Notable Messari Intel Updates
- The Acala team has announced that both Acala and Karura will integrate with Wormhole. Karura is expected to integrate with the Wormhole bridge in the coming weeks, after which Acala will be onboarded shortly after.
- The Ronin Network bridge was exploited for 173,600 ETH and 25.5 million USDC due to Sky Mavis’s Ronin validator nodes and Axie DAO validator nodes being compromised on Mar. 23, 2022.
- The BNB Chain team will introduce BNB Application Sidechains (BAS) to increase scalability and reduce application fees. BAS will allow teams to choose their own validators sets rather than relying on the BNB Chain for security. Teams working on BNB Chain are expected to share details about the first BAS testnet that will focus on GameFi in the coming weeks.
- The Evmos team announced that it plans to relaunch the network in the second week of April. Currently, the team is coordinating with partners on testnet to patch bugs and ensure the system is functioning as expected.
- The Alchemix Finance team has announced that it plans to deploy on additional EVM compatible rollups and layer one blockchains. The multichain rollout will occur in two phases. The first is the ability to bridge ALCX and alAsset tokens onto other chains, followed by the launch of the Alchemix protocol natively on other chains, allowing users the ability to create CDP positions on other platforms like Fantom.
Notable Messari Governor Updates
- The Ampleforth DAO has submitted a proposal that aims to execute the first FORTH minting of the FORTH token in order to fund the Ampleforth DAO treasury. Ampleforth governance allows for up to 2% inflation per year of FORTH minting. Voting is currently active.
- A proposal was submitted by Nomad and Blockchain at Berkeley and aims to deploy Uniswap on the Moonbeam Polkadot parachain. In exchange for this deployment, Nomad will commit $2.5 million to the Uniswap Grants Program to help fund the growth of the multichain Uniswap ecosystem. Voting is currently active.
- The Illuvium DAO has submitted a proposal that aims to launch a Staking Flash Pool targeted at ApeCoin token holders pending ApeCoin’s native staking release. Voting is currently active.
- The Sushi DAO has submitted a proposal that aims to implement an Omnichain native asset bridge into Sushi, called Stargate, that is built on top of LayerZero. Stargate allows for streamlined transfer of funds across chains and implements UX improvements over traditional bridges. Voting is currently active.
- The SpookySwap DAO succeeded in passing proposal that aims to approve the sale of SpookySwap’s veNFT, currently worth 1,798,926.05 SOLID to Deus Finance. The price of the sale would be approximately 1.6 million USDC. The rationale for this sale is that the value of the veNFT’s use has lessened. SpookySwap would use the added capital to hire more developers and deepen BOO liquidity.
Sector Returns
This week marks the third in a row where markets have seen a general positive return with the exception of the gaming sector. The DeFi sector was the best performer of the week, bringing in a return of 13.91%. Next up was the Web3 sector with a return of 10.27%. The gaming sector has been amongst the top performers for the past two weeks, securing multiple double-digit positive return weeks. This week saw a retracement for the sector as it was the only one to end the week on negative territory (-1.27%).
Top Assets
Solana (SOL) was the best performer amongst the top 10 assets by market capitalization this week, securing a 21.3% gain. Avalanche (AVAX) was the next best performer with an 11.4% return. Following closely was Terra (LUNA) which has continued its rally and now currently sits in ATH territory with a weekly return of 10.5%. Ripple’s XRP performed the worst this week and was the only asset to end in a decline within the category (-3.2%).
DeFi Assets
It has been an action-packed week for the DeFi space as the sector continues gaining momentum. Half of the top DeFi assets posted double-digit returns, with only one asset on the red. Leading the charge among the best-performing sector of the week was THORChain (RUNE) which brought a weekly return of 45.7%. The cross-chain liquidity protocol’s asset has seen its price rise more than 277% since its February bottom. The second best performer was Aave (AAVE), which went on a rally following the release of V3, an upgrade that adds support to six blockchains. The lending and borrowing protocol ended the week with a 27.1% return. FRAX was the laggard of the group with a -1.5% return.
Smart Contract Platforms
Wave’s meteoric week comes from the back of three key events surrounding the Layer-1 blockchain. The first is the Waves 2.0 migration, the launch of a $150 million ecosystem fund and a partnership with Allbridge. However, critics have raised concerns regarding the sustainability of the ecosystem, pointing to the fact that the rise in interest in the blockchain was due to the rise in TVL, which was driven by Neutrino (an algorithmic price-stable “assetization” protocol built on top of Waves) buying up WAVES. Waves (WAVES) closed the week with a 155.0% gain. Cosmos (ATOM) took the last spot with a -3.2% loss.
Currencies
The top currencies sector posted the narrowest set of returns of the week, with returns within a 17.7% range. Leading the sector was Stellar (XLM) with a 10.2% return, the only asset within the category with a double-digit gain. Monero (XMR) was next up with a 4.2% return, followed by Bitcoin (BTC), returning 3.7% on the week. Zcash underperformed compared to the rest of the group, securing the last spot with a 7.5% loss.
Web3
Filecoin (FIL) was on track to post a +35% return this week but at the last moment gave some of those returns back. It was enough to bring the open video infrastructure asset to compete with Theta Network (THETA) for the first spot. Filecoin ultimately secured the spot for the best performer with a 26.2% return while Theta Network (THETA) ended the week with a 23.9% return. Helium (HNT) took the last spot of the group with a -3.2% return.
Gaming
Smooth Love Potion (SLP) was the best performer of the gaming sector this week, bringing in a 13.3% return for the week. Close by was Enjin (ENJ) which posted a weekly gain of 12.2%. Ultra (UOS) took the third spot with a 9.8% gain. Axie Infinity (AXS) took the last spot this week as it posted a loss of 11.9%, mainly driven by the news surrounding the Ronin bridge hack in one of the largest crypto exploits to date.
