💣 Starknet Airdrop, Do You Get Anything?

A weekly recap of the largest crypto events and narratives, with an extra dose of insight.

Here’s what we have for you:

• Starknet airdrop leaked

• GMX V2

• WeaveDB and its decentralised data hub

• Bringing RWA yields and overcollateralised stablecoins with Mimo Labs

• Seda, the foundation for real-world data in crypto

• SSV and DVT

• Derivatives with Deri

GM Raiders. You hear that. That’s the beat of the bull market drumming closer. BTC is now trading above $40K. I think that’s a pretty big mental hurdle for many to cross, and should signify good things to come. That’s if, Gary wants to approve our spot ETF. If not, send everything to hades.

In airdrop land, Starknet’s airdrop criteria got leaked a few days ago. Early Ethereum adopters, stakers, and developers are some of the beneficiaries. In addition, the team has confirmed that the snapshot has been taken already and cannot be changed. So don’t bother going to farm there now.

dYdX has been seeing increased volume on the back of multiple new token listings. Total trading volume has now hit ~$300M, with a daily volume ATH of $83M. Expect that to continue to increase as more traders get comfortable with the new appchain and incentives continue.

-RektRadar

GMX V2 is on a tear. Volume is on the rise with a steady uptrend, with total volume reaching a cool $6.14B to date. Total fees is also on the rise, with V2 having generated the protocol $4.53M in fees. Assuming the market conditions keep up, the platform is making a pretty handy $100K in fees per day. Open interest on the platform is also on the rise, rapidly climbing from $0 when first launched early August to the current $120M.

However, having said that, trader net PnL is also on the rise, meaning that traders are making profits. This is to be expected given the market going up, but do be careful as a prolonged uptrend could potentially leave LPs pretty rekt. 

A decentralised database, but on smart contracts

• WeaveDB is a decentralised general-purpose database on smart contracts. We all know DePIN is hot, and storage is a thriving sector in that. With WeaveDB, devs can build complex logic for their dApps, without ever writing a smart contract.

• The unlock is huge. Social web apps can now be built as web2 apps can be fully ported to dApps. DID & social protocols can now utilise fully decentralised databases. Blockchain games, decentralised oracles, decentralised science. Anything that harnesses the power of a modular database stands to benefit.
  

• But wait, there’s more. WeaveDB is launching its own chain, WeaveChain, a marketplace for rollup operators and dApp developers. There will be a token, $WDB, that will be used as the native token and rollup operators will need to stake the token. This is alpha btw.

Bringing yield from RWAs to DeFi and overcollateralised stablecoins

• Mimo Labs operates two protocol, Parallel and Kuma. The first issues decentralised stablecoins such as PAR (€) and paUSD ($). The latter issues interest bearing tokens backed by RWAs.

• The devs have been shipping. Non stop. Kuma recently launched on Polygon’s POS chain. They also deployed on Linea. They’ve launched several balance pools, and won’t stop there, planning to add several different interest bearing tokens and collateral for Pararllel. Government t-bills onchain go brr.

Seda, the foundation for real-world data in crypto

• SEDA is the everything oracle. What does that mean? In the world of smart contracts today, these contracts are limited to querying data from their respective execution environments. Something on Ethereum couldn’t query something on Solana. And that’s a huge barrier to interoperability.

• With SEDA, any smart contract can permissionlessly query and verify offchain data. They’ve been making massive strides in this vision, recently launching their Euclid testnet, the first out of three testnets. The testnet can fetch open API data, a first step into a world with seamless data interoperability.

DVT technology is here

Distributed validator technology (DVT) is the future. DVT allows a validator private key to be split into multiple fragments, and similar to a multisig, multiple parties can come together to sign blocks and help validate the network.

One of the premier providers of DVT is SSV Network. They’ve been flying under the radar but have two huge upgrades coming soon. The first is its permissionless mainnet upgrade, which will go live in 1-2 weeks following a successful governance vote. This will allow the network to permissionlessly onboard any validator to SSV.

The second is a huge partnership with Lido, who will implement SSV in its Simple DVT module. This is a great step in helping to decentralise the Lido validator set and should increase the adoption of DVT at a rapid pace.

Just like how LSDs is a huge narrative, the next progression of that narrative is clearly DVT.

Crosschain tech is all the hype now. Another area that we all know is going to do well in the bull market is derivatives. Deri fits both of those bills. Deri is a cross-chain derivatives protocol, offering futures, options, power perpetuals, and more.

Their newest upgrade, V4, offers consolidated liquidity for enhanced trading, faster execution and reduced gas costs, and many more tokens listed. The team is continuing to ship with new features such as limit and stop orders, optimised gamma swaps, and is looking to be a powerhouse perps protocol.

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