🟣 Market rebound not about Trump
RWA and LRT narratives to continue leading
Macauley Peterson
July 15, 2024
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Welcome back to 0xResearch. Here's what we’ve got for you today:
Market rebound
T-bills on Arbitrum
Veda hits a billy
CT: Defending Tornado Cash
A lot of engagement hay is being made on X over this weekend’s Trump shooting, including speculative comments about its effect on the price of bitcoin.
While there may be a grain of truth to the claim that the event provides a tailwind to a new crypto uptrend, most of the commentary misses the mark.
The bears were clearly on the clock, so to speak. The trend reversal was already baked into the price.
By holding above last Monday’s lows, bitcoin — and by extension crypto markets — by end-of-week substantially increased the probability that the July 4-5 washout was a long-term low.
That low caused global funding rates to flip negative and spiked liquidations in the futures market to levels not seen since April — both typical bullish events despite the pain and fear they inevitably cause.
The subsequent week of sideways ranging allowed downward momentum indicators to fully reset — and they’re now pointed northward on daily, 2-day, 3-day and looking promising for the 5-day too, later in the week.
If you resisted the urge to panic, bully for you.
Arbitrum angles to add T-bills
Arbitrum DAO has ratified a proposal to allocate 4 million $ARB to mint OpenEden’s TBILL tokens, as recommended by the Stable Treasury Endowment Program (STEP) Committee. This decision follows a comprehensive review of over 30 proposals aimed at diversifying Arbitrum DAO's treasury.
OpenEden was founded in 2022 by Jeremy Ng and Eugene Ng, both former executives at Gemini but otherwise unrelated. The platform was founded to bridge TradFi and DeFi, offering tokenized real-world assets — which today mostly means Treasury bills.
The allocation will add an estimated $3.25 million to OpenEden’s TBILL product, boosting the current total value locked (TVL) from $73.5 million.
According to OpenEden, TBILL tokens were as of June the first and only tokenized T-bill product to receive an "A" rating from Moody’s, although other offerings, such as Ondo Finance’s OUSG, have attracted more capital.
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Veda protocol TVL:
Veda Protocol, which provides the infrastructure for EtherFi’s integration with Symbiotic, has passed $1 billion in TVL since launching in March, according to the team.
In addition to the Symbiotic vault, the protocol powers a similar LRT vault on Karak and yield-focused vaults for ETH and USD-stablecoins.
Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap v2 and v3, Curve, Convex and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495 billion in value locked, doubling Uniswap's Base deployment.
Arbitrum recently released three proposals with the potential to drastically change the future of the DAO and its treasury. These proposals tackle ARB staking, MEV revenue collection and possibly increasing the gas fees.
Investors appear to be adding to crypto positions after a "turnaround in sentiment due to lower-than-expected CPI," a CoinShares research head said.
Plus, Ethereum is in the midst of a vibecession.
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The insights, views and outlooks presented in the report are not to be taken as financial advice. Blockworks Research analysts are not registered broker/dealers or financial advisors. Blockworks Research analysts may hold assets mentioned in this report, further outlined in the Firm’s Financial Disclosures.
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MetaDAO offers a platform for DAOs to engage in futarchy, using conditional markets and profit incentives for improved decision-making. Conditional markets allow market participants to speculate on whether or not the passage of a proposal will increase a token’s market value. By crowdsourcing information from market actors, DAOs can utilize futarchy to identify decisions that will be most beneficial for their token’s market price. MetaDAO as an organization is explicitly engaged in decision-making on the criteria that market participants believe a decision will be accretive to the price of the META token.
by Luke Leasure
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