Lido Proposes Revenue Share, Voyager Approved to Begin Repayments
Market Update
- This morning’s jobless claims were softer than anticipated (242k vs. 254k exp.), potentially giving the Fed room to diverge from the expected “pause” at June’s FOMC meeting. The data release has not disheartened equity investors as the divergence between equities and crypto has continued. The SPY 0.14% (+0.53%) is approaching $4,200, and the QQQ -0.07% (+1.24%) surpassed August ’22 highs, while BTC (-0.71%) and ETH (-0.40%) are showing modest declines. Among the top 100 coins, Render (RNDR) is the top performer in the last 24 hours, rising 21.1%. Render, which provides decentralized graphic rendering solutions, has integrated with the tech-giant Apple. Apple is expected to announce its virtual reality headset at their upcoming “special event” in early June, sparking interest in Render along with other metaverse tokens.
- The Lido community has put forward a governance proposal to enhance the utility of Lido's native governance token, LDO. The proposal suggests the implementation of staking and a buyback program, hoping to increase its utility for holders. As part of the proposal, an insurance fund for the Lido DAO would be established, along with a revenue-sharing mechanism. This revenue-sharing feature would allocate a percentage (20-50%) of future Lido DAO revenue from the protocol treasury to stakers of LDO. The proposal has gained support from various community members, as the lack of LDO utility has been a criticism among some in the crypto community. If implemented, the proposal should improve Lido’s future value proposition. LDO rose nearly 7% yesterday following the proposal but has since retraced some of those gains.
- The U.S. Bankruptcy Court for the Southern District of New York has approved Voyager Digital's liquidation plan, paving the way for the bankrupt company to reimburse its creditors. The plan allows Voyager to return approximately $1.33 billion in cryptocurrencies to customers. The Official Committee of Unsecured Creditors stated that they are working with Voyager to finalize the plan and aim to go effective as early as possible, with a target date of June 1 for the initial distribution of funds. However, due to certain holdbacks, customers should expect an initial payment of only 35.72% of their claims. Further distributions will depend on the outcome of litigations involving the FTX/Alameda preference claim dispute, additional claims against third parties, and potential recovery as a creditor in the Three Arrows Capital liquidation. The initial payments will be made either in cryptocurrency through the Voyager app or in cash after a 30-day waiting period.
Daily Technical Strategy
Mark L. Newton, CMT
Head of Technical Strategy
Similar to many other coins, Solana has been slow to join the risk rally being seen in Equities in recent weeks and remains lower by over 20% off mid-April peaks. Daily SOL charts show the short-term downtrend which is part of a larger neutral base which has been building from early 2023. While price remains higher off March lows and has tried to stabilize at a 61.8% Fibonacci retracement of the March-April rally, gains over $22 will be necessary before thinking that a move back to highs can get underway. Its rally over the last week has held resistance near the current downtrend line, making $22 important as resistance while $19.80 is key as support. Any break of 19.80 would be a technical negative, postponing its rally and leading down to $18.50. Overall, it's right to await a bullish breakout before getting too aggressive, technically speaking, but such a development would allow for upside follow-through initially up to $26.
Daily Important Metrics
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All metrics as of May 18, 2023 12:17 PM
All Funding rates are in bps
Crypto Prices
| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
 BTC | $524B | $27,034 | ↑ 0.94% | ↑ 63% | |
 ETH | $218B | $1,809 | ↑ 0.63% | ↑ 51% | ↓ -12% |
 ADA | $13B | $0.3739 | ↑ 1.89% | ↑ 51% | ↓ -12% |
 DOGE | $10B | $0.0738 | ↑ 0.06% | ↑ 5.22% | ↓ -58% |
 SOL | $8.1B | $20.55 | ↓ -0.45% | ↑ 108% | ↑ 44% |
 MATIC | $8.0B | $0.8588 | ↑ 0.49% | ↑ 13% | ↓ -51% |
 DOT | $6.4B | $5.37 | ↑ 2.23% | ↑ 23% | ↓ -40% |
 LINK | $3.4B | $6.63 | ↑ 0.53% | ↑ 19% | ↓ -44% |
 NEAR | $1.5B | $1.66 | ↑ 0.47% | ↑ 31% | ↓ -32% |
Exchange Traded Products (ETPs)
| Symbol | Premium to Nav | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
| GBTC | ↓ -40% | $14.70 | ↓ -2.16% | ↑ 77% | ↑ 14% |
| BITW | ↓ -57% | $10.22 | ↓ -1.64% | ↑ 90% | ↑ 27% |
| ETHE | ↓ -52% | $8.48 | ↓ -1.05% | ↑ 78% | ↑ 15% |
| BTCC | ↑ 0.30% | $4.98 | ↓ -1.39% | ↑ 64% | ↑ 1.17% |
News
QUICK BITS
Decrypt.co Bankrupt Crypto Broker Voyager Cleared to Repay $1.3B to Creditors Voyager said the initial payments will be made either in crypto through the Voyager app or in cash after a waiting period of 30 days. |
MARKET DATA
CoinDesk USDC Issuer Circle Moves $8.7B to Repo Agreements to Protect Reserves From U.S. Government Default Circle’s reserve fund has ditched Treasury bills that mature beyond May 31, rotating assets to cash and overnight repurchase agreements instead, a company spoke... |
DOSE OF DEFI
CoinDesk Lido Community Members Propose LDO Token Staking and Buyback Plan The proposal includes a revenue-sharing parameter that would redirect 20-50% of “future Lido DAO revenue from the protocol treasury to stakers of LDO.” |
REGULATION
CoinDesk Filecoin Price Drops After SEC Asks Grayscale to Withdraw FIL Trust Application The U.S. Securities and Exchange Commission (SEC) asked Grayscale to withdraw its application to launch a Filecoin Trust product, the company revealed Wednesday... |
FUNDRAISING AND M&A
CoinDesk Borderless Capital Leads Wormhole-Powered $50M Cross-Chain Fund Among the other investors are Jump Crypto, Arrington Capital, the Solana Foundation and Aptos Labs. |
NewsBTC Ripple Acquires Crypto Custody Firm Metaco In $250 Million Deal US-based cryptocurrency company Ripple has recently announced its acquisition of Metaco. Metaco is a Swiss-based crypto custody firm and the deal, valued at $25... |
PRODUCT UPDATES AND PARTNERSHIPS
CoinDesk Coinbase Cloud Joins Chainlink as Node Operator to Bolster Security Telecoms giants Swisscom, Deutsche Telekom and news provider Associated Press are also Chainlink node operators. |
Bitcoin.com Axie Infinity Origins Breaks Through Apple’s App Store Barrier, Now Accessible to Select iOS Users Axie Infinity Origins, the blockchain-based, play-to-earn (P2E) game, has successfully cleared Apple’s rigorous App Store review process and the game’s app is n... |
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