Blockchain users and GMX's rise
Plus Odds & Ends + Thoughts & Prognostications from the last week
Tweet of the week: Blockchain users
A top five that all should be satisfied with their market positioning. CZ’s stature has grown during the FTX saga, but BNB Chain may still be a sleeper success. Polygon seems prime to soak up big Web3 entries, while Ethereum boasts a significant user base despite the high gas fees. Ethereum’s user base is playing at much larger scales than BNB & Polygon. Arbitrum, meanwhile, is leading the blockchain scaling race and Uniswap is winning the most widely used blockchain application.
Chart of the week: GMX shines in the bear
GMX has maintained steady volume despite the overall market decline. Just this week, GMX fees surpassed Uniswap in daily fees for the first time. There has been a long list of projects trying to crack the on-chain perpetual and derivatives market with little success. GMX’s growth has been on the backs of retail investors, but it’s unclear if GMX’s model can scale to attract institutional capital and compete with the centralized players.
The chart above is one of 10 positive (adoption) charts from crypto apps/protocols from.
Odds & Ends
crvUSD Whitepaper drops Link
ENS DAO selects Karpatkey as treasury manager Link
MakerDAO votes to raise Dai Savings Rate to 1% Link
Gauntlet runs down the Aave governance response to the CRV squeeze Link
Across Protocol raises $10m from Hack, Placeholder & Blockchain Capital Link
Avalanche DEX Trader Joe to deploy on Arbitrum Link
Thoughts & Prognostications
DeFi Deep Dive: Uniswap Part 2 [thiccythot/Friktion Research]
The Uniswap airdrop and lessons for the industry [jhackworth/Dune]
A worthwhile Canadian stablecoin initiative [JP Koning/Moneyness]
DeFi Options: Mapping hype to reality [REVV]
Cleaning up the battlefield of Avi and Curve [EigenPhi]
The future of MEV is SUAVE [Flashbots]
That’s it! Feedback appreciated. Just hit reply. Written in Nashville, where I can’t believe it’s December.
Dose of DeFi is written by Chris Powers, with help from Denis Suslov and Financial Content Lab. Caney Fork, which owns Dose of DeFi, is a contributor to DXdao and benefits financially from it and its products’ success. All content is for informational purposes and is not intended as investment advice.