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:
Crypto Markets: 5th August
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.
Crypto runs on the open source ethos. When projects don’t follow it, the ecosystem suffers.— Polygon Zero 💜 (@0xPolygonZero) August 3, 2023
We were disappointed to see that @zksync copied our code without attribution and made misleading claims about the original work, so we wrote this post.
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.
NEWS: Upbit's trading volume edges out OKX and Coinbasehttps://t.co/qB3JEjbBJx— Blockworks (@Blockworks_) August 4, 2023
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.
Negotiations have been initiated with the @CurvesFinacne hacker, with new on-chain messages offering the exploiter a "10% bounty of any stolen funds" in exchange for returning the rest. https://t.co/H6l6D9lepv— Decrypt (@decryptmedia) August 4, 2023
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
- GMX launches v2 beta on Arbitrum and Avalanche
- Leveraged ETH protocol f(x) protocol is live on Ethereum
- ProShares and Bitwise file for additional crypto ETFs
- BTC bought up by Cash App users rises to $2.4 billion
- Digital Licensing Inc. in crosshairs of the SEC
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.