Liquid Staking Flips DEXes, BRC-20 Tokens on BTC Take Off, and More
Highlights from the World of Digital Assets
Back to the normal weekly newsletter, with the addition of this week’s important crypto events at the end of the newsletter.
Now, here are the highlights for the week:
Liquid Staking TVL Flips DEXes
BRC-20 Tokens on BTC Take Off
Gamma TVL Breaks $100 Million
EIP-4844 Upgrade Overview
Tracking Narratives with TradingView
DefiLlama Bridge Dashboard
Ethereum Sees Over $50 Million of Inflows
Liquid Staking TVL Flips DEXes
This week, combined TVL on Liquid Staking protocols flipped DEXes to become the largest category of DeFi protocol.
This is a dramatic change from one year ago, when Liquid Staking had about 1/3 the TVL of DEXes.
BRC-20 Tokens on BTC Take Off
Ordinals on Bitcoin have had unintentional consequences. Of these is the invention of the BRC-20 fungible token standard. It’s now possible to create fungible tokens on BTC.
The total market cap of BRC-20 tokens has already reached nearly $50 Million.
Since inception, BRC-20s have accounted for near 6% of all Bitcoin activity.
Gamma TVL Breaks $100 Million
Total value locked on Gamma, a concentrated liquidity manager, broke $100 Million.
EIP-4844 Upgrade Overview
The EIP-4844 Ethereum upgrade promises to reduce Ethereum fees significantly. This thread by Thor Hartvigsen summarizes it nicely.
Tracking Narratives with TradingView
Tracking narrative rotations is an essential skill for crypto trading. In this thread, Cole Garner shows a creative method of keeping tabs on narrative performance using TradingView.
DefiLlama Bridge Dashboard
DefiLlama’s revamped bridge dashboard instantly became a crucial part of my daily research routine. This dashboard shows bridge flows by chain and bridge.
Ethereum Sees Over $50 Million of Inflows
From the aforementioned DefiLlama bridge dashboard, after long seeing outflows to Layer 2s, this week Ethereum saw over $50 Million of net inflows.
Events in Crypto This Week
That’s all for this week. For more frequent content, follow me on Twitter, YouTube, and Instagram.
Until next time,
Patrick Scott
Dynamo DeFi
EIP 4844 will not reduce Ethereum fees, but layer2 fees