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🔓DYDX Rallies Despite Enormous Looming Unlock
The Defiant Daily
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DYDX has surged 60% in one week following the launch of dYdX's Cosmos-based appchain. However, the rally comes as tokenholders brace for DYDX's circulating supply to increase by 82% alongside a massive unlock event on Dec. 1.
The DeFi sector has been on fire recently, with volume on decentralized exchanges tagging an eight-month high. The market cap of DeFi tokens also reached its highest level since May, while Aave v3 posted a record high for daily borrowing activity,
Vitalik Buterin believes Plasma-based scaling solutions could make a comeback advocating for their use in EVM validiums. However, many Ethereans believe Plasma's functionality has been superseded by Layer 2 rollups.
And Spark Protocol, MakerDAO's lending protocol and first subDAO, has crossed $1B in TVL. The protocol is set to double its debt limit to $800M, likely driving further growth for Spark.
✍️ In today’s newsletter:
- DYDX rallies ahead of unlock
- DeFi sector celebrates multi-month highs
- Vitalik vouches for Plasma scaling
- Spark Protocol pushes past $1B TVL
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📈 Markets in last 24 hrs:
| Ticker | Value | 24h |
|---|---|---|
| BTC | $36,549 | ↙ -1.4% |
| ETH | $2,061 | ↗ 0.71% |
| S&P 500 | $4,496 | ↗ 1.91% |
| GOLD | $1,962 | ↗ 0.84% |
| Arch WEB3 | 1.05pts | ↙ -1.31% |
| ↳ FINANCE | 1.00pts | ↗ 0.08% |
| ↳ INFRA | 1.18pts | ↙ -2.05% |
| ↳ CONSUMER | 1.13pts | ↙ -3.74% |
Learn more about Arch Indices here.
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Markets
DYDX Token Surges Ahead Of Massive Unlock
TLDR DYDX is up 60% in one week as investors move to buy up the token for staking to earn fee revenue from the newly-launched dYdX appchain. DYDX holders can earn fee revenue from trades executed via the dYdX protocol.
SO WHAT However, DYDX's impressive gains may be short-lived, with the token's circulating supply set to increase 82% amid a major unlock event on Dec. 1. The unlock was previously scheduled to take place in January, but was postponed due to the ongoing market downturn.
READ MORE: DYDX Token Surges Ahead Of Massive Unlock
DeFi
DeFi Rebounds as Aave v3 Loan Volume Spikes to Record
TLDR The decentralized finance sector is enjoying multi-month milestones, with the market cap of DeFi tokens at its highest level since May and DEX-based trading volume at an eight-month high.
SO WHAT The impressive performance comes as yields are up across the DeFi sector amid the recent uptick in volatility. Aave v3 also celebrated a record for daily borrowing activity, suggesting many users are using DeFi protocols to access leveraged exposure to DeFi assets.
Read More: DeFi Rebounds as Aave v3 Loan Volume Spikes to Record
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Ethereum
Vitalik Advocates For Renewed Exploration Into Plasma-Based Scaling Solutions
TLDR Vitalik Buterin, the co-founder and chief scientist of Ethereum, believes recent advances in cryptography have solved many of the challenges associated with Plasma-based scaling solutions. Buterin vouched for greater research into the technology, suggesting Plasma could underpin EVM validiums.
SO WHAT Buterin co-authored a paper introducing Plasma back in 2017. While Plasma enjoyed popularity in 2017 and 2018, Layer 2 rollups have since superseded the technology as Ethereum's dominant scaling solution, in part due to their ease of EVM-compatibility.
Read More: Vitalik Advocates For Renewed Exploration Into Plasma-Based Scaling Solutions
DeFi
Spark Protocol TVL Breaches $1B
TLDR Spark Protocol's TVL has pushed above $1B, ranking its as the 16th-largest DeFi protocol. Users drove an inflow of more than $200M in deposits during November alone.
SO WHAT Spark's growth has been propelled by high DAI yields and the promise of a future airdrop for early users. The trend is likely to continue as Spark will double its debt ceiling to $800M this week.
Read More: Spark Protocol TVL Breaches $1B
