💧BTC Rebounds As Outflows From Grayscale ETF Slow
Outflows from Grayscale's Bitcoin ETF have steadily slowed since the markets posted a local low last week. Outflows are down 60% while the price of BTC is up more than 12% since Jan. 23.
Liquid restaking is surging on Ethereum, with the sector surpassing $900M in TVL as new projects enter the space. In related news, liquid staking is now live on dYdX Chain.
Ethereum's Layer 2 ecosystem continues to expand, with Immutable launching the early access mainnet phase for its Polygon-powered zkEVM. Manta's native token is also at a more than $3.5B valuation 10 days after launching.
Plus, Farcaster's on-chain activity is soaring after rolling out "Frames", and WEN is the latest Solana-based memecoin to capture degens' imaginations.
✍️ In today’s newsletter:
- Grayscale outflows down, BTC price up
- Swell enters liquid restaking sector
- Liquid staking on dYdX Chain
- Immutable zkEVM' mainnet rollout
- MANTA outperforms
- Farcaster activity spikes
- WEN rallies post-airdrop
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Grayscale ETF Outflows Slow As BTC Price Rises
TLDR Outflows from Grayscale's Bitcoin Trust ETF have slowed amid the recent market recovery, with outflows dropping 60% as BTC gained 12% since the markets' Jan. 23 local low.
SO WHAT Grayscale's spot Bitcoin ETF has consistently suffered heavy outflows, with more than $5B exiting the fund since it began trading. Still, spot Bitcoin ETFs have posted inflows of $760M after 11 days of trade.
Swell Launches Liquid Restaking Token As LRTs Boom
TLDR Swell is the latest web3 project to enter the booming liquid restaking sector with the launch of its rswETH token.
SO WHAT Liquid restaking tokens have surpassed a $900M TVL — equating to 45% of the value locked in EigenLayer, the pioneering restaking protocol. The sector's TVL doubled in the past two weeks.
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dYdX Chain Enables Liquid Staking for DYDX Token
TLDR Stride has launched liquid staking on dYdX Chain, the Cosmos appchain hosting the leading decentralized perpetuals exchange, dYdX. Persistence and Quicksilver will also launch support for the service in the coming days.
SO WHAT Users can now remain liquid while accruing validator rewards for dYdX Chain. The service also allows stakers to bypass dYdX's 30-day unbonding period when unstaking.
Immutable zkEVM Launches Early Access Phase On Mainnet
TLDR Immutable's new gaming-focussed Layer 2, the Polygon-powered Immutable zkEVM, is now live on mainnet in early access. Whitelisted developers and builders using Immutable's smart contract templates can now deploy to the network.
SO WHAT The launch follows the GameFi sector staging an impressive comeback in recent months, with the combined capitalization of gaming tokens gaining 120% since Oct. 30.
Manta Soars To $3.7B Valuation Ten Days After Launching Token
TLDR The fully diluted valuation of Manta's native token has soared to a more than $3.5B valuation less than two weeks after launching.
SO WHAT MANTA's impressive performance follows surging growth for the Manta network, with the chain emerging as the third-largest Layer 2 with a $1.7B total value locked.
Shell Protocol has launched its stakeable SHELL governance token. Airdrop recipients can check their eligibility through the Shell app. This token launch coincides with DeFi unifier Shell v3, which natively integrates Balancer and Curve pools in one single interface.
Shell aims to ultimately unify DeFi with a single app for NFTs and one-to-many swaps across every major protocol. Shell was created by Cowri Labs, a Hawaii-based DeFi development team, and has grown to a user base of 45,000.
Shell has received pushback from airdrop farmers for its sybil-resistant reward scheme. The SHELL token is currently trading through the Shell app. As for Cowri Labs, the team is already planning future integrations, with Uniswap and Aave on the near horizon.
SocialFi App Farcaster’s Activity Spikes After Launching Frames Feature
TLDR Daily active users on Farcaster, the Optimism-based SocialFi app, rocketed past 10,000 after the protocol launched Frames — a new feature supporting interactive posts on the platform.
SO WHAT Farcaster's all-time user base pushed past 73,000 following the recent surge.
Solana Memecoin WEN Rallies as 3-Day Airdrop Ends
TLDR WEN is the latest Solana-based token to storm the memecoin ranking following a three-day airdrop.
SO WHAT Data from Flipside Crypto shows WEN boasting a $58.8M market cap, ranking 14th among memecoins based on data from CoinGecko.