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@GryphsisAcademy
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0/n Since the onset of 2023, LSD has emerged as one of the most significant trends in the DeFi space. This report offers an overview of LSD, highlighting the 5 drivers of growth, indicating a potential 7-fold increase over the next 5 years.
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0/n
#GryphsisAcademyWeeklyCryptoDigest
When Regulatory Actions Shake Markets (2023.06.05–2023.06.11)
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🧵 Thread: NFT Lending Market Report - A Deep Dive into the World of NFT Lending 🧵
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3/n Macro Overview
ISM shows service sector slowing (PMI at 50.3) & possible labor contraction (Index at 49.2). Equity markets still strong with NASDAQ surpassing Aug '22 highs, thanks to NVDA. Crypto, however, on a downward trend, impacted by SEC lawsuits.
#MarketTrends
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1/n Contents - 1
1) Macro Overview:US Stock V.S. Crypto
2) Big Story:
@SECGov
sues
@binance
and
@coinbase
; June 9 Market Crash
3) Protocol Spotlight:
@fraxfinance
4) Narrative Pick(Trading Tool): Unibot, the Telegram Uniswap Sniper Bot
5) VC Funding Highlight
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5/n
#GryphsisInsights
Interesting development:
#Binance
inflows have redirected to
#OKX
@okx
, possibly driven by their new Web3 wallet feature.📈
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9/n June 9 Market Crash
Recently,
#Robinhood
decided to delist tokens ($ADA, $MATIC, $SOL) deemed securities by the SEC. This move could be influencing market makers' outlook on altcoins, adding complexity to the recent sell-off.📉
#CryptoDelisting
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7/n
#GryphsisInsights
Amidst uncertainty, stablecoins like
#USDT
and
#USDC
could be next in line. Consider hedging against depegging risk through Y2K Finance's product, Earthquake.⚠️
#CryptoRisk
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6/n
#GryphsisInsights
Investors, take note! Native tokens
#BNB
and
#OKB
reflect positive alignment with exchange operations. Watch out for OKB as OKX is set to launch an AA wallet.👀
#CryptoInvestment
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8/n June 9 Market Crash
💥A harsh sell-off hit the
#crypto
market on June 9. Many altcoins, especially those listed as securities by the SEC, witnessed a 10%-30% decline. However,
#BTC
and
#ETH
seemed relatively unaffected. What's behind this?🤔
#CryptoSellOff
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15/n
#GryphsisInsights
With frxETH V2, we predict Frax's market share will rise as it introduces a more decentralized validator onboarding mechanism and offers higher yields than competitors. The recent SEC issues with Coinbase might also drive more investors towards Frax.👀
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2/n Contents - 2
6) Alpha Threads:
@Chadcaff
’s analysis of $GMD;
@defi_mochi
’s tutorial on whale hunting;
@Louround
’s research on Spin;
@Rekwang
’s insights on Radiant;
@VitalikButerin
’s take on Ethereum’s technical transitions
7) Upcoming Events: Crypto; Macro
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17/n Trending Narrative: Trading Tool
@TeamUnibot
, an innovative tool, addresses complexities of DeFi platforms like Uniswap V2. It's accessible via Telegram and offers features such as Multi-Wallet Swap and Private Transactions.
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0/n Welcome to Gryphsis Academy, a free platform that equips young individuals with the skills and knowledge required to excel in the dynamic field of cryptocurrency and Web3. This thread will introduce you to our community.🧵
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19/n
#GryphsisInsights
As the Trading Tool narrative grows, we anticipate more such tools surfacing. Key factors for sustainable growth in this evolving sector are innovation and security. Keep an eye on this space for updates on the trending sector!
#CryptoTrends
#DeFiTrends
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13/n. User complaints about centralization in frxETH V1 have led to the upcoming launch of frxETH V2. This aims to decentralize the mechanism while maintaining or even increasing yield for users.🔄
#Decentralization
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12/n Weekly Protocol Pick
Meet
@fraxfinance
, an algo-stablecoin and LSD protocol. With the launch of frxETH and sfrxETH tokens, they've claimed a 2.34% market share thanks to higher yields and smart governance.🚀
#FraxFinance
#DeFi
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1/n There are four primary ways to stake ETH, solo staking, stSaaS, pool staking, and CEX staking. Among these four, pool staking, capturing 36.6% of total ETH staked market share, has emerged as the most popular way due to LSD’s accessibility, versatility, and unique advantages
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18/n
#GryphsisInsights
Unibot has performed remarkably well since its launch in May, with a massive 31676% gain! With market sell-off on June 9, data suggests Unibot saw the largest influx of smart money, making it a token to watch. Stay tuned for Unibot V2 coming mid-June.
