Sebastian Sinclair

<div id="highlights-block_62fb227a9c713" class="highlights">
        <ul>
                <li>Brisbane-based Mycelium has launched its perpetuals product following a successful DAO vote earlier last week</li>
                <li>BitMEX co-founder Arthur Hayes assisted in a support capacity where he provided &#8220;immeasurable&#8221; advise ahead of the delivery of the product, Mycelium said</li>
            </ul>
    
</div>



<p>BitMEX co-founder Arthur Hayes has been advising Australia-based blockchain infrastructure provider Mycelium on an &#8220;ongoing basis&#8221; ahead of Tuesday&#8217;s launch of its perpetual swap product, according to a statement.</p>



<p>Mycelium Perpetual Swaps, which live on Ethereum layer-2 Arbitrum, provide exposure to &#8220;blue chip&#8221; cryptos with 30x leverage, allowing them to trade against the platform&#8217;s liquidity pool.</p>



<p>Brisbane-based Mycelium <a href="https://cms.blockworks.co/mycelium-to-launch-perpetual-swaps-following-tracer-dao-merge/" target="_blank" rel="noreferrer noopener">merged</a> with decentralized derivatives platform Tracer DAO late last week following a successful proposal vote by members of Tracer&#8217;s decentralized autonomous organization. The move was described as a precursor to future derivative product launches from Mycelium.</p>



<p>Traders of the perpetual product are able to access markets involving governance tokens from Curve Finance (CRV) Frax (FXS) and Balancer (BAL). Additional markets for bitcoin (BTC), ether (ETH), chainlink (LINK) and uniswap (UNI) have also gone live marking Mycelium as the largest provider of perpetuals on Arbitrum, the provider said.</p>



<p>Perpetual swaps, unlike traditional futures, allow traders to speculate on the future price of an asset, without an expiration date.</p>



<p>Traders are not required to post 100% of collateral as margin, which allows for&nbsp;leverage in many multiples on certain contracts. Margin is typically denominated in crypto. Perpetual swap products have risen in popularity in crypto ever since BitMEX pioneered the crypto derivatives in 2016.</p>



<p>It follows the platform&#8217;s first derivative product, dubbed &#8220;Perpetual Pools,&#8221; in 2021 which was launched under the brand name Tracer, also on Arbitrum.</p>



<p>The pools function by rebalancing long and short positions while attempting to shield traders from liquidations. Over the past 12 months, the product has witnessed more than $800 million in trading volume, Mycelium said.</p>



<h3>Arthur Hayes&#8217; involvement</h3>



<p>Hayes, who has kept a low profile following his <a href="https://cms.blockworks.co/bitmex-founders-hayes-delo-plead-guilty-to-violating-us-bank-secrecy-act/" target="_blank" rel="noreferrer noopener">guilty plea</a> to US Department of Justice charges of violating the Bank Secrecy Act, continues to provide &#8220;advice and support&#8221; to Mycelium, a spokesperson told Blockworks.</p>



<p>Hayes and BitMEX&#8217;s other co-founder Ben Delo were accused of flouting US anti-money laundering rules from 2015 to 2020.</p>



<p>The BitMEX co-founder has been working with the Tracer (now Mycelium) team for over a year, a spokesperson told Blockworks, where he has been providing feedback on ideas regarding financial engineering.</p>



<p>Further details of his involvement were not provided and a request for additional information was declined.</p>



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<hr class="wp-block-separator">


BitMEX’s Arthur Hayes Advises Mycelium’s Perpetuals Launch

<div id="highlights-block_62f5b9decd099" class="highlights">
        <ul>
                <li>Members of Tracer DAO&#8217;s decentralized autonomous organization have voted to merge the platform with blockchain provider Mycelium</li>
                <li>Following the vote, Mycelium is expected to launch its perpetutal swaps contracts on Arbitrum by late August</li>
            </ul>
    
</div>



<p>Users of the Ethereum-based decentralized derivatives platform Tracer DAO voted Tuesday to migrate its&nbsp;token and brand under blockchain provider Mycelium&#8217;s roof.</p>



<p>A proposal put forth to members within the platform&#8217;s decentralized autonomous organization on Sunday reached a near-unanimous decision, with more than 99% in favor of the move, according to a recent <a href="https://vote.tracer.finance/#/proposal/0x2f2103cc31a01e36f94d488ae5c3ea9a9d57b5f4543a8897fe2d74c9f8c3ec7c" target="_blank" rel="noreferrer noopener">voter snapshot</a>. Future product launches will also fall under the Mycelium banner.</p>



