Uniswap & $2 trillion | Pendle & $4bn TVL | FTX & Solana | Bitcoin & Halving | Wormhole & $3bn Valuation | &more
01.04.2024 - 08.04.2024
Welcome to the redefined DeFi vs. CeFi weekly newsletter. If you want to join our community, visit us at the links below.
1 | Uniswap with a $2 trillion in trading volume
The world's most popular decentralized exchange by trading volume announced it has passed a whopping $2 trillion in total trading volume. In a post to the social media platform X, Uniswap Labs announced that the cumulative trading volume transacted using its protocol had hit the historic mark. Since its founding in 2018, Uniswap has been one of the most used DeFi applications on the Ethereum blockchain and the leading decentralized exchange, or DEX, by trading volume. Uniswap Labs also posted a link to a Dune Dashboard that tracks the protocol's all-time trading volume. In the last 24 hours, Uniswap trading volume was nearly $2.9 billion, according to the dashboard.
https://www.theblock.co/post/286679/uniswap-hits-a-historic-2-trillion-in-trading-volume
2 | Pendle reaches $4 billion in TVL
The total value of crypto held on Pendle has reached $4 billion, as the yield trading platform continues to attract attention. Pendle’s core idea is that it divides yield-bearing assets into the underlying asset and the yield, both of which can be traded separately. This concept seems to have gained popularity, as trading across the platform has reached $10 billion, according to the project’s analytics dashboard — with trading volume surpassing $400 million in a single day on April 2. Pendle has significantly benefited from the ongoing ether restaking boom, as most of the trading is concentrated around liquid restaking tokens related to ether and its corresponding yield.e
3 | FTX sold of $1.9 billion locked Solana
FTX creditors have strongly disapproved of the bankrupt crypto exchange’s decision to sell its Solana holdings at a significant discount to crypto venture firms. Earlier today, reports revealed that FTX offloaded as much as 30 million SOL at a rate of $64 each to VC firms like Pantera Capital and Galaxy Trading. The move is a substantial 62% markdown from the current market price — hovering around $176 as of press time. The SOL will be locked for four years and cannot be sold. The transaction, expected to fetch FTX about $1.9 billion, is positioned as a significant step towards repaying its creditors. However, those affected by the exchange’s collapse perceive the deal negatively.
https://cryptoslate.com/ftx-discount-sale-of-1-9-billion-in-solana-faces-creditor-fury/
4 | Bitcoin halving will have to battle with ‘weak time of year
Many crypto traders are eyeing the Bitcoin halving event as a primary driver for a potential price spike, but the time of year will be an obstacle, according to cryptocurrency exchange Coinbase. The crypto market will need to find another narrative to further push up prices across the board, Coinbase further explained in its April 5 market commentary report. “The BTC halving, currently due April 20 or 21, could be a catalyst for higher prices, but it will have to contend with what is typically a weak time of year for crypto markets and other risk assets,” the exchange stated. Bitcoin has typically seen a monthly return of about 2.7% from June to September since 2011, while in the other eight months, it averaged a return of around 19.3%, according to data from digital assets research firm Brave New Coin.
https://cointelegraph.com/news/bitcoin-halving-btc-crypto-market-exchange-coinbase
5 | Wormhole Debuts at $3B Valuation in 617M Token Airdrop
Cross-chain bridge Wormhole initiated an airdrop that will see early users rewarded with 617 million of its newly issued governance token, W. The token opened at $1.66 on Solana-based decentralized exchange (DEX) OpenBook with a market capitalization of $2.98 billion and a fully diluted value figure of $16.5 billion, according to CoinGecko. OpenBook experienced a period of heavy congestion after the token was released with several users reporting that it was inaccessible.
https://www.coindesk.com/business/2024/04/03/wormhole-debuts-at-3b-valuation-in-617m-token-airdrop
6 | Tether Added 8.9K Bitcoin
Tether, the issuer of USDT, the world's largest stablecoin based on market cap, added just shy of 8,889 bitcoin (BTC) in the first quarter, according to on-chain trackers such as Arkham Intelligence. Though Tether made no official announcement of the action, a wallet believed to belong to the company shows as having 8,888.8888 bitcoin moved to it on March 31. Tether, of course, has made no secret of its intention to use a portion of its profits to acquire bitcoin. That wallet is now the holder of 75,354 bitcoins worth about $5.2 billion at BTC's current price of $69,000, putting Tether's profit at roughly $3 billion.
Visit our Website: https://redefined.org/
Join us on Discord: https://discord.gg/hcpWsw2Kfb
Follow us on Twitter: https://twitter.com/redefined__org
Join our Telegram Update Channel: https://t.me/redefined_org