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Overview: Will the Markets Please Do Something?
Total value locked (TVL) across all chains continues to remain flat, with only a 0.04% move across the week as market volatility dies down. Notable moves in TVL include zero-knowledgeEthereum Virtual Machine (zkEVM) chains, Polygon zkEVM and zkSync Era, which saw healthy growth of 45% and 14% respectively.
Welcome to Alpha Central
Wallet tracking is a great skill to have, especially if you’re trading small-cap tokens on-chain. Thor Hartvigsen shares his tips on wallet tracking and how to master it with tools such as Nansen, Debank and Arkham Intelligence.
DEX aggregator, Matcha, releases their new upgrade — improving trade confirmation speeds, reducing trade failures by 85% and handling gas fees for users, to create a frictionless trading experience on the platform.
Inverse Finance introduces DBR streaming for stakers of Inverse Finance’s governance token, INV, providing a new source of utility to INV stakers. DBR is a token required to service a loan on Inverse Finance’s fixed rate borrowing market.
Cross-chain prime brokerage, Prime Protocol, addresses security concerns brought up by Web3 security enthusiast community, Dilation Effect, in a thread earlier in the week. Funds are currently safe and a detailed explanation will be put out by the team once fixed.
LSD issuance protocol, Swell Network, opens up the Swell Voyage, where interested participants are able to earn points (known as “pearls”), by holding swETH or by providing liquidity in selected liquidity pools. These pearls will be integral to Swell’s future governance plans.
Bridging protocol, Connext, introduces chain abstraction, an innovative interface which allows users to interact with decentralized applications (DApps) and transact across chains, regardless of which chain they are on.
Arbitrum flagship options vault protocol, Dopex, unveils Call Options as Incentives, enabling protocols more flexibility when incentivizing users. This is done through the use of customized options in place of emissions, which are aligned to their goals in terms of expiry, strike price and other terms.
Options protocol, Premia, drops their V3 whitepaper, introducing permissionless pool creation, concentrated liquidity and several other improvements to increase capital efficiency, composability and sustainability of the protocol.
Exotic peghedging protocol, Y2K Finance, releases their explainer on Carousel, a new feature dropping with their upcoming V2 launch. Carousel allows users to automatically roll-over their positions into the next epoch as well as enable 24/7 deposits as opposed to the current deposit windows.
Automated market maker (AMM) aggregator, Fibrous Finance, launches their alpha on StarkNet. The aggregator currently supports JediSwap, 10KSwap and mySwap, with plans to integrate SithSwap in the works.
RISC Zero collaborates with optimistic rollup, Layer N, to design the first ZK Fraud Proof system, combining optimistic rollups and zero-knowledge proofs, two technologies which have largely been perceived as competitors.
Interest rate swap protocol, Voltz, releases Secured Overnight Financing Rates (SOFR) to the Avalanche blockchain. SOFR is a concept from traditional finance, which effectively impacts the interest rates we are exposed to. By bringing SOFR to DeFi, users can hedge, speculate and build products on SOFR.
Cosmos: Penumbra Concentrated Liquidity DEX Goes Live
Privacy focused appchain, Penumbra, releases their private, concentrated liquidity DEX on their testnet. The DEX incorporates batch executions, orderbook-style concentrated liquidity and internal arbitrage to fill orders.
Cosmos chain, Nolus, goes live this week on Tuesday. Once the Interchain Blockchain Communication (IBC) protocol establishes a connection with Osmosis, their token, NLS, will be released via a Streamswap token launch, where users can lock OSMO for NLS tokens.
Neutron’s liquidity auction is now live and will last until 31st May. Users can lock ATOM or axlUSDC to obtain NTRN-ATOM or NTRN-axlUSDC liquidity pool tokens. These tokens enable holders to earn trading fees, incentives and voting power on the chain.
Rumors concerning Layer Zero’s highly anticipated airdrop have been circulating, stating that the snapshot has been taken for the airdrop. The rumor has not been confirmed nor denied by the Layer Zero team .
StarkNet NFT platform, Mintsquare, halts minting on the platform as bots overwhelm the service in light of the fourth week in Argent’s StarkNet Xplorer campaign. Users can still buy or sell NFTs to fulfill the current week’s requirement.
The market continues to crab along, but builders keep pushing out new updates on their protocols. Stay updated and stay tuned for next week’s edition, and keep supporting your favorite projects, degens!
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