DeFi Rate
Posts
This Week In DeFi – January 5

This Week In DeFi – January 5

Alex Miguel
January 05, 2024

Happy Friday, DeFi readers!

This week…

Arbitrum and Optimism trade near ATHs
Sei Network surges, sees increased interest
Jupiter DEX plans airdrop for end of Jan
Orbit Chain suffers $81M hack

Arbitrum and Optimism trade near ATHs

Layer-2 platforms Arbitrum and Optimism have surged in price over recent weeks, each now trading around all-time highs in token price.

Arbitrum’s $ARB reached a record-high of $1.83, while Optimism’s $OP hit a peak of $4.10, with arbitrum also reaching an all-time high in terms of total value locked (TVL), with $2.57 billion in the protocol.

Arbitrum also recently introduced support for custom gas tokens on its Layer-3 focused “Orbit” platform, enabling Orbit chains to enhance utility for their own tokens.

Yesterday's volume on Arbitrum hit an all time high, at $1,115,140,278. 🔷
Which makes Arbitrum the first L2 to cross a billion in daily volume on Uniswap. 🫡
— Uniswap Labs 🦄 (@Uniswap)
4:00 PM • Jan 4, 2024

Together With Animus Technologies

Your chance to outperform bitcoin

What if you had a chance to outperform the best-performing major asset class in the last decade?

Since launching in 2020, Animus Technologies has returned 260.85% vs bitcoin 80.83% on an outright & risk-adjusted basis using proprietary AI and sentiment analysis. They also recently won Bitcoin Magazine’s ‘Bitcoin Alpha Competition’, receiving $1 million in seed capital.

The team is looking at taking on a limited number of new clients. Book a call today to see if they are right for you.

Sei Network surges, sees increased interest

Trading-focused Layer-1 Sei Network, launched in August last year, has seen its native SEI token gain over 75% in the past week.

On-chain metrics have shown increased interest in ecosystem tokens including SEIYAN and SEILOR tokens, with SEIYAN surging 400% this week.

Sei's recent momentum has been attributed to the rise in popularity of EVM blockchains and parallelization, coupled with anticipation for a major upgrade that aims to make it the fastest blockchain on the market.

I’ll say the quiet part out loud. Solana money is rotating into Sei. Which is significant because Solana money is speculative money. That’s the type of capital injection that can moon an ecosystem quickly. Solana traders are risk takers. I really think its gonna get so fkn crazy.
— Beanie (@beaniemaxi)
4:22 PM • Jan 4, 2024

Together With Ryze

Stop Waiting For The Next Bull Market

What if you were able to take advantage of short term price movements while you wait for the next bull market?

That’s exactly what Ryze offers, through the ultimate binary options trading experience. Binary options offer investors a way to trade against the market with only two possible outcomes: receive a fixed amount or nothing based on if you are right or wrong.

Ryze is simplifying non-custodial crypto binary options through a fast-paced and exhilarating solution. Stop waiting for the bull market and score a bonus trade when you open your first position!

Jupiter DEX plans airdrop for end of Jan

Solana-based DEX Jupiter is planning to airdrop its JUP token at the end of January, aiming to test the longevity of the current altcoin frenzy on the Solana blockchain.

The large airdrop, comprising 40% of JUP's total supply, will be distributed to nearly 1 million Solana wallets, reflecting Jupiter's popularity among traders.

The airdrop is considered a "high-stress event" and an experiment in conducting a major token distribution while ensuring broad participation, serving as a stress test for both JUP trading infrastructure and the Solana network.

🚨 BREAKING: @JupiterExchange records an all-time high with $16.64 billion in trading volume for the month of December.
— SolanaFloor | Powered by Step Finance (@SolanaFloor)
12:42 PM • Jan 2, 2024

Orbit Chain suffers $81M hack

Orbit Chain's cross-chain bridge has reportedly suffered a significant hack, resulting in the loss of $81.5 million in stablecoins and other tokens.

The nature of the hack remains unclear, but unusual outflows occurred in five separate transactions, with $50 million in stablecoins, 231 wBTC (approximately $10 million), and 9,500 ETH (about $21.5 million) sent to fresh wallets.

The bridge is closely tied to the Klaytn ecosystem, with 9 of the top 10 tokens on the network by circulating market cap are Orbit Bridge wrapped assets. The stolen funds remain unmoved.

As of now, the stolen assets remain unmoved.
Our team is constantly monitoring the stolen asset, and we promise to inform the community once the address associated with the stolen asset has taken action.
— Orbit Chain (@Orbit_Chain)
6:11 AM • Jan 2, 2024

Jupiter DEX – Why the hype?

With all of the hype surrounding Jupiter’s coming $JUP airdrop, maybe it’s a good time to go over what Solana’s new leading DEX has to offer – and why it’s creating such a buzz within the community.

To begin, Jupiter may be hailed “the Uniswap of Solana” by some, but it’s much much more than just your typical AMM.

So, what does Jupiter provide?

Jupiter aims to become “the ultimate CEX replacement” by providing a decentralized exchange, which looks and feels like a high-performance centralized exchange.

It offers a whole suite of services including:

DEX aggregator

Jupiter offers a wide range of tokens and is optimized to give you the best route between any token pair, swapping across several different pools if necessary.

Limit orders

Unlike most traditional DEXes, Jupiter allows its user to set limit orders – orders at a set pice, which do not have to be immediately filled at the market price.

Dollar cost averaging (DCA)

Jupiter users can set up a dollar cost averaging strategy, to buy a certain amount of a specified token periodically. For example, a user could set up the DCA function to buy 100 USDC worth of SOL every 7 days.

Bridge

Jupiter shows you the best price for moving assets across several third-party bridge providers, to or from the Solana blockchain.

Perpetual futures

Last but not least, Jupiter offers a perpetual futures trading function, currently in beta. This is one of the most heavily-used services on centralized exchanges such as Binance, allowing users to speculate on major coins with leverage.

With such a massive range of features, along with Solana’s rapid execution, it’s no wonder why Jupiter has drawn in record-breaking trading volumes over the last month.