The Daily Degen- January 31st, 2024

Jan 31, 2024

Happy Wednesday + $JUP-airdrop day + FOMC day friends!

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: $2038.73

Oil (WTI): $77.03

US 10Y Treasury: 4.024%

Stocks ($SPY as proxy): -0.08%

Biggest Price Movers

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

Spotlight

Our friends at @muxprotocol continue crushing it, especially for trades routed through @GMX_IO!

GMX’s V1 and V2 have slightly different fee and price impact structures, and V1 can still be the better option in some instances…

Mux automatically routes each trade through whichever one will be best - V1 or V2- so traders don’t even need to do the calculations themselves, and can always be assured of the ideal execution route!

As background, @muxprotocol is a perps dex + aggregator on Arbitrum who we’ve been helping raise awareness about… extremely popular with traders and also yield enjoyers as well… with ‘RealYield’ paid in ETH to MUXLP and veMUX holders…

Make sure to check out their site to get started trading and/or LP’ing and make sure follow them on Twitter for more updates as well!

Biggest TVL Movers + Else

Chains are mixed today. Top 20 chains up at least 15% on the weekly include Solana (#5), PulseChain (#10), and Sui (#11).

Protocols are mixed today. Protocols with at least $100M TVL up at least 50% on the weekly include Magpie Ecosystem, Kinza Finance, Pendle, and etherfi.

Here’s The Top 12 Fastest-Growing Chains By TVL On The Monthly (from @DefiLlama):

Here’s The Top 12 Fastest-Growing Protocols By TVL On The Monthly (from @DefiLlama - note: this one has a minimum TVL filter so only includes protocols with at least $1M TVL):

Here’s The Top 12 Entities By 24 Hour Token-Holders’ Revenue (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 @MerlinSwap. Twitter bio states “The first liquidity hub for trading on Merlin”. Followed by 1 of our mutuals. h/t @AresLabs_xyz:

-Something new being built on @Blast_L2 called @TheAstroForge. Twitter bio states “The first and largest NFT project launchpad. Powered by @Blast_L2 🚀 Enter the galaxy✨👉...” Followed by 4 of our mutuals. h/t @AresLabs_xyz:

-Previously-mentioned @InceptionLRT has been added to @DefiLlama. Twitter bio states “Restake ETH LSTs on Inception, built on @eigenlayer to earn 2 layers of rewards | Unlock liquidity with our Liquid Restaking Tokens (LRTs) ⚡” Followed by 61 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, $10M+ 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 much-anticipated @JupiterExchange $JUP-airdrop is today. Here is the rundown from @alpha_pls:

-Reminder that you can check your eligibility and potentially claim the Jupiter airdrop from within the @phantom app on Solana itself, as Twitter will certainly be full of scam links and all sorts of nasty stuff today centered around it:

-Today is also the first FOMC meeting of 2024, with the bond market pricing in a 97.3% chance of no change to interest rates in either direction however:

-The restaking/EigenLayer narrative continues to gain steam as well, with a wide variety of new protocols with potential airdrops launching around it, h/t @cryptoyieldinfo:

-An article Vitalik published yesterday revealed he uses Rabby wallet, mentioned Bittensor/$TAO, and referenced HarryPotterObamaSonic10Inu/$BITCOIN as an example of a ‘scam coin’, h/t our green friend @inversebrah for the great curation as always:

-The narrative on the Bitcoin ETF’s appears to have shifted over the last two days:

-There are currently seven crypto tokens with fully-diluted valuations above $20B, h/t @thedefivillain:

-Speculation that $ETH ETF’s will be approved in May, h/t @TheBlock__:

-$77.1M lost to exploits/hacks/scams in January, according to @CertiKAlert:

-Excellent recap/thoughts on the @Mim_spell exploit from @CurveCap:

-Market thoughts from @TheFlowHorse:

-New interview with Aevo/Ribbon founder @juliankoh from @0xResearch:

-New video on the $DYM-airdrop from @Cryptocito:

-New episode of @thebellcurvepod featuring @MikeIppolito_ and @hal2001 discussing interoperability and other blockchain-focused subjects:

-Parting wisdom c/o @NTmoney:

Conclusion

Have a great Wednesday friends and stay alert out there!

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

Note

As mentioned yesterday in the Spotlight section, @PikeFinance is an extremely unique project we are helping raise awareness about that sits smack dab in the middle of the interoperability narrative that has been generating so much attention as of late!

Powered by Wormhole and other key defi infra, Pike allows users to seamlessly borrow, lend, leverage, and earn across any chain… EVM, Solana, etc…

Entirely bootstrapped with no VC funding… they are generating massive buzz both for their tech and their central location within the current ‘Airdrop Meta’ that has overtaken the crypto world…

They have a number of very interesting catalysts on the horizon and are working behind the scenes with a bunch of gigabrain teams we are big fans of, so make sure to follow them on Twitter so you don’t miss any important announcements, and check out the excellent thread + article on them from the official @wormholecrypto account below!

***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.