Machi locks his CRV for 6 months 🫡
https://twitter.com/machibigbrother/status/1686402015461597184

Verified onchain: https://etherscan.io/tx/0xc001a52860ee915958c3243f0b5948bf5b5e706243920a76d00d87e1acab7b7b

Worldcoin ($WLD) investors selling OTC at price of $1/token, or $10b FDV.

Current price of $WLD is $2.39 ($23.9B FDV).

GM, new day new Curve drama 🫡

1. Abracadabra gov proposal to raise interest rates for CRV markets likely to pass
Snapshot | Forum Post

TL;DR
Abracadabra are raising rates such that Michael Egorov is forced to pay back his loan within the next 1-2 months due to the increase base interest rate (200% at $10-$18M principal) and interest rate multiplier (5x at current CR). This results in an interest rate of 1000% APR for Michael.

2. This now kickstarts a race between lending protocols to avoid being the last one standing with toxic debt.
https://twitter.com/THORmaximalist/status/1686603976169385984

$CRV $0.56 (-7.97%)
$FXS $5.84 (-4.90%)

CRV OTC Counterparty Movements

• 0xf51, which received funds from 6 different addresses, moved their CRV to this address (likely custodied by Matrixport)
• machibigbrother.eth locked their 3,750,000 CRV for 6 months - txn
• c2tp.eth deposited and staked their 2,500,000 CRV on Convex - txn
• DCF God split their CRV between two wallets and deposited and staked on Convex - Wallet 1 | Wallet 2

Yearn Finance just sent Michael Egorov $1.5M USDT 👀
https://etherscan.io/tx/0x9a0d708110b0fc4ed1e4c9d7a402a22ef552253c16785a6beebf2880697bd40d

Update:

Looks like Yearn Finance did an OTC for 3.75M CRV at $0.4.
https://etherscan.io/tx/0xed33eda66005de639ca6c569bf8fb998d4278455cab8d365ce49309765960960

CRV OTC Counterparty Movements Update

• 0xf51, which received funds from 6 different addresses, moved their CRV to this address (likely custodied by Matrixport)
• machibigbrother.eth locked their 3,750,000 CRV for 6 months - txn
• c2tp.eth deposited and staked their 2,500,000 CRV on Convex - txn
• DCF God split their CRV between two wallets and deposited and staked on Convex - Wallet 1 | Wallet 2

✨NEW:
• Cream Finance locks 2M CRV for 6 months, and stakes the rest (500K CRV) in Convex


How to check how long someone has locked their CRV for on Etherscan:
1. Go to "More Details", "Click to show more"
2. Go to "Input Data", "Decode Input Data"
3. Copy the unix epoch in the _unlock_time row, e.g. "1707047155"
4. Convert here
5. Profit??? 🫡

New OTC Counterparty:

StakeDAO purchases 1.25M CRV at $0.4
https://etherscan.io/tx/0x0fac886529d30673e3c92f84def5ff772ad89e3d236d9794372293056bb6ceb1

CRV OTC Counterparty Movements Update

• 0xf51, which received funds from 6 different addresses, moved their CRV to this address (likely custodied by Matrixport)
• machibigbrother.eth locked their 3,750,000 CRV for 6 months - txn
• c2tp.eth deposited and staked their 2,500,000 CRV on Convex - txn
• DCF God split their CRV between two wallets and deposited and staked on Convex - Wallet 1 | Wallet 2
• Cream Finance locks 2M CRV for 6 months, and stakes the rest (500K CRV) in Convex

✨NEW:
• StakeDAO staked all their CRV in, wait for it, StakeDAO - txn

Arkham is shitting itself so here's updates from CT
https://twitter.com/HsakaTrades/status/1686770886437711874

$5M raised from two seperate entities:
https://etherscan.io/address/0x7a16ff8270133f063aab6c9977183d9e72835428#tokentxns

