Crypto Fundamental Investor/Analyst

Josh Du

NASDEX Ltd

We believe that the tokenization of all asset classes, including stocks, is inevitable as the world further increases adoption of crypto and blockchain technology.

NASDEX is designed to serve as a bridge between the crypto world and the equity world. We believe that the onchain adoption of the equity asset class will deliver increased accessibility with improved capabilities for both crypto and equity investors

Crypto

<ul>
<li>We believe that Sushiswap is a potential deep-value play, within the crypto world; but is highly dependent on the success of its restructuring plan</li>
<li>Plagued with scandals, we explore the history of this $1.2 billion dollar protocol and its three rounds of leadership changes</li>
<li>This could serve as a case study of the debate around centralization versus decentralization </li>
</ul>


We believe that Sushiswap is a potential deep-value play, within the crypto world; but is highly dependent on the success of its restructuring plan
Plagued with scandals, we explore the history of this $1.2 billion dollar protocol and its three rounds of leadership changes
This could serve as a case study of the debate around centralization versus decentralization 


Sushiswap: A Failure of Decentralization or a Deep-Value Play?

Senior Cryptocurrency Analyst, Steno Research

Mads Eberhardt

Senior Cryptocurrency Analyst

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

<ul><li>Last Thursday, Uniswap, the leading decentralized spot exchange, announced its upcoming Layer 2, also known as rollup, on Ethereum, called Unichain.</li><li>For a detailed explanation of Ethereum rollups, please see Crypto Moves #16.</li><li>This new rollup will be based on Optimism’s Superchain technology, which also powers Coinbase’s Base rollup and the soon-to-launch Layer 2 from Sony.</li></ul>

Last Thursday, Uniswap, the leading decentralized spot exchange, announced its upcoming Layer 2, also known as rollup, on Ethereum, called Unichain.For a detailed explanation of Ethereum rollups, please see Crypto Moves #16.This new rollup will be based on Optimism’s Superchain technology, which also powers Coinbase’s Base rollup and the soon-to-launch Layer 2 from Sony.

Crypto Moves #48 – Uniswap’s Unichain Is Net Positive, End of Story

<ul><li>Ethereum has surged past the 3,000 ETH/USD mark, now trading at 3,050 ETH/USD.</li><li>This increase is mainly driven by the intensifying anticipation over the potential launch of an Ethereum spot ETF, along with Ethereum’s recent breakout from a months-long period of underperformance compared to Bitcoin.</li><li>Over the last week, Ethereum has seen an 8% increase relative to Bitcoin, with the latter seeing less net inflow into exchange-traded products than the week prior.</li></ul>

Ethereum has surged past the 3,000 ETH/USD mark, now trading at 3,050 ETH/USD.This increase is mainly driven by the intensifying anticipation over the potential launch of an Ethereum spot ETF, along with Ethereum’s recent breakout from a months-long period of underperformance compared to Bitcoin.Over the last week, Ethereum has seen an 8% increase relative to Bitcoin, with the latter seeing less net inflow into exchange-traded products than the week prior.

Data-Driven Analysis of Cryptocurrency Markets, Kaiko

Kaiko

Data-Driven Analysis of Cryptocurrency Markets

Kaiko is the leading cryptocurrency market data provider for institutional investors and enterprises. We empower market participants with accurate, transparent, and actionable financial data to be leveraged for a range of market activities. Kaiko’s mission is to be the foundation of the new digital finance economy by serving as a single source for market information. Our mission is premised on the idea that high-quality data drives market efficiency and greater transparency throughout the industry. For each of our enterprise clients, we build custom data plans designed for a range of use cases.

<ul><li>Curve's 3pool and Uniswap V3’s main USDT-USDC pool both became imbalanced heading into the weekend as USDT selling escalated.</li><li>However, this trend actually started in mid-July, with $100mn net selling on Uniswap from July 15 to July 22.</li><li>While the net selling eased in the last few weeks of July, it picked up again on July 31, the day after the Curve exploit (these two events seem to be unrelated).</li></ul>

Curve's 3pool and Uniswap V3’s main USDT-USDC pool both became imbalanced heading into the weekend as USDT selling escalated.However, this trend actually started in mid-July, with $100mn net selling on Uniswap from July 15 to July 22.While the net selling eased in the last few weeks of July, it picked up again on July 31, the day after the Curve exploit (these two events seem to be unrelated).

Tether Imbalance on Curve Raises Questions

<ul><li>Curve Finance is back as the center of attention in DeFi just a few weeks after CEO Michael Egorov’s large CRV-backed loans drew scrutiny.</li><li>This time, however, the inciting incident was an exploit.</li><li>Rekt<span style="font-size: var(--content-font-size);"> and </span>Llama Risk<span style="font-size: var(--content-font-size);"> have done a nice job breaking down the technical aspects of the exploit. </span></li></ul>

Curve Finance is back as the center of attention in DeFi just a few weeks after CEO Michael Egorov’s large CRV-backed loans drew scrutiny.This time, however, the inciting incident was an exploit.Rekt and Llama Risk have done a nice job breaking down the technical aspects of the exploit. 

Loans, Buy Walls, and OTC Deals: The Curve Finance Exploit

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Uniswap (UNI CURNCY)

Sushiswap: A Failure of Decentralization or a Deep-Value Play?

After 3 rounds of leadership changes, and plagued by scandals, is there still hope for Sushiswap, the $1.2 billion dollar DEX? We explore the...

Josh Du

Crypto Moves #48 – Uniswap’s Unichain Is Net Positive, End of Story

Last Thursday, Uniswap, the leading decentralized spot exchange, announced its upcoming Layer 2, also known as rollup, on Ethereum, called...

Steno Research

Crypto Crisp: Finally, Uniswap

Ethereum has surged past the 3,000 ETH/USD mark, now trading at 3,050 ETH/USD. This increase is mainly driven by the intensifying anticipation...

Steno Research

Tether Imbalance on Curve Raises Questions

Curve's 3pool and Uniswap V3’s main USDT-USDC pool both became imbalanced heading into the weekend as USDT selling escalated.

Kaiko

Loans, Buy Walls, and OTC Deals: The Curve Finance Exploit

Curve Finance is back as the center of attention in DeFi just a few weeks after CEO Michael Egorov’s large CRV-backed loans drew scrutiny.

Kaiko

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