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🚀Markets Post Strong Finish To Q2

The Defiant

DeFi Daily

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Happy Friday! Lido is accelerating its growth strategy with a revised rewards program. Meanwhile, Prometheum's stance on digital asset compliance continues to ignite spirited debate, pointing towards the need for a comprehensive regulatory framework in the crypto space.

Layer 1 blockchain Avalanche is seeing a noteworthy increase in daily active addresses. Finally, dYdX is poised to launch the testnet for its new appchain, dYdX Chain.

✍️ In today’s newsletter:

  • Crypto markets rally with MKR, AAVE up double digits
  • Lido revises fee sharing program
  • Prometheum draws scrutiny
  • Avalanche sees resurgence in on-chain activity
  • dYdX Chain testnet to launch next week

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📈 Markets in last 24 hrs:

TickerValue24h
BTC$30,500 0.11%
ETH$1,936 4.48%
SPY$443.28 1.18%
PAXG$1,902 0.48%
Arch WEB30.85pts +0.13%
FINANCE0.89pts 1.29%
INFRA0.75pts -0.82%
CONSUMER1.07pts -1.96%
Arch WEB3

Learn more about Arch Indices here.

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Watch our video on why Bitcoin ETFs are a big deal. And check out our podcast with Caitlin Long, founder and CEO of Custodia Bank.


THANKING OUR NEWSLETTER SPONSORS

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Markets

Crypto Markets End Q2 On A High Note

TLDR Crypto markets ended the quarter strong despite news that the SEC might require financial giants to review their Bitcoin ETF filings. Bitcoin has been consolidating around $30,000 while Ether rallied to $1,923.

In the DeFi sector, MKR and AAVE were the top gainers.

Traditional financial markets also rallied, with the S&P 500 reaching its highest level since April 2022.


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Ethereum

Lido Governance Greenlights Revamped Revenue Sharing Program

TLDR The Lido community has passed a revised rewards program meant to boost its growth. A tiered revenue-sharing program has been introduced that gives a portion of Lido's 5% staking rewards share to potential partners. The plan has sparked concerns about centralization as Lido controls about 32% of staked Ether and Ethereum validators, which may pose a risk to the network.

SO WHAT The concerns about centralization are significant and reflect broader debates within the Ethereum and crypto community about the balance between growth, decentralization, and network security.


Regulation

Prometheum Draws Scrutiny Over Compliance Claims

TLDR Prometheum and its CEO, Aaron Kaplan, have claimed that there is a viable path for digital assets firms to comply with regulations, contradicting industry leaders like Coinbase. Kaplan stated on the Unchained podcast that Prometheum has built a new platform following the SEC's guidance for digital asset securities.

However, Rodrigo Seira, special counsel for venture capital firm Paradigm, disagreed and stressed the need for legislation to protect consumers and foster innovation in U.S. markets. The Blockchain Association has filed a FOIA request, suspecting potential collusion between the SEC and Prometheum.

SO WHAT The controversy around Prometheum's approach and its potential implications for regulatory compliance among crypto firms highlight the ongoing tension and ambiguity in U.S. crypto regulation.


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Layer 1

Avalanche On-chain Activity Doubles in 2023

TLDR Avalanche has seen its daily active addresses more than double this year, from 25,000 at the start to 60,000 by early June. The spike in activity is partially attributed to the growing popularity of Trader Joe, Avalanche's top decentralized exchange. Other contributing factors include increased activity on the Stargate cross-chain bridge and the rise of WooFi, a cross-chain decentralized exchange.

SO WHAT This surge in activity on Avalanche suggests a potential resurgence for the network despite significant declines in its TVL and market capitalization.


DeFi

dYdX Chain To Launch Testnet Next Week

TLDR dYdX plans to launch a public testnet for its upcoming dYdX Chain, a standalone Layer 1 blockchain based on Cosmos and its Tendermint proof-of-stake consensus protocol.

SO WHAT This transition represents a substantial change in dYdX's operational framework, potentially improving the platform's scalability and competitive positioning against centralized exchanges. If successful, this could set a precedent for other DeFi projects considering similar shifts to appchains for scalability, thereby affecting the broader DeFi landscape.


🔎 OUR REPORTERS ARE WATCHING


🌍 ELSEWHERE

  • CME Group to Launch Ether/Bitcoin Ratio Futures on July 31 (CME)
  • Coinbase Will Be Surveillance Partner for Fidelity, Other Bitcoin ETFs, Refiled Applications Say (Coindesk)
  • Remember Litecoin? The Silver to Bitcoin's 'Digital Gold' Is Soaring (Decrypt)