Market focus this week: USDe earnings, Hyperliquid points, political memes
author:OUROBOROS CAPITAL & 0XRAMEN
Compiled by: Xiaobai Navigation coderworld
This issue includes: Ethena distributes more protocol revenue to sUSDe holders, Hyperliquid extends the points season, and the latest developments in political memes.
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Ethena allocates more protocol revenue to sUSDe earnings
Actionable suggestions: Pay attention to sUSDerate of return, and yield farm when sUSDe yields rise.
On May 16, Ethena announced that it would increase the proportion of income distributed to sUSDe holders from 50% to 80Xiaobai Navigation%.The calculation formula of sUSDe income is as follows:
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sUSDe income = (protocol income x proportion allocated to sUSDe) / (USDe total supply x proportion of USDe pledged)
Ethena's totalLockingThe volume growth is entirely attributable to the growth of sUSDe.As the proportion allocated to sUSDe increased from 50% to 80%, more farmers began to stake USDe to chase the increased (absolute amount) sUSDe returns, causing the staked USDe to rise from 16% to 39%, resulting in a corresponding increase in sUSDe supply. In fact, staked USDe (increased by $680 million) grew faster than the total USDe supply (increased by $610 million) and accounted for all of the growth in Ethena's total locked volume.
Source: Ouroboros Research
Currently, sUSDeAnnualized Rate of ReturnIt is 16%.On Ethena's website, the yield shown is based on last week's earnings and sUSDe supply. With the rapid growth of sUSDe, we calculated that the current sUSDe annualized yield is about 16%, which is based onCurrent Liquid USDe RewardsandAmount of USDe pledged.
Source: Ouroboros Research
When sUSDeAnnualized Rate of ReturnGain on the rise.While we believe that the sUSDe annualized yield of 16% is relatively low, this is a result of funding rates of 5-10%, resulting in lower protocol revenue. We expect the funding rate to rise as the ETH ETF listing date approaches, resulting in an increase in the annualized yield of sUSDe. Every time the funding rate rises by 5%, the annualized yield of sUSDe should rise by about 9%. The current borrowing rate for sUSDe revolving lending is about 15%, which is only slightly lower than the current annualized yield of 16%. However, as the annualized yield of sUSDe rises, revolving lending may bring high yields.
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Hyperliquid extends points program: good news for PURR
Actionable advice: Go long PURR and participate in Hyperliquid’s points program.
Points program extended.Hyperliquid announces the extension of its Points Program, shifting its goal from building high-performance sustainablecontractDecentralizationexchange(perp DEX) expanded to the first-level chain (L1) supporting the financial system. Previously, Hyperliquid distributed about 4 million credits to early users and distributed 26 million credits in 26 weeks. From May 1 to May 28, it distributed 2 million credits per week, and 700,000 credits per week for the next four months.
Source: Ouroboros Research, Hyperliquid announcement
Earn points with in-stock products.While this extended schedule means that previous points holders will be diluted, we acknowledge that the product suite will be significantly expanded. The last two cycles of the previous points season rewarded activity in its spot products - specifically buying and holding PURR. We expect this "L1 Season" will similarly reward 1) holding spotToken, 2) Buy spotToken，3）交易现货代币，和/或4）部署现货代币。
PURR's earnings.Before usThink of PURR as a proxy for Hyperliquid’s product advancementThis view remains unchanged, as PURR accounts for approximately 90% of Hyperliquid’s spot product market cap and should benefit from the new scoring season.
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Political Memes: The Coming Catalyst
Actionable advice: Go long on political memes during the November 2024 presidential election and pay attention to Trumpwallet.
Politicians embracecryptocurrencyTrump said on May 8 that he wouldAccepting cryptocurrency donationsOn May 25, heRe-emphasized support for cryptocurrency, saying "our country must lead in this area, there can be no second place." On May 29, BidenAlso expressedrightcryptocurrencyThis has boosted the price of TRUMP coin, which currently has a market value of $600 million and has risen threefold since its low in early May.
Source: Dexscreener, Le Monde
Price chart and timeframe lined up
Political memes are related to events.Initial price action in March was due to Trump becoming the Republican presidential candidate. Upcoming catalysts include the Biden-Trump debate on June 27 and the Republican National Convention on July 15-18. As the presidential election approaches, event appearances, news coverage, and debates will likely drive prices for political memes higher.
Source: Arkham
Follow Trumpwallet.Trump’s wallet currently holds $11.7 million, of which $7.5 million is TRUMP coins and $3.2 million is ETH. Any sale of TRUMP coins could be a negative catalyst.
The article comes from the Internet:Market focus this week: USDe earnings, Hyperliquid points, political memes
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