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21/n Alpha Threads
Originally a pseudo-GLP vault protocol, GMD has recently seen its token price and TVL skyrocket. You might be wondering how a vault protocol can achieve such a growth. For a deeper understanding, check out
@Chadcaff
’s thread.
Meme season has died down, and now the money is to be made again in solid microcap DeFi projects.
@GMDprotocol
$GMD and it's ecosystem $GND & $GHA are on a rampage
Let's take a look in a bit more detail 🧵 👇:
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16/n
#GryphsisInsights
The push towards decentralization isn't limited to Frax. Other LSD protocols like Lido's V2 and Rocket's Atlas upgrade aim for a more decentralized ETH staking process. Keep an eye on unshETH, which is emerging as a potential liquidity hub for LSD.🔮
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20/n Top Funded Crypto Protocols This Week
Meanwhile, a Bitcoin life insurance company, raised $19 million, making it the protocol that raised the most this week;
@LensProtocol
, a decentralized social media platform ensuring user data ownership, secured $15 million on June 8.
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1/ 🚀 Introduction
NFT lending is revolutionizing the
#crypto
space. This report offers a comprehensive analysis of the
#NFT
lending market, including market size, growth, business models, key players, risks, and future outlook. 📊
#NFTs
#DeFi
#Blockchain
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4/n Binance & Coinbase face distinct SEC charges: Coinbase is mainly accused of operating as an unregistered exchange, while Binance faces allegations of fraud and manipulation, with CEO CZ specifically named. Both firms strongly deny these claims.
#CryptoNews
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10/n
#GryphsisInsights
This massive sell-off could be driven by market makers, given their substantial influence on the market. Firms like Jane Street and Jump Trading have already retreated from U.S. crypto trading due to regulatory scrutiny.🔍
#CryptoRegulations
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22/n Alpha Threads
With the buzz around Arbitrum, ZK L2s are now in the market spotlight.
@Louround
’s thread shares insightful research on an orderbook-based DEX demonstrating huge potential.
The most promising gems are found on newly launched chains 🥂
Since my research article on
@0xPolygon
zkEVM, I am closely following its ecosystem development as the first movers will always have an advantage 👀
A new contender just joined the game… 🧵
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21/n Alpha Threads
Mastering whale hunting is pivotal when navigating the tumultuous seas of the crypto world.
@defi_mochi
’s thread offers valuable technique into using a Dune dashboard to locate the whales for any altcoin.
Finding Whales 🐋 to copy is the easiest way to get from $1k to $100k, but no one is really doing it right 🤷
Here's a FREE dashboard I created to help you instantly 🕐 find those Whales for any shitcoin in 3 simple steps
Don't miss out
👇
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Chart Your Crypto Journey with Gryphsis Academy: 200 Spots Available for Our Updated Course!
Are you ready to embark on an extraordinary journey of knowledge and innovation?
Gryphsis Academy is thrilled to announce the commencement of our highly anticipated 3rd Recruitment…
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2/n Within pool staking, Lido Finance leads the sector by holding a significant 73% share, contributing to a near-monopoly in the liquid staking market where nearly 97% is controlled by the top five protocols.
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3/n The Merge, an ETH upgrade moving from PoW to PoS, replaces miners with validators staking ETH. Enter Liquid Staking Derivatives (LSDs), tokens reflecting staked ETH. Two types: 1) Rebasing expanding token count with rewards, 2) Reward-Bearing adding value via appreciation.
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11/n
#GryphsisInsights
A tip for retail investors in these turbulent times: observe the market movements rather than making hasty decisions. It's best to wait for prices to find solid support before considering an entry. Stay safe!💡
#CryptoInvestmentTips
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2/ 💹 Market Size and Growth
The NFT lending market has experienced exponential growth in 2023.
The total value locked (TVL) in NFT lending protocols has surpassed $1 billion.
The market is fueled by the increasing popularity of NFTs and the demand for liquidity solutions.
