The Daily Degen- February 1st, 2024

All of today's news/data/alerts...

Feb 01, 2024

Happy Thursday friends! First month of 2024 is in the books! Feels like February will be quite eventful as well!

Let’s dive in!

Stats/alerts/etc at top and tweets/news/links/videos/etc at bottom… and all tweets are hyperlinked so just click on them to pull them up on Twitter!

Market Update

Crypto (from @CryptoBubbles):

Gold: $2031.42

Oil (WTI): $76.61

US 10Y Treasury: 3.914%

Stocks ($SPY as proxy): -1.63%

Biggest Price Movers

(From @coingecko top 1000, by 24 hour change)

Spotlight

Important news from the team at @zkxprotocol - who just executed their mainnet launch on @Starknet!

As background, @zkxprotocol is a gamified, omnichain perpetuals dex that we’ve been helping raise awareness about over the least year while they’ve been building…

Now that their mainnet has launched there will be lots of important updates coming soon, and lots of interesting opportunities for on-chain defi users to dive into (like their incentivized trading competitions!)…

Make sure to follow ZKX on Twitter for more info, get started via their site, and make sure to check out the announcement thread below for all the details about their launch and trading comps!

Biggest TVL Movers + Else

Chains are mostly red today. Only top 50 chains green on all three timelines (daily, weekly, monthly) are Aptos (#22), Kujira (#28), and Telos (#47).

Protocols are also mostly red today. Only top 50 protocols green on all three timelines (daily, weekly, monthly) are JustStables (#18), Pendle (#27), etherfi (#31), Swell (#34), Magpie Ecosystem (#37), and Kamino (#48).

Here’s The Top 12 Chains By TVL (from @DefiLlama):

Here’s The Top 12 Protocols By TVL (from @DefiLlama):

Here’s The Top 12 Entities By 24 Hour Fee Generation (from @DefiLlama):

Top Trending Tokens (from @dexscreener, 24 hour timeframe):

Bitcoin Fear/Greed Index:

(from @BitcoinFear)

Ethereum Fear And Greed Index

(from @EthereumFear):

New Projects

(note: this includes new projects we find through combing Twitter each day, and we also include every (newly launched) protocol added by @DefiLlama - hence disclaimer: these are not pre-vetted by us so make sure to DYOR!)

-Something new called @alignedlayer. Twitter bio states “Extending Ethereum's zk capabilities using @eigenlayer. A product by @yetanotherco”. Followed by 5 of our mutuals. h/t @toffee248:

-New EVM Bitcoin L2 called @TunaChain. Twitter bio states “Tuna Network is building a modular ZK-L2 ecosystem, designed to provide users with the fastest and most secure Bitcoin ecosystem experience.” Followed by 7 of our mutuals. h/t @toffee248:

-Something new called @bounce_bit. Twitter bio states “The first-ever #BTC native staking chain Early access NOW LIVE 👇🏼”. Followed by 20 of our mutuals. h/t @AresLabs_xyz:

-Previously-mentioned Injective liquid-staking protocol @hydro_fi has been added to @DefiLlama. Twitter bio states “Hydro is the ultimate Injective-native LSD+LSDFi Protocol. Maximize yield with LSD, Real-Yielding Assets (RYA) and Farming”. Followed by 40 of our mutuals.

Security Alerts

-Daily Reminder: Twitter (and other social media) is being absolutely inundated with scams and links to fake versions of popular defi protocols - please make sure to be EXTREMELY hyper-vigilant and triple-check before interacting with anything!

-No security alerts today.

Top Stablecoin Yields

(note: these are the top Stablecoin Yields, sourced from @DefiLlama (all types, $1M+ TVL) and @stable_fish - note: these lists are just raw data, make sure to always DYOR before interacting with any/all protocols)

Important News And Analysis

(key news, twitter threads, articles, videos, etc from last 24 hours)

-The @JupiterExchange/$JUP airdrop dominated attention in crypto yesterday, h/t some fascinating stats on it from great thread @tomwanhh just published:

-At least one user is confirmed to have received over $1M via the airdrop, h/t @WuBlockchain:

-The Fed left interest rates unchanged at yesterday’s FOMC meeting, here is some analysis summarized from @JackFarley96’s video with @FedGuy12 in the aftermath of it:

-Additional headlines from @0xSalazar:

-Tether released their latest quarterly attestation report, generating much attention for the massive profits:employees ratio relative to tradfi behemoths with similar revenue, h/t @WClementeIII and @0xjaypeg for additional thoughts:

-@ZeMariaMacedo on the resilience of stablecoins:

-@CryptoKoryo released an extremely well-done, extremely-detailed thread of stats and data relating to the performance of various narratives/tokens in January, sample below:

-@modenetwork and @Hyperlane_xyz both getting attention in airdrop circles, h/t @2lambro and @CC2Ventures (click for rest of the latter’s long-form tweet):

-Good reminder from @FedGuy12 and @SteveMiran on the underlying meta in macro:

-Good thread on @Maya_Protocol/$CACAO, which has been generating some buzz as of late, from @BullishBits:

-Interesting thread on Bittensor/$TAO, which has also been generating much attention lately, from @spacexbt:

-Good new video on @PythNetwork from @Dynamo_Patrick:

-New @coinbureau livestream from yesterday discussing all sorts of crypto topics and news:

-Thoughts on airdrops from @TaikiMaeda2:

-New interview with CT veteran @fiskantes from @FlywheelDeFi:

-Parting thoughts from @santiagoroel:

Conclusion

Happy Thursday friends! Stay alert out there!

And please RT/subscribe/etc if you found this valuable!

***Note On Material: The ‘Spotlight’ section (and ‘Note’ sections and info on our Official Monthly Sponsor if applicable) are the only parts of The Daily Degen that are sponsored/promotional. Everything else is chosen 100% organically based on what info/stories/etc seem likely to be the most newsworthy/important/valuable to readers.