10/08: July Round-up
Latest LAV results, TVL updates and BB8 talks Conic 2.1
In the latest transmission, we examine the July liquidity allocation votes (LAVs) results, the TVL situation, and the Conic v2.1 update.
Latest LAV results
The latest LAV went live on August 1st and concluded on August 6th. The newest distribution of each of the pools is as follows:
crvUSD POOL [1st LAV] → [2nd LAV]
USDT+crvUSD — 34.71% → 31.74%USDC+crvUSD — 33.41% → 31.77%GHO+crvUSD — 31.87% → 36.49%
ETH POOL [1st LAV] → [2nd LAV]
ETH+stETH — 31.60% → 34.66%ETH+stETH (ng) — 30.65% → 32.27%WETH/frxETH — 27.47% → 24.20%ETH+frxETH — 10.29% → 8.87%
USDC POOL [1st LAV] → [2nd LAV]
USDC+crvUSD — 50.29% → 55.09%PYUSD+USDC — 18.52% → 18.30%DAI+USDC+USDT — 17.55% → 17.49%FRAX+USDC — 13.65% → 9.12%
USDT POOL [1st LAV] → [2nd LAV]
USDT+crvUSD — 68.41% → 73.44%DAI+USDC+USDT — 31.59% → 29.23%
FRAX POOL [1st LAV] → [2nd LAV]
FRAX+sDAI — 39.09% → 41.34%FRAX+USDC — 30.65% → 29.70%FRAX+PYUSD — 30.26% → 28.96%
Over the last month, we’ve seen fairly small movements, with the biggest loser being FRAX+sDAI, which dropped 10.66% in the 18th of July LAVs. With 1st of August LAVs seeing significantly smaller swings, FRAX+USDC saw the largest drop (453bps). GHO+crvUSD has seen a total of 11% growth within the crvUSD pool over the last four weeks—despite this, the crvUSD split is still fairly even.
crvUSD seems to be the biggest draw in the latest LAVs, seeing around 5% gains in both the USDC and USDT pools.
The TVL Drop
TVL saw a fairly sizeable drop of 34.1% in the last month, likely due to the recent market crash. Bitcoin’s dip below $60,000 was painful. There is speculation in the market that a big player was wiped out due to overleveraging their trades.
However, it seems like the crypto market is moving in correlation with the global market turmoil on Monday, where stocks briefly plunged, which can be attributed to multiple factors, with a key one being the collapse of the "yen carry trade." This strategy involves borrowing low-interest-rate currencies like the yen to invest in higher-yielding assets, such as U.S. dollars. Apparently, $4 trillion USD was wiped off the US equities market.
Yields are still holding strong, with a minimum offering of 11.70% in the ETH Omnipool.
Conic v2.1 Contracts are done!
Probably the biggest news this month, or past few months… team member BB8 confirmed that internal development of Conic v2.1 is now complete
The team has confirmed that both the governance upgrade and ETH/x Omnipool contracts will soon be audited. ChainSecurity will execute the audit, which is expected to begin within two weeks. Considering BB8's original post was on August 16th, it’s safe to assume that the contract audits should now be in process.