Catch up on Trader Joe's expansion, Upbit's volume surge, BTC's OTC fall, and other top crypto news in the latest Datawallet Daily.
Trader Joe DEX Deploys to Ethereum Mainnet

Trader Joe DEX Deploys to Ethereum Mainnet

Catch up on Trader Joe's expansion, Upbit's volume surge, BTC's OTC fall, and other top crypto news in the latest Datawallet Daily.

Last update:
Aug 5, 2023
| Issue

Welcome to the final addition of Datawallet Daily for the week. Let’s dive into the top stories that have taken the attention of crypto market participants. So sit back, grab a coffee, and enjoy this week's wrap-up:

Trader Joe Deploys DEX to Ethereum Mainnnet

Trader Joe, the largest decentralized exchange (DEX) on Avalanche, has expanded to Ethereum's mainnet, capitalizing on the stablecoin market left in flux after Curve's recent $70 million exploit. The incident at Curve led many liquidity providers to divest from its native token, providing an opportunity for Trader Joe. Originally planning to deploy on Ethereum in Q4, they advanced their plans to seize the moment.

According to Trader Joe's pseudonymous co-founder, Fish, the platform's initial Ethereum launch will include stablecoin pools USDC/USDT and USDC/DAI, targeting the stablecoin market as it's relatively simple to manage positions there. Unlike Uniswap v3, Trader Joe offers dynamic fee components, a fixed base fee plus a variable part depending on volatility, adding a unique edge.

With a $57.45 million Total Value Locked (TVL) on Avalanche, Trader Joe's expansion emphasizes its intent to grow across the decentralized finance ecosystem. Despite being the largest DEX on Avalanche, it trails on Arbitrum with $31.9 million compared to Uniswap's $261.7 million. By engaging the stablecoin market, Trader Joe aims to bolster its competitive standing in the decentralized exchange landscape.

Polygon accuses zkSync of copy-pasted code

The team behind Polygon's Plonky2 and Starky has accused Matter Labs of using their open-source code without proper attribution in Boojum, a proving system. They highlight specific instances of copy-pasted code and identical strategies without credits or adherence to the MIT/Apache licenses under which Plonky2 is shared. 

They also call out misleading claims by Matter Labs about Boojum's performance compared to Plonky2. The incident underscores the delicate balance in the open-source crypto ecosystem between collaboration and respect for original authorship, hinting at potential issues that may inhibit future sharing and innovation.

Upbit has the second-largest trading volume among exchanges 

Last month, the South Korean exchange Upbit achieved a significant milestone by surpassing both Coinbase and OKX in terms of trading volumes. According to data from crypto data firm CCData, Upbit's spot trading volume experienced an impressive surge of over 42% in July, reaching nearly $30 billion. 

In contrast, OKX and Coinbase encountered a decline in their volumes during the same period. Specifically, OKX's volume dropped by almost 12% to $28.6 billion, while Coinbase experienced a decrease of more than 5% to $29 billion. These figures highlight Upbit's growing prominence and success within the cryptocurrency market.

Curve and others offer 10% to hackers if they return the stolen funds

Curve Finance, along with MetronomeDAO and Alchemix Finance, has commenced discussions with the hackers and issued a discreet caution. Through an Ethereum message transmitted on-chain, the trio in the decentralized finance sector proposed offering a "10% reward from any pilfered funds" as an incentive for returning the remainder. They have established a deadline of August 6 at 8 am UTC for this arrangement.

Over-the-counter desk (OTC) balances of BTC fall by 33%

The quantity of bitcoin held in addresses associated with over-the-counter (OTC) desks, which serves as an indicator of institutional involvement, has dropped to its lowest point since June 15. As of Thursday, the balance for OTC desks amounted to 5,138 BTC, equivalent to approximately $150 million based on BTC's present market value of $29,225. According to data compiled by Glassnode, this represents a decline of 33% from the peak observed at the end of June when it reached 7,697 BTC.

Other breaking news

Wrapping Up

This week's final issue of Datawallet Daily reflects notable developments in the crypto world. Trader Joe's Ethereum debut and tensions between Polygon and zkSync over code copying have made headlines. Upbit's rise in trading volume marked a significant shift, while Curve's proposal to negotiate with hackers underscores security challenges in decentralized platforms. A drop in OTC balances of BTC indicates potential changes in institutional behavior. These highlights underscore the fast-paced and multifaceted nature of the crypto market. Join us next week for more updates.