【Summary】

RWA: According to rwa.xyz, as of July 24, the total amount of U.S. Treasury tokenization reached $639 million (excluding MakerDao's purchase of U.S. Treasury bonds), which is about $1 million less than a week ago. Maker is currently the absolute leader in the RWA track, with a total business scale of $3.38 billion.

LSD: Last week, the ETH staking rate rose to 20.52%, a month-on-month increase of 1.68%. Last week, 24.6727 million ETH were locked in the beacon chain, corresponding to a staking rate of 20.52%, a month-on-month increase of 0.92%, and the growth rate has increased for three consecutive weeks; among them, there were 683,900 active verification nodes, a month-on-month increase of 1.97%, and 82,300 verification nodes entered the queue, a month-on-month decrease of 1.06%.

Ethereum L2: The total amount of Layer2 TVL decreased by US$230 million compared with last week, and the total locked amount was US$9.94 billion. Zksync era TVL fell for the third consecutive week, down 17.86%, and Starknet TVL continued to rise by more than 30% for the second week.

DEX: Dex combined TVL 14.7 billion, down 0.5 billion from last week. Dex 24-hour trading volume 1.12 billion, 7-day trading volume 19.3 billion, up 2.1 billion from last week.

Derivatives DEX: Last week (July 17 to July 23), the overall trading volume of derivatives DEX fell compared to the previous week. The weekly trading volume of the nine major derivatives DEX protocols was approximately US$7.4 billion, compared to approximately US$12.4 billion in the previous week, a 40% drop.

According to rwa.xyz, as of July 24, the total amount of U.S. Treasury tokenization reached $639 million (excluding MakerDao's purchase of U.S. Treasury bonds), which was about $1 million less than a week ago. The protocol with the largest data change was Ondo, which was $6 million less than last week. Maple Finance's on-chain U.S. Treasury business is currently about $30 million, with no significant growth since July 10. According to Maple's 2023 second half roadmap, the main directions are to add over-collateralized lending business and enhance LP token liquidity. Maker is currently the absolute leader in the RWA track, with a total business scale of $3.38 billion. More than 65% (89.3M/135.6M) of the revenue in the Maker protocol comes from the RWA business, and Maker has also greatly increased the protocol revenue by expanding the RWA business.

Maker has recently adopted a method for using the protocol surplus. Half of the protocol surplus is used to repurchase MKR, and the other half of DAI will form liquidity and be injected into Uniswap. According to the current repurchase progress, it is purchased twice an hour, 5,000 DAI/time. The current protocol surplus is 67,139,234, 50 million is the surplus buffer, and the remaining 8.5 million (1,700/2) will be used to repurchase MKR. If calculated at the current speed, the repurchase is expected to last 35.4 days = (17m/2)/(24h*10k).

The most sensitive MKR holding addresses are those of founders Rune and a16z. Maker founder Rune received 5 million DAI from the Maker DAO Lock wallet on July 16. So far, he has repurchased about 1,600 DAI, with a balance of 1.4 million DAI in his wallet. He may continue to repurchase. If calculated at the current price of $1,039, he is expected to repurchase 1,351 DAI.

The a16z address deposited 7,505 MKR to Coinbase on July 10, and deposited about 1,500 MKR to Coinbase every day since July 17, and about 1,600 MKR to Coinbase every day since July 22. a16z currently has 15,200 MKR in its known addresses. If it continues to sell at the current amount, it will take about 10 days to sell.

【LSD】

Last week, the ETH staking rate rose to 20.52%, a month-on-month increase of 1.68%. Last week, 24.6727 million ETH were locked in the beacon chain, corresponding to a staking rate of 20.52%, a month-on-month increase of 0.92%, and the growth rate has increased for three consecutive weeks; among them, there were 683,900 active verification nodes, a month-on-month increase of 1.97%, and 82,300 verification nodes entered the queue, a month-on-month decrease of 1.06%.

The discussion in the 10th AMA of the ETH Foundation mentioned: 1. EIP-7002: Allow 0x01 withdrawal voucher to trigger withdrawal, reducing the custody risk in the ETH staking process; 2. Justin Drake said that in order to deal with the risk of centralization of node operators, SSV and DVT are necessary in the short and medium term; 3. Increasing the validator staking limit to 2048 ETH, reducing the growth of the active validator set, and facilitating faster transaction finality.

