01
Market Rotation
Last week was marked by a slight decline in the overall market, with the total market cap decreasing by 1.0% to $2.25T. Bitcoin's dominance dropped to 56.2%, indicating a slight shift in investor interest towards other assets. Bitcoin's price fell 2.0% to $63,048, while Ethereum's price decreased 1.4% to $1,876. This suggests that investors are becoming more cautious, with Ethereum's relatively smaller decline indicating some resilience in the market. As we head into the new week, it will be interesting to see if this trend continues or if investors regain confidence in the market.
03
DeFi Pulse
Bridge: $44.9B TVL | 7d▼ -0.9%: Matters as capital migrates to bridge protocols, driving growth in the space, with LayerZero V2's TVL increasing by $145M to $6.8B, and WBTC's TVL decreasing by $108M to $7.2B
Lending: $44.2B TVL | 7d▲ +0.2%: Matters as Morpho Blue's TVL increased by $160M to $8.0B, and SparkLend's TVL decreased by $129M to $3.6B, indicating a shift in capital allocation within the lending category
Onchain Capital Allocator: $8.0B TVL | 7d▲ +3.4%: Matters as capital flows into Onchain Capital Allocator, driven by the growth of yield-bearing stablecoin integrations and the increasing adoption of blockchain technology by institutions
Risk Curators: $9.0B TVL | 7d▲ +1.7%: Matters as capital flows into Risk Curators, driven by the growth of tokenized assets and the increasing adoption of blockchain technology by institutions, with Sentora's TVL increasing by $81M to $2.2B
04
Trending Dapps & Narratives
Robinhood Chain's rapid growth is driven by its strong demand for stablecoin-based financial services, with over $3.1B in DEX volume in its first week and a growing user base of over 2 million monthly active users, as it solidifies its position as a live Ethereum layer-2 mainnet
The expansion of tokenized Treasuries is attracting significant capital, with Ondo Finance's USDY and Circle's USYC reaching multi-billion dollar market caps, and the RWA market hitting a record $43.5B, as institutional investors increasingly adopt tokenization
Aave V4's yield expansion is driven by its growth of yield-bearing stablecoin integrations, with deposits and active loans reaching new all-time highs, and its live deployment on Avalanche enhancing its yield-bearing capabilities
The CCIP cross-chain adoption surge is capturing cross-chain liquidity and security budgets from LayerZero, with institutions and DeFi protocols migrating due to CCIP's institutional-grade security guarantees, and its TVL increasing by 7.3% to $1.6B in 7 days
05
Key Stories
01SharpLink to stake $200M in ETH through Lido, with Anchorage Digital serving as custodian, and Lido currently having about $16.5 billion worth of ETH staked through the protocol↗→ 02Figure Technology's Q2 revenue more than doubles, with its loan marketplace volume surging 132% year over year to $4.3 billion, and its net income increasing 192% to $87 million↗→ 03Goldman Sachs to acquire NEOS Investments for up to $2.25 billion, gaining three crypto income ETFs, including a $1.1 billion bitcoin fund yielding about 27%↗→ 04Fidelity files to add staking and quarterly cash payouts to its $900 million Ether ETF, with up to 100% of the trust's ether to be staked↗→ 05Wintermute to invest $1B in AI infrastructure and high-frequency trading over the next five years, targeting more than 50% of its revenue from non-crypto markets by the end of 2027↗→ 06Riot Platforms strikes $9.1 billion AI deal with Anthropic to secure 191 MW of computing capacity at Riot’s Rockdale campus in Texas↗→ 06
What To Watch
- →: Next week, watch for the potential impact of SharpLink's $200 million ETH staking plan through Lido, as it may influence Ethereum's liquidity and staking rewards
- →Additionally, the growth of tokenized Treasuries, such as Ondo Finance's USDY, which has reached a $2.1 billion market cap, may continue to attract institutional investors and drive growth in the Real-World Asset (RWA) market
- →The expansion of Aave V4's yield-bearing stablecoin integrations, such as PT-USDG and syrupUSDG, may also enhance its yield-bearing capabilities and attract more capital
- →Furthermore, the development of AI-focused platforms, such as those funded by Dragonfly Capital, may lead to increased adoption of AI-driven solutions in the industry
- →Lastly, the progress of Robinhood Chain, which is currently paying more fees to Ethereum than any other L2, will be important to monitor, as it may become economically significant for Ethereum