CRV OTC Counterparty Movements Update

• 0xf51, which received funds from 6 different addresses, moved their CRV to this address (likely custodied by Matrixport)
• machibigbrother.eth locked their 3,750,000 CRV for 6 months - txn
• c2tp.eth deposited and staked their 2,500,000 CRV on Convex - txn
• DCF God split their CRV between two wallets and deposited and staked on Convex - Wallet 1 | Wallet 2
• Cream Finance locks 2M CRV for 6 months, and stakes the rest (500K CRV) in Convex
• StakeDAO staked all their CRV in, wait for it, StakeDAO - txn

✨NEW:
• Yearn Finance just staked all 3.75M CRV tokens for yCRV

Context:

https://twitter.com/NorthRockLP/status/1686783514492960768?s=20

Mantle Network Growth Stats
- $50M Bridged
- $40M TVL

https://twitter.com/cryptostreamhub/status/1686767178090205184

Thoughts:
- Mantle's TVL growth has exploded in conjunction with various protocols launching their incentive programs.
- Not clear if this is also helped by liquidity flowing from Base after the $BALD rug.

Ouroboros Research Daily (3 Aug'23)
Presented by Menya Research

Go to our highlights channel for easy access to all past Research Daily as well as alpha highlights from Ouroboros' Narratives chat.

Curve Liquidation Arc
- Another 21.5m CRV ($8.6m) was OTCed today, bringing the total amount of CRV OTCed to 63.5m ($25.4m). New counterparties include Yearn, StakeDAO, and 3 more unidentified wallets
- Abracadabra proposal to raise interest rates on CRV cauldrons which could result in interest rates rising to 1000%-2000%. This proposal was later (more reasonably) amended to bring down proposed rates to 150-165% and to consider the liquidity of CRV/ETH
- Inverse Finance proposal to reduce collateral factor for its CRV market from 75% -> 65% and 50%->48% for cvxCRV, st-yCRV, cvxFXS markets . Liquidation incentives for cvxCRV, st-yCRV, cvxFXS markets will also be increased from 10% to 12%.
- Aave proposal to set CRV LTV to 0 has garnered 100% yes votes so far. This will precent further borrowing against CRV collateral
- Yearn has joined the OTC
- ZachXBT has asked MichaelRazum to reach out to the JPEG'd team given his address' connection to the Curve pool exploit

Project updates
- Y2K Finance launches "Touch" vaults for non-pegged assets, allowing users to trade one-touch options. The first asset to launch is CRV with a $0.40 strike price
- Quantum Wealth Network (a project that is spiritually OHM and accelerates wealth), launches its token
- Yuga Labs say HV-MTL Forge has double the retention rate (42%) of Dookey Dash
- Offchain Labs / Arbitrum teases an announcement tomorrow
- Unibot planning to launch DEX aggregator
- Rollbit founder responds to FUD and teases major release next week
- unshETH's Project Sentience goes live, open sourcing LSDs and allowing users to configure their own LSDs
- Rage Trade is sunsetting v1 to prepare for its v2 launch
- Sui launches liquid staking for its native token
- DegenHive is launching a Curve v2 style concentrated liquidity DEX on SUI
- KTX Finance is launching on Mantle

Onchain
- Sui sees ATH daily transactions driven by Ethos Wallet's game, SUI 8192
- FTX is bridging out its remaining assets on Solana to Ethereum using Wormhole
- Velodrome swap fees reach ATH
- Mantle TVL rises from $15m on 31 Jul'23 to $39m currently, large contributed by Agni Finance and iZiSwap

Regulatory / Macro
- Sources tell Blockworks that The SEC is ready to consider ETH futures ETFs
- Overall, 7 ETH Futures ETF were filed from 6 issuers - deadline to watch: 16 Oct'23, ETF experts raise likelihood of spot BTC ETF approval from 50% to 65%
- Proshares and Direxion LETFs file for dual Bitcoin/Ether ETFs
- US DOJ are considering fraud charges against Binance but are concerned it could cause a bank run similar to FTX ,and are considering a compromise
- OKX adds account abstraction features to its wallet
- China continues to Binance's largest market with $90b in volume
- Worldcoin suspended in Kenya, one of its biggest markets

