The amount of ETH coins locked in the MakerDAO credit ecosystem has stabilized at 2.06% (vs 2.10% before the stability fee hike) and at the same time, DAI is trading better and more in line with its stablecoin peers. This renewed sense of stability is a strong indication that leverage plays will soon resume course. Whether it is with MakerDAO or someone else, cryptocurrency market participants will favour those with higher leverage.
Elsewhere, the founders of CDx have pivoted away from their original business plan and morphed into the decentralized sport betting platform SportX, where bets are made in DAI coins, which is another boon for the stablecoin going forward. Although 160 unique addresses registered in two weeks may sound paltry, that figure is in fact nearly 10% of the way to their goal of becoming the top dApp, which has around 1,000 users currently.
The most recent report by Bitwise Asset Management to the US SEC highlighted that Bitcoin spreads are <0.10% and that arb is super efficient. However, there are plenty of inefficiencies to exploit elsewhere, for example - CME June Bitcoin futures are trading at 3980 USD, while the Deribit equivalent contract is trading at 3951 USD and CryptoFacilities has it at 3964 USD. This does not mean that spot trading is becoming irrelevant, you just have to be a bit more creative in looking for inefficiencies.
Finally, the latest Weiss Crypto Ratings report has put XRP and EOS ahead of Bitcoin. The world’s largest cryptocurrency by market capitalization is then followed by Ethereum (A-) and Cardano (B+) that are highly valued due to their smart contract capabilities.
Thank you for reading,