<p>The integration with its core service provider will allow Mycelium to further expand Tracer&#8217;s exchange platform and develop future trading products, including perpetual swaps, according to a <a href="https://tracerdao.medium.com/introducing-mycelium-perpetual-swaps-launching-august-2022-85a460f0afb6" target="_blank" rel="noreferrer noopener">blog post</a>.</p>



<p>Australia-based Mycelium plans to offer a perpetual product sometime this month where traders will be able to utilize markets for Curve&#8217;s native token (CRV) Frax&#8217;s governance token (FXS) as well as Balancer&#8217;s governance token (BAL), the post reads.</p>



<p>As a core service provider to the DAO since February 2021, Mycelium developed the smart contracts for Tracer&#8217;s &#8220;Perpetual Pools&#8221; derivative product which launched on scaling solutions platform Arbitrum late last year.</p>



<p>Markets for bitcoin, ether, chainlink and uniswap will also be created under Mycelium&#8217;s perpetuals offering which would make it the broadest market for the contracts on on Arbitrum, Tracer said.</p>



<p>A perpetual swap is similar to a futures contract, except that there is no expiration date for the contract. In crypto, they have grown to become the dominant choice among traders for the purpose of price discovery, according to <a href="https://insights.glassnode.com/the-week-onchain-week-17-2022/" target="_blank" rel="noreferrer noopener">data provider Glassnode</a>.</p>



<p>Perpetual swaps closely resemble spot index pricing which makes it easier and more intuitive for traders to manage their positions as well as leverage, the provider said in April. </p>



<p>Derivatives exchange BitMEX pioneered the financial product back in 2016. In most instances, traders are not required to post 100% of collateral as margin, allowing&nbsp;leverage in many multiples on certain contracts. Margin is typically denominated in crypto.</p>



<p>Multiple exchanges within the industry now support perpetuals as part of their suite of offerings including Binance, dYdX, FTX, Bybit and Bitget. </p>



<p>Holders of Tracer&#8217;s native token (TCR) are now also able to swap their tokens to Mycelium&#8217;s native token (MYC) on a 1:1 basis ahead of the transition, expected to be completed by the latter half of August.</p>



<p>&#8220;This transition will allow Mycelium to deliver greater value to all existing Tracer and TCR stakeholders, in addition to providing a more dynamic ecosystem of DeFi products and services for users to access,&#8221; Tracer said in a statement shared with Blockworks.</p>



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<hr class="wp-block-separator">


Mycelium to Launch Perpetual Swaps Following Tracer DAO Merge

Sam Martin

<div id="highlights-block_617725d07bf3f" class="highlights">
        <ul>
                <li>Bitcoin experienced intense volatility that coincided with the closing of CME futures markets</li>
                <li>AAVE, MKR and COMP battle it out for DeFi marketshare</li>
            </ul>
    
</div>



<p>Bitcoin (BTC) experienced a mini flash crash around 2:15 PM ET today but quickly recovered.</p>



<p>Perpetual funding rates remain an important metric to keep an eye on. </p>



<p>Some industry experts believe that the volatility can be attributed to the recently approved BTC ETF.</p>



<p>The borrowing and lending space in DeFi may be large enough for AAVE, COMP and MKR to all thrive. </p>



<p>Despite recent turbulence in the NFT space, there remains a lot of catalysts for price appreciation. </p>



<h3><strong>Latest in Macro:</strong></h3>



<ul><li>S&amp;P 500: 4,596, +.98%</li><li>NASDAQ: 15,448, +1.39%</li><li>Gold: $1,799, +.03%</li><li>WTI Crude Oil: $83.06, +.48%</li><li>10-Year Treasury: 1.578%, +.049%</li></ul>



<h3><strong>Latest in Crypto:</strong></h3>



<ul><li>BTC: $60,972, +3.40%</li><li>ETH: $4,264, +6.38%</li><li>ETH/BTC: .0700, +4.31%</li><li>BTC.D: 44.65%, -.84%</li></ul>



<h3>BTC liquidation cascade</h3>



<p>Bitcoin experienced an intense period of volatility today around 2:15 PM ET, with the BTC price falling as low as $57,653 before quickly recovering. There was a strong rally in the middle of last night from $58,000 up to nearly $62,000 right before the sell-off.</p>



<p>It appears speculators got too excited too quickly, as perpetual funding rates were racing higher as the price action traded in a range right before the sell-off. </p>



<p>&#8220;The funding rate is derived from the difference between the market price of perpetuals and the spot index it’s anchored to. Excessive buying of perps increases the spread between perp price and the spot index, causing funding to go up. Conversely, negative funding is incited by an influx of perp shorting, forcing the contract’s price to fall lower than spot prices,&#8221; <a href="https://members.delphidigital.io/reports/leverage-wipes-out-but-is-the-worst-behind-us/" target="_blank" rel="noreferrer noopener">wrote</a> Ashwath Balakrishnan of Delphi Digital.</p>



