation rose to 0.395%.

This week, ETH staking increased by 1.37% month-on-month

This week, the ETH staking yield continued to decline to 3.44%

This week's ETH annual inflation is 0.395%

Among the three major LSD protocols, from the perspective of price performance, LDO fell 3.7% in a week, RPL fell 11.6%, and FXS fell 7.1%; from the perspective of ETH staking, Lido rose 0.84% ​​in a week, Rocket Pool rose 0.9%, and Frax rose 1.43%. The current Rocket Pool deposit pool balance is 17,859 ETH, the RPL staking rate is 50.35%, and the effective staking ratio is 85.74%. Many nodes need to add collateral. SSV's current TVL growth has stagnated, and its partners have not added more nodes to operate, but because it is an Israeli project, it may attract attention in the short term.

Ethereum L2

TVL

The total TVL of Layer2 is 10.71 billion US dollars. TVL has fallen by 3.39% in the past 7 days.

Cancun Upgrade

On October 5, 2023, Ethereum developers held the 119th ACDC meeting to gradually clarify the upgrade timeline.

1. Devnet-9 was launched on Friday, September 29. Network participation is around 90%, however, since the launch of Devnet-9, some bugs have been found in client software, especially in the Execution Layer (EL) clients Reth, Besu, and Nethermind.

2. Developers discussed the launch time of the next (possibly final) development network Devnet-10. Engineer Parithosh Jayanthi said that if all client teams fix outstanding bugs and issues, developers can try to launch Devnet-10 as early as next week.

3. Regarding the discussion of the launch time of Devnet-10, ACDE Chairman Tim Beiko reiterated the decision made in the ACD conference call last Thursday to publicly launch the testnet of the Dencun upgrade before the start of the Ethereum developer conference Devconnect. Devconnect is scheduled to be held in Istanbul, Turkey in mid-November this year. During ACDE #171, developers agreed to launch Dencun on the Goerli test network (public Ethereum test network) before Devconnect.

ON

OP Stack launched fault proof on the OP Goerli testnet alpha in 10.03. Its modular design lays the foundation for the future of multiple proofs including ZK proofs and is currently under testing.

ARB

On October 7, on snapshot, Arbitrumdao voted on 95 STIP applications for eligible protocols. The proposal outlines a consensus framework created by the community to allocate up to 50 million DAO funding incentives. The plan is designed to meet short-term community needs and plans to allocate ARB owned by the DAO to the incentive plan. The grant is expected to be distributed before January 31, 2024.

Over the past 20 days, the trends of OP, ARB and ETH have been highly correlated.

Starknet

According to community news, the "Starknet Token Unlocking Contract" (0xBE19...BAB3) was updated last week. The update information showed that the token unlocking date was postponed from November 30 this year to April 15 next year.

On-chain activity

【DEX】

Dex combined TVL is 11.43 billion, which is basically the same as last week. Dex 24-hour trading volume is 2 billion, and 7-day trading volume is 12.92 billion, which is an increase of 2.5 billion from last week.

Ethereum

BNT, as a concept currency affected by the Palestinian-Israeli conflict, saw significant gains today.

ETH L2/sidechain

BTC L2/Sidechain

Everything L1

【POW】

Track Quotes

During the National Day holiday, BTC maintained a small fluctuation after reaching a high and then falling back, hitting 28300-28500 several times, but failed to break through. The trend of BTC has an impact on the trend of POW tokens. During the National Day holiday, the main tokens at the top of the POW market value all rose, but as BTC rose and fell, the overall increase was not much. The 7-day increase of LTC/BCH/KAS was between -6% and -10%. FLUX and DNX achieved large increases, with 7-day increases of 3% and 25.2% respectively.

24-hour output and computing power

According to the information disclosed by F2Pool, KAS ranks third in terms of output, only behind BTC and DOGE; LTC ranks fourth; BCH ranks sixth; and DNX ranks seventh. The ranking of DNX has increased significantly. In mid-September, DNX ranked ninth.

In GPU mining, DNX currently occupies the largest computing power, and has increased by 5% since mid-September, accounting for 23%. This is a relatively high computing power share. DNX is the project that has obtained more than 20% computing power after ETH.

Judging from the growth rate of computing power, DNX is worthy of attention. Two issues that have attracted much attention in this project are: the actual situation of the team and whether it has the corresponding professional capabilities; and whether the neural computing and AI computing power platform technologies mentioned in it can be realized.

For these two issues, the project owner and the community have taken the following measures: First, invite community members to visit the company headquarters for exchanges. The project is located in Austria, the investors are local Austrian entrepreneurs, the project comes from the company's laboratory, and the team has about 30 employees. Second, provide a test application, and community members can apply to participate in the test to understand the relevant operation status.