#NFT
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4/n Post-Shanghai Upgrade, withdrawal uncertainty is tackled, stabilizing the peg. Major LSDs like stETH have reduced depeg risks. Smaller, less liquid LSDs with less established brands might still face higher depeg risks.
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5/n Shepalla's completion and key protocols' price behavior suggest an enhanced LSD Beta potential. Echoing $BTC till mid-2022, $LDO and $RPL demonstrated significant momentum from the approaching of the Merge to Shepalla, indicating a fundamental shift in LSD Beta.
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23/n Alpha Threads
Since launching on Arbitrum,
@RDNTCapital
has made a significant splash as the first omnichain DEX in the DeFi space. For a deeper analysis and insights, don’t miss
@Rewkang
’s illuminating Twitter thread
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7/n LSDFi refer to DeFi products or protocols based on LSD and can be divided into the following categories: lending platforms, yield protocols, aggregators, and service product.
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14/n
#GryphsisInsights
The frxETH V2 design includes a utilization-based interest rate and a decentralized lending market, fostering a lending and borrowing marketplace for LSD users. Get ready for a more inclusive, transparent, and efficient system.💡
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6/ 🌟 Market Value Prediction
In 3 years, the estimated overall market cap of the NFT industry could be around $60 B, with the TVL of NFT lending reaching approx. $18 B. This can meet lending demands of approx. $9 B (50% LTV). Projected revenue of NFT lending sector: $1.3 B.
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7/ 🌟 Key Players
@NFTfi
(P2P)
A mature P2P NFT lending platform operating in an auction-style format.
Since 2020, facilitated over 45,000 loans worth ~$450 million.
Monthly ETH loan volume consistently above 10,000 ETH.
#NFTfi
#P2P
#NFTLending
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5/ 🚀 Valuation Model
Moderate assumption: Steady growth of NFT industry market cap in 2023/2024 (60% annual growth), significant increase in 2025 (200% annual growth).
NFT lending TVL: 30% of overall industry market cap.
LTV ratio: 50%, APR for loans: 15%.
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9/ 🌪️ Key Players
@blur_io
(Blend) (P2P)
P2P NFT lending protocol with perpetual lending, no expiration date.
Lenders define loan amounts, borrowers choose offers.
Supports Buy Now Pay Later (BNPL) model.
Achieved nearly 50,000 transactions worth $700 M since launch
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6/n LSD sector branches into five: infrastructure, pool staking, LSDFi, re-staking, and MEV yield sharing. LSDFi provides most opportunities for now, while re-staking could drive future LSD market expansion with its innovative concept.
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10/n ETH's current staking ratio is much lower than other chains, with others having ratios 2-5x greater. With ETH staking rewards higher than other networks, there's ample room for more stakers before equilibrium.
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10/ 🌊 Key Players
@BendDAO
(P2Pool)
Pioneered the “P2Pool” model of NFT lending.
Lenders borrow funds by collateralizing blue-chip NFTs.
Uses Bend Oracle in collaboration with Chainlink for floor price data.
Lent out over 170,000 ETH with a peak daily lending volume of 4,340 ETH
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19/ 📖Read the Full Report
Dive deeper into the world of NFT lending by reading the full report. Understand the intricacies, the players, and the potential of this burgeoning market. 🔗
#NFTLending
#Crypto
#DeFi
#NFTReport
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8/ 🎮 Key Players
@Arcade_xyz
(P2P)
Built on Pawn protocol, an infrastructure layer for NFT liquidity.
Creates wrapped NFT (wNFT) using smart contracts representing collateral.
Facilitated over 2,000 loans worth ~$100 million.
#Arcade
#NFTs
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11/ 💧 Key Players
@dropsnft
(P2Pool)
Operates a currency market similar to Compound.
Users collateralize NFT portfolios to obtain loans in USDC and ETH.
Uses segmented interest rate function targeting specific utilization rates.
Accumulated over $11 million in loaned funds.
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11/n ETH staking ratio offers substantial upside with virtually no downside. High underwater ratio, elimination of withdrawal uncertainty post-Shanghai Upgrade, and growing staking activity since Shapella upgrade make a future decrease in staking ratio unlikely.
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18/n Lido and Rocket control over 80% of liquid staking. Backed by top-tier institutions (a16z, Paradigm), Lido uses first-mover advantage, resources, and economies of scale for high stETH liquidity. While likely to retain dominance, emerging competitors may challenge its share.