<p>He continued, &#8220;For funding to fall lower, one of two things needs to happen: either existing longs get shaken out and are forced to cover, or there’s an increase in bearish sentiment prompting traders to go net short. Either way, it’s unclear whether we’ve found a local bottom yet.&#8221;</p>



<p>As seen in the following chart, open interest weighted funding rates raced higher prior to the dip in price. Unfortunately, traders began getting aggressive quickly after the correction which signals additional caution may be appropriate. </p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/oi-weighted-funding-rate-2-1024x683.jpeg" alt="" class="wp-image-10064" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/oi-weighted-funding-rate-2-1024x683.jpeg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/oi-weighted-funding-rate-2-1024x683.jpeg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/oi-weighted-funding-rate-2-1024x683.jpeg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/oi-weighted-funding-rate-2-1024x683.jpeg?w=386 386w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/oi-weighted-funding-rate-2-1024x683.jpeg?w=392 392w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/oi-weighted-funding-rate-2-1024x683.jpeg?w=329 329w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/oi-weighted-funding-rate-2-1024x683.jpeg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/oi-weighted-funding-rate-2-1024x683.jpeg?w=1200 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Laevitas.ch</figcaption></figure>



<p>According to Skew, roughly $32 million worth of futures positions were liquidated in just a 10-minute window. </p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="869" height="333" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-4.00.35-PM.png" alt="" class="wp-image-10060" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-4.00.35-PM.png?w=869 869w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-4.00.35-PM.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-4.00.35-PM.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-4.00.35-PM.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-4.00.35-PM.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-4.00.35-PM.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-4.00.35-PM.png?w=80 80w" sizes="(max-width: 869px) 100vw, 869px" /><figcaption>Source: Skew.com</figcaption></figure>



<h3>Are BTC ETFs to blame?</h3>



<p>Some industry experts believe that the volatility can be attributed to the recently <a href="https://cms.blockworks.co/first-bitcoin-futures-etf-nears-1b-on-first-day-of-trading/" target="_blank" rel="noreferrer noopener">approved</a> BTC ETF, which is backed by leveraged positions in the form of cash-settled futures contracts. </p>



<p>Caitlin Long, 22-year Wall Street Veteran and founder of Avanti, took to Twitter to share her thoughts:</p>



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">ANOTHER LEVERAGED SLAMDOWN in <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a> trading mkts today. Again, this is the type of foreseeable event that happens with the bad kind of financialization (the leveraged kind). It increases the cost of capital for the whole sector. smh <a href="https://t.co/hC1sbEtiXx">https://t.co/hC1sbEtiXx</a></p>&mdash; Caitlin Long 🔑⚡️🟠 (@CaitlinLong_) <a href="https://twitter.com/CaitlinLong_/status/1453807532443455488?ref_src=twsrc%5Etfw">October 28, 2021</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>It is unclear if the added leverage via ETF approvals to the BTC ecosystem is to blame for the volatility in price.</p>



<p>It is worth noting, however, that the CME only accounts for roughly 20% of aggregated futures open interest albeit a growing portion. This is significant to add because the CME is where all of the futures are being traded that back the aforementioned ETFs. </p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="572" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/skew_btc_futures__aggregated_open_interest-1024x572.png" alt="" class="wp-image-10067" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/skew_btc_futures__aggregated_open_interest-1024x572.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/skew_btc_futures__aggregated_open_interest-1024x572.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/skew_btc_futures__aggregated_open_interest-1024x572.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/skew_btc_futures__aggregated_open_interest-1024x572.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/skew_btc_futures__aggregated_open_interest-1024x572.png?w=467 467w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/skew_btc_futures__aggregated_open_interest-1024x572.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/skew_btc_futures__aggregated_open_interest-1024x572.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/skew_btc_futures__aggregated_open_interest-1024x572.png?w=1200 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Skew.com</figcaption></figure>



<h3>Aave, Compound and MakerDAO battle it out for marketshare</h3>



<p>Aave (AAVE) and Compound (COMP) facilitate peer-to-peer borrowing and lending. Liquidity providers (LPs/lenders) earn interest for their services, while borrowers pay interest on top of their loans to pay the LPs. </p>



<p>MakerDAO (MKR) allows users to take out loans by locking up digital assets as collateral in return for a decentralized stablecoin, DAI. However, borrowers need to be attentive to their loan-to-collateral ratio as asset prices fluctuate in order to avoid having their collateral liquidated. </p>



