February 20, 2024
In a net positive sign that Valentines is still thriving, Ethereum L2 Starknet has announced an airdrop of STRK tokens to roughly 1.3 million eligible wallets: Starknet users, ecosystem developers and contributors, and Ethereum builders and stakers. The airdrop is on February 20, 2024.
Additionally, a new organization has launched today, intending to improve security. Security Alliance (SEAL), founded by the Head of Security at Paradigm, team members have been involved with several incidents since 2022, working with Nomad after their $186 million hack. The Alliance brings new public good services to the community with a SEAL 911 Emergency Hotline and Red Team exercises aimed at simulations to help protocols and companies prepare for the worst. As security is likely to be a major topic in the course of the next few years (and well beyond), expect SEAL to become a household name in crypto.
Meanwhile, the SEC approved a final rule last week to widen their definition of a “dealer” which aims to widen their jurisdiction over financial operations. "The commission is not excluding any particular type of securities, including crypto-asset securities, from the application of the final rules," according to the SEC's description. Regardless of the ruling, the SEC has not yet provided any clarification as to what constitutes “crypto asset securities.”
Spot Market
Centralized Exchange (CEX) comparisons from weeks 2/13/2024 and 2/6/2024
CEX trading volume market share for BTC/USD, BTC/USDC, and BTC/USDT
Trading volumes on key BTC trading pairs (BTC / USD, BTC / USDC, and BTC / USDT) have mainly revolved around Binance but Bybit’s market share has steadily increased as the exchange has started to focus on institutions and custodial services since 2022. The exchange has seen roughly 16% of daily trading volume on these trading pairs, outpacing Coinbase’s ~14% daily trading volume market share.
Overall CEX trading volume and trading counts for BTC/USD, BTC/USDC, and BTC/USDT
While many consider the Bitcoin spot ETF approvals a resounding success, trading volumes are beginning to slow. The turbulence of Q4 2023 and January 2024 are beginning to show signs of fatigue, as eyes start to turn to Ethereum and the Bitcoin halving.
DeFi DEXs
Decentralized Exchange (DEX) protocol from weeks 2/13/2024 and 2/6/2024
Overall Decentralized Exchange (DEX) trading volumes
DEX trading volumes have also been declining since January.
Uniswap v2 trading volumes for the top pools
For example, the trading volume on Uniswap v2 still shows strong trading volume for WETH / USDT and USDC / WETH as expected by other trading pairs who have not been holding their volumes as these trading pairs completely dominate all trading volume on the exchange.
DeFi Borrow/Lend
DeFi Lending protocol comparisons from weeks 2/13/2024 and 2/6/2024
DeFi Lending daily deposit and withdrawal volumes
DeFi Lending has also slowed significantly since mid-January with few small net positive deposit days being countered with larger net negative deposits (withdrawals outpacing deposits). While this does not necessarily signal a poor market for DeFi Lending protocols (which still have significant TVL and are generally healthy), we may be seeing signs that the market has higher yields outside.
DeFi Lending deposit count and address depositor counts by token
Looking at the tokens for deposits, USDC and WETH are generally more active with a higher number of deposits, though WBTC holders are also quite active. With BTC surpassing $50k this week, WBTC holders are still going long by locking tokens into lending protocols for additional yield, perhaps using this as collateral for more borrowing.
Networks
Network comparisons from weeks 2/13/2024 and 2/6/2024
Network transactions over the last three months
The continuing dance for transactions between Ethereum and Bitcoin continues with Bitcoin transactions steadily decreasing since January.
Starknet Bridge Net ETH Flow
Starknet’s token airdrop announcement has eyes shifting to the new L2 along with the likes of other network infrastructure projects: Eigenlayer, Blast, etc. The network has seen over 50,000 ETH bridged since it first launched in 2022.
Links
Recent from Amberdata
Spot Market
Spot market charts were built using the following endpoints:
- https://docs.amberdata.io/reference/market-metrics-exchanges-volumes-historical
- https://docs.amberdata.io/reference/market-metrics-exchanges-assets-volumes-historical
- https://docs.amberdata.io/reference/get-market-pairs
- https://docs.amberdata.io/reference/get-historical-ohlc
Futures
Futures/Swaps charts were built using the following endpoints:
- https://docs.amberdata.io/reference/futures-exchanges-pairs
- https://docs.amberdata.io/reference/futures-ohlcv-historical
- https://docs.amberdata.io/reference/futures-funding-rates-historical
- https://docs.amberdata.io/reference/futures-long-short-ratio-historical
- https://docs.amberdata.io/reference/swaps-exchanges-reference
- https://docs.amberdata.io/reference/swaps-ohlcv-historical
- https://docs.amberdata.io/reference/swaps-funding-rates-historical
DeFi DEXs
DeFi DEX charts were built using the following endpoints:
- https://docs.amberdata.io/reference/defi-dex-liquidity
- https://docs.amberdata.io/reference/defi-dex-metrics
- https://docs.amberdata.io/reference/defi-impermanent-loss
DeFi Borrow/Lend
DeFi lending charts were built using the following endpoints:
- https://docs.amberdata.io/reference/defi-lending-protocol-lens
- https://docs.amberdata.io/reference/defi-lending-asset-lens
Networks
Network charts were built using the following endpoints:
- https://docs.amberdata.io/reference/blockchains-metrics-latest
- https://docs.amberdata.io/reference/transactions-metrics-historical
- https://docs.amberdata.io/reference/get-historical-transaction-volume
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