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12/ 🚁 Key Players
@ParaSpace_NFT
- Hybrid
Utilizes a Peer-to-Pool model as an underlying layer.
Enables users to wrap, collateralize, and borrow NFTs and fungible tokens.
Pioneered the first cross-margin credit system.
1/ umulated nearly $300 M loan volume with over 13,000 users
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0/n
#GryphsisAcademyWeeklyCryptoDigest
Do Market Sentiment Shift? Traditional Finance’s Embrace in a Pivotal Week (2023.06.19–2023.06.25)
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22/n Modeling results project significant growth in staked ETH. Even in a conservative scenario, staked ETH could grow 250% in 5 years. In an optimistic scenario, growth could be 560%, underlining the vast potential of this emerging sector.
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4/ 📈 Growth Factors
The rise in NFT art and collectibles.
The integration of NFTs in gaming and virtual worlds.
The development of NFT financial products.
The increasing demand for liquidity solutions.
#NFTGrowth
#NFTArt
#NFTGaming
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🧵 Thread: Radiant Capital Research: In-depth Analysis of the Omnichain Liquidity Solution 🧵
#DeFi
#Blockchain
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24/n Alpha Threads
Make sure to check out
@VitalikButerin
latest article exploring the three key technical transitions that Ethereum must undertake as it evolves.
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16/n Within LSDFi, notable protocols include Pendle Finance and Lybra Finance. By introducing novel yield opportunities, both protocols experienced tremendous growth in TVL and token price in recent months.
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17/n Each of the sectors in the LSD ecosystem has its core protocols. For infrastructure, SSV Network and Obel Network are two prominent protocols leading the road of decentralizing ETH staking.
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8/n Re-staking, introduced by EigenLayer, involves re-staking already committed capital, adding more slashing conditions. This pools fragmented security, offering apps a novel approach to network bootstrapping and boosting capital efficiency.
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20/n To further explor the potential of the LSD market, we built a forecasting model that involves comparable and scenario analysis that includes bear, base, and bull cases, providing a broader perspective of possible outcomes.
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13/n Institutional inflow, a consistent crypto growth driver, could boost the LSD sector. Current high US Govt. Bond Yield makes ETH staking yield less attractive, but as yields likely drop, the crypto market could re-enter a bullish phase.
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18/ 📘 Epilogue
NFT lending is an essential component of NFT financialization. The continuous iterations of different products are shaping the market. The report highlights the importance of independent rating, accurate pricing, and comprehensive risk control mechanisms.
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19/n Though less dominant than Lido, Rocket Pool's decentralized operator onboarding gains traction. Post-Atlas Update, anyone with 8 ETH and minimum 2.4 ETH worth of $RPL can become a node operator, reducing entry barriers and fostering decentralization.
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8/n Macro Overview
🔔This week, we saw a pause in the stock market's upward momentum, with both the SPX and NQ noting a slight downtick. As the traditional stock market corrects, the
#crypto
market has rallied significantly.
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16/ 🌍 Global Impact
NFT lending is democratizing access to capital.
It is enabling creators and collectors to leverage their assets.
It is fostering innovation and financial inclusion.
#NFTImpact
#FinancialInclusion
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5/n Market and Sector Snapshot - AI
🚀A moderate rebound in the
#AI
sector aligns with the overall market recovery this week. We've noted a positive uptick in the sector's market cap and trading volumes - clear signs of progress!
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15/n
#GryphsisResearch
This week on
#GryphsisResearch
🔍: Unlocking the liquidity of NFTs with NFTFi! Despite the booming NFT market, illiquidity remains a key challenge.
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21/n Based on these factors, the base case result projects a possibility of substantial three-digit percentage growth in the mid-term, with a potential for reaching six-digit growth over the next five years.
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17/n
#GryphsisResearch
Assuming a Loan-to-Value ratio of 50% and a 15% average annual interest rate, we foresee the NFT industry market cap hitting $60B in three years, potentially leading to NFT lending sector revenue of ~$1.3B.
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9/n EDX Market and Multiple spot BTC ETF Applications
🔔This week we've witnessed an unprecedented surge in interest for
#crypto
from some of the world's top traditional financial institutions.
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2/n Market and Sector Snapshot - Layer 2
🔔
#CryptoUpdate
: Witnessing a strong market rebound this week, we see all 4
#Layer2
solutions growing in TVL. Standouts like
#Cian
,
#Flashstake
,
#Kannagi
,
#SithSwap
lead with highest TVL growth!
