Notable Messari Intel Updates
- Evmos validators have successfully coordinated to relaunch mainnet as block production has resumed on the network. Before restarting, the chain had been halted since Mar. 6, 2022.
- The Rook team announced xROOK, a staking token allowing owners of ROOK to stake for ownership of revenues that accrue to the Rook Protocol through the discovery of MEV and the profitable execution of transactions. Stakers will receive a portion of the winning ROOK bid for each transaction executed, with distribution weights for the winning bid changed through DAO Governance.
- Osmosis Labs has released v7.2.1. This release contains one main bug fix which enables built-in pre-montery machines. Other changes include adding a new forceprune command and adding an upcoming gauges-per-denom query to the CLI. A complete list of changes can be found in the release notes.
- Pickle Finance is in the process of making pveFXS liquid with a pveFXS – FXS pool as well as introducing a couple other features to further support the Frax Finance ecosystem.
- The Solana network is currently experiencing degraded performance, including very low TPS and a very high number of skipped votes.
Notable Messari Governor Updates
- The Sushi DAO has submitted a proposal that outlines a 4-year restructuring plan for the Sushi organization and earmarks a budget of 6 million SUSHI to fund contributors, future hires, and strategy and project leadership during that time. The proposal expands the developer team from 4 to 10 full-time contributors. It launches a Compensation Committee responsible for managing compensation negotiations, establishing roles, reviewing performance, approving budget requests, and more. Preliminary discussions are ongoing.
- Redacted Cartel has submitted a proposal that aims to introduce Redacted V2 tokenomics and establish a fixed supply of 5 million BTRFLY, a new token supply schedule, and a transition from a rebase model to a vote-escrow model using rlBTRFLY. BTRFLY holders can lock their tokens for rlBTRFLY, which will receive BTRFLY and a share of protocol revenue. Preliminary discussions are ongoing.
- The Ribbon DAO has submitted a proposal that aims to grant 10 million RBN (19.2% of RBN 52 million circulating supply) to Ribbon Research Limited, an entity formed to further the development of the Ribbon ecosystem. The 10 million RBN will be initially used to pursue professional market makers for deeper RBN liquidity on CEXs, as well as other programs to increase Ribbon exposure. Voting is currently active.
- The BitDAO has submitted a proposal that seeks community approval to launch the BIT Purchase Program to increase the economic connection between BitDAO Treasury growth and the BIT token. The BIT Purchase Program will introduce a Targeted Daily Purchase Amount (TDPA) of $700,000 (approximately $21 million per month). Voting is currently active.
- The IndexCoop DAO has succeeded in passing a proposal that seeks to approve the incorporation of Index Cooperative. The aim is to set up a corporate structure for the DAO to create limited liability protection for contributors, open opportunities for partnerships and off-chain activity with organizations that will only enter into a contract or engage with a legal entity, and comply with applicable tax laws.
Sector Returns
All sectors ended the week in the red as more fear sets in on the markets. Markets last week were showing signs of consolidation, which could indicate that big moves would be coming ahead. Judging from market sentiment, the moves could be in the downward direction. Losses this week ranged from -2.24% to -11.06% as the gaming sector took the biggest hit.
Top Assets
Dogecoin (DOGE) was the only top asset by market capitalization that ended the week with a positive return. Just like the rest of the assets within the category, DOGE was trending downwards mid-week and was heading towards a 10% loss. However, markets went on a brief rally, and the original dog coin saw its price rise by as much as 36.2% following news that Elon Musk would be acquiring Twitter. DOGE has given back most of the gains since and finished the week just slightly above where it started (1.2%).
DeFi Assets
The top DeFi sector assets went through a decline this week with the exception of two outliers — Kava (KAVA) and Curve (CRV). CRV started the week on solid footing as it achieved a 15% gain quickly and subsequently peaking at 22% by mid-week. The token lost momentum soon after and its price started to taper off; however, this was enough to secure its position in second place. On the other hand, KAVA, the Tendermint-based Proof-of-Stake (PoS) blockchain’s native asset, started the week around -5% territory but recovered lost ground and followed a steady trend upwards, only surpassing CRV’s price at the last moment. It was the sector leader this week with a 15.1% return.
Smart Contract Platforms
It was all red for the smart contract platform sector as all of its top assets finished the week underwater. Losses this week ranged from -1.1% all the way down to -20.3%. Ethereum (ETH) declined the least within the sector. Its token price visited the 5% decline territory at one point but was able to recover lost ground, finishing the week slightly below where it started. Interestingly, the two projects which recently announced that they will be launching their own native LUNA/UST-like algo stablecoins were the biggest losers this week. TRON (TRON) and NEAR (NEAR) ended the week with corresponding 11.3% and 20.3% declines.
Currencies
Similar to the top assets by market capitalization category, the currencies sector only had one asset end the week with a positive return. Dogecoin (DOGE) has benefitted from the string of media coverage that one of its biggest proponents, Elon Musk, has recently been receiving. News that Twitter accepted Elon Musk’s buyout offer was enough to propel DOGE 36.2% from its weekly low. Although most of the gains have been returned, it was enough to secure the leading position within the sector.
Web3
The Web3 sector had a rocky week as most of the top assets had significant price action. Only The Graph (GRT) was able to end the week in positive territory. The decentralized indexing protocol’s token ended the week with a 2.2% return. The rest of the sector’s top assets saw losses ranging from 4.7% down to 14.7% with Theta Network’s THETA token being the laggard of the group.
Gaming
The gaming sector was the worst performer of the week and the only one with a double-digit decline (11.1%). The sector appeared on track to have all its top assets end the week in the red; however, Yield Guild Games’ token YGG had a 20% price rally at the last moment that was enough to secure its position as the top performer with a 2.3% return. Axie Infinity (AXS) lagged the group this week with a 17.3% decline.
