The Weekly Airdrop: 0x61

April 21, 2023 // Overall market (-8.4%) saw $593m in longs liquidated while derivs DEXs continue to churn fees. Helium moves to Solana & joins the Web3 mobile stack

Apr 21, 2023

MARKET UPDATE

The overall market (-8.4%) pulled back this week, driven by excess leverage and $593m in liquidations coupled with low liquidity, marking the most substantial decline since the rally started in March. Despite that, the pro-crypto movement in the U.S. witnessed significant developments this week, with SEC Chair Gary Gensler being heavily criticized for his crypto crackdown policy, and Congress conducting a hearing on the value of stablecoins.

DEFI OVERVIEW

Onchain Activity

Derivatives DEXs saw massive growth in revenue, up +71.3% w/w to $7.5m as market volatility increased
Following the Atlas upgrade, Rocket Pool's TVL increased by 12.2% w/w. This was due to the reduction of the minimum ETH requirement for running a node from 16 to 8, resulting in the creation of over 1,000 new Mini Pools

Offchain Activity

Tencent Cloud partnered with Injective to support builders in the Injective ecosystem, starting with developers in the Injective Global Virtual Hackathon
Ondo Finance unveiled their upcoming stablecoin alternative, OMMF, which is backed by U.S. government money market funds and automatically generates yield

WEB3 OVERVIEW

Onchain Activity

The number of chains indexed by Covalent reached 104 across mainnets and testnets, +25% q/q as demand for indexing is growing with more chains/rollups to be launched
Filecoin’s quarterly results showed a +75.1% increase in active storage deals, to 580.5 PiB, which resulted in a +21.4% increase in revenue with $6.9m in quarterly revenue

Offchain Activity

Helium successfully completed its migration to Solana, which included the minting of over 911k NFTs, each representing a hotspot running on the Helium network
Stable Diffusion (the most popular AI image generator) now uses Render Network to power its text-to-image tasks

NARRATIVE HIGHLIGHT:

Web3 Mobile

To reach mass adoption, Web3 must be simplified to the point users don’t even realize they are interacting with a blockchain.

As mobile devices represent almost 60% of internet connected devices, a mobile-focus for Web3 is especially important. This is particularly true in emerging markets, where 54% of internet users go online without access to a computer according to a Pew Research study.

Mobile Phone (Solana)

The recently launched Web3 smartphone is designed to be a dedicated hardware wallet, with a seed vault tied to your biometric signature
The Solana Saga has a custom dApp Store that contains over a dozen DeFi and Web3 applications
The Solana Mobile Stack (SMS) is an SDK for building Android apps that can interact with Solana
Solana Pay allows users to pay for services using USDC, from their Saga phone

Mobile Wallets (Uniswap)

The Uniswap Wallet iOS app is now available on the App Store, enabling token swaps, NFT purchases, and dApp interactions across multiple networks right from a user’s phone
Avocado by Instadapp simplifies DeFi with a single interface for accessing multiple protocols on various blockchains

Mobile Apps (Lens)

Lens Protocol, a social graph that any app can plug into, is leading this space with a variety of dApps connected to Lens
This includes LensTube, a decentralized YouTube, and Lenster, a decentralized Twitter, among many others