Dencuna Matata

Total day one inflows across all 11 ETFs came in at ~$721M, with Bitwise’s BITB in the lead at $238M AUM.

gm and Happy Friday.

Total day-one inflow across all 11 ETFs came in at ~$721M, with Bitwise’s BITB in the lead at $238M AUM. Despite the massive inflows, the market seems unhappy overall with these results, and BTC is down ~4% on the day. Day one volume was over $4B. 

Notably, the $7T AUM asset manager Vanguard opted to block access to the ETFs via their platform. Others, like JP Morgan, added a risky asset warning before allowing the purchase.  

Larry Fink, CEO of Blackrock, went on CNBC this morning and gave us some bullish content comparing BTC to gold and mentioning that he sees value in a spot ETH ETF. He also seems very bullish “tokenization,” a rebranding of the classic security token narrative. 

ARB and OP continued to lead compared to other ETH beta verticals such as LSDs and DEXs. While ETH is up some 30% since the beginning of Dec, OP is up ~150% and ARB ~133% in the same time frame. 

Assuming the bid could be in anticipation of the Dencun upgrade, one potentially overlooked catalyst is that soon after Dencun, Uniswap will be able to launch V4 of its exchange.

Another outperformer of late is ENS. Despite decreasing registrations and revenue, the token is up almost 300% since the beginning of the month. Likely the result of Vitalik mentioning it on Jan 3.

What better way to celebrate an ETF approval than getting 10% off a research subscription? Sign up for Blockworks Research using code "ETF10", only for 48 hours, so don't miss out. You're going to want the alpha over 2024. This one's for Gary.

Maker’s RWA vaults earned $16.3 million in revenue in November 2023, which represents 64% of their total revenue. Maker’s RWA revenue, combined with its crypto interest revenue of $5.4 million in November 2023, has been the main driver behind the protocol’s revenue.

Our very own Westie built (on a single screen) and published the most comprehensive MakerDAO dashboard yesterday, and published a flashnote to go along with it, where he discussed the key implications and conclusions from Maker’s revenue model, DAI metrics, and Spark Protocol.

This article discusses Subsquid, an open-source decentralized data indexing and querying platform that aims to solve scalability and performance issues with blockchain infrastructure by building a distributed network of worker nodes that can store and retrieve indexed data from multiple chains in a highly parallelized and efficient manner.

This article provides an in-depth exploration of the EigenLayer ecosystem, explaining what EigenLayer is and analyzing several actively validated services (AVS) being built on EigenLayer to take advantage of its restaking capabilities.

This article is providing an overview of the data availability problem that blockchains can face when scaling, and it explores the different contexts where this issue is relevant as well as potential solutions like data availability proofs.

This report delves into the intricate workings of Optimism and Arbitrum, unpacking their differences and potential to redefine the core theses of every crypto investor.

MakerDAO generated $16.3M in RWA Revenue and $5.4M in Crypto Interest Revenue in November 2023. The magnitude of these numbers has yet to be seen anywhere in DeFi, yet MKR currently sits at relatively low P/S and P/E multiples.

The insights, views and outlooks presented in the report are not to be taken as financial advice. Blockworks Research analysts are not registered broker/dealers or financial advisors. Blockworks Research analysts may hold assets mentioned in this report, further outlined in the Firm’s Financial Disclosures.