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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

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