Opinions / Analysis
- francesco's thread on Frax Finance's FraxFerry
- DCF GOD's view on the Curve situation
- thiccythot's thread on CRV OTC sales
- Frax Finance's Drake Evans view on lending project changing loan terms
- slapjakke's thread on Lyra v2

CRV OTC Update
Total CRV Sold: 76M CRV @ $0.4 for $30.4M

Counterparties
1. 0x23f7 - 17.5M CRV
2. Justin Sun - 5M CRV
3. 0x4d3e - 2.5M CRV
4. DCF God - 4.25M CRV (split their CRV between two wallets and deposited and staked on Convex - Wallet 1 | Wallet 2)
5. 0xcb5a - 1.25M CRV
6. Cream Finance - 2.5M CRV (Locked 2M for 6 months, rest staked in Convex)
7. DWF Labs - 12.5M CRV
8. machibigbrother.eth - 3.75M CRV (Locked for 6 months)
9. 0x9dbf - 250K CRV
10. erwwer - 2.5M CRV
11. c2tp.eth - 2.5M CRV (Staked in Convex)
12. Yearn - 3.75M CRV (Staked in Yearn)
13. StakeDAO - 1.25M CRV (Staked in StakeDAO)
14. 0x5Aae - 2.5M CRV (Staked in Convex)
15. 0x0030 - 10M CRV (The Block reported this as Huobi's Jun Du, who has locked it for 1 year, but onchain shows that it is yet to be locked)
16. 0x73F8A - 4M CRV


Michael Egorov Outstanding Debt
1. Aave v2 | $49.2M | Health Rate 1.71
2. Abracadabra Loan 1 | $9.9M | 1.71
3. Abracadabra Loan 2 | $2M | 1.86
4. Fraxlend | $9.2M | 1.87
5. Inverse Loan 1 | $7.6M | 1.69
6. Inverse Loan 2 | $1.67M | 1.52
7. Silo | $733K | 1.90
8. crvUSD Loan 1| $1.4M | 1.09
9. crvUSD Loan 2 | $531K | 1.12

Total Debt = $82.2M


Other CRV Alfa
- Aave are now proposing to purchase 5M CRV via OTC at $0.4
- Dune Dashboard
- If you want to track CRV OTC wallets in real-time, try @EVMTrackerBot (not sponsored). I've found Arkham to be unreliable.

$BALD Deployer has been linked to milkyway.eth

https://twitter.com/zachxbt/status/1687127828234469376

Incoming demand for OTC CRV
Spiral DAO: $500k-$1m
Aave: $2m
Frax: amount not decided


https://twitter.com/0xRamenUmai/status/1687284243448414208
https://twitter.com/0xRamenUmai/status/1687284248179560448

Trader Joe launches on Ethereum

1. Available markets
- USDC/USDT - base fee 0.005%
- DAI/USDT - base fee 0.0005%

2. Auto-Pools allow users to automate liquidity (similar to automated LP management on uni v3)

3. Onchain Limit Orders

4. JOE is now an omnichain fungible token (OFT), coming to Ethereum soon

5. sJOE staking on Ethereum coming soon

Source


Thoughts
- launching stable pools first seems timely given the exodus of TVL from Curve
- Trader Joe’s v2.1 (comparable to Uni v3 and forks) has the highest fee/tvl ratio (efficiency) of all its competitors - data sourced from Artemis

Frax Gov Proposal to Onboard RWA Partner

IanGPT Summary:
- FinresPBC, a public benefit corporation, aims to assist the Frax Protocol by managing cash-equivalent assets without seeking profit, as part of Frax V3 RWA strategy.

- The company's role is limited to holding reserves and issuing tokens representing these reserves for Frax Protocol.

- FinresPBC partners with Lead Bank and plans to expand its crypto-friendly financial partnerships.

- The proposal suggests adopting FinresPBC as the offchain partner for FRAX v3, promising transparency with monthly public reports.

Source