⚡Things are Getting Real for Real World Assets
Plus Bitcoin structural demand changes, Solana stablecoin volume, and more.
The Dynamo DeFi newsletter covers trends, on-chain analysis and tools in crypto each week. Be sure to also check out my YouTube for more regular content.
📈Trends and Narratives
Things are Getting Real for Real World Assets
Tokenized real world assets are shaping up to be a major driver of crypto adoption in the coming years. If they’re implemented and adopted in a meaningful way, the capital locked in RWAs could dwarf that currently in DeFi.
This thread by McKenna lays out the RWA thesis in detail:
This week saw the launch of ONDO, the governance token for Ondo Finance, a major project for tokenizing US Treasuries. This thread by the CEO of Ondo goes through where his team sees the future of on-chain finance going:
Another interesting development in the realm of tokenized real world assets is the Avalanche Foundation’s launch of Avalanche Vista, a $50M initiative to pioneer asset tokenization:
Bitcoin Structural Demand Changes
With the Bitcoin ETFs approved, attention is turning to BTC supply changes from the upcoming BTC halving. However, new developments also mean that BTC’s structural demand could be significantly different than in prior years.
Tether is earning $1 Billion per quarter and is using much of that to purchase BTC:
While GBTC outflows have been pushing price down, aside from that, ETF inflows have been large and steady.
⚡Dynamo DeFi Premium Mid-Month Call This Week
The paid version of Dynamo DeFi gives you deeper insight into the crypto market.
This Thursday we’re holding a mid-month call to discuss the market in the Discord for paid members. For $11/month (less than lunch in most countries), premium subscribers get:
⚡Discord to discuss on-chain data and trades. Learn more here.
⚡Exclusive newsletters & on-chain data indicators. Actionable insights about which tokens have strong fundamentals. Plus special in-depth reports.
⚡Pre-recorded videos. These will be longer in-depth videos where I show my research process. View past videos here.
⚡Monthly group calls. Each month, I’ll conduct a group video call to discuss the market, latest crypto trends, and more. Premium subscribers can access calls here.
🔢On-Chain Analysis
Solana Becomes the Top Chain for Stablecoin Transfers
Solana grew to be the largest chain for stablecoin transfers in USD volume this week. In a dramatic growth story, Solana now comprises 31% of stablecoin transfers, up from less than 1% six months ago.
On-Chain Activity Cools Down
After months of growing, total DEX volume dipped over the past week, falling to its lowest point in over a month.
Total active blockchain addresses also dropped in recent days, falling below their lows earlier this month.
While these metrics are always volatile, it’s worth watching for whether this turns into a trend, as on-chain activity can be a proxy for overall interest and activity in the crypto market.
🛠️Tool Spotlight
Track Grayscale Transactions with Arkham
A major driver of Bitcoin’s recent price action has been outflows from Grayscale’s BTC ETF. Track AUM and outflows from Grayscale using this Arkham dashboard:
📅Key Events This Week
That’s all for this week. For more frequent content, follow me on Twitter and YouTube.
Until next time,
Patrick Scott
Dynamo DeFi