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14/ 🚧 Risks
NFT collateral valuation volatility.
Concentration of target user base.
Limited growth potential of the market size.
Regulatory uncertainties.
Smart contract vulnerabilities.
#NFTLendingRisks
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10/n
#GryphsisInsights
From SEC-induced pessimism to institutional excitement, the
#crypto
market has flipped dramatically. Notably, EDX Markets' debut may hint at future crypto law frameworks.
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9/n Despite recent substantial growth, the LSD market is set to grow further. Five key drivers: low current staking ratio, infrastructure development, staking rehypothecation, institutional inflow, and yield wars.
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13/n
#GryphsisInsights
Major players dominating the
#crypto
options landscape are Dopex, Lyra, Hegic & Ribbon, with Dopex offering a diversified product suite.
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14/n
#GryphsisInsights
Valuation multiples show no protocol significantly undervalued, indicating opportunities are likely event-driven. With $RBN outperforming recently due to Aevo's launch, we're reminded to keep an eye out for similar events.
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7/n Contents - 2
6) Alpha threads:
@NFT_GOD
’s 8 life changing principles
@blocmatesdotcom
on Hyperliquid
@Only1temmy
’s guide on gaining edge with $KROM FELO
@ViktorDefi
’s thread on Rodeo Finance
@CryptoShiro_
’s protocols list
7) Upcoming Events
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16/n
#GryphsisResearch
P2P and Peer-to-Pool models dominate NFT lending, with Blend by Blur leading in lending volume due to its standing in the NFT trading market. For complete analysis, see the full report!
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12/n Weekly Protocol Pick
Initially available to ETH/USDC and ARB/USDC pairs, the update is a boon for traders leveraging these tools and LPs seeking passive yields. Watch this space as options trading in crypto evolves!
#DeFi
#Dopex
#CryptoNews
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19/n Top Funded Crypto Protocols This Week
Maverick Protocol, a groundbreaking infrastructure designed to optimize capital efficiency and reduce LPs' gas fees, raised $9M.
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11/n Weekly Protocol Pick
The
#crypto
options trading sector is growing. Dopex's recent V2 update of the Options Scalp product introduces wider time frames, amplified leverage, and passive staking yield for LPs. A game-changer for short-term, high-stakes trades. 🚀💹
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15/ 🚀 Future Outlook
The NFT lending sector is expected to grow with the maturation of the industry.
The link between NFTs and real-life assets will become increasingly diverse.
NFT liquidity solutions with reasonable pricing mechanisms will become crucial.
#NFTOutlook
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17/ 🤔 Challenges
Establishing accurate pricing mechanisms for NFTs.
Managing the risks associated with NFT lending.
Navigating regulatory complexities.
#NFTChallenges
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18/n Top Funded Crypto Protocols This Week
dtcpay, a seamless fiat-digital currency converter for merchants, raised $16.5M in a pre-Series A round led by Kwee Liong Tek of Pontiac Land Group.
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23/n Service revenue is a fundamental factor for every protocol, especially after the advent of the “Real Yield” narrative. The stunning growth potential of the LSD service revenue also implies the possible emergence of dominating real yield protocols within the sector.
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20/n Alpha Threads
4 years ago I was questioning my career, felt like I had 0 purpose, and had absolutely no hobbies
Today I run my dream Twitter account, quit my job to build my dream business, and am the happiest I’ve ever been
Here are 8 principles that changed everything:
(Visual thread)
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14/n ETH staking may become more appealing. Institutional investors, often prioritizing BTC and ETH, find stable yields from ETH staking beneficial. A bull rally for the LSD sector, fuelled by significant capital inflows, could be on the horizon.
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12/n EigenLayer's re-staking concept can further boosts the LSD ecosystem in the future. With the reduced security costs and increased developers, the flywheel effect between adoptions and rewards will spur more re-staking activity.
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1/n Gryphsis combines the mythical creature, gryphon, and the Finnish word "sisu." It represents our commitment to providing a solid foundation in Web3 education while cultivating our students' determination, courage, and tenacity to navigate the rapidly evolving crypto industry.
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2/n At Gryphsis Academy, we value practical skills over theories. Our hands-on learning approach emphasizes technical analysis, risk management, knowledge of blockchain, programming, and emotional control to equip our trainees with a solid foundation in the crypto world.
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