<p>AAVE, COMP and MKR all compete for users&#8217; appetites to take on leverage via borrowing. However, when it comes to lending it is really just AAVE and COMP battling for market share because they have peer-to-peer ecosystems versus MKR&#8217;s collateralized debt position (CDP) model. </p>



<p>AAVE currently leads based on total valued locked (TVL) in its platform, followed by MKR at third and COMP at seventh: </p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="1001" height="379" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.14.40-PM.png" alt="" class="wp-image-10074" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.14.40-PM.png?w=1001 1001w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.14.40-PM.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.14.40-PM.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.14.40-PM.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.14.40-PM.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.14.40-PM.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.14.40-PM.png?w=80 80w" sizes="(max-width: 1001px) 100vw, 1001px" /><figcaption>Source: DefiLlama</figcaption></figure>



<p>According to the following Dune Analytics dashboard, the percentage of market participants interacting with COMP has remained consistent since mid-2020, whereas AAVE has stolen a lot of marketshare away from MKR. </p>



<p>COMP and MKR each hold a 25% market share of active addresses versus AAVE with 50%. </p>



<div class="wp-block-image"><figure class="aligncenter size-full"><img decoding="async" loading="lazy" width="625" height="281" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.21.24-PM.png" alt="" class="wp-image-10076" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.21.24-PM.png?w=625 625w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.21.24-PM.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.21.24-PM.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.21.24-PM.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.21.24-PM.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.21.24-PM.png?w=80 80w" sizes="(max-width: 625px) 100vw, 625px" /></figure></div>



<p>However, the picture looks a lot different when looking at the market share of loans outstanding per project. AAVE leads with a 35.7% market share, with MKR in 2nd with 34.5%, and COMP in last with 29.9%. </p>



<p>This implies that while there are fewer active addresses on MKR taking out loans, they are players with very big pockets and trust the stablecoin, Dai, is a pristine asset.</p>



<div class="wp-block-image"><figure class="aligncenter size-full"><img decoding="async" loading="lazy" width="410" height="318" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.27.46-PM.png" alt="" class="wp-image-10077" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.27.46-PM.png?w=410 410w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.27.46-PM.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.27.46-PM.png?w=331 331w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.27.46-PM.png?w=337 337w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.27.46-PM.png?w=282 282w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.27.46-PM.png?w=80 80w" sizes="(max-width: 410px) 100vw, 410px" /></figure></div>



<p>With roughly $80 billion of loans outstanding between the three protocols and only 3.5 million DeFi users, the total addressable market and growth run way is extremely large. Only time will tell if all three protocols can thrive side by side.</p>



<h3>Non-Fungible Tokens (NFTs)</h3>



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">&#8211; Twitter is implementing NFTs<br>&#8211; Coinbase is building an NFT marketplace<br>&#8211; Facebook is all in on Metaverse<br>&#8211; GameStop is building an NFT marketplace<br>&#8211; Nike working on NFT verification of shoes<br>&#8211; Warner Bros looking to release music NFTs<br><br>Heck yeah I&#39;m bullish</p>&mdash; Cobble ᵍᵐ (@cobble) <a href="https://twitter.com/cobble/status/1453692007046647810?ref_src=twsrc%5Etfw">October 28, 2021</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>Trading data from <a href="https://opensea.io/rankings" target="_blank" rel="noreferrer noopener">OpenSea</a> and <a href="https://solanalysis.com" target="_blank" rel="noreferrer noopener">Solanalysis</a> of some of the top Solana and Ethereum projects can be found in the photos below:</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="331" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.44.13-PM-1024x331.png" alt="" class="wp-image-10078" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.44.13-PM-1024x331.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.44.13-PM-1024x331.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.44.13-PM-1024x331.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.44.13-PM-1024x331.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.44.13-PM-1024x331.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.44.13-PM-1024x331.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.44.13-PM-1024x331.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.44.13-PM-1024x331.png?w=1234 1234w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Top Ethereum Projects</figcaption></figure></div>



<div class="wp-block-image"><figure class="aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="282" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.43.56-PM-1024x282.png" alt="" class="wp-image-10079" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.43.56-PM-1024x282.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.43.56-PM-1024x282.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.43.56-PM-1024x282.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.43.56-PM-1024x282.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.43.56-PM-1024x282.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.43.56-PM-1024x282.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.43.56-PM-1024x282.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-28-at-5.43.56-PM-1024x282.png?w=1208 1208w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Top Solana Projects </figcaption></figure></div>



<p>If you made it this far, thanks for reading! Looking forward to catching up tomorrow.</p>



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