- 0xResearch
- Posts
- 🟣 U.S. Treasury bills keep winning
🟣 U.S. Treasury bills keep winning
More and more T-bills are coming on-chain
Donovan Choy & Carolina
August 01, 2024
Brought to you by:
Welcome back to 0xResearch. Here's what we’ve got for you today:
Tether reports $5.2B profit
Ripple allocates $10M to T-bills on XRP Ledger
Aptos announces integration of USDY
ZKX shuts down
Tether, the issuer of USDT, reported a net profit of $5.2 billion for the first half of 2024, according to its latest attestation. As the largest stablecoin by market cap, currently around $115 billion, USDT's impressive profits are largely driven by yield-bearing investments and reserves, primarily in traditional asset classes like US Treasuries, which continue to provide steady revenue.
Ripple plans to allocate a large fund to tokenized U.S. Treasury bills offered by OpenEden and other providers. As part of this initiative, Ripple will place $10 million worth of tokenized T-bills on the XRP Ledger. This move aligns with a broader trend of major financial players entering the tokenization space, including BlackRock, the world’s largest fund manager, which launched its BUIDL fund on Ethereum in March.
In more news about U.S. Treasuries on the blockchain, Aptos has announced the integration of Ondo’s USDY, marking the first yield-bearing coin of this kind in the Aptos ecosystem. With over $300 million in TVL across multiple blockchains, USDY offers a 5.3% APY. This integration allows global (non-U.S.) individual and institutional investors on Aptos to benefit from the stability of a stablecoin combined with the yields and institutional-grade protections typical of traditional finance.
ZKX, a Starknet-based derivatives protocol backed by Alameda and Starkware, announced on Tuesday that it will be discontinuing the project, delisting all markets, and closing all positions. The founder disclosed on X that the project, along with its token generation event, failed to meet expectations and was not economically viable. Users have until the end of August to withdraw their funds. Adding to the controversy, ZackXBT has alleged that ZKX possibly raised $7.6 million and launched its token despite being aware of a likely shutdown, as these closure announcements surfaced at the end of June.
– Carolina (@GoldDefi)
Brought to you by:
re.al is the permissionless L2 for tokenized RWAs built on Arbitrum Orbit, bringing off-chain yields onchain. re.al is the first L2 to return chain and protocol fees back to users in reETH, ensuring they benefit from the growth of the ecosystem. We’ve just launched a fully-transparent rewards program returning 10% of $RWA supply to early users. Get started, trading, borrowing, and leveraging a diverse selection of RWAs. Not investment advice or product solicitation and not aimed at US persons.
The latest memecoin to dominate news headlines is “IQ”, launched in an experiment by Nansen CEO Alex Svanevik. “testing some tech a friend built! don't ape this thing goddamnit” tweeted Svanevik, as the token ironically soared to a high of $11.5 million market cap before cratering to $646K at the time of writing.
The token was launched on Solana with “makenow.meme”, a pump.fun competitor that lets anyone create a token entirely on X by listing your ticker, tagging @makenowmeme and attaching an image.
Whether you like memecoins or not, its organic interest and usage is undeniable. In the past two days, Pump.fun has generated a whopping $3.5 million in revenue, according to DefiLlama. The memecoin launcher takes a cut by charging a 1% fee on all trades and a 2 SOL fee when tokens reach sufficient liquidity ($69K market cap) to be listed on the Raydium DEX.
— Donovan Choy (X: @donovanchoy | Farcaster: @donovan)
Celestia data posted to blobs:
For a blockchain to work, validator nodes in the network need to be able to access and verify transaction data from each produced block, known as “data availability”. Posting that data for L2 rollups is expensive, costing $50 to hundreds of dollars per MB of data. That opened up the market opportunity for data availability layers like Celestia, Avail and EigenDA to provide that service cheaply at 10-20 cents per MB of data. Yesterday saw Celestia hit its highest daily data postage at 797 MB of data, thanks to the mainnet launch of Eclipse, a L2 rollup bringing the Solana Virtual Machine (SVM) execution environment to Ethereum.
— Donovan Choy (X: @donovanchoy | Farcaster: @donovan)
The Paradigm team has developed Reth which is a framework for developing Ethereum-compatible nodes to enhance Ethereum’s infrastructure by improving its performance and fostering a more efficient and developer-friendly environment. By doing the aforementioned it serves as a growth catalyst for Base, Optimism and Symbiotic.
Solend unveiled multiple new products in the pipeline, including an LST, a stablecoin, and a new market for shorting memecoins. Rolling out this new product suite comes with a rebrand to “Save”. While the lending protocol has stumbled in the past with the occurrence of bad debt, and deposits have struggled to keep up with competitors Kamino and MarginFi, these new product verticals may serve as avenues for growth and revenue generation.
Get your game face on - we're about to make history with the first-ever Permissionless Pickleball Tournament!
We're talking epic matches from a who’s who roster of crypto. Think Bankless vs. Blockworks…
Team submissions are now open if you think you’ve got what it takes. Register for Permissionless III and submit your team to play today.
Bitcoin deviated from its typical four-year cycle. Can its course be corrected?
Astroport dex suffers the brunt of the 4-month-old vulnerability.
|
|
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.