The total pledge volume has increased for three consecutive weeks

ETH staking yield remains at around 4.5%

Among the three major LSD protocols, from the perspective of price performance, LDO fell 7.9%, RPL fell 14.8%, and FXS fell 7.7% in a week; from the perspective of ETH staking, Lido rose 0.99%, Rocket Pool rose 2.73%, and Frax rose 1.39% in a week. The fact that RPL TVL grew fastest and its price fell the most last week can be analyzed by combining the two proposals passed last week, Rocket Pool RPIP25 and Nexus Mutual NMPIP197; RPIP25 modified the inflation allocation of RPL, gradually reducing the inflation allocation of oDAO 15% to 1.5%, and gradually increasing the inflation allocation of pDAO 15% to 28.5%, while allowing pDAO to directly spend funds to maintain three months of development work, which may cause Rocket Pool to lose some partners such as Coinbase, Bankless, etc.; in NMPIP197, Nexus deposited 14,400 ETH into Rocket Pool to diversify its treasury assets, which is the main reason for the increase in Rocket Pool TVL this week. In addition, SSV will hold its second mainnet meeting on August 1 and may enter the Limited Launch phase to introduce partner operators; StakeWise will release the V3 testnet to hype up the mainnet upper limit expectations.

Ethereum L2

TVL

The total Layer2 TVL decreased by US$230 million from last week, and the total locked amount was US$9.94 billion.

Zksync era TVL declined for the third consecutive week, down 17.86%, while Starknet TVL rose by more than 30% for the second consecutive week.

On-chain activity

Event Review

BitDAO Layer 2 Mantle Network announced the launch of its mainnet Alpha version at EthCC on July 17.

As of July 24, according to defilama data, the TVL was US$3.47 million.

ConsenSys Layer2 network Linea opened access to the Linea mainnet Alpha on July 18.

As of July 24, according to defilama data, the TVL was US$10.22 million.

Large amount unlocking

24.16 million Optimism tokens Op (approximately US$38.17 million) will be unlocked at 12:00 on July 30, accounting for 0.56% of the total supply.

【DEX】

Dex combined TVL 14.7 billion, down 0.5 billion from last week. Dex 24-hour trading volume 1.12 billion, 7-day trading volume 19.3 billion, up 2.1 billion from last week.

Ethereum

The transaction volume of DEX on Ethereum is 12.8bln, an increase of 66% over last week. The protocol with the fastest TVL growth in 7 days is Smardex

ETH L2/sidechain

This week, L2 transaction volume shrank significantly, Starknet -63%, zksync Era +13%, Optimism -14%, Arbitrum -22%, Polygon -31%, only Zksync Era's weekly transaction volume increased positively; Starknet's DEX TVL ranked first in L2 growth

BTC L2/sidechain

Everything L1

【Derivatives DEX】

Last week (July 17 to July 23), the overall trading volume of derivatives DEXs fell compared to the previous week. The weekly trading volume of the nine major derivatives DEX protocols was approximately US$7.4 billion, compared to approximately US$12.4 billion in the previous week, a 40% drop.

Vertex's transaction volume has increased significantly, surpassing gains network and closely following GMX and Kwenta. This is mainly due to its transaction incentive plan and token airdrop expectations.

GMX's trading volume has been greatly impacted by the new protocol. GMX's current incentives are mainly fee rewards, and the staking incentive APR is 3%. Early users have boost rewards, which can be increased to around 5%-7%. In addition to fee rewards, most new protocols also have token incentives, with higher yields.

In terms of TVL, the TVL of GMX and DYDX fell slightly, while that of MUX increased slightly to 61.79 million US dollars. The overall amount of funds entering is small and inactive.

Project progress this week

Synthetix and Chainlink CCIP Collaborate to Improve sUSD Cross-Chain Security

Synthetix has partnered with Chainlink CCIP to use related cross-chain services on the mainnet to transfer snxUSD between Ethereum and Optimism, improving cross-chain security.