DeFi Pulse Farmer #37
DeFi Pulse released Farmer #37, top stories, developments, and trends from the past week in tandem with two key farming opportunities to keep an eye on.
- BitMEX co-founder Arthur Hayes hails DeFi’s “bright future” in a new post — In the write-up, the exec uses price-to-revenue multiples analyses to demonstrate what could happen if more centralized trading activity moves to DeFi services. According to his math, the ETH price could hit over $400k USD if DeFi captures even just 10% of this centralized activity. It’s an astonishing about-face for Hayes, who’s previously blasted ETH for being a “shitcoin” and who’s now facing trial for allegedly skirting U.S. money-laundering laws at his centralized crypto derivatives exchange.
- dYdX sets new layer two (L2) daily volume record — dYdX, a decentralized exchange that offers everything from spot to perpetuals trading, recently went live with StarkWare’s StarkEx scalability engine. Notably, then, dYdX’s activity on the ZK rollup side of things just hit over $36M within the span of 24 hours, a new daily record for rollup activity. Scaling has arrived, folks.
- Justin Drake highlights ETH is veering toward annual supply decreases — Because they hail BTC as “sound money” for having a capped supply, Bitcoiners often jab ETH for being inflationary. Yet the implementation of EIP-1559 later this year will see ETH fee burns come into play, which can make ETH deflationary and put it on the path to becoming “ultra-sound money,” as Eth2 researcher Justin Drake likes to meme. Drake noted this week that with current Ethereum transaction fee levels, ETH would be approaching a ~2% annual supply decrease if EIP-1559 was already active.
What is DeFi Pulse?
DeFi Pulse is a site where you can find the latest analytics and rankings of DeFi protocols. Their rankings track the total value locked into the smart contracts of popular DeFi applications and protocols. Additionally, they curate The DeFi List, a collection of the best resources in DeFi, and DeFi Pulse Farmer, a newsletter covering the latest news and opportunities in DeFi.
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